# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016747
**Filing Date:** 2023-1
**Character Count:** 497701
**Document Hash:** e87f5aa018c8106c128c8019c34eb7f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016747.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016747

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 23563253

**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 International Bond Opportunities ETF (Series ID: S000054802)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000172241 | JPMorgan International Bond Opportunities ETF | JPIB            |

## Nport-Ex

**JPMorgan International Bond Opportunities ETF**

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

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2022. |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — 60.4%** | **Corporate Bonds — 60.4%** | **Corporate Bonds — 60.4%** |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. 2.00%, 7/15/2030 (a) | EUR 150,000 | 132762 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 3/11/2031 (b) | 650000 | 495678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 3/14/2032 (b) | 200000 | 164241 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/30/2023 (b) | 450000 | 446793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/2030 (b) | 462000 | 374901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/27/2031 (b) | 450000 | 370589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 9/23/2031 (b) | 608000 | 484046 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (c) | 75000 | 63986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2532996 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG 6.00%, 7/31/2025 (a) | EUR 900,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881518 |
| **Belgium — 1.3%** | **Belgium — 1.3%** | **Belgium — 1.3%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79516 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV 3.70%, 4/2/2040 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204399 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/6/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302091 |
| &nbsp;&nbsp;&nbsp; KBC Group NV (EUR Swap Annual 5 Year + 1.25%), 1.62%, 9/18/2029 (a) (c) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290671 |
| &nbsp;&nbsp;&nbsp; Ontex Group NV 3.50%, 7/15/2026 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343445 |
| &nbsp;&nbsp;&nbsp; Sarens Finance Co. NV 5.75%, 2/21/2027 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393035 |
| &nbsp;&nbsp;&nbsp; Solvay Finance SACA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (c) (d) (e) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103717 |
| &nbsp;&nbsp;&nbsp; Solvay SA (EUR Swap Annual 5 Year + 3.92%), 4.25%, 12/4/2023 (a) (c) (d) (e) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823240 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4015990 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL 5.20%, 6/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250111 |
| &nbsp;&nbsp;&nbsp; Klabin Austria GmbH 7.00%, 4/3/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189200 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/16/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198500 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. 3.75%, 7/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903365 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491499 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP 2.64%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214705 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223315 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) 4.11%, 6/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922188 |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. 2.50%, 10/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405045 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2649821 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA 4.55%, 9/27/2051 (b) | 338761 | 246652 |
| &nbsp;&nbsp;&nbsp; Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (b) | 200000 | 157288 |
| &nbsp;&nbsp;&nbsp; Kenbourne Invest SA 6.88%, 11/26/2024 (b) | 200000 | 184412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588352 |
| **China — 0.9%** | **China — 0.9%** | **China — 0.9%** |
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (a) | 530000 | 249100 |
| &nbsp;&nbsp;&nbsp; Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (a) | 200000 | 163500 |
| &nbsp;&nbsp;&nbsp; Huarong Finance 2019 Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.13%), 5.82%, 2/24/2023 (a) (c) | 200000 | 199250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/30/2023 (a) | 200000 | 190038 |
| &nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. 4.50%, 1/16/2028 (a) | 300000 | 218250 |
| &nbsp;&nbsp;&nbsp; NXP BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2620256 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria Spain SA 5.75%, 6/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181875 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Nokia OYJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/15/2024 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/11/2026 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503253 |
| **France — 8.3%** | **France — 8.3%** | **France — 8.3%** |
| &nbsp;&nbsp;&nbsp; Accor SA 3.00%, 2/4/2026 (a) (f) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601689 |
| &nbsp;&nbsp;&nbsp; Airbus SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 6/9/2030 (a) | EUR 1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 5/13/2031 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269222 |
| &nbsp;&nbsp;&nbsp; Altice France SA 3.38%, 1/15/2028 (a) | EUR 1,200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992732 |
| &nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France SA 1.13%, 4/20/2026 (a) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780758 |
| &nbsp;&nbsp;&nbsp; AXA SA (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (c) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585645 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SASU 3.50%, 3/1/2025 (a) | EUR 725,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715250 |
| &nbsp;&nbsp;&nbsp; Banijay Group SAS 6.50%, 3/1/2026 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198234 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA 3.75%, 7/20/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707892 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA 3.50%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995003 |
| &nbsp;&nbsp;&nbsp; BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 7/21/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (c) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.12%, 10/19/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182622 |
| &nbsp;&nbsp;&nbsp; Burger King France SAS (EURIBOR 3 Month + 4.75%), 6.39%, 11/1/2026 (a) (c) | EUR 250,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253410 |
| &nbsp;&nbsp;&nbsp; Casino Guichard Perrachon SA 4.50%, 3/7/2024 (a) (f) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366268 |
| &nbsp;&nbsp;&nbsp; CGG SA 7.75%, 4/1/2027 (a) | EUR 434,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378771 |
| &nbsp;&nbsp;&nbsp; Chrome Bidco SASU 3.50%, 5/31/2028 (a) | EUR 739,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674800 |
| &nbsp;&nbsp;&nbsp; Chrome Holdco SASU 5.00%, 5/31/2029 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165237 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c) | 1000000 | 871443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/25/2029 (a) | EUR 200,000 | 184124 |
| &nbsp;&nbsp;&nbsp; Credit Mutuel Arkea SA (EURIBOR ICE Swap Rate 5 Year + 1.45%), 1.88%, 10/25/2029 (a) (c) | EUR 300,000 | 295229 |
| &nbsp;&nbsp;&nbsp; Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024 (a) (c) (d) (e) | EUR 1,000,000 | 974262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (a) (c) (d) (e) | EUR 600,000 | 468976 |
| &nbsp;&nbsp;&nbsp; Elis SA 1.63%, 4/3/2028 (a) | EUR 900,000 | 798515 |
| &nbsp;&nbsp;&nbsp; Faurecia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 6/15/2026 (a) | EUR 600,000 | 567465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/15/2027 (a) | EUR 600,000 | 524525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/2028 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452063 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/2026 (a) | EUR 111,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (a) | EUR 584,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567441 |
| &nbsp;&nbsp;&nbsp; La Financiere Atalian SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/2024 (a) | EUR 350,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/15/2025 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88971 |
| &nbsp;&nbsp;&nbsp; Loxam SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/15/2026 (a) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2027 (b) | EUR 288,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276512 |
| &nbsp;&nbsp;&nbsp; Lune Holdings SARL 5.63%, 11/15/2028 (a) | EUR 375,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322326 |
| &nbsp;&nbsp;&nbsp; Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.36%), 2.38%, 1/15/2025 (a) (c) (d) (e) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.99%), 5.00%, 10/1/2026 (a) (c) (d) (e) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026 (a) (c) (d) (e) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184186 |
| &nbsp;&nbsp;&nbsp; Paprec Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/2025 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2028 (a) | EUR 373,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333803 |
| &nbsp;&nbsp;&nbsp; Parts Europe SA 6.50%, 7/16/2025 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418321 |
| &nbsp;&nbsp;&nbsp; Quatrim SASU 5.88%, 1/15/2024 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507683 |
| &nbsp;&nbsp;&nbsp; Renault SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/24/2025 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/28/2026 (a) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/4/2027 (a) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678059 |
| &nbsp;&nbsp;&nbsp; Rexel SA 2.13%, 6/15/2028 (a) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544277 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.38%, 5/22/2028 (b) (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (b) (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412177 |
| &nbsp;&nbsp;&nbsp; SPIE SA 2.63%, 6/18/2026 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488432 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA 3.13%, 5/29/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36121 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE (EUR Swap Annual 5 Year + 1.77%), 1.75%, 4/4/2024 (a) (c) (d) (e) | EUR 850,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838958 |
| &nbsp;&nbsp;&nbsp; Vallourec SA 8.50%, 6/30/2026 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516560 |
|  |  | &nbsp;&nbsp; 24841050 |
| **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** |
| &nbsp;&nbsp;&nbsp; Bertelsmann SE & Co. KGaA (EUR Swap Annual 5 Year + 2.64%), 3.00%, 4/23/2075 (a) (c) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207625 |
| &nbsp;&nbsp;&nbsp; BK LC Lux Finco1 SARL 5.25%, 4/30/2029 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648294 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/11/2027 (a) | EUR 300,000 | 279357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2028 (a) | EUR 600,000 | 554150 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (a) (c) | EUR 500,000 | 489732 |
| &nbsp;&nbsp;&nbsp; CT Investment GmbH 5.50%, 4/15/2026 (a) | EUR 456,000 | 417940 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 2.22%, 9/18/2024 (c) | 1075000 | 1031357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 3.74%, 1/7/2033 (c) | 450000 | 321242 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 7/14/2024 (a) | EUR 400,000 | 400348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/11/2025 (a) | EUR 1,200,000 | 1184935 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV 2.49%, 9/19/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244944 |
| &nbsp;&nbsp;&nbsp; Douglas GmbH 6.00%, 4/8/2026 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602549 |
| &nbsp;&nbsp;&nbsp; Hapag-Lloyd AG 2.50%, 4/15/2028 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457292 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% (Cash), 9/15/2026 (a) | EUR 125,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% (Cash), 5/15/2027 (a) (g) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453083 |
| &nbsp;&nbsp;&nbsp; Kirk Beauty SUN GmbH 8.25% (PIK), 10/1/2026 (a) | EUR 104,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63859 |
| &nbsp;&nbsp;&nbsp; Nidda BondCo GmbH 5.00%, 9/30/2025 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608471 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (a) | EUR 625,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621674 |
| &nbsp;&nbsp;&nbsp; Renk AG 5.75%, 7/15/2025 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377933 |
| &nbsp;&nbsp;&nbsp; Schaeffler AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/26/2027 (a) | EUR 450,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/12/2028 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471522 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a) | EUR 219,799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216715 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH 2.00%, 7/15/2025 (a) | EUR 1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056217 |
| &nbsp;&nbsp;&nbsp; thyssenkrupp AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/22/2024 (a) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/25/2025 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199692 |
| &nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH 6.63%, 7/15/2028 (a) | EUR 180,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154529 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH 4.38%, 7/15/2027 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274272 |
| &nbsp;&nbsp;&nbsp; TUI Cruises GmbH 6.50%, 5/15/2026 (a) | EUR 350,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297742 |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV 3.25%, 11/18/2030 (a) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595417 |
| &nbsp;&nbsp;&nbsp; Vonovia Finance BV 2.25%, 4/7/2030 (a) | EUR 1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971997 |
| &nbsp;&nbsp;&nbsp; WEPA Hygieneprodukte GmbH 2.88%, 12/15/2027 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84398 |
| &nbsp;&nbsp;&nbsp; ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/23/2026 (a) | EUR 1,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/23/2027 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266756 |
| &nbsp;&nbsp;&nbsp; ZF Finance GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/3/2028 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/21/2028 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445511 |
|  |  | &nbsp;&nbsp; 16261096 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| &nbsp;&nbsp;&nbsp; Alpha Bank SA 2.50%, 2/5/2023 (a) | EUR 780,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811411 |
| **India — 0.2%** | **India — 0.2%** | **India — 0.2%** |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163066 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | 415437 | 355075 |
| &nbsp;&nbsp;&nbsp; NTPC Ltd. 3.75%, 4/3/2024 (a) | 200000 | 194850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712991 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030 (b) | 200000 | 187350 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 3.65%, 7/30/2029 (b) | 400000 | 365044 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a) | 200000 | 188100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740494 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/3/2023 | 420000 | 416226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113215 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (EUR Swap Annual 5 Year + 2.15%), 1.88%, 11/19/2029 (a) (c) | EUR 750,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710678 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 7/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54541 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (EUR Swap Annual 5 Year + 7.92%), 7.50%, 5/19/2025 (a) (c) (d) (e) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309876 |
| &nbsp;&nbsp;&nbsp; eircom Finance DAC 3.50%, 5/15/2026 (a) | EUR 1,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3178866 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137684 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/30/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640113 |
| **Italy — 4.3%** | **Italy — 4.3%** | **Italy — 4.3%** |
| &nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 7/14/2031 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (c) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211504 |
| &nbsp;&nbsp;&nbsp; Atlantia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 2/3/2025 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 7/13/2027 (a) | EUR 350,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/12/2028 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343398 |
| &nbsp;&nbsp;&nbsp; Autostrade per l'Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/4/2028 (a) | EUR 900,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 9/26/2029 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84778 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 7/12/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/6/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 7/12/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181641 |
| &nbsp;&nbsp;&nbsp; Enel SpA Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.38%, 8/24/2026 (a) (c) (d) (e) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756516 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp;&nbsp; Eni SpA 4.25%, 5/9/2029 (b) | 250000 | 232011 |
| &nbsp;&nbsp;&nbsp; Guala Closures SpA 3.25%, 6/15/2028 (a) | EUR 384,000 | 344727 |
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA 1.88%, 7/8/2026 (a) | EUR 500,000 | 478811 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (a) (c) (d) (e) | EUR 676,000 | 701687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (b) (c) | 200000 | 131471 |
| &nbsp;&nbsp;&nbsp; Leonardo SpA 4.88%, 3/24/2025 | EUR 400,000 | 424282 |
| &nbsp;&nbsp;&nbsp; Lottomatica SpA 5.13%, 7/15/2025 (a) | EUR 882,000 | 877393 |
| &nbsp;&nbsp;&nbsp; Nexi SpA 1.63%, 4/30/2026 (a) | EUR 219,000 | 204817 |
| &nbsp;&nbsp;&nbsp; Pro-Gest SpA 3.25%, 12/15/2024 (a) | EUR 577,000 | 388776 |
| &nbsp;&nbsp;&nbsp; Rossini SARL 6.75%, 10/30/2025 (a) | EUR 400,000 | 416844 |
| &nbsp;&nbsp;&nbsp; Saipem Finance International BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/8/2023 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 1/7/2025 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293231 |
| &nbsp;&nbsp;&nbsp; Shiba Bidco SpA 4.50%, 10/31/2028 (a) | EUR 650,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568766 |
| &nbsp;&nbsp;&nbsp; TeamSystem SpA 3.50%, 2/15/2028 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262231 |
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/28/2026 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/25/2026 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/12/2027 (a) | EUR 1,350,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169504 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (c) (d) (e) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312374 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152020 |
|  |  | &nbsp;&nbsp; 12823004 |
| **Japan — 1.6%** | **Japan — 1.6%** | **Japan — 1.6%** |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 9/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790195 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390663 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. 3.75%, 7/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155518 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/9/2029 | EUR 363,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 7/9/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4953829 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC 5.75%, 4/19/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285332 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** | **Kuwait — 0.1%** |
| &nbsp;&nbsp;&nbsp; MEGlobal Canada ULC 5.00%, 5/18/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195100 |
| **Luxembourg — 1.9%** | **Luxembourg — 1.9%** | **Luxembourg — 1.9%** |
| &nbsp;&nbsp;&nbsp; Altice Finco SA 4.75%, 1/15/2028 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398160 |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2027 (a) | EUR 350,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2027 (b) | EUR 123,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97183 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Luxembourg — continued** | **Luxembourg — continued** | **Luxembourg — continued** |
| &nbsp;&nbsp;&nbsp; ARD Finance SA 5.00% (Cash), 6/30/2027 (a) (g) (h) | EUR 200,000 | 145982 |
| &nbsp;&nbsp;&nbsp; Herens Midco SARL 5.25%, 5/15/2029 (a) | EUR 603,000 | 430609 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc 3.38%, 3/31/2026 (a) | EUR 547,000 | 515797 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA 3.13%, 9/15/2026 (a) | EUR 775,000 | 728101 |
| &nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA 5.25%, 3/15/2025 (a) | EUR 400,000 | 396469 |
| &nbsp;&nbsp;&nbsp; PLT VII Finance SARL 4.63%, 1/5/2026 (a) | EUR 650,000 | 633520 |
| &nbsp;&nbsp;&nbsp; SELP Finance SARL, REIT 0.88%, 5/27/2029 (a) | EUR 900,000 | 728047 |
| &nbsp;&nbsp;&nbsp; SES SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.19%), 2.87%, 5/27/2026 (a) (c) (d) (e) | EUR 500,000 | 415772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/4/2027 (a) | EUR 245,000 | 215918 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco A SARL 9.25%, 10/31/2027 (a) | EUR 180,211 | 145349 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL 5.75%, 10/31/2026 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5589137 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 3.40%, 4/28/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307049 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| &nbsp;&nbsp;&nbsp; BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.12%, 1/18/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026 (b) (c) (d) <br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429440 |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106500 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos 5.95%, 1/28/2031 | 1428000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1775408 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| &nbsp;&nbsp;&nbsp; OCP SA 6.88%, 4/25/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180850 |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** | **Netherlands — 2.0%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/28/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025 (a) (c) (d) (e) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/18/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289726 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/26/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027 (a) (c) (d) (e) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372135 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (SOFR + 1.83%), 4.02%, 3/28/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662502 |
| &nbsp;&nbsp;&nbsp; Nobel Bidco BV 3.13%, 6/15/2028 (a) | EUR 336,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233665 |
| &nbsp;&nbsp;&nbsp; Q-Park Holding I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/1/2025 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/2027 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437963 |
| &nbsp;&nbsp;&nbsp; Sigma Holdco BV 5.75%, 5/15/2026 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294864 |
| &nbsp;&nbsp;&nbsp; Titan Holdings II BV 5.13%, 7/15/2029 (a) | EUR 768,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637347 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV 3.75%, 8/15/2026 (a) (f) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663860 |
| &nbsp;&nbsp;&nbsp; UPC Holding BV 3.88%, 6/15/2029 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438041 |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV 3.38%, 2/28/2030 (a) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5906466 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l Ltd. 2.55%, 2/13/2030 (b) | 490000 | 407752 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (UK Government Bond 1 Year Note Generic Bid Yield + 1.35%), 2.62%, 6/10/2026 (a) (c) | GBP 1,000,000 | 1137322 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. 5.88%, 4/23/2045 | 140000 | 139414 |
| **Portugal — 0.8%** | **Portugal — 0.8%** | **Portugal — 0.8%** |
| &nbsp;&nbsp;&nbsp; EDP - Energias de Portugal SA (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (c) | EUR 1,000,000 | 933393 |
| &nbsp;&nbsp;&nbsp; EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 7/15/2024 (b) | 675000 | 652653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/22/2027 (a) | EUR 750,000 | 715341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2301387 |
| **Spain — 6.4%** | **Spain — 6.4%** | **Spain — 6.4%** |
| &nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025 (a) (c) (d) (e) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.27%), 2.62%, 1/26/2027 (a) (c) (d) (e) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84280 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026 (a) (c) (d) (e) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401389 |
| &nbsp;&nbsp;&nbsp; Banco de Sabadell SA (EUR Swap Annual 1 Year + 0.97%), 0.63%, 11/7/2025 (a) (c) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290550 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391128 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685378 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.22%), 6.37%, 9/19/2023 (a) (c) (d) (e) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (c) (d) (e) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 3/27/2026 (a) | EUR 1,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.62%), 3.75%, 2/15/2029 (a) (c) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817321 |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA 2.25%, 4/12/2026 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485219 |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 4/20/2027 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 6/26/2029 | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347864 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International SARL 4.75%, 5/22/2025 (a) | EUR 950,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939290 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA 4.13%, 8/1/2025 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506512 |
| &nbsp;&nbsp;&nbsp; eDreams ODIGEO SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2027 (b) | EUR 307,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2027 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424044 |
| &nbsp;&nbsp;&nbsp; Grifols Escrow Issuer SA 3.88%, 10/15/2028 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257452 |
| &nbsp;&nbsp;&nbsp; Grifols SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 2/15/2025 (a) | EUR 550,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 (a) | EUR 1,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903137 |
| &nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 4/30/2026 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/2028 (a) | EUR 225,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176777 |
| &nbsp;&nbsp;&nbsp; Iberdrola International BV (EUR Swap Annual 5 Year + 2.06%), 2.62%, 12/26/2023 (a) (c) (d) (e) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808440 |
| &nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (a) | EUR 392,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348768 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA 4.00%, 9/18/2027 (a) | EUR 1,066,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003780 |
| &nbsp;&nbsp;&nbsp; Naturgy Finance BV (EUR Swap Annual 9 Year + 3.08%), 3.38%, 4/24/2024 (a) (c) (d) (e) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203285 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| &nbsp;&nbsp;&nbsp; Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (c) | EUR 1,400,000 | 1409493 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA 5.21%, 3/8/2047 | 150000 | 122564 |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.33%), 2.62%, 3/7/2023 (a) (c) (d) (e) | EUR 100,000 | 103456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023 (a) (c) (d) (e) | EUR 900,000 | 913314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (a) (c) (d) (e) | EUR 900,000 | 858105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 6 Year + 2.87%), 2.88%, 2/24/2028 (a) (c) (d) (e) | EUR 1,000,000 | 858495 |
|  |  | &nbsp;&nbsp; 19152126 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| &nbsp;&nbsp;&nbsp; Dometic Group AB 3.00%, 5/8/2026 (a) | EUR 650,000 | 612076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, <br> 3/1/2031 (a) (c) (d) (e)<br>| 200000 | 163250 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/2026 (a) | EUR 275,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2027 (a) | EUR 900,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809892 |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB 5.25%, 2/15/2029 (a) | EUR 319,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267636 |
| &nbsp;&nbsp;&nbsp; Volvo Car AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/24/2025 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/7/2027 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2593507 |
| **Switzerland — 1.5%** | **Switzerland — 1.5%** | **Switzerland — 1.5%** |
| &nbsp;&nbsp;&nbsp; Argentum Netherlands for Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (c) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695009 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%), 4.19%, 4/1/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 5.02%), 9.02%, 11/15/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253817 |
| &nbsp;&nbsp;&nbsp; Dufry One BV 2.50%, 10/15/2024 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708389 |
| &nbsp;&nbsp;&nbsp; Holcim Sterling Finance Netherlands BV 2.25%, 4/4/2034 (a) | GBP 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255263 |
| &nbsp;&nbsp;&nbsp; Kongsberg Actuation Systems BV 5.00%, 7/15/2025 (a) | EUR 218,182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, <br> 4/2/2049 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177560 |
| &nbsp;&nbsp;&nbsp; UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 1 Year + 0.77%), 0.25%, 11/5/2028 (a) (c) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.40%), 4.99%, 8/5/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4629989 |
| **Taiwan — 0.3%** | **Taiwan — 0.3%** | **Taiwan — 0.3%** |
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp. 4.25%, 4/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365701 |
| &nbsp;&nbsp;&nbsp; TSMC Global Ltd. 2.25%, 4/23/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934346 |
| **United Kingdom — 10.0%** | **United Kingdom — 10.0%** | **United Kingdom — 10.0%** |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd. 7.56%, 7/15/2027 (b) | EUR 230,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209971 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 6/3/2029 (a) | EUR 700,000 | 618812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2042 | 490000 | 432442 |
| &nbsp;&nbsp;&nbsp; Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (c) | 630000 | 595752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (c) | 398000 | 391393 |
| &nbsp;&nbsp;&nbsp; Bellis Acquisition Co. plc 4.50%, 2/16/2026 (a) | GBP 200,000 | 201514 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (c) (d) (e) | 204000 | 194055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026 (a) (c) (d) (e) | EUR 600,000 | 574411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (c) (d) (e) | 94000 | 82697 |
| &nbsp;&nbsp;&nbsp; Centrica plc 4.38%, 3/13/2029 (a) | GBP 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225317 |
| &nbsp;&nbsp;&nbsp; Constellation Automotive Financing plc 4.88%, 7/15/2027 (a) | GBP 269,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214385 |
| &nbsp;&nbsp;&nbsp; CPUK Finance Ltd. 4.50%, 8/28/2027 (a) | GBP 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500128 |
| &nbsp;&nbsp;&nbsp; Eastern Power Networks plc 1.88%, 6/1/2035 (a) | GBP 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349895 |
| &nbsp;&nbsp;&nbsp; EC Finance plc 3.00%, 10/15/2026 (a) | EUR 799,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756610 |
| &nbsp;&nbsp;&nbsp; eG Global Finance plc 4.38%, 2/7/2025 (a) | EUR 600,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544804 |
| &nbsp;&nbsp;&nbsp; Eversholt Funding plc 2.74%, 6/30/2040 (a) | GBP 738,464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717341 |
