# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016754
**Filing Date:** 2023-1
**Character Count:** 419862
**Document Hash:** 4e7617d783b257403229a38d0656a937
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016754.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016754

**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:** 23563259

**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 BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (Series ID: S000064871)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000209991 | JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF | BBSA            |

## Nport-Ex

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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 BetaBuilders 1-5 Year U.S. Aggregate Bond 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>|
| **U.S. Treasury Obligations — 57.3%** | **U.S. Treasury Obligations — 57.3%** | **U.S. Treasury Obligations — 57.3%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2024 | 996000 | 1053465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2026 | 300000 | 316711 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 8/31/2023 | 507000 | 499593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/2023 | 923000 | 884385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/29/2024 | 2066000 | 2009669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/30/2024 | 480000 | 462769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/30/2024 | 15000 | 14510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/31/2024 | 334000 | 321397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 6/30/2024 | 282000 | 270114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/31/2024 | 717000 | 685155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp; 329441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/30/2024 | 1083000 | &nbsp;&nbsp; 1027369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 244495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 3/31/2025 | 1303000 | &nbsp;&nbsp; 1197030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 4/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 5/31/2025 | 1066000 | &nbsp;&nbsp;&nbsp;&nbsp; 967145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 308258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 220343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | 2440000 | &nbsp;&nbsp; 2187041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 202358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 4/30/2026 | 1865000 | &nbsp;&nbsp; 1671506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 5/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 713000 | &nbsp;&nbsp;&nbsp;&nbsp; 637522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 868000 | &nbsp;&nbsp;&nbsp;&nbsp; 807511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 7/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 729320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp;&nbsp; 685753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 9/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 481022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 9/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 232614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 114531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 305550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 272534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp;&nbsp; 442898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 2/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp;&nbsp; 175823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 271611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 4/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 119338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 141309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 375684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 7/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 378718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 8/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 256594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $22,896,624)<br>|  | 21644391 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — 25.0%** | **Corporate Bonds — 25.0%** | **Corporate Bonds — 25.0%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 2/1/2024 | 4000 | 3845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2025 | 5000 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | 15000 | 13923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/1/2027 | 2000 | 1809 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/2024 | 7000 | 6696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 6/1/2026 | 51000 | 45536 |
| &nbsp;&nbsp;&nbsp; Leidos, Inc. 3.63%, 5/15/2025 | 4000 | 3852 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. 3.55%, 1/15/2026 | 2000 | 1955 |
| &nbsp;&nbsp;&nbsp; Precision Castparts Corp. 3.25%, 6/15/2025 | 16000 | 15556 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. 3.20%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 113819 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. 3.25%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12455 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. 1.65%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3436 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. 2.20%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25493 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. 5.25%, 5/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012 |
| **Banks — 6.8%** | **Banks — 6.8%** | **Banks — 6.8%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88%, 9/18/2023 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192936 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (a) | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170230 |
| &nbsp;&nbsp;&nbsp; Bangko Sentral ng Pilipinas International Bond (Philippines) 8.60%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 6/19/2026 (a) | &nbsp;&nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 138812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.38%, 4/27/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5756 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 0.95%, 1/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35750 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) 3.65%, 3/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38154 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.46%, 6/9/2027 (a) | &nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 121007 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 1/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 1.71%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10623 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. (3-MONTH CME TERM SOFR + 2.47%), 3.38%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18832 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) (SOFR + 1.40%), 2.63%, 11/7/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27940 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 8/6/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7796 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; KeyCorp 2.25%, 4/6/2027 | 1000 | 890 |
| &nbsp;&nbsp;&nbsp; Korea Development Bank (The) (South Korea) 0.40%, 6/19/2024 | 200000 | 186774 |
| &nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/28/2024 | 56000 | 54677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 3/8/2024 | 22000 | 20834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 8/5/2024 | 10000 | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/2024 | 13000 | 12518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 7/18/2025 | 27000 | 24449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/22/2026 | 25000 | 22421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/1/2026 | 45000 | 40102 |
| &nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40, 0.50%, 5/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) 3.41%, 3/7/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7837 |
| &nbsp;&nbsp;&nbsp; Oesterreichische Kontrollbank AG (Austria) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19660 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 8/13/2026 | &nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 188726 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72186 |