| &nbsp;&nbsp;&nbsp; Gatwick Funding Ltd. 2.50%, 4/15/2030 (a) | GBP 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684539 |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/12/2025 (a) | EUR 800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/3/2026 (a) | GBP 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/11/2030 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 3/14/2034 (a) | EUR 250,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/13/2041 (a) | GBP 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123190 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%), 0.73%, 8/17/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.54%), 1.64%, 4/18/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.03%), 7.34%, 11/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/20/2027 (a) | GBP 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 2.87%, 11/22/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%), 5.40%, 8/11/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193809 |
| &nbsp;&nbsp;&nbsp; Iceland Bondco plc 4.63%, 3/15/2025 (a) | GBP 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199469 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 1 plc 3.75%, 7/15/2026 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619157 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc 2.50%, 1/15/2026 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182704 |
| &nbsp;&nbsp;&nbsp; INEOS Styrolution Group GmbH 2.25%, 1/16/2027 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261031 |
| &nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA 1.50%, 7/4/2027 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563615 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 1/15/2024 (a) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2026 (a) | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369723 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 8/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190077 |
| &nbsp;&nbsp;&nbsp; National Grid plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 6/30/2026 (a) | EUR 900,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893459 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 9/1/2028 (a) | EUR 800,000 | 688020 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c) | 780000 | 758966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (e) | 450000 | 411750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027 (c) (d) (e) | GBP 276,000 | 279009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (c) | 400000 | 392950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (a) (c) | EUR 1,200,000 | 997890 |
| &nbsp;&nbsp;&nbsp; NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (c) | EUR 730,000 | 628752 |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc 5.50%, 2/15/2025 (a) | EUR 500,000 | 465625 |
| &nbsp;&nbsp;&nbsp; Punch Finance plc 6.13%, 6/30/2026 (a) | GBP 438,000 | 448715 |
| &nbsp;&nbsp;&nbsp; RAC Bond Co. plc 5.25%, 11/4/2027 (a) | GBP 654,000 | 609139 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce plc 0.88%, 5/9/2024 (a) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689415 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%), 1.67%, 6/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763330 |
| &nbsp;&nbsp;&nbsp; Santander UK plc 2.10%, 1/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747220 |
| &nbsp;&nbsp;&nbsp; SIG plc 5.25%, 11/30/2026 (a) | EUR 197,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171456 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%), 7.78%, 11/16/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 3.97%, 3/30/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273218 |
| &nbsp;&nbsp;&nbsp; Synthomer plc 3.88%, 7/1/2025 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461912 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance plc 3.75%, 7/15/2030 (a) | EUR 500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413014 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/19/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (c) | EUR 700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079 (a) (c) | EUR 300,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC10, (EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (a) (c) | EUR 625,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524218 |
|  |  | &nbsp;&nbsp; 29966835 |
| **United States — 8.6%** | **United States — 8.6%** | **United States — 8.6%** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 7/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 7/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36771 |
| &nbsp;&nbsp;&nbsp; Aetna, Inc. 2.80%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587795 |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust 1.84%, 11/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (c) <br> (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82680 |
| &nbsp;&nbsp;&nbsp; American Medical Systems Europe BV 1.63%, 3/8/2031 | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90657 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 2.45%, 2/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102431 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69439 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454290 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, 4/22/2032 (c) | 290000 | 234940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.30%, 7/21/2032 (c) | 470000 | 368257 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 4.60%, 5/1/2053 (b) | 47000 | 42532 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. 2.72%, 1/12/2032 | 430000 | 364296 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. 2.95%, 3/15/2032 | 125000 | 110315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, <br> 9/1/2026 (c) (d) (e)<br>| 442000 | 340340 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC 5.13%, 5/1/2027 (b) | 140000 | 132509 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 2.95%, 3/1/2030 | 280000 | 241886 |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc. 4.95%, 6/1/2043 | 224000 | 194621 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (c) (d) (e) | 312000 | 265200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250400 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Y, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.15%, 11/15/2026 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 2.56%, 5/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.52%, 11/3/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110010 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. 2.94%, 11/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187976 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. 0.50%, 8/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416144 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 5.60%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205143 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103902 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. 2.80%, 12/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58532 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.13%, 3/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233106 |
| &nbsp;&nbsp;&nbsp; Discover Bank 4.20%, 8/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650387 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.63%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42123 |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109802 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. 1.75%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89919 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 0.52%, 6/26/2028 | EUR 400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362615 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249440 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. 2.00%, 5/21/2030 | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182528 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. 1.63%, 7/1/2030 | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88504 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383008 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488189 |
| &nbsp;&nbsp;&nbsp; General Electric Co. 4.13%, 9/19/2035 (a) | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108065 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 2.75%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36714 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co. Series A, 2.10%, 7/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768815 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 2.90%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210259 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.51%), 0.66%, 9/10/2024 (c) | 620000 | 594228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (c) (d) (e) | 10000 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (c) | 355000 | 310782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 2.62%, 4/22/2032 (c) | 290000 | 234261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, 7/21/2032 (c) | 190000 | 150078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.65%, 10/21/2032 (c) | 300000 | 240933 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC 2.60%, 10/15/2025 (b) | 50000 | 45362 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2026 | 185000 | 186507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/2030 | 635000 | 545763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101376 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137138 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc 2.38%, 4/15/2028 (a) | EUR 200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181064 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 3.50%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65424 |
| &nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285025 |
| &nbsp;&nbsp;&nbsp; KeyBank NA (SOFR + 0.34%), 0.42%, 1/3/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338332 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 3.30%, 3/21/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167488 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.46%), 0.53%, 1/25/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 0.73%, 4/5/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, 4/20/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.24%, 7/21/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, 10/20/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137573 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. 5.38%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350399 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. 6.10%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122185 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co. 3.30%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323276 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6773 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. 0.75%, 3/18/2027 | EUR 1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + <br> 2.60%), 3.40%, 9/15/2026 (c) (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315496 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP, REIT 2.95%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79913 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 2.95%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390462 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. Series J, 0.70%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445678 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62340 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031 | EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85720 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28943 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 2/15/2031 | 81000 | 67160 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp. 0.50%, 8/14/2023 | 750000 | 727470 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | 80000 | 65269 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. 5.35%, 2/15/2033 | 385000 | 400880 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 3/21/2031 | 330000 | 275118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 3/15/2032 | 60000 | 48164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 | 60000 | 41535 |
| &nbsp;&nbsp;&nbsp; VMware, Inc. 2.20%, 8/15/2031 | 290000 | 221338 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 3/15/2032 (b) | 822000 | 697877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, <br> 3/15/2026 (c) (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296225 |
|  |  | &nbsp;&nbsp; 25694036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $214,245,373)<br>|  | 181036336 |
| **Foreign Government Securities — 30.5%** | **Foreign Government Securities — 30.5%** | **Foreign Government Securities — 30.5%** |
| **Angola — 0.3%** | **Angola — 0.3%** | **Angola — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1015459 |
| **Australia — 7.2%** | **Australia — 7.2%** | **Australia — 7.2%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/21/2023 (a) | AUD 8,988,000 | &nbsp;&nbsp;&nbsp;&nbsp; 6156452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/21/2032 | AUD 25,668,000 | &nbsp;&nbsp; 14258995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/21/2047 (a) | AUD 2,140,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241249 |
|  |  | &nbsp;&nbsp; 21656696 |
| **Bahrain — 0.1%** | **Bahrain — 0.1%** | **Bahrain — 0.1%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain 6.00%, 9/19/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258013 |
| **Brazil — 5.7%** | **Brazil — 5.7%** | **Brazil — 5.7%** |
| &nbsp;&nbsp;&nbsp; Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/2025 | BRL 40,000,000 | &nbsp;&nbsp;&nbsp;&nbsp; 7296961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/2027 | BRL 56,000,000 | &nbsp;&nbsp;&nbsp;&nbsp; 9899590 |
|  |  | &nbsp;&nbsp; 17196551 |
| **Canada — 6.2%** | **Canada — 6.2%** | **Canada — 6.2%** |
| &nbsp;&nbsp;&nbsp; Canada Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 5/1/2023 | CAD 3,091,000 | &nbsp;&nbsp;&nbsp;&nbsp; 2260636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 8/1/2023 | CAD 16,196,000 | &nbsp;&nbsp; 11721586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/1/2023 | CAD 6,240,000 | &nbsp;&nbsp;&nbsp;&nbsp; 4483300 |
|  |  | &nbsp;&nbsp; 18465522 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | 460000 | 340400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/2049 | 520000 | 349700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690100 |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica 6.13%, 2/19/2031 (a) | 300000 | 290250 |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/29/2026 (b) | 280000 | 282940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/21/2041 (b) | 375000 | 287344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570284 |
| **Ecuador — 0.1%** | **Ecuador — 0.1%** | **Ecuador — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador 2.50%, 7/31/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233864 |
| **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122288 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| &nbsp;&nbsp;&nbsp; State of Israel Government Bond 3.38%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434019 |
| **Italy — 1.6%** | **Italy — 1.6%** | **Italy — 1.6%** |
| &nbsp;&nbsp;&nbsp; Italian Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 5/6/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3295000 | &nbsp;&nbsp;&nbsp;&nbsp; 3087095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4918137 |
| **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 (b) | EUR 730,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1165691 |
| **Jamaica — 0.2%** | **Jamaica — 0.2%** | **Jamaica — 0.2%** |
| &nbsp;&nbsp;&nbsp; Jamaica Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/28/2045  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711170 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Kazakhstan 1.50%, 9/30/2034 (b) | EUR 370,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272403 |
| **Kenya — 0.2%** | **Kenya — 0.2%** | **Kenya — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 6.30%, 1/23/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456926 |
| **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/22/2024 (a) (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (a) (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25709 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/29/2031 | MXN 37,280,000 | 1763743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/18/2038 | MXN 42,000,000 | 2038749 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 5/24/2061 | 392000 | 265090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/19/2071  | 1433000 | 956527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5024109 |
| **New Zealand — 0.8%** | **New Zealand — 0.8%** | **New Zealand — 0.8%** |
| &nbsp;&nbsp;&nbsp; New Zealand Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/2027 (a) | NZD 952,000 | 603532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/15/2037 (a) | NZD 3,201,000 | 1697741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2301273 |
| **Nigeria — 0.3%** | **Nigeria — 0.3%** | **Nigeria — 0.3%** |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/21/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/28/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923051 |
| **Oman — 0.2%** | **Oman — 0.2%** | **Oman — 0.2%** |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586825 |
| **Paraguay — 0.3%** | **Paraguay — 0.3%** | **Paraguay — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829604 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Philippines 2.95%, 5/5/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235986 |
| **Portugal — 1.4%** | **Portugal — 1.4%** | **Portugal — 1.4%** |
| &nbsp;&nbsp;&nbsp; Portuguese Republic 5.13%, 10/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4260000 | &nbsp;&nbsp;&nbsp;&nbsp; 4256899 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| &nbsp;&nbsp;&nbsp; State of Qatar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 4/23/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/16/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426750 |
| **Romania — 0.4%** | **Romania — 0.4%** | **Romania — 0.4%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/27/2029 (b) | EUR 776,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/3/2049 (b) | EUR 276,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1034463 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Senegal — 0.3%** | **Senegal — 0.3%** | **Senegal — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/23/2033 (a) | 660000 | 549574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/13/2048 (a) | 260000 | 186192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735766 |
| **Serbia, Republic Of — 0.1%** | **Serbia, Republic Of — 0.1%** | **Serbia, Republic Of — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Serbia 1.50%, 6/26/2029 (b) | EUR 410,000 | 319131 |
| **South Africa — 1.8%** | **South Africa — 1.8%** | **South Africa — 1.8%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/2028 | 490000 | 442929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/28/2031 | ZAR 37,742,512 | 1755136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/28/2035 | ZAR 51,712,132 | 2527999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5265664 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 7/7/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/28/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/7/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979664 |
| **Uruguay — 0.0% ^** | **Uruguay — 0.0% ^** | **Uruguay — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay 5.10%, 6/18/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $101,106,488)<br>|  | &nbsp;&nbsp; 91490729 |
| **U.S. Treasury Obligations — 1.7%** | **U.S. Treasury Obligations — 1.7%** | **U.S. Treasury Obligations — 1.7%** |
| **United States — 1.7%** | **United States — 1.7%** | **United States — 1.7%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds , 3.00%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881938 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Notes , 0.63%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp;&nbsp; 4188999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $4,950,125)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5070937 |
| **Commercial Mortgage-Backed Securities — 1.6%** | **Commercial Mortgage-Backed Securities — 1.6%** | **Commercial Mortgage-Backed Securities — 1.6%** |
| **United States — 1.6%** | **United States — 1.6%** | **United States — 1.6%** |
| &nbsp;&nbsp;&nbsp; BAMLL Re-REMIC Trust Series 2014-FRR4, Class BK29, PO, 4/27/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386678 |
| &nbsp;&nbsp;&nbsp; BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10, Class C, 4.16%, 2/15/2061 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class C, 4.73%, 8/15/2061 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class C, 3.78%, 9/15/2062 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137162 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243032 |
| &nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust Series 2021-FRR1, Class BK45, 2.10%, 2/28/2025 ‡ (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876819 |
| &nbsp;&nbsp;&nbsp; CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.58%, 11/15/2050 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23843 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust Series 2016-CD2, Class C, 4.11%, 11/10/2049 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17183 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust Series 2014-GC23, Class C, 4.58%, 7/10/2047 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19727 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K033, Class X1, IO, 0.40%, 7/25/2023 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3623178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X1, IO, 1.32%, 9/25/2027 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2121860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K153, Class X3, IO, 3.91%, 4/25/2035 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81783 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K036, Class X3, IO, 2.18%, 12/25/2041 (g) | 2640000 | 48310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K041, Class X3, IO, 1.70%, 11/25/2042 (g) | 3470000 | 89850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K054, Class X3, IO, 1.65%, 4/25/2043 (g) | 1365000 | 57867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K050, Class X3, IO, 1.61%, 10/25/2043 (g) | 1010000 | 36209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K051, Class X3, IO, 1.67%, 10/25/2043 (g) | 1395000 | 53905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class X3, IO, 1.67%, 1/25/2044 (g) | 750000 | 30664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K726, Class X3, IO, 2.22%, 7/25/2044 (g) | 2890000 | 81116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class X3, IO, 2.19%, 9/25/2044 (g) | 1385000 | 111579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.21%, 12/25/2045 (g) | 400000 | 35091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class X3, IO, 2.38%, 1/25/2046 (g) | 850000 | 96471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X3, IO, 2.29%, 6/25/2046 (g) | 1820000 | 179585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.43%, 2/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113287 |
| &nbsp;&nbsp;&nbsp; FREMF Series 2018-KF46, Class B, 5.75%, 3/25/2028 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235678 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF31, Class B, 6.70%, 4/25/2024 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF36, Class B, 6.45%, 8/25/2024 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF38, Class B, 6.30%, 9/25/2024 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF47, Class B, 5.80%, 5/25/2025 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF49, Class B, 5.70%, 6/25/2025 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class B, 3.77%, 11/25/2050 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K728, Class C, 3.77%, 11/25/2050 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100015 |
| &nbsp;&nbsp;&nbsp; GNMA Series 2017-23, IO, 0.61%, 5/16/2059 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8858 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-GCJ9, Class D, 4.63%, 11/10/2045 ‡ (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class C, 4.20%, 5/10/2050 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32112 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.37%, 7/15/2048 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.78%, 8/15/2048 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20931 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.52%, 12/15/2049 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23553 |
| &nbsp;&nbsp;&nbsp; LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59144 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class C, 5.23%, 2/15/2047 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class C, 4.48%, 5/15/2048 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32762 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HQ7, Class E, 5.49%, 11/14/2042 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class B, 4.16%, 5/15/2048 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25879 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94593 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85809 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class C, 4.18%, 7/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class C, 4.87%, 3/15/2052 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $5,246,398)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 4689563 |
| **Asset-Backed Securities — 1.2%** | **Asset-Backed Securities — 1.2%** | **Asset-Backed Securities — 1.2%** |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| &nbsp;&nbsp;&nbsp; Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96287 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Chase Funding Trust Series 2003-6, Class 1A7, 4.88%, 11/25/2034 ‡ (f) | 63032 | 61631 |
| &nbsp;&nbsp;&nbsp; Credit-Based Asset Servicing and Securitization LLC Series 2004-CB5, Class M1, 4.96%, 1/25/2034 ‡ (g) | 75198 | 68974 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 3.87%, 11/15/2024 (b) | 18641 | 18613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class E, 4.94%, 2/17/2026 (b) | 100000 | 99538 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series 2018-3A, Class D, 4.35%, 6/17/2024 (b) | 30954 | 30900 |
| &nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2022-3FP, Class B, 5.79%, 8/20/2029 ‡ (b) | 670000 | 658792 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class B, 8.00%, 11/15/2027 | 137126 | 134031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, 2.95%, 5/15/2028 | 43294 | 36155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 7.75%, 11/15/2028 | 37192 | 36032 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512847 |
| &nbsp;&nbsp;&nbsp; Progress Residential Series 2021-SFR1, Class E, 2.11%, 4/17/2038 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207740 |
| &nbsp;&nbsp;&nbsp; Santander Revolving Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C, 3.00%, 1/26/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class D, 3.45%, 1/26/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588832 |
| &nbsp;&nbsp;&nbsp; Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8, Class M3, 5.02%, 9/25/2034 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE3, Class M1, 4.74%, 9/25/2035 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25007 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $4,053,242)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3779161 |
| **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |
| **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Brass NO 8 plc Series 8A, Class A1, 5.34%, 11/16/2066 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32041 |
| **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68138 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 3.49%, 2/25/2037 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13027 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21202 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2916, Class S, IF, IO, 3.38%, 1/15/2035 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4305, Class SK, IF, IO, 2.73%, 2/15/2044 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4689, Class SD, IF, IO, 2.28%, 6/15/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4714, Class SA, IF, IO, 2.28%, 8/15/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5022, IO, 3.00%, 9/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4839, Class WS, IF, IO, 2.23%, 8/15/2056 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1815097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227729 |
| &nbsp;&nbsp;&nbsp; FNMA, Connecticut Avenue Securities Series 2018-C06, Class 2M2, 6.12%, 3/25/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17046 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-57, Class ID, IO, 4.00%, 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-146, Class AI, IO, 3.00%, 1/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class BI, IO, 3.00%, 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class SE, IF, IO, 2.08%, 9/25/2042 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8777 |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-124, Class UI, IO, 4.00%, 11/25/2042 | 84829 | 13061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-133, Class NS, IF, IO, 2.13%, 12/25/2042 (g) | 145229 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LS, IF, IO, 2.15%, 6/25/2045 (g) | 206996 | 21333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-75, Class SC, IF, IO, 2.08%, 10/25/2046 (g) | 504446 | 39992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-31, Class SG, IF, IO, 2.08%, 5/25/2047 (g) | 697277 | 79842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-39, Class ST, IF, IO, 2.08%, 5/25/2047 (g) | 199584 | 24580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-69, Class SH, IF, IO, 2.18%, 9/25/2047 (g) | 314662 | 39780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class SK, IF, IO, 2.03%, 8/25/2049 (g) | 527191 | 58311 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (g) | 75765 | 3101 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-107, Class KS, IF, IO, 2.26%, 7/20/2047 (g) | 183573 | 18277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class SJ, IF, IO, 2.11%, 4/20/2049 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H13, Class GI, IO, 1.43%, 4/20/2065 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2777 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 4.60%, 7/25/2029 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31467 |
| &nbsp;&nbsp;&nbsp; PNMAC FMSR ISSUER TRUST Series 2018-GT2, Class A, 6.69%, 8/25/2025 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200426 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 3.75%, 7/25/2034 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11020 |
| &nbsp;&nbsp;&nbsp; VM Master Issuer LLC Series 2022-1, Class A1, 5.16%, 5/24/2025 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2742232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $3,521,098)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2774273 |
| **Supranational — 0.3%** | **Supranational — 0.3%** | **Supranational — 0.3%** |
| &nbsp;&nbsp;&nbsp; African Export-Import Bank (The), 5.25%, 10/11/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197000 |
| &nbsp;&nbsp;&nbsp; European Union, 0.10%, 10/4/2040 (a) | EUR 1,070,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Supranational <br>(Cost $1,416,090)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881945 |
|  | **NO. OF WARRANTS** |  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD ‡ \*(Cost $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | **SHARES** |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (j) (k)(Cost $3,839,315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3839315 | &nbsp;&nbsp;&nbsp;&nbsp; 3839315 |
| **Total Investments — 97.9%** <br>**(Cost $338,378,129)**<br>|  | **293562483** |
| **Other Assets Less Liabilities — 2.1%** |  | **6249758** |
| **NET ASSETS — 100.0%** |  | **299812241** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| EUR | Euro |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| 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 November 30, 2022. 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>|
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| OYJ | Public Limited Company |
| 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>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| SOFR | 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>|
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (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 November 30, 2022. |
| (d) | Security is an interest bearing note with preferred security characteristics. |
| (e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of November 30, 2022.<br>|
| (f) | 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 November 30, 2022. <br>|
| (g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (h) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (i) | Defaulted security. |
| (j) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (k) | The rate shown is the current yield as of November 30, 2022. |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