| &nbsp;&nbsp;&nbsp; Santander UK plc (United Kingdom) 4.00%, 3/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26625 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 3.01%, 10/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86161 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group 1.80%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39989 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 9/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 9/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 3/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14722 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 8/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 4.12%, 6/6/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20846 |
| &nbsp;&nbsp;&nbsp; US Bancorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%), 2.22%, 1/27/2028 (a) | &nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 111079 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp (3-MONTH CME TERM SOFR + 2.36%), 3.00%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32060 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 9/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.51%), 0.80%, 5/19/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.00%), 2.19%, 4/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23276 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/2026 | 2000 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (a) | 5000 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.53%, 3/24/2028 (a) | 58000 | 53892 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/8/2027 | 2000 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (a) | 9000 | 8193 |
|  |  | &nbsp;&nbsp; 2585960 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/6/2024 | 81000 | 77724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 6/1/2027 | 16000 | 14241 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 2/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 138854 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14610 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7548 |
| &nbsp;&nbsp;&nbsp; Baxalta, Inc. 4.00%, 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 3.65%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 120936 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. 1.35%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| **Capital Markets — 3.5%** | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871 |
| &nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc. 2.55%, 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19871 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 4/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/2026 | &nbsp;&nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 151187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 3.99%, 6/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17300 |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. 3.50%, 3/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3945 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund 2.75%, 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1775 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65972 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 3/3/2027 | 30000 | 27602 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. 3.00%, 3/15/2025 | 2000 | 1937 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) 4.10%, 1/13/2026 | 373000 | 356601 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. 2.85%, 3/30/2025 | 2000 | 1914 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/20/2024 | 9000 | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 7/8/2024 | 15000 | 14796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/2025 | 50000 | 48444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/22/2025 | 15000 | 14598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (a) | 14000 | 13482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/25/2026 | 5000 | 4831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 1.54%, 9/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12512 |
| &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc. 2.05%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22378 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. 3.75%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14684 |
| &nbsp;&nbsp;&nbsp; Janus Henderson US Holdings, Inc. 4.88%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4935 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. 4.85%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4854 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. 4.88%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4991 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (SOFR + 0.75%), 0.86%, 10/21/2025 (a) | &nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 9/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13058 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. 2.45%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12888 |
| &nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc. 2.50%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18331 |
| &nbsp;&nbsp;&nbsp; State Street Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/20/2023 | &nbsp;&nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 112759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.94%), 2.35%, 11/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%), 1.68%, 11/18/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%), 2.20%, 2/7/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26032 |
|  |  | &nbsp;&nbsp; 1333144 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8053 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28212 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 4.49%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9938 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. 1.65%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10681 |
| &nbsp;&nbsp;&nbsp; Linde, Inc. 3.20%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11618 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; LYB International Finance II BV 3.50%, 3/2/2027 | 5000 | 4630 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) 3.00%, 4/1/2025 | 6000 | 5733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 116600 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. 0.75%, 11/15/2025 | 23000 | 20627 |
| **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) 3.15%, 2/15/2024 | 150000 | 144651 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 3.88%, 5/21/2024 | 87000 | 84700 |
| &nbsp;&nbsp;&nbsp; American Express Co. 1.65%, 11/4/2026 | 25000 | 22244 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/10/2023 | 6000 | 5936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13727 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.64%, 3/3/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.88%, 11/2/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 4.93%, 5/10/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10560 |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 6/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 9/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 9/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42160 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 1/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59214 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39447 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 5/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial 3.70%, 8/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10951 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 1/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 8/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 692413 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. 1.57%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1786 |
| &nbsp;&nbsp;&nbsp; WRKCo, Inc. 4.65%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4742 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University (The) 1.29%, 6/1/2027 | 2000 | 1740 |
| &nbsp;&nbsp;&nbsp; Yale University Series 2020, 0.87%, 4/15/2025 | 9000 | 8280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10020 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. 3.13%, 3/15/2026 | 19000 | 18358 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 6/15/2026 | 35000 | 30961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (a) | 8000 | 7172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56491 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. 2.95%, 7/15/2026 | 60000 | 56390 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. (Canada) 3.70%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2862 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83113 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp; Avangrid, Inc. 3.20%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4788 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4262 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q, 0.80%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U, 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14104 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co. 3.13%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6740 |
| &nbsp;&nbsp;&nbsp; Iberdrola International BV (Spain) 5.81%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 3.25%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9378 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC 0.55%, 10/1/2025 | &nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89843 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5486 |
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co. 0.95%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43705 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.73%), 4.00%, 1/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.75%, 9/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3201 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 2.95%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22438 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. 1.75%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 296367 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. 0.88%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21804 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp; CDW LLC 5.50%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13963 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. 1.25%, 8/9/2024 | 201000 | 185300 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. 1.80%, 4/1/2026 | 67000 | 56565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 255828 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Schlumberger Investment SA 3.65%, 12/1/2023 | 35000 | 34613 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 7/30/2026 | 74000 | 67366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/2027 | 15000 | 14093 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 1/13/2026 | 10000 | 9196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 3/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124537 |
| **Equity Real Estate Investment Trusts (REITs) — 0.7%** | **Equity Real Estate Investment Trusts (REITs) — 0.7%** | **Equity Real Estate Investment Trusts (REITs) — 0.7%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27842 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1927 |
| &nbsp;&nbsp;&nbsp; Boston Properties LP 3.65%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9514 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP 3.65%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.25%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28338 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. 1.05%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13006 |
| &nbsp;&nbsp;&nbsp; ERP Operating LP 2.85%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP 3.50%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7729 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 1.35%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8634 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP 1.10%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23405 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust 4.50%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37563 |
| &nbsp;&nbsp;&nbsp; Prologis LP 2.13%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3608 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 3.88%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19569 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP 3.50%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46206 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP 3.25%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8325 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 270609 |
| **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. 1.38%, 6/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. 1.05%, 9/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77579 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 1.63%, 8/17/2025 | 17000 | 15546 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. 1.38%, 11/1/2027 | 9000 | 7506 |
| &nbsp;&nbsp;&nbsp; Kellogg Co. 3.25%, 4/1/2026 | 8000 | 7653 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc. 3.40%, 8/15/2027 | 10000 | 9401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40106 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. 3.00%, 6/15/2027 | 10000 | 9394 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. 5.50%, 1/15/2026 | 17000 | 17036 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co. Series TT, 2.60%, 6/15/2026 | 11000 | 10235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36665 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. 1.92%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. 0.60%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. 3.05%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16024 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Cigna Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44835 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health 2.76%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 8/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24891 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11713 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9002 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. 1.35%, 2/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67485 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 359189 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. 3.25%, 6/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4901 |
| &nbsp;&nbsp;&nbsp; Sands China Ltd. (Macau) 5.63%, 8/8/2025 (c) | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 198590 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. 2.50%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12377 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. 3.05%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15388 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4497 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Household Products — continued** | **Household Products — continued** | **Household Products — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 2/1/2027 | 26000 | 23851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 3/25/2027 | 53000 | 49960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93696 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 8/15/2024 | 15000 | 14460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 3/1/2027 | 117000 | 102861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 117321 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. 1.13%, 3/15/2026 | 30000 | 26736 |
| &nbsp;&nbsp;&nbsp; Allied World Assurance Co. Holdings Ltd. 4.35%, 10/29/2025 | 9000 | 8627 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. 4.35%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5875 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada) 2.48%, 5/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4518 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. 3.88%, 8/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37432 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 101332 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. 0.80%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13041 |
| **Internet & Direct Marketing Retail — 0.2%** | **Internet & Direct Marketing Retail — 0.2%** | **Internet & Direct Marketing Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 8/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 6/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 5/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32991 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. 1.90%, 3/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64595 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. 2.05%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5698 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. 3.38%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6889 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. 2.40%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15331 |
| &nbsp;&nbsp;&nbsp; Visa, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6855 |