**Futures contracts outstanding as of November 30, 2022:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| Euro-Buxl | &nbsp;&nbsp;&nbsp; 39 | 12/08/2022 | EUR | &nbsp;&nbsp;&nbsp; 6453572 | &nbsp;&nbsp;&nbsp; 494929 |
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp; 28 | 12/15/2022 | AUD | &nbsp;&nbsp;&nbsp; 2293135 | &nbsp;&nbsp;&nbsp;&nbsp; 21671 |
| U.S. Treasury 10 Year Note | 122 | 03/22/2023 | USD | 13883219 | &nbsp;&nbsp;&nbsp; 108400 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp; 25 | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp; 3005078 | &nbsp;&nbsp;&nbsp;&nbsp; 30221 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp; 50 | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp; 6860938 | &nbsp;&nbsp;&nbsp; 159265 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp; 18 | 03/31/2023 | USD | &nbsp;&nbsp;&nbsp; 3699984 | &nbsp;&nbsp;&nbsp;&nbsp; 13184 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 827670 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | (380) | 12/08/2022 | EUR | (47625349) | &nbsp;&nbsp;&nbsp; 769904 |
| Euro-Bund | (127) | 12/08/2022 | EUR | (18725212) | &nbsp;&nbsp;&nbsp; 136199 |
| Euro-Schatz | &nbsp;&nbsp; (62) | 12/08/2022 | EUR | &nbsp;&nbsp; (6896566) | &nbsp;&nbsp;&nbsp;&nbsp; 75188 |
| Japan 10 Year Bond | &nbsp;&nbsp; (20) | 12/13/2022 | JPY | (21572887) | &nbsp;&nbsp;&nbsp; (78159) |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp; (35) | 03/22/2023 | USD | &nbsp;&nbsp; (4207109) | &nbsp;&nbsp;&nbsp; (42730) |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (4) | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (510625) | &nbsp;&nbsp;&nbsp;&nbsp; (4970) |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp; (11) | 03/31/2023 | USD | &nbsp;&nbsp; (2261102) | &nbsp;&nbsp;&nbsp;&nbsp; (7670) |
| U.S. Treasury 5 Year Note | (243) | 03/31/2023 | USD | (26437641) | &nbsp;&nbsp; (213111) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 634651 |
|  |  |  |  |  | 1462321 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| EUR | Euro |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

**Forward foreign currency exchange contracts outstanding as of November 30, 2022:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786367 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3882429 | HSBC Bank, NA | 12/5/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58456 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581117 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378771 | HSBC Bank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16145 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5701372 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3844725 | Morgan Stanley | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29823 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5044033 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3374048 | Royal Bank of Canada | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53784 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2356697 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441382 | BNP Paribas<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10464 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35819 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26528 | State Street Corp. | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 682542290 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729836 | Citibank, NA<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33326 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10736320 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495622 | BNP Paribas<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33289 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37535863 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1586518 | BNP Paribas | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16033 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720475 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 14356190 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10971 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224439 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229063 | Merrill Lynch International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5054 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247799 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256628 | Royal Bank of Canada | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1856 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196641 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197217 | Standard Chartered Bank | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7904 |
| IDR | 23199853654 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478159 | Citibank, NA<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4103 |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586020 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748378 | Citibank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10528 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60699322 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739686 | Citibank, NA<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5984 |
| KRW | &nbsp;&nbsp; 3550572965 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2685352 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37103 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14922302 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732060 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6148 |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65434 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38791 | HSBC Bank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2459 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86416550 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505514 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26474 |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028030 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751374 | Citibank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4190 |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2097499 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1524620 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16964 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54672282 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532682 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22347 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28409632 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 37754156 | BNP Paribas | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 328738 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743204 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 12687987 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10712 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12928025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745346 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462286 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442824 | Citibank, NA | 1/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457941 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435732 | HSBC Bank, NA | 1/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3138 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3423622 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720475 | Merrill Lynch International | 1/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1187 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 758379 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94325209 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 94821563 | BNP Paribas | 12/5/2022 | (4365901) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891482 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861221 | HSBC Bank, NA | 12/5/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4885) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070434 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047451 | Merrill Lynch International | 12/5/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (60571) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462107 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447409 | Royal Bank of Canada | 12/5/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3560) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7237423 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6259527 | HSBC Bank, NA | 12/5/2022 | &nbsp;&nbsp;&nbsp; (307436) |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6879295 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5148902 | Merrill Lynch International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (32200) |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5977668 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4494979 | Standard Chartered Bank | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (48892) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60310818 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741283 | Goldman Sachs International\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28656351 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 42821424 | BNP Paribas | 12/28/2022 | &nbsp;&nbsp;&nbsp; (444309) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087270 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616512 | Merrill Lynch International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (11282) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416991 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7583381 | Barclays Bank plc\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (36958) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747586 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3968784 | BNP Paribas\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (13342) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9577391 | BRL | &nbsp;&nbsp;&nbsp;&nbsp; 51076608 | Goldman Sachs International\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp; (215440) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5388405 | BRL | &nbsp;&nbsp;&nbsp;&nbsp; 29721108 | Merrill Lynch International\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp; (309972) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758054 | CLP | &nbsp;&nbsp;&nbsp; 679823116 | Citigroup Global Markets Holdings, Inc.\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2067) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756676 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5353650 | BNP Paribas\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5713) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5919460 | CNY | &nbsp;&nbsp;&nbsp;&nbsp; 41673002 | Citibank, NA\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (15006) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9264721 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8974323 | Citibank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (96590) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303892 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292830 | HSBC Bank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1566) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56203 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54070 | State Street Corp. | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762044 | ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2610615 | BNP Paribas | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4080) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510880 | INR | &nbsp;&nbsp;&nbsp; 123030995 | BNP Paribas\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475938 | INR | &nbsp;&nbsp;&nbsp; 120950299 | Citibank, NA\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9895) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062236 | KRW | 1445338387 | Barclays Bank plc<sup>\*\*</sup> <br>| 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (45999) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214546 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4222617 | BNP Paribas | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3280) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2152240 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 42220111 | Goldman Sachs International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (25708) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2241464 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3688875 | BNP Paribas | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (84016) |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746718 | PHP | &nbsp;&nbsp;&nbsp;&nbsp; 42645041 | Barclays Bank plc\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9291) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414809 | PHP | &nbsp;&nbsp;&nbsp;&nbsp; 80820966 | BNP Paribas\*\* | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (17981) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749002 | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032043 | Citibank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9511) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750385 | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031206 | TD Bank Financial Group | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7512) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1905001 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 33106546 | Citibank, NA | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6278) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675971 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 29089106 | State Street Corp. | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3376) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98676393 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 94839690 | HSBC Bank, NA | 1/4/2023 | &nbsp;&nbsp;&nbsp; (314078) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7523275 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6259527 | Merrill Lynch International | 1/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp; (31131) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (6548924) |
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | (5790545) |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | Chile Peso |
| CNY | China Yuan |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| GBP | British Pound |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PHP | Philippines Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

\*\* Non-deliverable forward.

**Centrally Cleared interest rate swap contracts outstanding as of November 30, 2022:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | &nbsp;&nbsp; **PAY/RECIEVE** <br>**FLOATING RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 6 month EURIBOR semi-annually | 2.59 annually | Pay | 12/21/2032 | EUR 13,500,000 | (18176) | (56392) | (74568) |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at November 30, 2022 was as follows:

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; 6 Month EURIBOR | 2.41% |

---

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

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

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

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

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

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2022.

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.

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | $— | $2172050 | $1607111 | $3779161 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2774273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2774273 |
| Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2362054 | &nbsp;&nbsp; 2327509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689563 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 181036336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 181036336 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91490729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91490729 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881945 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5070937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5070937 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 3839315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3839315 |
| **Total Investments in Securities** | $3839315 | $285788324 | $3934844 | $293562483 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $758379 | $— | $758379 |
| Futures Contracts | &nbsp;&nbsp; 1787290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1808961 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6548924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6548924) |
| Futures Contracts | &nbsp;&nbsp;&nbsp; (346640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346640) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56392) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $1440650 | $(5825266) | $— | $(4384616) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2022**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**November 30,** <br>**2022**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $1043618 | $9 | $(114239) | $1090 | $891376 | $(176038) | $— | $(38705) | $1607111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 2815947 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; (300567) | &nbsp;&nbsp; 5128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (228000) | &nbsp;&nbsp; 56454 | &nbsp;&nbsp; (22383) | &nbsp;&nbsp; 2327509 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| **Total** | $3859749 | $939 | $(414766) | $6218 | $891376 | $(404038) | $56454 | $(61088) | $3934844 |

---

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

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(397,402). This amount is included in Change in net unrealized appreciation/ depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the period ended November 30, 2022.

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**November 30, 2022**<br>| **Valuation Technique(s)** | **Unobservable Input** | &nbsp;&nbsp; **Range (Weighted** <br>**Average) (a)** <br>|
|  | $1607111 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 30.00% (19.13%) |
|  |  |  | Constant Default Rate | 0.00% - 3.00% (0.22%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 6.64% - 9.27% (8.11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed <br>Securities<br>| &nbsp;&nbsp;&nbsp; 1607111 |  |  |  |
|  | &nbsp;&nbsp; 1391546 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 3.19% (0.20%) |
|  |  |  | Constant Default Rate | 0.00% - 0.44% (0.03%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 6.84% - 192.21% (20.59%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage- <br>Backed Securities<br>| &nbsp;&nbsp; 1391546 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | $2998657 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2022, the value of these investments was $936,187. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

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

**B. Investment Transactions with Affiliates** — The Fund invested in an Underlying Fund, which is 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 November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 3.59% (a) (b)<br>| $9903539 | $124982157 | $131046381 | $— | $— | $3839315 | 3839315 | $115476 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2022.

**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 International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (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) — (3) 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). Forward Foreign Currency Exchange Contracts—** The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(3). 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

------

**JPMorgan International Bond Opportunities ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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.

<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 International Bond Opportunities ETF

- **b. EDGAR series identifier (if any):** S000054802

- **c. LEI of Series:** 549300PP3H1CINB2QS44

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $306612648.58

**Total Liabilities:** $6794727.48

**Net Assets:** $299817921.10

**Cash Not Reported:** $3715228.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 118.14787000 | **1-Year:** 6613.56911000 | **5-Year:** 22233.43756000 | **10-Year:** 20458.40702000 | **30-Year:** 10531.38736000