| &nbsp;&nbsp;&nbsp; Western Union Co. (The) 1.35%, 3/15/2026 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 153793 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7633 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC 1.45%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2648 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. 0.75%, 9/1/2025 | 26000 | 23481 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (a) | 2000 | 1720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27849 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC 4.91%, 7/23/2025 | 10000 | 9834 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2025 | 20000 | 19383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/2025 | 67000 | 65926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/15/2027 | 20000 | 18342 |
| &nbsp;&nbsp;&nbsp; Fox Corp. 3.05%, 4/7/2025 | 14000 | 13413 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. 3.65%, 11/1/2024 | 9000 | 8786 |
| &nbsp;&nbsp;&nbsp; Paramount Global 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15314 |
| &nbsp;&nbsp;&nbsp; TCI Communications, Inc. 7.88%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp; WPP Finance 2010 (United Kingdom) 3.75%, 9/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 187848 |
| **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) 4.55%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia) 6.42%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2991 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Target Corp. 2.25%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14281 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. 3.65%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49991 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 8/15/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7502 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. 2.85%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2781 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. 0.95%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9024 |
| &nbsp;&nbsp;&nbsp; Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.12%, 4/1/2052 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98585 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. 3.41%, 2/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10635 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11745 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10051 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. 2.00%, 5/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11782 |
| &nbsp;&nbsp;&nbsp; Chevron USA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 8/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32894 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co. 3.35%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6874 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 3.75%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44017 |
| &nbsp;&nbsp;&nbsp; Equinor ASA (Norway) 1.75%, 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35833 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 3/15/2024 | 80000 | 78734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 3/1/2026 | 9000 | 8625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 8/16/2026 | 43000 | 40158 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP 4.15%, 2/1/2024 | 18000 | 17765 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 1.75%, 11/15/2026 | 6000 | 5313 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. 4.70%, 5/1/2025 | 6000 | 5947 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.88%, 12/1/2024 | 23000 | 22832 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. 2.20%, 9/15/2025 | 8000 | 7351 |
| &nbsp;&nbsp;&nbsp; Ovintiv Exploration, Inc. 5.38%, 1/1/2026 | 5000 | 4968 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) 6.84%, 1/23/2030 (d) | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. 1.13%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13392 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23081 |
| &nbsp;&nbsp;&nbsp; Spectra Energy Partners LP 4.75%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3978 |
| &nbsp;&nbsp;&nbsp; TC PipeLines LP 4.38%, 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19656 |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11844 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 481000 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Fibria Overseas Finance Ltd. (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994 |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC 8.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28293 |
| **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** | **Personal Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) 2.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14243 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 7/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8756 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. 2.75%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14388 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc. (United Kingdom) 3.63%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 9/1/2027 | &nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88850 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36733 |
| &nbsp;&nbsp;&nbsp; Mylan, Inc. 4.20%, 11/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12842 |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp. (Switzerland) 1.75%, 2/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1896 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 5/15/2024 | 15000 | 14766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/3/2026 | 5000 | 4760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 312000 |
| **Road & Rail — 0.3%** | **Road & Rail — 0.3%** | **Road & Rail — 0.3%** |
| &nbsp;&nbsp;&nbsp; BNSF Funding Trust I (ICE LIBOR USD 3 Month + 2.35%), 6.61%, 12/15/2055 (a) | 3000 | 2776 |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/2024 | 14000 | 13819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/2025 | 22000 | 21200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/1/2025 | 8000 | 7802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/2027 | 11000 | 10475 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) 1.75%, 12/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6264 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. 3.88%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4865 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 2/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 103810 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 3.63%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9768 |
| &nbsp;&nbsp;&nbsp; Intel Corp. 3.40%, 3/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 3/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74658 |
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp. (Taiwan) 1.75%, 10/25/2026 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 266959 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. 1.90%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6647 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. 1.35%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8695 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. 2.70%, 2/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14537 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. 1.65%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35265 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7428 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47236 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31436 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 5/6/2024 | 10000 | 9850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/13/2025 | 10000 | 9678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 2/9/2025 | 2000 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 2/8/2026 | 36000 | 32152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/2027 | 13000 | 12312 |
| &nbsp;&nbsp;&nbsp; Dell International LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2024 | 15000 | 14718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/15/2025 | 14000 | 14228 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. 1.45%, 4/1/2024 | 12000 | 11446 |
| &nbsp;&nbsp;&nbsp; HP, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 6/17/2025 | 38000 | 35466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 174961 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. 2.40%, 3/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19172 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 9/6/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8609 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. 1.50%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24888 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. 2.20%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1747 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp. 3.40%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. 1.50%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) 4.13%, 5/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $10,062,896)<br>|  | &nbsp;&nbsp; 9449581 |