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

- **3-Month:** 23.12756000 | **1-Year:** 4515.24706000 | **5-Year:** 20060.48834000 | **10-Year:** 3944.78897000 | **30-Year:** 3131.38770000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172241 | -2.51%               | 0.75%                | 3.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1373623.08             | $-15909778.98                              |
| Month 2  | $-1556701.48             | $4924413.17                                |
| Month 3  | $-2138309.82             | $18898551.24                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                      | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States of America                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1030000 | PA      | $881937.50    | 0.29%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Telekom International Finance BV                 | Deutsche Telekom International Finance BV                                       | CUSIP: 25156PAV5<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $244944.39    | 0.08%             | 2023-09-19      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| Dometic Group AB                                          | Dometic Group AB                                                                | CUSIP: N/A<br>LEI: 549300STIPMK5VSA7Y59       | Long             | DBT              | CORP              | SE        |    650000 | PA      | $612076.14    | 0.20%             | 2026-05-08      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, Inc.                                               | ONEOK, Inc.                                                                     | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122184.61    | 0.04%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |    400000 | PA      | $411961.06    | 0.14%             | 2023-09-19      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K054, Class X3 | CUSIP: 3137BNGV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1365000 | PA      | $57866.45     | 0.02%             | 2043-04-25      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                       | Constellation Energy Generation LLC                                             | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    210000 | PA      | $205143.22    | 0.07%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Faurecia SE                                               | Faurecia SE                                                                     | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $524524.84    | 0.17%             | 2027-06-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| AXA SA                                                    | AXA SA                                                                          | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $585644.69    | 0.20%             | 2047-07-06      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Assicurazioni Generali SpA                                | Assicurazioni Generali SpA                                                      | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |    200000 | PA      | $169097.50    | 0.06%             | 2031-07-14      | Fixed         | 2.43%                 | Yes           |                  2 | On Loan: No      |
| LB-UBS Commercial Mortgage Trust                          | LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ                      | CUSIP: 50179MAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    134898 | PA      | $59144.00     | 0.02%             | 2039-09-15      | Variable      | 5.45%                 | No            |                  3 | On Loan: No      |
| N/A                                                       | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -243 | NC      | $-213111.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2017-69, Class SH                                           | CUSIP: 3136AXA54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    314662 | PA      | $39779.73     | 0.01%             | 2047-09-25      | Floating      | 2.18%                 | No            |                  2 | On Loan: No      |
| Iberdrola International BV                                | Iberdrola International BV                                                      | CUSIP: N/A<br>LEI: 549300ZMLFJKWC63XN87       | Long             | DBT              | CORP              | NL        |    800000 | PA      | $808439.65    | 0.27%             | 2023-12-26      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060AY2<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    270000 | PA      | $201910.43    | 0.07%             | 2040-07-09      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Santander UK plc                                          | Santander UK plc                                                                | CUSIP: 80283LAY9<br>LEI: PTCQB104N23FMNK2RZ28 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $747219.80    | 0.25%             | 2023-01-13      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                   | Hyundai Capital America                                                         | CUSIP: 44891ABD8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    555000 | PA      | $507409.36    | 0.17%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                  | U.S. Treasury Inflation Indexed Notes                                           | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4360000 | PA      | $4188999.27   | 1.40%             | 2032-07-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.                            | Southern California Edison Co., Series J                                        | CUSIP: 842400HH9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    460000 | PA      | $445677.91    | 0.15%             | 2023-08-01      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| CGG SA                                                    | CGG SA                                                                          | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |    434000 | PA      | $378771.33    | 0.13%             | 2027-04-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications, Inc.                              | Verizon Communications, Inc.                                                    | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     60000 | PA      | $41534.57     | 0.01%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-17980.93    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                 | Ford Motor Credit Co. LLC                                                       | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    467000 | PA      | $383008.09    | 0.13%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $58455.54     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro-Gest SpA                                              | Pro-Gest SpA                                                                    | CUSIP: N/A<br>LEI: 815600EDD04F9C60D660       | Long             | DBT              | CORP              | IT        |    577000 | PA      | $388776.09    | 0.13%             | 2024-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $13236.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gatwick Funding Ltd.                                      | Gatwick Funding Ltd.                                                            | CUSIP: N/A<br>LEI: 213800NK8FA3GKS6X167       | Long             | DBT              | CORP              | JE        |    700000 | PA      | $684539.34    | 0.23%             | 2030-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology plc                         | International Game Technology plc                                               | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $181064.40    | 0.06%             | 2028-04-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Repsol International Finance BV                           | Repsol International Finance BV                                                 | CUSIP: N/A<br>LEI: 5493002YCY6HTK0OUR29       | Long             | DBT              | CORP              | NL        |   1400000 | PA      | $1409492.71   | 0.47%             | 2075-03-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $22346.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                 | Bank of Nova Scotia (The)                                                       | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    570000 | PA      | $491499.38    | 0.16%             | 2037-05-04      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                                        | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |  51712132 | PA      | $2527998.89   | 0.84%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                                | KeyBank NA                                                                      | CUSIP: 49327M3A0<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    340000 | PA      | $338331.62    | 0.11%             | 2024-01-03      | Variable      | 0.42%                 | No            |                  2 | On Loan: No      |
| People's Republic of China                                | People's Republic of China                                                      | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |  12090000 | PA      | $1690462.34   | 0.56%             | 2032-02-17      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                        | Metropolitan Life Global Funding I                                              | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    185000 | PA      | $167487.66    | 0.06%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| thyssenkrupp AG                                           | thyssenkrupp AG                                                                 | CUSIP: N/A<br>LEI: 549300UDG16DOYUPR330       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $99845.57     | 0.03%             | 2025-02-25      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $37262.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                       | CF Industries, Inc.                                                             | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    224000 | PA      | $194620.78    | 0.06%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                    | Standard Chartered plc                                                          | CUSIP: 853254CN8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210974.48    | 0.07%             | 2028-11-16      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| UAE International Government Bond                         | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    441000 | PA      | $430526.25    | 0.14%             | 2032-07-07      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                                   | Anheuser-Busch Cos. LLC                                                         | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $79516.08     | 0.03%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Huarong Finance 2019 Co. Ltd.                             | Huarong Finance 2019 Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 549300M6T6OW4AGYHK10       | Long             | DBT              | CORP              | VG        |    200000 | PA      | $190037.50    | 0.06%             | 2023-09-30      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Chrome Bidco SASU                                         | Chrome Bidco SASU                                                               | CUSIP: N/A<br>LEI: 9845000C1FYE89DC8677       | Long             | DBT              | CORP              | FR        |    739000 | PA      | $674800.49    | 0.23%             | 2028-05-31      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Vonovia Finance BV                                        | Vonovia Finance BV                                                              | CUSIP: N/A<br>LEI: 5299009XLZLD9TALOZ03       | Long             | DBT              | CORP              | NL        |    500000 | PA      | $441816.91    | 0.15%             | 2030-04-07      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                      | GNMA, Series 2015-H13, Class GI                                                 | CUSIP: 38376RCK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    119775 | PA      | $2776.99      | 0.00%             | 2065-04-20      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Republic of Ecuador                                       | Republic of Ecuador                                                             | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    537000 | PA      | $233863.50    | 0.08%             | 2035-07-31      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $84279.86     | 0.03%             | 2027-01-26      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    190000 | PA      | $150078.46    | 0.05%             | 2032-07-21      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2017-KF38, Class B                                 | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     19725 | PA      | $19385.64     | 0.01%             | 2024-09-25      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Pass-Through Trust                                | JetBlue Pass-Through Trust, Series 2020-1, Class B                              | CUSIP: 477164AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37192 | PA      | $36032.39     | 0.01%             | 2028-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |  42000000 | PA      | $2038749.09   | 0.68%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                    | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M1                 | CUSIP: 92257CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99047 | PA      | $85808.79     | 0.03%             | 2049-03-25      | Variable      | 3.94%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $21564.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                  | UnitedHealth Group, Inc.                                                        | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    385000 | PA      | $400879.95    | 0.13%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                      | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   1575000 | PA      | $1390662.65   | 0.46%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                    | BP Capital Markets plc                                                          | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    204000 | PA      | $194055.00    | 0.06%             | 2025-06-22      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Q-Park Holding I BV                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $95475.05     | 0.03%             | 2025-03-01      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                                | CUSIP: 00084DAL4<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $190349.60    | 0.06%             | 2026-04-18      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Fells Point Funding Trust                                 | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    274000 | PA      | $249440.41    | 0.08%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2016-75, Class SC                                           | CUSIP: 3136AT2D5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    504446 | PA      | $39992.30     | 0.01%             | 2046-10-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co. Ltd.                          | Country Garden Holdings Co. Ltd.                                                | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | DBT              | CORP              | KY        |    530000 | PA      | $249100.00    | 0.08%             | 2025-10-22      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                         | CUSIP: 05578QAB9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $588337.48    | 0.20%             | 2024-07-21      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| PepsiCo, Inc.                                             | PepsiCo, Inc.                                                                   | CUSIP: N/A<br>LEI: FJSUNZKFNQ5YPJ5OT455       | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1050834.52   | 0.35%             | 2027-03-18      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                                        | Cellnex Telecom SA                                                              | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | DBT              | CORP              | ES        |    400000 | PA      | $347864.26    | 0.12%             | 2029-06-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| National Grid plc                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |    800000 | PA      | $688019.75    | 0.23%             | 2028-09-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |    250000 | PA      | $191957.78    | 0.06%             | 2034-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca plc                                           | AstraZeneca plc                                                                 | CUSIP: 046353AG3<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    490000 | PA      | $432441.83    | 0.14%             | 2042-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                      | BANK, Series 2018-BN10, Class C                                                 | CUSIP: 065404BE4<br>LEI: 549300GL0Y86051URC66 | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $59129.47     | 0.02%             | 2061-02-15      | Variable      | 4.16%                 | No            |                  3 | On Loan: No      |
| Morgan Stanley Capital I Trust                            | Morgan Stanley Capital I Trust, Series 2005-HQ7, Class E                        | CUSIP: 617451BW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35173 | PA      | $34473.41     | 0.01%             | 2042-11-14      | Variable      | 5.49%                 | No            |                  3 | On Loan: No      |
| Matterhorn Telecom SA                                     | Matterhorn Telecom SA                                                           | CUSIP: N/A<br>LEI: 549300MTB0YI26SMUT22       | Long             | DBT              | CORP              | LU        |    775000 | PA      | $728100.80    | 0.24%             | 2026-09-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| TSMC Global Ltd.                                          | TSMC Global Ltd.                                                                | CUSIP: 872882AK1<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |    700000 | PA      | $568645.00    | 0.19%             | 2031-04-23      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential                                      | Progress Residential, Series 2021-SFR1, Class E                                 | CUSIP: 74331FAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $207740.03    | 0.07%             | 2038-04-17      | Fixed         | 2.11%                 | Yes           |                  3 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                                         | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    776000 | PA      | $818915.66    | 0.27%             | 2029-09-27      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                               | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $392949.85    | 0.13%             | 2028-09-30      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Nokia OYJ                                                 | Nokia OYJ                                                                       | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | DBT              | CORP              | FI        |    300000 | PA      | $306904.16    | 0.10%             | 2024-03-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    322000 | PA      | $311458.99    | 0.10%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                                           | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    853000 | PA      | $569377.50    | 0.19%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2012-146, Class AI                                          | CUSIP: 3136ABFU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    623847 | PA      | $28390.80     | 0.01%             | 2028-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9895.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Schaeffler AG                                             | Schaeffler AG                                                                   | CUSIP: D6T0B6DT0<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    500000 | PA      | $471521.88    | 0.16%             | 2028-10-12      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                       | DT Auto Owner Trust, Series 2019-1A, Class E                                    | CUSIP: 23343GAJ1<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99538.10     | 0.03%             | 2026-02-17      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, Connecticut Avenue Securities, Series 2018-C06, Class 2M2                 | CUSIP: 30711X5R1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     17132 | PA      | $17046.24     | 0.01%             | 2031-03-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                              | Oriental Republic of Uruguay                                                    | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     88906 | PA      | $88461.47     | 0.03%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                         | CUSIP: 05578QAE3<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $429462.09    | 0.14%             | 2026-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280CU1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    265000 | PA      | $253687.85    | 0.08%             | 2024-08-17      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |   1200000 | PA      | $992732.41    | 0.33%             | 2028-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Empresa de Transporte de Pasajeros Metro SA               | Empresa de Transporte de Pasajeros Metro SA                                     | CUSIP: 29246QAE5<br>LEI: 959800T4M5QUPYMSCH69 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $157287.50    | 0.05%             | 2050-05-07      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    140000 | PA      | $127023.54    | 0.04%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $955851.46    | 0.32%             | 2026-03-27      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K041, Class X3 | CUSIP: 3137BFEB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3470000 | PA      | $89849.75     | 0.03%             | 2042-11-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                         | Italian Republic Government Bond                                                | CUSIP: 465410CD8<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    962000 | PA      | $894094.34    | 0.30%             | 2024-05-06      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                    | CUSIP: 902613AK4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    430000 | PA      | $335478.70    | 0.11%             | 2033-02-11      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    290000 | PA      | $234260.58    | 0.08%             | 2032-04-22      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc., Series Y                                                       | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    620000 | PA      | $500650.00    | 0.17%             | 2026-11-15      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $186334.12    | 0.06%             | 2033-08-05      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $10463.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                     | Bank of America Corp., Series N                                                 | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    560000 | PA      | $454290.01    | 0.15%             | 2032-03-11      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| ams-OSRAM AG                                              | ams-OSRAM AG                                                                    | CUSIP: N/A<br>LEI: 5299001JPPT2QFTV5D76       | Long             | DBT              | CORP              | AT        |    900000 | PA      | $881518.28    | 0.29%             | 2025-07-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                         | CUSIP: 05583JAJ1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    480000 | PA      | $357909.67    | 0.12%             | 2032-01-20      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Summer BC Holdco B SARL                                   | Summer BC Holdco B SARL                                                         | CUSIP: N/A<br>LEI: 984500NRF59D5DB9B654       | Long             | DBT              | CORP              | LU        |    500000 | PA      | $461693.41    | 0.15%             | 2026-10-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                                | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    450000 | PA      | $321241.93    | 0.11%             | 2033-01-07      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3296.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eversholt Funding plc                                     | Eversholt Funding plc                                                           | CUSIP: N/A<br>LEI: 5493002X7O83FCJVYO69       | Long             | DBT              | CORP              | GB        |    738464 | PA      | $717340.49    | 0.24%             | 2040-06-30      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                    | Standard Chartered plc                                                          | CUSIP: 853254BY5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    312000 | PA      | $291469.76    | 0.10%             | 2025-01-12      | Variable      | 0.99%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3159063.72  | -1.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $103456.45    | 0.03%             | 2022-12-27      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                 | Republic of Serbia                                                              | CUSIP: N/A<br>LEI: 254900W94OCY91V32O78       | Long             | DBT              | NUSS              | RS        |    410000 | PA      | $319131.21    | 0.11%             | 2029-06-26      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | Republic of Paraguay                                                            | CUSIP: 699149AJ9<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    550000 | PA      | $528962.50    | 0.18%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-435.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers LP                                        | Regency Centers LP                                                              | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |     95000 | PA      | $79912.79     | 0.03%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                                       | Republic of Senegal                                                             | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    260000 | PA      | $186192.50    | 0.06%             | 2048-03-13      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cemex SAB de CV                                           | Cemex SAB de CV                                                                 | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    488000 | PA      | $429440.00    | 0.14%             | 2026-06-08      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                      | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822AH7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    580000 | PA      | $566973.62    | 0.19%             | 2023-09-13      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                         | Italian Republic Government Bond                                                | CUSIP: 465410BY3<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   1135000 | PA      | $936947.04    | 0.31%             | 2029-10-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                               | Aetna, Inc.                                                                     | CUSIP: 00817YAV0<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |    595000 | PA      | $587795.44    | 0.20%             | 2023-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 5023, Class MI                                             | CUSIP: 3137FWV80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    740915 | PA      | $132026.94    | 0.04%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                 | HCA, Inc.                                                                       | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $101376.39    | 0.03%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Banijay Group SAS                                         | Banijay Group SAS                                                               | CUSIP: N/A<br>LEI: 969500TVFVKI682L1144       | Long             | DBT              | CORP              | FR        |    200000 | PA      | $198234.30    | 0.07%             | 2026-03-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                    | Alternative Loan Trust, Series 2007-2CB, Class 1A6                              | CUSIP: 02149HAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    118777 | PA      | $68137.58     | 0.02%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $685378.28    | 0.23%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16145.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                                            | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    520000 | PA      | $349700.00    | 0.12%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                         | Transcanada Trust, Series 16-A                                                  | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |     57000 | PA      | $53501.03     | 0.02%             | 2076-08-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Guala Closures SpA                                        | Guala Closures SpA                                                              | CUSIP: N/A<br>LEI: 81560014151D1C625F49       | Long             | DBT              | CORP              | IT        |    384000 | PA      | $344726.64    | 0.11%             | 2028-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| CCUBS Commercial Mortgage Trust                           | CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C                        | CUSIP: 12508GAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28000 | PA      | $23842.61     | 0.01%             | 2050-11-15      | Variable      | 4.58%                 | No            |                  3 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3 | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    400000 | PA      | $35090.76     | 0.01%             | 2045-12-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Kirk Beauty SUN GmbH                                      | Kirk Beauty SUN GmbH                                                            | CUSIP: N/A<br>LEI: 9845005056B369360745       | Long             | DBT              | CORP              | DE        |    104500 | PA      | $65136.88     | 0.02%             | 2026-10-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                                 | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    140000 | PA      | $110009.54    | 0.04%             | 2032-11-03      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308HS9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    366000 | PA      | $323275.76    | 0.11%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Nobel Bidco BV                                            | Nobel Bidco BV                                                                  | CUSIP: N/A<br>LEI: 549300NZZFLYK83VVT71       | Long             | DBT              | CORP              | NL        |    336000 | PA      | $233665.48    | 0.08%             | 2028-06-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                                    | BP Capital Markets plc                                                          | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |    600000 | PA      | $574411.20    | 0.19%             | 2026-03-22      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| General Electric Co.                                      | General Electric Co.                                                            | CUSIP: N/A<br>LEI: 3C7474T6CDKPR9K6YT90       | Long             | DBT              | CORP              | US        |    100000 | PA      | $108065.27    | 0.04%             | 2035-09-19      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    207000 | PA      | $193809.33    | 0.06%             | 2033-08-11      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9510.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kongsberg Actuation Systems BV                            | Kongsberg Actuation Systems BV                                                  | CUSIP: N/A<br>LEI: 549300VKRTPTZOJSHW25       | Long             | DBT              | CORP              | NL        |    218182 | PA      | $198690.43    | 0.07%             | 2025-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1003.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Danaher Corp.                                             | Danaher Corp.                                                                   | CUSIP: 235851AW2<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |     85000 | PA      | $58532.24     | 0.02%             | 2051-12-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                                               | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    320000 | PA      | $293200.00    | 0.10%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                     | Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class C                 | CUSIP: 95000FAZ9<br>LEI: 549300MZIB10PDVAE312 | Long             | ABS-MBS          | CORP              | US        |     23000 | PA      | $18713.00     | 0.01%             | 2048-07-15      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| American Medical Systems Europe BV                        | American Medical Systems Europe BV                                              | CUSIP: N/A<br>LEI: 549300AA2JE6ZQ5D2493       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $90657.28     | 0.03%             | 2031-03-08      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Emera, Inc.                                               | Emera, Inc., Series 16-A                                                        | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    236000 | PA      | $223315.00    | 0.07%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |    676000 | PA      | $701686.99    | 0.23%             | 2027-01-11      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $552496.17    | 0.18%             | 2026-09-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Dufry One BV                                              | Dufry One BV                                                                    | CUSIP: N/A<br>LEI: 7245003K5MN9U7XW0808       | Long             | DBT              | CORP              | NL        |    700000 | PA      | $708388.46    | 0.24%             | 2024-10-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Amgen, Inc.                                               | Amgen, Inc.                                                                     | CUSIP: 031162CU2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    120000 | PA      | $102430.62    | 0.03%             | 2030-02-21      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Telecom Italia SpA                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |    200000 | PA      | $187308.00    | 0.06%             | 2026-01-28      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                    | Lendmark Funding Trust, Series 2019-2A, Class C                                 | CUSIP: 52604AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    580000 | PA      | $512847.08    | 0.17%             | 2028-04-20      | Fixed         | 3.72%                 | Yes           |                  3 | On Loan: No      |
| AstraZeneca plc                                           | AstraZeneca plc                                                                 | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | DBT              | CORP              | GB        |    700000 | PA      | $618811.73    | 0.21%             | 2029-06-03      | Fixed         | 0.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X3 | CUSIP: 3137FGR64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1820000 | PA      | $179585.22    | 0.06%             | 2046-06-25      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| Telecom Italia SpA                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |    400000 | PA      | $381900.20    | 0.13%             | 2026-05-25      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                    | Canada Government Bond                                                          | CUSIP: 135087M76<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |   6240000 | PA      | $4483299.56   | 1.50%             | 2023-11-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Huarong Finance 2019 Co. Ltd.                             | Huarong Finance 2019 Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 549300M6T6OW4AGYHK10       | Long             | DBT              | CORP              | VG        |    200000 | PA      | $199250.00    | 0.07%             | 2023-02-24      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Centrica plc                                              | Centrica plc                                                                    | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $225317.15    | 0.08%             | 2029-03-13      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                  | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDJ0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    365000 | PA      | $321555.82    | 0.11%             | 2026-09-24      | Variable      | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                  | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122DU9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110315.27    | 0.04%             | 2032-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-25707.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2018-KF49, Class B                                 | CUSIP: 30307PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    146652 | PA      | $137782.58    | 0.05%             | 2025-06-25      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                          | Greenko Dutch BV                                                                | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |    191000 | PA      | $163066.25    | 0.05%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280CJ6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    490000 | PA      | $440303.86    | 0.15%             | 2026-04-18      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Volkswagen International Finance NV                       | Volkswagen International Finance NV                                             | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |    600000 | PA      | $595417.17    | 0.20%             | 2030-11-18      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Orange SA                                                 | Orange SA                                                                       | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | DBT              | CORP              | FR        |    200000 | PA      | $184186.20    | 0.06%             | 2026-12-19      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| EDP Finance BV                                            | EDP Finance BV                                                                  | CUSIP: 26835PAF7<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |    675000 | PA      | $652652.67    | 0.22%             | 2024-07-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium Persero PT                     | Indonesia Asahan Aluminium Persero PT                                           | CUSIP: 74445PAF9<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $187350.00    | 0.06%             | 2030-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K051, Class X3 | CUSIP: 3137BM7E0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1395000 | PA      | $53905.31     | 0.02%             | 2043-10-25      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                         | Italian Republic Government Bond                                                | CUSIP: 465410BX5<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   3295000 | PA      | $3087095.32   | 1.03%             | 2024-10-17      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Federal Democratic Republic of Ethiopia                   | Federal Democratic Republic of Ethiopia                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ET        |    200000 | PA      | $122287.50    | 0.04%             | 2024-12-11      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications, Inc.                              | Verizon Communications, Inc.                                                    | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48163.79     | 0.02%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |    600000 | PA      | $543998.63    | 0.18%             | 2025-11-24      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                    | Merrill Lynch Mortgage Investors Trust, Series 2004-C, Class A1                 | CUSIP: 59020UDN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33952 | PA      | $31467.08     | 0.01%             | 2029-07-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 4305, Class SK                                             | CUSIP: 3137B8A72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    411690 | PA      | $49091.12     | 0.02%             | 2044-02-15      | Floating      | 2.73%                 | No            |                  2 | On Loan: No      |
| ANZ New Zealand Int'l Ltd.                                | ANZ New Zealand Int'l Ltd.                                                      | CUSIP: 00182EBM0<br>LEI: 213800VD256NU2D97H12 | Long             | DBT              | CORP              | NZ        |    490000 | PA      | $407752.37    | 0.14%             | 2030-02-13      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                              | Energean Israel Finance Ltd.                                                    | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |    150475 | PA      | $137684.63    | 0.05%             | 2028-03-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 1 plc                               | INEOS Quattro Finance 1 plc                                                     | CUSIP: N/A<br>LEI: 213800QO23X11QXPVT49       | Long             | DBT              | CORP              | GB        |    700000 | PA      | $619157.00    | 0.21%             | 2026-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    440000 | PA      | $376614.98    | 0.13%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                    | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                  | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85135 | PA      | $81282.32     | 0.03%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K153, Class X3 | CUSIP: 3137BXHE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    340000 | PA      | $81782.51     | 0.03%             | 2035-04-25      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $81.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SES SA                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |    245000 | PA      | $215918.19    | 0.07%             | 2027-11-04      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Cellnex Telecom SA                                        | Cellnex Telecom SA                                                              | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | DBT              | CORP              | ES        |    500000 | PA      | $449239.51    | 0.15%             | 2027-04-20      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -11 | NC      | $-7669.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Greenko Power II Ltd.                                     | Greenko Power II Ltd.                                                           | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    415438 | PA      | $355074.43    | 0.12%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-104642.80   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2010-57, Class ID                                           | CUSIP: 31398RF75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9557 | PA      | $22.82        | 0.00%             | 2025-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                                 | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    720000 | PA      | $600750.00    | 0.20%             | 2026-02-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |    900000 | PA      | $809891.70    | 0.27%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                      | BANK, Series 2018-BN13, Class C                                                 | CUSIP: 06539LBG4<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |    118000 | PA      | $99385.17     | 0.03%             | 2061-08-15      | Variable      | 4.73%                 | No            |                  3 | On Loan: No      |
| Electricite de France SA                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |    600000 | PA      | $468975.53    | 0.16%             | 2030-06-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    420000 | PA      | $416225.95    | 0.14%             | 2023-07-03      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 4689, Class SD                                             | CUSIP: 3137F1DW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    273208 | PA      | $35599.35     | 0.01%             | 2047-06-15      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $13500.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Paprec Holding SA                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |    150000 | PA      | $134237.40    | 0.04%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Grupo Antolin-Irausa SA                                   | Grupo Antolin-Irausa SA                                                         | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |    100000 | PA      | $85511.31     | 0.03%             | 2026-04-30      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1270000 | PA      | $1053957.58   | 0.35%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| BAMLL Re-REMIC Trust                                      | BAMLL Re-REMIC Trust, Series 2014-FRR4, Class BK29                              | CUSIP: 05525GAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $386678.12    | 0.13%             | 2023-04-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                                          | CUSIP: 225401AP3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    274000 | PA      | $207722.46    | 0.07%             | 2031-04-01      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                    | Standard Chartered plc                                                          | CUSIP: 853254BS8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    306000 | PA      | $273218.17    | 0.09%             | 2031-04-01      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Credit Mutuel Arkea SA                                    | Credit Mutuel Arkea SA                                                          | CUSIP: N/A<br>LEI: 96950041VJ1QP0B69503       | Long             | DBT              | CORP              | FR        |    300000 | PA      | $295228.63    | 0.10%             | 2029-10-25      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Monitchem HoldCo 3 SA                                     | Monitchem HoldCo 3 SA                                                           | CUSIP: N/A<br>LEI: 222100SJHJ1CNJMSW162       | Long             | DBT              | CORP              | LU        |    400000 | PA      | $396468.60    | 0.13%             | 2025-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PNMAC GMSR Issuer Trust                                   | PNMAC GMSR Issuer Trust, Series 2018-GT2, Class A                               | CUSIP: 69354WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $200426.02    | 0.07%             | 2025-08-25      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                     | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $45362.40     | 0.02%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Investment Loan Trust                    | Structured Asset Investment Loan Trust, Series 2004-8, Class M3                 | CUSIP: 86358EMB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       839 | PA      | $839.88       | 0.00%             | 2034-09-25      | Floating      | 5.02%                 | No            |                  3 | On Loan: No      |
| Jaguar Land Rover Automotive plc                          | Jaguar Land Rover Automotive plc                                                | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |    300000 | PA      | $298492.16    | 0.10%             | 2024-01-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                         | INEOS Finance plc                                                               | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |    547000 | PA      | $515797.12    | 0.17%             | 2026-03-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                  | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    220000 | PA      | $171568.94    | 0.06%             | 2032-07-21      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                      | Telefonica Europe BV, Series NC5                                                | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |    900000 | PA      | $913313.82    | 0.30%             | 2023-09-04      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2012-124, Class UI                                          | CUSIP: 3136A9X60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84829 | PA      | $13061.07     | 0.00%             | 2042-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060AX4<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $411805.27    | 0.14%             | 2030-03-31      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Brass NO 8 plc                                            | Brass NO 8 plc, Series 8A, Class A1                                             | CUSIP: 10554MAA8<br>LEI: 2138001JRCRN7WGSM347 | Long             | ABS-MBS          | CORP              | GB        |     32051 | PA      | $32041.37     | 0.01%             | 2066-11-16      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| UAE International Government Bond                         | UAE International Government Bond                                               | CUSIP: 31424EAE2<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    305000 | PA      | $301187.50    | 0.10%             | 2052-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                    | Standard Chartered plc                                                          | CUSIP: 853254CJ7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    395000 | PA      | $374028.29    | 0.12%             | 2026-03-30      | Variable      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                             | Notas do Tesouro Nacional                                                       | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |  40000000 | PA      | $7615073.33   | 2.54%             | 2025-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    233000 | PA      | $174237.40    | 0.06%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                                | Warnermedia Holdings, Inc.                                                      | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    155000 | PA      | $124084.97    | 0.04%             | 2042-03-15      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-385.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2458.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                             | UBS Commercial Mortgage Trust, Series 2017-C7, Class B                          | CUSIP: 90276WAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106000 | PA      | $94593.15     | 0.03%             | 2050-12-15      | Variable      | 4.29%                 | No            |                  3 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5984.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4079.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alexander Funding Trust                                   | Alexander Funding Trust                                                         | CUSIP: 014621AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $66001.74     | 0.02%             | 2023-11-15      | Fixed         | 1.84%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                                 | Bank of Ireland Group plc                                                       | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | DBT              | CORP              | IE        |    300000 | PA      | $309876.11    | 0.10%             | 2025-05-19      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EDP - Energias de Portugal SA                             | EDP - Energias de Portugal SA                                                   | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |   1000000 | PA      | $933393.23    | 0.31%             | 2080-07-20      | Variable      | 1.70%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2017-KF31, Class B                                 | CUSIP: 302951AG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     38243 | PA      | $38012.28     | 0.01%             | 2024-04-25      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                         | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $182621.65    | 0.06%             | 2032-10-19      | Variable      | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Australia                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |   8988000 | PA      | $6156451.83   | 2.05%             | 2023-04-21      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CPUK Finance Ltd.                                         | CPUK Finance Ltd.                                                               | CUSIP: N/A<br>LEI: 6354003CVDDPNXREIR29       | Long             | DBT              | CORP              | JE        |    500000 | PA      | $500128.13    | 0.17%             | 2027-08-28      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                              | GS Mortgage Securities Trust, Series 2012-GCJ9, Class D                         | CUSIP: 36192PAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $316608.00    | 0.11%             | 2045-11-10      | Variable      | 4.63%                 | Yes           |                  3 | On Loan: No      |
| United Mexican States                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |  37280000 | PA      | $1763742.61   | 0.59%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       122 | NC      | $108400.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lebanese Republic                                         | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    227000 | PA      | $13166.00     | 0.00%             | 2024-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Conagra Brands, Inc.                                      | Conagra Brands, Inc.                                                            | CUSIP: 205887CG5<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    430000 | PA      | $416143.81    | 0.14%             | 2023-08-11      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Vonovia Finance BV                                        | Vonovia Finance BV                                                              | CUSIP: N/A<br>LEI: 5299009XLZLD9TALOZ03       | Long             | DBT              | CORP              | NL        |    600000 | PA      | $530180.29    | 0.18%             | 2030-04-07      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                         | eDreams ODIGEO SA                                                               | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |    307000 | PA      | $260363.33    | 0.09%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BK LC Lux Finco1 SARL                                     | BK LC Lux Finco1 SARL                                                           | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |    700000 | PA      | $648293.81    | 0.22%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| European Union                                            | European Union                                                                  | CUSIP: N/A<br>LEI: 529900FZRK8FGMPEOM08       | Long             | DBT              | NUSS              | BE        |   1070000 | PA      | $684944.99    | 0.23%             | 2040-10-04      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| RAC Bond Co. plc                                          | RAC Bond Co. plc                                                                | CUSIP: N/A<br>LEI: 2138008FCM2SUNLC7B21       | Long             | DBT              | CORP              | GB        |    654000 | PA      | $609139.34    | 0.20%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Shiba Bidco SpA                                           | Shiba Bidco SpA                                                                 | CUSIP: N/A<br>LEI: 815600658C215B62EA21       | Long             | DBT              | CORP              | IT        |    650000 | PA      | $568765.53    | 0.19%             | 2028-10-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Naturgy Finance BV                                        | Naturgy Finance BV                                                              | CUSIP: N/A<br>LEI: 2138005FTXOJUBQ5J563       | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203285.37    | 0.07%             | 2024-04-24      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-8578.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Enel Finance International NV                             | Enel Finance International NV                                                   | CUSIP: 29278GAX6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $181641.01    | 0.06%             | 2032-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                              | Trivium Packaging Finance BV                                                    | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |    700000 | PA      | $663860.14    | 0.22%             | 2026-08-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                   | Hyundai Capital America                                                         | CUSIP: 44891CBD4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137137.67    | 0.05%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |    100000 | PA      | $84757.50     | 0.03%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Emisiones SA                                   | Telefonica Emisiones SA                                                         | CUSIP: 87938WAU7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    150000 | PA      | $122563.70    | 0.04%             | 2047-03-08      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                                           | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    580000 | PA      | $387150.00    | 0.13%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |    275000 | PA      | $258979.33    | 0.09%             | 2026-07-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Herens Midco SARL                                         | Herens Midco SARL                                                               | CUSIP: N/A<br>LEI: 222100BJH5XPZD1JHF79       | Long             | DBT              | CORP              | LU        |    603000 | PA      | $430609.39    | 0.14%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-427864.32   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    173000 | PA      | $137573.18    | 0.05%             | 2032-10-20      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| Hapag-Lloyd AG                                            | Hapag-Lloyd AG                                                                  | CUSIP: N/A<br>LEI: HD52L5PJVBXJUUX8I539       | Long             | DBT              | CORP              | DE        |    500000 | PA      | $457291.67    | 0.15%             | 2028-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                                                  | CUSIP: 09659W2E3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $995003.50    | 0.33%             | 2023-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Iceland Bondco plc                                        | Iceland Bondco plc                                                              | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199468.88    | 0.07%             | 2025-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                            | Commonwealth Bank of Australia                                                  | CUSIP: 202712BN4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    650000 | PA      | $495677.85    | 0.17%             | 2031-03-11      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3138.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banijay Entertainment SASU                                | Banijay Entertainment SASU                                                      | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |    350000 | PA      | $345292.94    | 0.12%             | 2025-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| International Consolidated Airlines Group SA              | International Consolidated Airlines Group SA                                    | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | DBT              | CORP              | ES        |    700000 | PA      | $563614.98    | 0.19%             | 2027-07-04      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Ontex Group NV                                            | Ontex Group NV                                                                  | CUSIP: N/A<br>LEI: 549300AQESC6JJOPW253       | Long             | DBT              | CORP              | BE        |    400000 | PA      | $343445.45    | 0.11%             | 2026-07-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                           | AES Corp. (The)                                                                 | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     42000 | PA      | $36771.00     | 0.01%             | 2030-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |    300000 | PA      | $312373.55    | 0.10%             | 2026-06-03      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                            | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK45                    | CUSIP: 12529YAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $876819.00    | 0.29%             | 2025-02-28      | Variable      | 2.10%                 | Yes           |                  3 | On Loan: No      |
| Glencore Funding LLC                                      | Glencore Funding LLC                                                            | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    462000 | PA      | $374900.83    | 0.13%             | 2030-09-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Lune Holdings SARL                                        | Lune Holdings SARL                                                              | CUSIP: N/A<br>LEI: 54930003WQ56T0558M33       | Long             | DBT              | CORP              | LU        |    375000 | PA      | $322325.85    | 0.11%             | 2028-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                         | Wells Fargo & Co., Series BB                                                    | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    340000 | PA      | $296225.00    | 0.10%             | 2026-03-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    620000 | PA      | $594227.51    | 0.20%             | 2024-09-10      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                    | Techem Verwaltungsgesellschaft 675 mbH                                          | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |   1100000 | PA      | $1056216.71   | 0.35%             | 2025-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -35 | NC      | $-42729.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                     | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MBB5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    157000 | PA      | $155517.69    | 0.05%             | 2023-07-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Portuguese Republic                                       | Portuguese Republic                                                             | CUSIP: N/A<br>LEI: 549300P6U1FJ3IMP7K42       | Long             | DBT              | NUSS              | PT        |   4260000 | PA      | $4256898.72   | 1.42%             | 2024-10-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-77071.64    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                        | Pinnacle Bidco plc                                                              | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |    500000 | PA      | $465624.80    | 0.16%             | 2025-02-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.                      | Anheuser-Busch InBev Worldwide, Inc.                                            | CUSIP: 03523TBT4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    344000 | PA      | $302091.23    | 0.10%             | 2048-10-06      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-19517.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| thyssenkrupp AG                                           | thyssenkrupp AG                                                                 | CUSIP: N/A<br>LEI: 549300UDG16DOYUPR330       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $99845.57     | 0.03%             | 2025-02-25      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-32200.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Antolin-Irausa SA                                   | Grupo Antolin-Irausa SA                                                         | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |    225000 | PA      | $176776.61    | 0.06%             | 2028-04-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    285000 | PA      | $287925.02    | 0.10%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1179422.28  | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays plc                                              | Barclays plc                                                                    | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    398000 | PA      | $391393.43    | 0.13%             | 2026-08-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| eG Global Finance plc                                     | eG Global Finance plc                                                           | CUSIP: N/A<br>LEI: 549300TL8Q5207VYET27       | Long             | DBT              | CORP              | GB        |    600000 | PA      | $544804.05    | 0.18%             | 2025-02-07      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                    | Canada Government Bond                                                          | CUSIP: 135087L85<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |   3091000 | PA      | $2260636.28   | 0.75%             | 2023-05-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |    700000 | PA      | $666865.60    | 0.22%             | 2078-10-03      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Saipem Finance International BV                           | Saipem Finance International BV                                                 | CUSIP: N/A<br>LEI: 724500V4QZAOY63SY989       | Long             | DBT              | CORP              | NL        |    300000 | PA      | $293230.68    | 0.10%             | 2025-01-07      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-27415.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Paprec Holding SA                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100071.80    | 0.03%             | 2025-03-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Orange SA                                                 | Orange SA                                                                       | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | DBT              | CORP              | FR        |    200000 | PA      | $196939.80    | 0.07%             | 2025-01-15      | Variable      | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Accelerated Assets LLC                                    | Accelerated Assets LLC, Series 2018-1, Class C                                  | CUSIP: 00436MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99592 | PA      | $96287.49     | 0.03%             | 2033-12-02      | Fixed         | 6.65%                 | Yes           |                  3 | On Loan: No      |