| **Mortgage-Backed Securities — 7.7%** | **Mortgage-Backed Securities — 7.7%** | **Mortgage-Backed Securities — 7.7%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # J14776, 3.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18452, 2.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18511, 2.50%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18549, 2.50%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 16374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G15520, 3.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18568, 2.50%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # J33012, 3.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18600, 2.50%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G16028, 3.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # J35495, 2.50%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18626, 2.50%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 26719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18632, 3.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5861 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # J37147, 3.00%, 6/1/2032 | 7413 | 7098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G16207, 3.50%, 7/1/2032 | 6380 | 6202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G18715, 3.00%, 12/1/2033 | 4165 | 3936 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZS8617, 2.50%, 8/1/2031 | 12869 | 12153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZS7938, 2.50%, 1/1/2033 | 1773 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZS7988, 3.50%, 2/1/2033 | 9063 | 8801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZK9341, 3.00%, 3/1/2033 | 2344 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZT0716, 3.00%, 10/1/2033 | 2262 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0194, 2.50%, 12/1/2033 | 4862 | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0109, 2.50%, 11/1/2034 | 22233 | 20689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8021, 3.00%, 12/1/2034 | 4077 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0264, 2.50%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QN2057, 3.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 13339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0345, 2.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 68447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0401, 2.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0394, 2.50%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8501, 2.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 47958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0406, 2.50%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8058, 2.50%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 23286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RC1591, 1.50%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 57732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QN4391, 1.50%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 58506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QN4278, 2.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QN4490, 1.50%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 80102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0450, 2.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 41922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QN4861, 1.50%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 61762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8088, 1.50%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 14907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8102, 1.50%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 26278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RC2089, 2.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 70633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8118, 1.50%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 56469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8127, 1.50%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 71684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62884 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AK3264, 3.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AV4793, 3.50%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AW3641, 3.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS4489, 2.50%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL6583, 3.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS4860, 2.50%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL9852, 3.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS7467, 2.50%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS7606, 2.50%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 21445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS7620, 2.50%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 32052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS7657, 2.50%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM6169, 3.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 51972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 890822, 3.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 36408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3276, 3.50%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA1089, 3.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3937, 3.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM4036, 2.50%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7966 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BN3975, 3.00%, 1/1/2034 | 814 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA3631, 3.00%, 4/1/2034 | 7313 | 6899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA3709, 2.50%, 6/1/2034 | 4647 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BJ5549, 3.00%, 8/1/2034 | 1864 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM2403, 3.50%, 9/1/2034 | 7753 | 7490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM5400, 2.50%, 10/1/2034 | 11043 | 10429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BO4944, 2.50%, 11/1/2034 | 27813 | 25864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA3828, 3.00%, 11/1/2034 | 7275 | 6863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM4671, 3.50%, 1/1/2035 | 2318 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BP5762, 2.50%, 6/1/2035 | 35012 | 32443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3654, 3.00%, 6/1/2035 | 22434 | 21163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3936, 2.50%, 8/1/2035 | 5004 | 4725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4154, 1.50%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 38017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA7497, 2.50%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM4850, 2.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 32247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM5396, 2.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 50274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8788, 2.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 66305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM6510, 2.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 33596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM6512, 2.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 36113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4298, 2.50%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 19335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB0302, 1.50%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 52922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7113, 2.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 41121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4329, 2.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 63784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BP3507, 2.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 62629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB0747, 2.50%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 10290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4361, 2.50%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 13845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4383, 2.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 185458 | &nbsp;&nbsp;&nbsp;&nbsp; 167369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4