| Enel SpA                                                  | Enel SpA, Series 63.5                                                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |    800000 | PA      | $756516.21    | 0.25%             | 2026-08-24      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K067, Class X3 | CUSIP: 3137FAWV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1385000 | PA      | $111579.20    | 0.04%             | 2044-09-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| WEPA Hygieneprodukte GmbH                                 | WEPA Hygieneprodukte GmbH                                                       | CUSIP: N/A<br>LEI: 529900KQ44OJDIDU6J81       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $84398.07     | 0.03%             | 2027-12-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| People's Republic of China                                | People's Republic of China                                                      | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |  10700000 | PA      | $1496108.11   | 0.50%             | 2032-02-17      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                                          | CUSIP: 225401AU2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    561000 | PA      | $382188.36    | 0.13%             | 2032-05-14      | Variable      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                    | CUSIP: 902613AE8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    280000 | PA      | $211993.36    | 0.07%             | 2032-02-11      | Variable      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                      | GNMA, Series 2017-23                                                            | CUSIP: 38379RMS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    251318 | PA      | $8857.77      | 0.00%             | 2059-05-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                         | Exxon Mobil Corp.                                                               | CUSIP: N/A<br>LEI: J3WHBG0MTS7O8ZVMDC91       | Long             | DBT              | CORP              | US        |    400000 | PA      | $362614.97    | 0.12%             | 2028-06-26      | Fixed         | 0.52%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AH2<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62340.20     | 0.02%             | 2032-04-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                                | CUSIP: 00080QAF2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $191946.00    | 0.06%             | 2025-07-28      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |    500000 | PA      | $453082.45    | 0.15%             | 2027-05-15      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Constellation Automotive Financing plc                    | Constellation Automotive Financing plc                                          | CUSIP: N/A<br>LEI: 254900HVTSU7VICDRM89       | Long             | DBT              | CORP              | GB        |    269000 | PA      | $214385.35    | 0.07%             | 2027-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                              | Energean Israel Finance Ltd.                                                    | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |    156000 | PA      | $145080.00    | 0.05%             | 2026-03-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                               | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $183000.00    | 0.06%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Paraguay                                      | Republic of Paraguay                                                            | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    302000 | PA      | $300641.00    | 0.10%             | 2026-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SELP Finance SARL                                         | SELP Finance SARL                                                               | CUSIP: N/A<br>LEI: 549300Y4VYEJE1MH6D45       | Long             | DBT              | CORP              | LU        |    900000 | PA      | $728047.47    | 0.24%             | 2029-05-27      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                               | Capital One Financial Corp., Series M                                           | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    442000 | PA      | $340340.00    | 0.11%             | 2026-09-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                                           | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    392000 | PA      | $265090.00    | 0.09%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                                              | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $871443.08    | 0.29%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16522.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bertelsmann SE & Co. KGaA                                 | Bertelsmann SE & Co. KGaA                                                       | CUSIP: N/A<br>LEI: 5299001BUUGXAREGE533       | Long             | DBT              | CORP              | DE        |    200000 | PA      | $207624.68    | 0.07%             | 2075-04-23      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Summer BC Holdco A SARL                                   | Summer BC Holdco A SARL                                                         | CUSIP: N/A<br>LEI: 984500EFA0BRE0008996       | Long             | DBT              | CORP              | LU        |    180211 | PA      | $145348.48    | 0.05%             | 2027-10-31      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Rossini SARL                                              | Rossini SARL                                                                    | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |    400000 | PA      | $416843.55    | 0.14%             | 2025-10-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-13342.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Titan Holdings II BV                                      | Titan Holdings II BV                                                            | CUSIP: N/A<br>LEI: 549300XU72VK2GL31495       | Long             | DBT              | CORP              | NL        |    768000 | PA      | $637346.69    | 0.21%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16963.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    270000 | PA      | $258862.50    | 0.09%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-19258.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                  | PNC Financial Services Group, Inc. (The), Series T                              | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    410000 | PA      | $315496.36    | 0.11%             | 2026-09-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                       | Suzano Austria GmbH                                                             | CUSIP: N/A<br>LEI: 254900287ZNSGVP1R341       | Long             | DBT              | CORP              | AT        |    200000 | PA      | $198500.00    | 0.07%             | 2047-03-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Airbus SE                                                 | Airbus SE                                                                       | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | DBT              | CORP              | NL        |   1100000 | PA      | $1036697.97   | 0.35%             | 2030-06-09      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Sarens Finance Co. NV                                     | Sarens Finance Co. NV                                                           | CUSIP: N/A<br>LEI: 549300B68EWZ6IHPCL79       | Long             | DBT              | CORP              | BE        |    500000 | PA      | $393034.62    | 0.13%             | 2027-02-21      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust            | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A         | CUSIP: 86359BWG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11764 | PA      | $11019.54     | 0.00%             | 2034-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                              | KazMunayGas National Co. JSC                                                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |    380000 | PA      | $285332.50    | 0.10%             | 2047-04-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                                          | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $253816.87    | 0.08%             | 2033-11-15      | Variable      | 9.02%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-215440.26   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | Windstream Holdings, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | US        |        16 | NS      | $224.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JetBlue Pass-Through Trust                                | JetBlue Pass-Through Trust, Series 2019-1, Class B                              | CUSIP: 477165AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137126 | PA      | $134030.69    | 0.04%             | 2027-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Lufthansa AG                                     | Deutsche Lufthansa AG                                                           | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | DBT              | CORP              | DE        |    400000 | PA      | $400347.96    | 0.13%             | 2024-07-14      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                           | AES Corp. (The)                                                                 | CUSIP: 00130HCB9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     31000 | PA      | $29013.69     | 0.01%             | 2025-07-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |    900000 | PA      | $855626.70    | 0.29%             | 2026-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                       | Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class C                  | CUSIP: 17322VAX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21000 | PA      | $19727.32     | 0.01%             | 2047-07-10      | Variable      | 4.58%                 | No            |                  3 | On Loan: No      |
| Heathrow Funding Ltd.                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |    300000 | PA      | $260359.37    | 0.09%             | 2030-02-11      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                   | Lorca Telecom Bondco SA                                                         | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |   1066000 | PA      | $1003780.46   | 0.33%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                   | Eni SpA                                                                         | CUSIP: 26874RAJ7<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    250000 | PA      | $232011.13    | 0.08%             | 2029-05-09      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                                 | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    473000 | PA      | $474658.37    | 0.16%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                | Charles Schwab Corp. (The), Series H                                            | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    320000 | PA      | $250400.00    | 0.08%             | 2030-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    380000 | PA      | $366691.96    | 0.12%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2016-68, Class BI                                           | CUSIP: 3136ATQ80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    512393 | PA      | $41172.02     | 0.01%             | 2031-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Atlantia SpA                                              | Atlantia SpA                                                                    | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |    300000 | PA      | $291930.76    | 0.10%             | 2025-02-03      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                            | Commonwealth Bank of Australia                                                  | CUSIP: 202712BS3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $164240.49    | 0.05%             | 2032-03-14      | Fixed         | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                    | Standard Chartered plc                                                          | CUSIP: 853254CL2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206295.26    | 0.07%             | 2025-11-16      | Variable      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                               | CUSIP: 780097BK6<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    780000 | PA      | $758965.66    | 0.25%             | 2025-03-22      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Republic of Kazakhstan                                    | Republic of Kazakhstan                                                          | CUSIP: N/A<br>LEI: 5493007OEK8EF02UO833       | Long             | DBT              | NUSS              | KZ        |    370000 | PA      | $272403.07    | 0.09%             | 2034-09-30      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                        | Kingdom of Bahrain                                                              | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |    335000 | PA      | $258012.81    | 0.09%             | 2044-09-19      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator Holdco GmbH                                   | TK Elevator Holdco GmbH                                                         | CUSIP: N/A<br>LEI: 2549008GCHWX9EEMIS56       | Long             | DBT              | CORP              | DE        |    180000 | PA      | $154529.10    | 0.05%             | 2028-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Euro-Buxl 30 Year Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |        39 | NC      | $494928.84    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Longfor Group Holdings Ltd.                               | Longfor Group Holdings Ltd.                                                     | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | DBT              | CORP              | KY        |    300000 | PA      | $218250.00    | 0.07%             | 2028-01-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $131471.43    | 0.04%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| State of Qatar                                            | State of Qatar                                                                  | CUSIP: 74727PBE0<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    200000 | PA      | $181750.00    | 0.06%             | 2050-04-16      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-18687.98    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 5022                                                       | CUSIP: 3137FXDW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    410832 | PA      | $58618.03     | 0.02%             | 2050-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ZF Europe Finance BV                                      | ZF Europe Finance BV                                                            | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $922086.07    | 0.31%             | 2026-02-23      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |    500000 | PA      | $415771.73    | 0.14%             | 2026-05-27      | Variable      | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                            | Morgan Stanley Capital I Trust, Series 2015-MS1, Class B                        | CUSIP: 61765DAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28000 | PA      | $25879.15     | 0.01%             | 2048-05-15      | Variable      | 4.16%                 | No            |                  3 | On Loan: No      |
| Glencore Funding LLC                                      | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    450000 | PA      | $370589.07    | 0.12%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                        | Iliad Holding SASU                                                              | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |    584000 | PA      | $567441.08    | 0.19%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ARD Finance SA                                            | ARD Finance SA                                                                  | CUSIP: N/A<br>LEI: 6354006P6QPGGPVJW880       | Long             | DBT              | CORP              | LU        |    200000 | PA      | $145981.61    | 0.05%             | 2027-06-30      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                 | HCA, Inc.                                                                       | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    370000 | PA      | $288962.75    | 0.10%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2012-93, Class SE                                           | CUSIP: 3136A8EX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83984 | PA      | $8777.00      | 0.00%             | 2042-09-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X1 | CUSIP: 3137F64R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2121860 | PA      | $93208.02     | 0.03%             | 2027-09-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                                  | Par Pharmaceutical, Inc.                                                        | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |      9000 | PA      | $6772.50      | 0.00%             | 2027-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-84016.07    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |    100000 | PA      | $123189.57    | 0.04%             | 2041-05-13      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                          | Cirsa Finance International SARL                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |    950000 | PA      | $939289.79    | 0.31%             | 2025-05-22      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Solvay SA                                                 | Solvay SA                                                                       | CUSIP: N/A<br>LEI: 549300MMVL80RTBP3O28       | Long             | DBT              | CORP              | BE        |    800000 | PA      | $823239.48    | 0.27%             | 2023-12-04      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $37102.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9291.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                    | Alternative Loan Trust, Series 2005-80CB, Class 5A1                             | CUSIP: 12668BGG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67102 | PA      | $62979.47     | 0.02%             | 2036-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C            | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62000 | PA      | $54558.25     | 0.02%             | 2048-07-15      | Variable      | 4.37%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    355000 | PA      | $310782.44    | 0.10%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                                              | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    483000 | PA      | $431681.25    | 0.14%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications, Inc.                              | Verizon Communications, Inc.                                                    | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    330000 | PA      | $275117.87    | 0.09%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                                              | CUSIP: 92857WBS8<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    401000 | PA      | $341915.44    | 0.11%             | 2049-06-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Douglas GmbH                                              | Douglas GmbH                                                                    | CUSIP: N/A<br>LEI: 529900381YTPHVY9AI06       | Long             | DBT              | CORP              | DE        |    700000 | PA      | $602549.03    | 0.20%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    523000 | PA      | $488189.12    | 0.16%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    720000 | PA      | $751919.36    | 0.25%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $6147.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    370000 | PA      | $326987.50    | 0.11%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                                                | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | DBT              | CORP              | FR        |    850000 | PA      | $838957.74    | 0.28%             | 2024-04-04      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                                  | CenterPoint Energy, Inc.                                                        | CUSIP: 15189TAX5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    280000 | PA      | $241885.91    | 0.08%             | 2030-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                    | Republic of Costa Rica                                                          | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    300000 | PA      | $290250.00    | 0.10%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ZF Finance GmbH                                           | ZF Finance GmbH                                                                 | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |    500000 | PA      | $445511.04    | 0.15%             | 2028-09-21      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                | Charles Schwab Corp. (The), Series I                                            | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    312000 | PA      | $265200.00    | 0.09%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                                | CUSIP: 251526CC1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1075000 | PA      | $1031357.00   | 0.34%             | 2024-09-18      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| Punch Finance plc                                         | Punch Finance plc                                                               | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |    438000 | PA      | $448714.58    | 0.15%             | 2026-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Nokia OYJ                                                 | Nokia OYJ                                                                       | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | DBT              | CORP              | FI        |    200000 | PA      | $196348.61    | 0.07%             | 2026-03-11      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Nexi SpA                                                  | Nexi SpA                                                                        | CUSIP: N/A<br>LEI: 5493000P70CQRQG8SN85       | Long             | DBT              | CORP              | IT        |    219000 | PA      | $204817.40    | 0.07%             | 2026-04-30      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Euro-Bobl                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |      -380 | NC      | $769904.32    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth of Australia                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |   2140000 | PA      | $1241249.00   | 0.41%             | 2047-03-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Investment Loan Trust                    | Structured Asset Investment Loan Trust, Series 2005-HE3, Class M1               | CUSIP: 86358EWX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25757 | PA      | $25007.43     | 0.01%             | 2035-09-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                         | CUSIP: N/A<br>LEI: 9695005MSX1OYEMGDF46       | Long             | DBT              | CORP              | FR        |    400000 | PA      | $363161.08    | 0.12%             | 2027-09-15      | Variable      | 0.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K052, Class X3 | CUSIP: 3137BMTZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $30663.98     | 0.01%             | 2044-01-25      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| ZF Finance GmbH                                           | ZF Finance GmbH                                                                 | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |    200000 | PA      | $169537.88    | 0.06%             | 2028-05-03      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2017-KF36, Class B                                 | CUSIP: 30305DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     30220 | PA      | $30146.30     | 0.01%             | 2024-08-25      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Autostrade per l'Italia SpA                               | Autostrade per l'Italia SpA                                                     | CUSIP: N/A<br>LEI: 815600149448CEB9B230       | Long             | DBT              | CORP              | IT        |    900000 | PA      | $789544.50    | 0.26%             | 2028-12-04      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| MEGlobal Canada ULC                                       | MEGlobal Canada ULC                                                             | CUSIP: 58518N2B7<br>LEI: 635400MHHHT7LMKMQL03 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $195100.00    | 0.07%             | 2025-05-18      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Co.                             | Berkshire Hathaway Energy Co.                                                   | CUSIP: 084659BE0<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     47000 | PA      | $42531.75     | 0.01%             | 2053-05-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                          | CVS Health Corp.                                                                | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $103901.81    | 0.03%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                               | Toronto-Dominion Bank (The)                                                     | CUSIP: 89115A2C5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    955000 | PA      | $922187.97    | 0.31%             | 2027-06-08      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-36957.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568QAC1<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $188100.00    | 0.06%             | 2027-05-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| INEOS Styrolution Group GmbH                              | INEOS Styrolution Group GmbH                                                    | CUSIP: N/A<br>LEI: 5299003M4PGUGL48LS74       | Long             | DBT              | CORP              | DE        |    300000 | PA      | $261031.18    | 0.09%             | 2027-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    374000 | PA      | $326945.11    | 0.11%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Holcim Sterling Finance Netherlands BV                    | Holcim Sterling Finance Netherlands BV                                          | CUSIP: N/A<br>LEI: 529900KU5LFL22MEGK07       | Long             | DBT              | CORP              | NL        |    300000 | PA      | $255263.27    | 0.09%             | 2034-04-04      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| NXP BV                                                    | NXP BV                                                                          | CUSIP: 62947QBC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1387981.25   | 0.46%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Accor SA                                                  | Accor SA                                                                        | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $601689.49    | 0.20%             | 2026-02-04      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K033, Class X1 | CUSIP: 3137B4WC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3623178 | PA      | $4535.13      | 0.00%             | 2023-07-25      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                             | Comcast Corp.                                                                   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    290000 | PA      | $187975.97    | 0.06%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                    | Alternative Loan Trust, Series 2005-6CB, Class 1A6                              | CUSIP: 12667F5H4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56658 | PA      | $48034.82     | 0.02%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                               | Republic of Philippines                                                         | CUSIP: 718286CH8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    330000 | PA      | $235986.30    | 0.08%             | 2045-05-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                  | CUSIP: 61772BAA1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    545000 | PA      | $534183.50    | 0.18%             | 2024-04-05      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                       | Alfa Desarrollo SpA                                                             | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |    338761 | PA      | $246651.58    | 0.08%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Vallourec SA                                              | Vallourec SA                                                                    | CUSIP: N/A<br>LEI: 969500P2Q1B47H4MCJ34       | Long             | DBT              | CORP              | FR        |    500000 | PA      | $516560.09    | 0.17%             | 2026-06-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Grifols Escrow Issuer SA                                  | Grifols Escrow Issuer SA                                                        | CUSIP: N/A<br>LEI: 959800HLB3PGTGSLVV62       | Long             | DBT              | CORP              | ES        |    300000 | PA      | $257451.73    | 0.09%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NXP BV                                                    | NXP BV                                                                          | CUSIP: 62954HAU2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $212137.50    | 0.07%             | 2041-05-11      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| La Financiere Atalian SASU                                | La Financiere Atalian SASU                                                      | CUSIP: N/A<br>LEI: 969500ICOLJMB33J0L87       | Long             | DBT              | CORP              | FR        |    100000 | PA      | $88971.30     | 0.03%             | 2025-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SASU                                | Banijay Entertainment SASU                                                      | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |    375000 | PA      | $369956.72    | 0.12%             | 2025-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |   1110000 | PA      | $1110304.71   | 0.37%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                                        | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    710000 | PA      | $539600.00    | 0.18%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Atlantia SpA                                              | Atlantia SpA                                                                    | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |    400000 | PA      | $343398.00    | 0.11%             | 2028-02-12      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |    400000 | PA      | $380419.22    | 0.13%             | 2025-06-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                                                     | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    300000 | PA      | $276000.00    | 0.09%             | 2025-11-21      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                        | Vale Overseas Ltd.                                                              | CUSIP: 91911TAQ6<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    259000 | PA      | $225653.75    | 0.08%             | 2030-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                                                     | CUSIP: 65412JAS2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    527000 | PA      | $384051.25    | 0.13%             | 2033-09-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SIG plc                                                   | SIG plc                                                                         | CUSIP: N/A<br>LEI: 213800VDC1BKJEZ8PV53       | Long             | DBT              | CORP              | GB        |    197000 | PA      | $171456.40    | 0.06%             | 2026-11-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                    | TK Elevator Midco GmbH                                                          | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |    300000 | PA      | $274271.98    | 0.09%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Rolls-Royce plc                                           | Rolls-Royce plc                                                                 | CUSIP: N/A<br>LEI: X57JK1U580XATGR67572       | Long             | DBT              | CORP              | GB        |    700000 | PA      | $689414.57    | 0.23%             | 2024-05-09      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-26740.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Santander Revolving Auto Loan Trust                       | Santander Revolving Auto Loan Trust, Series 2019-A, Class C                     | CUSIP: 80286JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $138600.72    | 0.05%             | 2032-01-26      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| PLT VII Finance SARL                                      | PLT VII Finance SARL                                                            | CUSIP: N/A<br>LEI: 894500SKZV4JDP64R249       | Long             | DBT              | CORP              | LU        |    650000 | PA      | $633520.41    | 0.21%             | 2026-01-05      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                        | General Motors Financial Co., Inc.                                              | CUSIP: 37045XCX2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     39000 | PA      | $36714.00     | 0.01%             | 2025-06-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Eastern Power Networks plc                                | Eastern Power Networks plc                                                      | CUSIP: N/A<br>LEI: 213800U5R8Q5KGM2KU56       | Long             | DBT              | CORP              | GB        |    400000 | PA      | $349894.68    | 0.12%             | 2035-06-01      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                                               | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    300000 | PA      | $293625.00    | 0.10%             | 2028-01-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SPIE SA                                                   | SPIE SA                                                                         | CUSIP: N/A<br>LEI: 969500TJNS5GSFWJ8X85       | Long             | DBT              | CORP              | FR        |    500000 | PA      | $488431.63    | 0.16%             | 2026-06-18      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |    625000 | PA      | $524217.86    | 0.17%             | 2080-08-27      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TeamSystem SpA                                            | TeamSystem SpA                                                                  | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |    300000 | PA      | $262231.20    | 0.09%             | 2028-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3560.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1565.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAF8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    126000 | PA      | $119995.56    | 0.04%             | 2024-07-01      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |    800000 | PA      | $817320.55    | 0.27%             | 2029-02-15      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                  | Lloyds Banking Group plc                                                        | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $190077.21    | 0.06%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                                            | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    460000 | PA      | $340400.00    | 0.11%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| State of Qatar                                            | State of Qatar                                                                  | CUSIP: N/A<br>LEI: 52990074F6OJOAXK4P65       | Long             | DBT              | NUSS              | QA        |    245000 | PA      | $245000.00    | 0.08%             | 2048-04-23      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                             | Enel Finance International NV                                                   | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $341437.43    | 0.11%             | 2028-07-12      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                      | GNMA, Series 2019-42, Class SJ                                                  | CUSIP: 38381TF59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    414150 | PA      | $43757.43     | 0.01%             | 2049-04-20      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc., Series W                                                       | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    160000 | PA      | $138633.02    | 0.05%             | 2025-12-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NGG Finance plc                                           | NGG Finance plc                                                                 | CUSIP: N/A<br>LEI: 549300MLDJ2T68G21W86       | Long             | DBT              | CORP              | GB        |    730000 | PA      | $628752.38    | 0.21%             | 2082-09-05      | Variable      | 2.13%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3279.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AI Candelaria Spain SA                                    | AI Candelaria Spain SA                                                          | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    250000 | PA      | $181875.00    | 0.06%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1195000 | PA      | $893621.00    | 0.30%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |    300000 | PA      | $290550.30    | 0.10%             | 2025-11-07      | Variable      | 0.63%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                          | CVS Health Corp.                                                                | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    215000 | PA      | $171295.44    | 0.06%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                      | Glencore Funding LLC                                                            | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    608000 | PA      | $484046.45    | 0.16%             | 2031-09-23      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |    300000 | PA      | $279357.40    | 0.09%             | 2027-02-11      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                             | AIB Group plc                                                                   | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | NUSS              | IE        |    750000 | PA      | $710677.78    | 0.24%             | 2029-11-19      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                                         | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    276000 | PA      | $215547.80    | 0.07%             | 2049-04-03      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                                             | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    211000 | PA      | $216538.75    | 0.07%             | 2027-11-22      | Variable      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                                  | Altice France Holding SA                                                        | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |    350000 | PA      | $276537.37    | 0.09%             | 2027-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                    | Alternative Loan Trust, Series 2004-25CB, Class A1                              | CUSIP: 12667FWJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89570 | PA      | $77065.31     | 0.03%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |    400000 | PA      | $408997.43    | 0.14%             | 2024-06-13      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $236324.48    | 0.08%             | 2027-12-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                 | HCA, Inc.                                                                       | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    635000 | PA      | $545763.45    | 0.18%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                     | Wells Fargo Commercial Mortgage Trust, Series 2019-C49, Class C                 | CUSIP: 95001WBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59000 | PA      | $50577.01     | 0.02%             | 2052-03-15      | Variable      | 4.87%                 | No            |                  3 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-15005.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Telenet Finance Luxembourg Notes SARL                     | Telenet Finance Luxembourg Notes SARL                                           | CUSIP: N/A<br>LEI: 2138007RI9GLJPCC3E25       | Long             | DBT              | CORP              | LU        |    500000 | PA      | $477245.18    | 0.16%             | 2028-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury Ultra Bond                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        50 | NC      | $159265.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |    450000 | PA      | $437780.01    | 0.15%             | 2025-02-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6278.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                                          | CUSIP: 225401AC2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    550000 | PA      | $448146.68    | 0.15%             | 2028-01-09      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Chase Funding Trust                                       | Chase Funding Trust, Series 2003-6, Class 1A7                                   | CUSIP: 161546HC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63032 | PA      | $61630.67     | 0.02%             | 2034-11-25      | Variable      | 4.88%                 | No            |                  3 | On Loan: No      |
| Volvo Car AB                                              | Volvo Car AB                                                                    | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | DBT              | CORP              | SE        |    200000 | PA      | $199538.80    | 0.07%             | 2025-01-24      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7984.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                    | BP Capital Markets plc                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     94000 | PA      | $82696.50     | 0.03%             | 2030-03-22      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Australia 10 Year Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | AU        |        28 | NC      | $21670.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                                 | Airbus SE                                                                       | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | DBT              | CORP              | NL        |    300000 | PA      | $269221.54    | 0.09%             | 2031-05-13      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                     | Bank of America Corp.                                                           | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $234940.44    | 0.08%             | 2032-04-22      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                                                     | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    400000 | PA      | $263000.00    | 0.09%             | 2047-11-28      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                          | CCO Holdings LLC                                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $132508.60    | 0.04%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        18 | NC      | $13183.66     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Europe BV                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $858495.01    | 0.29%             | 2028-02-24      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Discovery Communications LLC                              | Discovery Communications LLC                                                    | CUSIP: 25470DBJ7<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42122.89     | 0.01%             | 2030-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -4 | NC      | $-4969.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K726, Class X3 | CUSIP: 3137BYPT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2890000 | PA      | $81115.94     | 0.03%             | 2044-07-25      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-48891.78    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                     | Westpac Banking Corp.                                                           | CUSIP: 961214EF6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $63986.18     | 0.02%             | 2034-07-24      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                                              | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |    200000 | PA      | $184123.77    | 0.06%             | 2029-03-25      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5054.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Loxam SAS                                                 | Loxam SAS                                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |    288000 | PA      | $276511.56    | 0.09%             | 2027-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.                      | Anheuser-Busch InBev Worldwide, Inc.                                            | CUSIP: 035240AQ3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499693.83    | 0.17%             | 2029-01-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $182704.39    | 0.06%             | 2026-01-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Cellnex Finance Co. SA                                    | Cellnex Finance Co. SA                                                          | CUSIP: N/A<br>LEI: 549300OUROMFTRFA7T23       | Long             | DBT              | CORP              | ES        |    500000 | PA      | $485219.30    | 0.16%             | 2026-04-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    210000 | PA      | $189787.50    | 0.06%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |    900000 | PA      | $858104.78    | 0.29%             | 2026-06-22      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7865.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Jamaica                                                   | Jamaica Government Bond                                                         | CUSIP: 470160CB6<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |    200000 | PA      | $219100.00    | 0.07%             | 2045-07-28      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Her Majesty The Queen In Right of New Zealand             | New Zealand Government Bond                                                     | CUSIP: N/A<br>LEI: 549300237GPHG2AI7C34       | Long             | DBT              | NUSS              | NZ        |    952000 | PA      | $603532.22    | 0.20%             | 2027-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AF6<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57858.00     | 0.02%             | 2025-04-14      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |    210000 | PA      | $199199.24    | 0.07%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                                    | Keurig Dr Pepper, Inc.                                                          | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    310000 | PA      | $285024.61    | 0.10%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                       | Emera US Finance LP                                                             | CUSIP: 29103DAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    272000 | PA      | $214704.68    | 0.07%             | 2031-06-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Quatrim SASU                                              | Quatrim SASU                                                                    | CUSIP: N/A<br>LEI: 9695009HF8DZ2EWJAN45       | Long             | DBT              | CORP              | FR        |    500000 | PA      | $507682.73    | 0.17%             | 2024-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Klabin Austria GmbH                                       | Klabin Austria GmbH                                                             | CUSIP: N/A<br>LEI: 984500578YEA8DD41B09       | Long             | DBT              | CORP              | AT        |    200000 | PA      | $189200.00    | 0.06%             | 2049-04-03      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                              | DNB Bank ASA                                                                    | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | DBT              | CORP              | NO        |   1000000 | PA      | $1137322.11   | 0.38%             | 2026-06-10      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                    | TotalEnergies Capital International SA                                          | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |     50000 | PA      | $36121.35     | 0.01%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| ZF Europe Finance BV                                      | ZF Europe Finance BV                                                            | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |    300000 | PA      | $266755.94    | 0.09%             | 2027-10-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Santander Revolving Auto Loan Trust                       | Santander Revolving Auto Loan Trust, Series 2019-A, Class D                     | CUSIP: 80286JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $588832.14    | 0.20%             | 2032-01-26      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                                        | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |  37742512 | PA      | $1755135.93   | 0.59%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Grifols SA                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $903136.75    | 0.30%             | 2027-11-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $13236.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel Finance International NV                             | Enel Finance International NV                                                   | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1460000 | PA      | $1264580.77   | 0.42%             | 2026-07-12      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                               | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | DBT              | CORP              | GB        |    476000 | PA      | $481190.04    | 0.16%             | 2027-05-12      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $7904.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The), Series T                                       | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7910.36      | 0.00%             | 2026-05-10      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C    | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36000 | PA      | $32761.58     | 0.01%             | 2048-05-15      | Variable      | 4.48%                 | No            |                  3 | On Loan: No      |
| Bellis Acquisition Co. plc                                | Bellis Acquisition Co. plc                                                      | CUSIP: N/A<br>LEI: 259400CYE2267UB4A481       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201513.94    | 0.07%             | 2026-02-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                                | Anheuser-Busch InBev SA/NV                                                      | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | DBT              | CORP              | BE        |    200000 | PA      | $204399.23    | 0.07%             | 2040-04-02      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |    100000 | PA      | $95069.63     | 0.03%             | 2026-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                                     | Global Payments, Inc.                                                           | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    265000 | PA      | $210259.26    | 0.07%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                 | Orange SA                                                                       | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | DBT              | CORP              | FR        |    400000 | PA      | $419361.80    | 0.14%             | 2026-10-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4951.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                      | GNMA, Series 2017-107, Class KS                                                 | CUSIP: 38380TB21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    183573 | PA      | $18277.21     | 0.01%             | 2047-07-20      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                          | BP Capital Markets America, Inc.                                                | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    430000 | PA      | $364295.76    | 0.12%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                  | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    690000 | PA      | $607877.30    | 0.20%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |    300000 | PA      | $257938.10    | 0.09%             | 2028-11-05      | Variable      | 0.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1187.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                      | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CQ5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    795000 | PA      | $790194.85    | 0.26%             | 2025-09-12      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| EDP Finance BV                                            | EDP Finance BV                                                                  | CUSIP: N/A<br>LEI: 5299007L43AQDFOW5739       | Long             | DBT              | CORP              | NL        |    750000 | PA      | $715341.45    | 0.24%             | 2027-11-22      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |    800000 | PA      | $778851.64    | 0.26%             | 2025-10-12      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-36931.55    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Iliad Holding SASU                                        | Iliad Holding SASU                                                              | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |    111000 | PA      | $110566.84    | 0.04%             | 2026-10-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Union Electric Co.                                        | Union Electric Co.                                                              | CUSIP: 906548CU4<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65268.97     | 0.02%             | 2052-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                              | GS Mortgage Securities Trust, Series 2015-GC30, Class C                         | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |     36000 | PA      | $32112.28     | 0.01%             | 2050-05-10      | Variable      | 4.20%                 | No            |                  3 | On Loan: No      |
| Jamaica                                                   | Jamaica Government Bond                                                         | CUSIP: 470160CB6<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |    200000 | PA      | $219100.00    | 0.07%             | 2045-07-28      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                             | Notas do Tesouro Nacional                                                       | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |  56000000 | PA      | $10344946.31  | 3.45%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Lottomatica SpA                                           | Lottomatica SpA                                                                 | CUSIP: N/A<br>LEI: 81560046335277E43118       | Long             | DBT              | CORP              | IT        |    882000 | PA      | $877392.56    | 0.29%             | 2025-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| thyssenkrupp AG                                           | thyssenkrupp AG                                                                 | CUSIP: N/A<br>LEI: 549300UDG16DOYUPR330       | Long             | DBT              | CORP              | DE        |    600000 | PA      | $611610.57    | 0.20%             | 2024-02-22      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |    223000 | PA      | $199566.27    | 0.07%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Sigma Holdco BV                                           | Sigma Holdco BV                                                                 | CUSIP: N/A<br>LEI: 254900RAPCKVT00GAO59       | Long             | DBT              | CORP              | NL        |    400000 | PA      | $294864.42    | 0.10%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $328738.43    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corp.                                     | Southern Copper Corp.                                                           | CUSIP: 84265VAJ4<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139413.75    | 0.05%             | 2045-04-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class C   | CUSIP: 46645UAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28000 | PA      | $23552.58     | 0.01%             | 2049-12-15      | Variable      | 3.52%                 | No            |                  3 | On Loan: No      |
| FNMA                                                      | FNMA, STRIPS, Series 409, Class 27                                              | CUSIP: 3136FLBC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75765 | PA      | $3101.32      | 0.00%             | 2027-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C            | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23000 | PA      | $20930.92     | 0.01%             | 2048-08-15      | Variable      | 4.78%                 | No            |                  3 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                                              | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    429000 | PA      | $427374.09    | 0.14%             | 2079-04-04      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| JetBlue Pass-Through Trust                                | JetBlue Pass-Through Trust, Series 2019-1, Class A                              | CUSIP: 477143AJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43294 | PA      | $36155.26     | 0.01%             | 2028-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Virgin Media Finance plc                                  | Virgin Media Finance plc                                                        | CUSIP: N/A<br>LEI: 2138001LVYC87DDHT482       | Long             | DBT              | CORP              | GB        |    500000 | PA      | $413014.14    | 0.14%             | 2030-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                                | AT&T, Inc.                                                                      | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     99000 | PA      | $69439.48     | 0.02%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Swiss Re Finance Luxembourg SA                            | Swiss Re Finance Luxembourg SA                                                  | CUSIP: 87089NAA8<br>LEI: 549300CLQZ6TM98LW631 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $177560.00    | 0.06%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     48000 | PA      | $39900.00     | 0.01%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                                | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | DBT              | CORP              | NL        |    200000 | PA      | $194332.05    | 0.06%             | 2025-09-22      | Variable      | 4.37%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                                 | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    320000 | PA      | $255922.68    | 0.09%             | 2032-05-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                                | CUSIP: 00084DAV2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $289726.29    | 0.10%             | 2037-03-13      | Variable      | 3.32%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                                              | CUSIP: 92857WBM1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    180000 | PA      | $161651.77    | 0.05%             | 2048-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 2916, Class S                                              | CUSIP: 31395LVZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1171911 | PA      | $93514.08     | 0.03%             | 2035-01-15      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Euro-Schatz                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |       -62 | NC      | $75188.29     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooperatieve Rabobank UA                                  | Cooperatieve Rabobank UA                                                        | CUSIP: N/A<br>LEI: DG3RU1DBUFHT4ZF9WN62       | Long             | DBT              | CORP              | NL        |    400000 | PA      | $372135.21    | 0.12%             | 2027-06-29      | Variable      | 4.37%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-513.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chrome Holdco SASU                                        | Chrome Holdco SASU                                                              | CUSIP: N/A<br>LEI: 9845000E49865VT3N679       | Long             | DBT              | CORP              | FR        |    200000 | PA      | $165237.29    | 0.06%             | 2029-05-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synthomer plc                                             | Synthomer plc                                                                   | CUSIP: N/A<br>LEI: 213800EHT3TI1KPQQJ56       | Long             | DBT              | CORP              | GB        |    500000 | PA      | $461911.94    | 0.15%             | 2025-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| VM Master Issuer LLC                                      | VM Master Issuer LLC, Series 2022-1, Class A1                                   | CUSIP: 92859MAA8<br>LEI: 549300DTHP15ZDVADB72 | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1130568.00   | 0.38%             | 2025-05-24      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                             | Nidda Healthcare Holding GmbH                                                   | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |    625000 | PA      | $621673.96    | 0.21%             | 2024-09-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Discover Bank                                             | Discover Bank                                                                   | CUSIP: 25466AAD3<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |    655000 | PA      | $650386.64    | 0.22%             | 2023-08-08      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Faurecia SE                                               | Faurecia SE                                                                     | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $567464.58    | 0.19%             | 2026-06-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                      | American Express Co.                                                            | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    104000 | PA      | $82680.00     | 0.03%             | 2026-09-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                 | Toyota Motor Credit Corp.                                                       | CUSIP: 89236THF5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    750000 | PA      | $727470.32    | 0.24%             | 2023-08-14      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                              | Chase Mortgage Finance Trust, Series 2007-A1, Class 1A5                         | CUSIP: 161630AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13724 | PA      | $13026.49     | 0.00%             | 2037-02-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                                             | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    525000 | PA      | $412177.50    | 0.14%             | 2030-11-18      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Petronas Capital Ltd.                                     | Petronas Capital Ltd.                                                           | CUSIP: 71675CAE8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    436000 | PA      | $307048.64    | 0.10%             | 2061-04-28      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                  | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    315000 | PA      | $300069.14    | 0.10%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund                | JPMorgan U.S. Government Money Market Fund, Class IM                            | CUSIP: 4812C2270<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | STIV             | RF                | US        |   3891514 | NS      | $3891513.79   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc., Series M                                                       | CUSIP: 172967HQ7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     29000 | PA      | $27115.00     | 0.01%             | 2024-05-15      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                  | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDE1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $246896.72    | 0.08%             | 2023-09-26      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Renk AG                                                   | Renk AG                                                                         | CUSIP: N/A<br>LEI: 894500DAJJ2W78HOJY11       | Long             | DBT              | CORP              | DE        |    400000 | PA      | $377933.44    | 0.13%             | 2025-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7512.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                         | Ziggo Bond Co. BV                                                               | CUSIP: N/A<br>LEI: 213800JYI4P7V5QDOG59       | Long             | DBT              | CORP              | NL        |    800000 | PA      | $635806.61    | 0.21%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 4839, Class WS                                             | CUSIP: 3137FJK99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1815097 | PA      | $227729.19    | 0.08%             | 2056-08-15      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2015-40, Class LS                                           | CUSIP: 3136AN4Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206996 | PA      | $21332.85     | 0.01%             | 2045-06-25      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3 | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    980000 | PA      | $113286.63    | 0.04%             | 2047-02-25      | Variable      | 2.43%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                              | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1391127.70   | 0.46%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BBVA Bancomer SA                                          | BBVA Bancomer SA                                                                | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $171610.00    | 0.06%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Autostrade per l'Italia SpA                               | Autostrade per l'Italia SpA                                                     | CUSIP: N/A<br>LEI: 815600149448CEB9B230       | Long             | DBT              | CORP              | IT        |    100000 | PA      | $84778.10     | 0.03%             | 2029-09-26      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                       | Exeter Automobile Receivables Trust, Series 2018-3A, Class D                    | CUSIP: 30166PAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30954 | PA      | $30899.87     | 0.01%             | 2024-06-17      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                 | HCA, Inc.                                                                       | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    185000 | PA      | $186507.05    | 0.06%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Telecom Italia SpA                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |   1350000 | PA      | $1169504.33   | 0.39%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16032.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Lufthansa AG                                     | Deutsche Lufthansa AG                                                           | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | DBT              | CORP              | DE        |   1200000 | PA      | $1184935.39   | 0.40%             | 2025-02-11      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                                | Warnermedia Holdings, Inc.                                                      | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    822000 | PA      | $697877.30    | 0.23%             | 2032-03-15      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Fidelity National Information Services, Inc.              | Fidelity National Information Services, Inc.                                    | CUSIP: N/A<br>LEI: 6WQI0GK1PRFVBA061U48       | Long             | DBT              | CORP              | US        |    200000 | PA      | $182528.32    | 0.06%             | 2030-05-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                                       | Republic of Senegal                                                             | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    660000 | PA      | $549573.75    | 0.18%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                                   | Anheuser-Busch Cos. LLC                                                         | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $498937.23    | 0.17%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                     | 888 Acquisitions Ltd.                                                           | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |    230000 | PA      | $209971.23    | 0.07%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-309971.97   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Casino Guichard Perrachon SA                              | Casino Guichard Perrachon SA                                                    | CUSIP: N/A<br>LEI: 969500VHL8F83GBL6L29       | Long             | DBT              | CORP              | FR        |    400000 | PA      | $366267.89    | 0.12%             | 2024-03-07      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | DBT              | CORP              | ES        |    400000 | PA      | $401388.56    | 0.13%             | 2026-01-15      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     60000 | PA      | $54540.63     | 0.02%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Atlantia SpA                                              | Atlantia SpA                                                                    | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |    350000 | PA      | $308485.87    | 0.10%             | 2027-07-13      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                     | Bank of America Corp.                                                           | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    470000 | PA      | $368256.59    | 0.12%             | 2032-07-21      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |   1000000 | PA      | $974261.76    | 0.32%             | 2024-07-04      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4884.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                             | Netflix, Inc.                                                                   | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    357000 | PA      | $350398.71    | 0.12%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TUI Cruises GmbH                                          | TUI Cruises GmbH                                                                | CUSIP: N/A<br>LEI: 529900SVD83QUUIZYY18       | Long             | DBT              | CORP              | DE        |    350000 | PA      | $297741.68    | 0.10%             | 2026-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K050, Class X3 | CUSIP: 3137BLWB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1010000 | PA      | $36209.21     | 0.01%             | 2043-10-25      | Variable      | 1.61%                 | No            |                  2 | On Loan: No      |
| Kaixo Bondco Telecom SA                                   | Kaixo Bondco Telecom SA                                                         | CUSIP: N/A<br>LEI: 959800ULWB3MZHZ69055       | Long             | DBT              | CORP              | ES        |    392000 | PA      | $348767.50    | 0.12%             | 2029-09-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                            | Commerzbank AG                                                                  | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |    500000 | PA      | $489732.38    | 0.16%             | 2030-12-05      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, REMIC, Series 4714, Class SA                                             | CUSIP: 3137F2MJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    222309 | PA      | $26531.31     | 0.01%             | 2047-08-15      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Verisure Midholding AB                                    | Verisure Midholding AB                                                          | CUSIP: N/A<br>LEI: 549300496LYEZ55X1M49       | Long             | DBT              | CORP              | SE        |    319000 | PA      | $267635.82    | 0.09%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-202793.28   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| OCP SA                                                    | OCP SA                                                                          | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |    200000 | PA      | $180850.00    | 0.06%             | 2044-04-25      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Autoroutes du Sud de la France SA                         | Autoroutes du Sud de la France SA                                               | CUSIP: N/A<br>LEI: 213800U12KWYZEECZ934       | Long             | DBT              | CORP              | FR        |    800000 | PA      | $780758.02    | 0.26%             | 2026-04-20      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    730000 | PA      | $579841.19    | 0.19%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                  | Svenska Handelsbanken AB                                                        | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | DBT              | CORP              | SE        |    200000 | PA      | $163250.00    | 0.05%             | 2031-03-01      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                      | Pertamina Persero PT                                                            | CUSIP: 69370PAD3<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |    400000 | PA      | $365044.00    | 0.12%             | 2029-07-30      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K036, Class X3 | CUSIP: 3137B7N39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2640000 | PA      | $48309.62     | 0.02%             | 2041-12-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                  | Benchmark Mortgage Trust, Series 2019-B11, Class C                              | CUSIP: 08162BBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315000 | PA      | $243032.39    | 0.08%             | 2052-05-15      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                      | Infrastrutture Wireless Italiane SpA                                            | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |    500000 | PA      | $478811.28    | 0.16%             | 2026-07-08      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Altice Finco SA                                           | Altice Finco SA                                                                 | CUSIP: N/A<br>LEI: 549300IGQP5SEZB5Z419       | Long             | DBT              | CORP              | LU        |    500000 | PA      | $398159.58    | 0.13%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |    500000 | PA      | $437962.53    | 0.15%             | 2027-03-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $10527.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                  | Lloyds Banking Group plc                                                        | CUSIP: 539439AS8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    415000 | PA      | $411206.23    | 0.14%             | 2023-08-16      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                  | Roper Technologies, Inc.                                                        | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    446000 | PA      | $390462.46    | 0.13%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2017-39, Class ST                                           | CUSIP: 3136AWHF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199584 | PA      | $24580.27     | 0.01%             | 2047-05-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $19788.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya                                         | Republic of Kenya                                                               | CUSIP: 491798AL8<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    583000 | PA      | $456926.25    | 0.15%             | 2034-01-23      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                         | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    226000 | PA      | $12543.00     | 0.00%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| African Export-Import Bank (The)                          | African Export-Import Bank (The)                                                | CUSIP: N/A<br>LEI: 21380068LJCDYA42GJ76       | Long             | DBT              | NUSS              | US        |    200000 | PA      | $197000.00    | 0.07%             | 2023-10-11      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Volvo Car AB                                              | Volvo Car AB                                                                    | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | DBT              | CORP              | SE        |    300000 | PA      | $282135.17    | 0.09%             | 2027-10-07      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Her Majesty The Queen In Right of New Zealand             | New Zealand Government Bond                                                     | CUSIP: N/A<br>LEI: 549300237GPHG2AI7C34       | Long             | DBT              | NUSS              | NZ        |   3201000 | PA      | $1697741.11   | 0.57%             | 2037-04-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2018-KF47, Class B                                 | CUSIP: 30296WAG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      9422 | PA      | $9310.18      | 0.00%             | 2025-05-25      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3375.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CT Investment GmbH                                        | CT Investment GmbH                                                              | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |    456000 | PA      | $417940.20    | 0.14%             | 2026-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    480000 | PA      | $393990.00    | 0.13%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-198.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $33326.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                                                   | Elis SA                                                                         | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | DBT              | CORP              | FR        |    900000 | PA      | $798514.61    | 0.27%             | 2028-04-03      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                               | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $997889.62    | 0.33%             | 2029-09-14      | Variable      | 0.67%                 | Yes           |                  2 | On Loan: No      |
| Alpha Bank SA                                             | Alpha Bank SA                                                                   | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | DBT              | CORP              | GR        |    780000 | PA      | $811411.52    | 0.27%             | 2023-02-05      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Georgia Power Co.                                         | Georgia Power Co., Series A                                                     | CUSIP: 373334KM2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    785000 | PA      | $768814.97    | 0.26%             | 2023-07-30      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Japan 10 Year Bond                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |       -20 | NC      | $-78159.50    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada PipeLines Ltd.                                | TransCanada PipeLines Ltd.                                                      | CUSIP: 89352HBC2<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $405044.61    | 0.14%             | 2031-10-12      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2017-K728, Class C                                 | CUSIP: 30305GAU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    105000 | PA      | $100015.28    | 0.03%             | 2050-11-25      | Variable      | 3.77%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Euro-Bund                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |      -127 | NC      | $136199.22    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EC Finance plc                                            | EC Finance plc                                                                  | CUSIP: N/A<br>LEI: 213800NKPB53RHYDQE45       | Long             | DBT              | CORP              | GB        |    799000 | PA      | $756609.86    | 0.25%             | 2026-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                       | Leviathan Bond Ltd.                                                             | CUSIP: N/A<br>LEI: 254900D9T8VKYVQNZ220       | Long             | DBT              | CORP              | IL        |    165554 | PA      | $161373.76    | 0.05%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VMware, Inc.                                              | VMware, Inc.                                                                    | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    290000 | PA      | $221338.25    | 0.07%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                       | Leviathan Bond Ltd.                                                             | CUSIP: N/A<br>LEI: 254900D9T8VKYVQNZ220       | Long             | DBT              | CORP              | IL        |    200000 | PA      | $195975.00    | 0.07%             | 2025-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| UPC Holding BV                                            | UPC Holding BV                                                                  | CUSIP: N/A<br>LEI: 213800G1DU7LKI6ZCD69       | Long             | DBT              | CORP              | NL        |    500000 | PA      | $438040.57    | 0.15%             | 2029-06-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FREED ABS Trust                                           | FREED ABS Trust, Series 2022-3FP, Class B                                       | CUSIP: 35634EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670000 | PA      | $658792.37    | 0.22%             | 2029-08-20      | Fixed         | 5.79%                 | Yes           |                  3 | On Loan: No      |
| Saipem Finance International BV                           | Saipem Finance International BV                                                 | CUSIP: N/A<br>LEI: 724500V4QZAOY63SY989       | Long             | DBT              | CORP              | NL        |    200000 | PA      | $206346.82    | 0.07%             | 2023-09-08      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |    600000 | PA      | $554149.47    | 0.18%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Kenbourne Invest SA                                       | Kenbourne Invest SA                                                             | CUSIP: 48855KAA8<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $184412.50    | 0.06%             | 2024-11-26      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Kansas City Southern                                      | Kansas City Southern                                                            | CUSIP: 485170BE3<br>LEI: 5493008C12PZMWP3WY03 | Long             | DBT              | CORP              | US        |     90000 | PA      | $65424.14     | 0.02%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                           | US Auto Funding, Series 2021-1A, Class C                                        | CUSIP: 90355EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $1064340.56   | 0.35%             | 2026-05-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                              | CUSIP: 05971KAK5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1200000 | PA      | $1161099.30   | 0.39%             | 2024-06-30      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                        | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     34000 | PA      | $28942.97     | 0.01%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Renault SA                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |    700000 | PA      | $593302.47    | 0.20%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                      | FREMF Mortgage Trust, Series 2017-K728, Class B                                 | CUSIP: 30305GAS2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    190000 | PA      | $182733.26    | 0.06%             | 2050-11-25      | Variable      | 3.77%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                                              | CUSIP: 25714PDJ4<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |    280000 | PA      | $282940.00    | 0.09%             | 2026-01-29      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                              | KBC Group NV                                                                    | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | DBT              | CORP              | BE        |    300000 | PA      | $290670.80    | 0.10%             | 2029-09-18      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                              | Barclays plc                                                                    | CUSIP: 06738EBQ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    630000 | PA      | $595752.33    | 0.20%             | 2024-12-10      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $240932.60    | 0.08%             | 2032-10-21      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    134000 | PA      | $113215.18    | 0.04%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Guara Norte SARL                                          | Guara Norte SARL                                                                | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |    304249 | PA      | $250111.49    | 0.08%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                 | HCA, Inc.                                                                       | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    120000 | PA      | $104943.15    | 0.04%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                | AT&T, Inc.                                                                      | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    380000 | PA      | $268325.25    | 0.09%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nidda BondCo GmbH                                         | Nidda BondCo GmbH                                                               | CUSIP: N/A<br>LEI: 391200JPUEK6AMI9PQ76       | Long             | DBT              | CORP              | DE        |    700000 | PA      | $608471.08    | 0.20%             | 2025-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                          | Jaguar Land Rover Automotive plc                                                | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |    400000 | PA      | $369722.69    | 0.12%             | 2026-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NTPC Ltd.                                                 | NTPC Ltd.                                                                       | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | DBT              | NUSS              | IN        |    200000 | PA      | $194850.00    | 0.06%             | 2024-04-03      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                           | CHL Mortgage Pass-Through Trust, Series 2007-16, Class A1                       | CUSIP: 12544MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42539 | PA      | $21202.05     | 0.01%             | 2037-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Canada                                                    | Canada Government Bond                                                          | CUSIP: 135087M35<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |  16196000 | PA      | $11721586.35  | 3.91%             | 2023-08-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Loxam SAS                                                 | Loxam SAS                                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $558814.69    | 0.19%             | 2026-04-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                 | Bank of Nova Scotia (The)                                                       | CUSIP: 06417XAE1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    420000 | PA      | $339568.30    | 0.11%             | 2032-02-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| TSMC Arizona Corp.                                        | TSMC Arizona Corp.                                                              | CUSIP: 872898AH4<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    380000 | PA      | $365700.60    | 0.12%             | 2032-04-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization LLC       | Credit-Based Asset Servicing and Securitization LLC, Series 2004-CB5, Class M1  | CUSIP: 04542BHY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75198 | PA      | $68973.77     | 0.02%             | 2034-01-25      | Floating      | 4.96%                 | No            |                  3 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1855.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Solvay Finance SACA                                       | Solvay Finance SACA                                                             | CUSIP: N/A<br>LEI: 549300850GMPCX5CK282       | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103716.60    | 0.03%             | 2023-11-12      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Leonardo SpA                                              | Leonardo SpA                                                                    | CUSIP: N/A<br>LEI: 529900X4EEX1U9LN3U39       | Long             | DBT              | CORP              | IT        |    400000 | PA      | $424281.76    | 0.14%             | 2025-03-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                      | Glencore Funding LLC                                                            | CUSIP: 378272AF5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    450000 | PA      | $446793.36    | 0.15%             | 2023-05-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4102.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Altice France Holding SA                                  | Altice France Holding SA                                                        | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |    123000 | PA      | $97183.13     | 0.03%             | 2027-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |    125000 | PA      | $115765.19    | 0.04%             | 2026-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Zurich Insurance Co. Ltd.                                 | Zurich Insurance Co. Ltd.                                                       | CUSIP: N/A<br>LEI: 50ZCTKCMUDIABGHX3R52       | Long             | DBT              | CORP              | NL        |    700000 | PA      | $695008.84    | 0.23%             | 2046-10-01      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Rexel SA                                                  | Rexel SA                                                                        | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |    600000 | PA      | $544277.09    | 0.18%             | 2028-06-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                       | DT Auto Owner Trust, Series 2019-1A, Class D                                    | CUSIP: 23343GAG7<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |     18641 | PA      | $18612.76     | 0.01%             | 2024-11-15      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                             | Enel Finance International NV                                                   | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $176125.77    | 0.06%             | 2028-04-06      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                         | CD Mortgage Trust, Series 2016-CD2, Class C                                     | CUSIP: 12515ABJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21000 | PA      | $17183.36     | 0.01%             | 2049-11-10      | Variable      | 4.11%                 | No            |                  3 | On Loan: No      |
| Faurecia SE                                               | Faurecia SE                                                                     | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |    500000 | PA      | $452062.66    | 0.15%             | 2028-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                        | T-Mobile USA, Inc.                                                              | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     81000 | PA      | $67159.83     | 0.02%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCF0<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    103000 | PA      | $91733.53     | 0.03%             | 2030-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $10971.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Burger King France SAS                                    | Burger King France SAS                                                          | CUSIP: N/A<br>LEI: 969500A4HTNGMMUV5Q06       | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253410.04    | 0.08%             | 2026-11-01      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| ContourGlobal Power Holdings SA                           | ContourGlobal Power Holdings SA                                                 | CUSIP: N/A<br>LEI: 549300O5AGIFK0PQ1516       | Long             | DBT              | CORP              | LU        |    500000 | PA      | $506512.05    | 0.17%             | 2025-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | DBT              | CORP              | JP        |    363000 | PA      | $326459.90    | 0.11%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $763329.73    | 0.25%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Parts Europe SA                                           | Parts Europe SA                                                                 | CUSIP: N/A<br>LEI: 969500DL3O9K7T2M4M15       | Long             | DBT              | CORP              | FR        |    400000 | PA      | $418321.20    | 0.14%             | 2025-07-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                                                   | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $152019.98    | 0.05%             | 2032-06-03      | Variable      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2012-133, Class NS                                          | CUSIP: 3136AAZZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145229 | PA      | $14974.32     | 0.00%             | 2042-12-25      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                                   | APA Infrastructure Ltd.                                                         | CUSIP: N/A<br>LEI: 261700SS8OEHDOCOUJ33       | Long             | DBT              | CORP              | AU        |    150000 | PA      | $132761.73    | 0.04%             | 2030-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |    300000 | PA      | $304375.50    | 0.10%             | 2079-01-03      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Australia                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |  25668000 | PA      | $14258995.00  | 4.76%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                  | Diamondback Energy, Inc.                                                        | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    277000 | PA      | $233106.22    | 0.08%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                                    | Keurig Dr Pepper, Inc.                                                          | CUSIP: 49271VAP5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    345000 | PA      | $324571.32    | 0.11%             | 2029-04-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class C    | CUSIP: 61690GAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21000 | PA      | $20228.87     | 0.01%             | 2047-02-15      | Variable      | 5.23%                 | No            |                  3 | On Loan: No      |
| BANK                                                      | BANK, Series 2019-BN20, Class C                                                 | CUSIP: 06540AAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176000 | PA      | $137162.13    | 0.05%             | 2062-09-15      | Variable      | 3.78%                 | No            |                  3 | On Loan: No      |
| National Grid plc                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |    900000 | PA      | $893459.17    | 0.30%             | 2026-06-30      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                     | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675FAR8<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    715000 | PA      | $707892.15    | 0.24%             | 2023-07-20      | Fixed         | 3.75%                 | Yes           |                  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      | $30220.93     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |    100000 | PA      | $97284.45     | 0.03%             | 2025-02-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  13500000 | PA      | $-56391.59    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Israel                                           | State of Israel Government Bond                                                 | CUSIP: 46513JXN6<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    570000 | PA      | $434019.38    | 0.14%             | 2050-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |    300000 | PA      | $373177.22    | 0.12%             | 2026-12-03      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                             | Duquesne Light Holdings, Inc.                                                   | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    140000 | PA      | $109801.66    | 0.04%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Jamaica                                                   | Jamaica Government Bond                                                         | CUSIP: 470160AV4<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |    240000 | PA      | $272970.00    | 0.09%             | 2039-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                         | eDreams ODIGEO SA                                                               | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |    500000 | PA      | $424044.50    | 0.14%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 674 mbH                    | Techem Verwaltungsgesellschaft 674 mbH                                          | CUSIP: N/A<br>LEI: 549300W2QKB8BC676O97       | Long             | DBT              | CORP              | DE        |    219799 | PA      | $216715.36    | 0.07%             | 2026-07-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                       | Entergy Texas, Inc.                                                             | CUSIP: 29365TAK0<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    115000 | PA      | $89918.71     | 0.03%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2017-31, Class SG                                           | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    697277 | PA      | $79841.88     | 0.03%             | 2047-05-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                            | Thermo Fisher Scientific, Inc.                                                  | CUSIP: 883556CC4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85720.26     | 0.03%             | 2031-10-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K089, Class X3 | CUSIP: 3137FL6S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    850000 | PA      | $96470.75     | 0.03%             | 2046-01-25      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                      | Fomento Economico Mexicano SAB de CV                                            | CUSIP: 344419AC0<br>LEI: 549300A8MDWDJNMLV153 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $106500.00    | 0.04%             | 2050-01-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                                                   | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $169464.51    | 0.06%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                              | ING Groep NV                                                                    | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    710000 | PA      | $662502.51    | 0.22%             | 2028-03-28      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| La Financiere Atalian SASU                                | La Financiere Atalian SASU                                                      | CUSIP: N/A<br>LEI: 969500ICOLJMB33J0L87       | Long             | DBT              | CORP              | FR        |    350000 | PA      | $312310.08    | 0.10%             | 2024-05-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                             | Schaeffler AG                                                                   | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |    450000 | PA      | $442543.25    | 0.15%             | 2027-03-26      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| FREMF                                                     | FREMF, Series 2018-KF46, Class B                                                | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    241539 | PA      | $235678.22    | 0.08%             | 2028-03-25      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                      | FNMA, REMIC, Series 2019-42, Class SK                                           | CUSIP: 3136B5VS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    527191 | PA      | $58310.96     | 0.02%             | 2049-08-25      | Floating      | 2.03%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                              | Fiserv, Inc.                                                                    | CUSIP: 337738AY4<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88503.86     | 0.03%             | 2030-07-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                 | Ford Motor Credit Co. LLC                                                       | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    400000 | PA      | $370116.00    | 0.12%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Assicurazioni Generali SpA                                | Assicurazioni Generali SpA                                                      | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |    200000 | PA      | $211504.03    | 0.07%             | 2047-10-27      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $113.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                                        | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    490000 | PA      | $442929.38    | 0.15%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $10712.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                  | CUSIP: 6174468W2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    598000 | PA      | $592254.56    | 0.20%             | 2024-01-25      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                                              | CUSIP: 25714PEG9<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |    375000 | PA      | $287343.75    | 0.10%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Huarong Finance 2017 Co. Ltd.                             | Huarong Finance 2017 Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 5493006V07LYI3HE6G83       | Long             | DBT              | CORP              | VG        |    200000 | PA      | $163500.00    | 0.05%             | 2027-11-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                                               | CUSIP: 404280CY3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    440000 | PA      | $335186.18    | 0.11%             | 2032-11-22      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Finance Department Government of Sharjah                  | Finance Department Government of Sharjah                                        | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |    400000 | PA      | $247950.00    | 0.08%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer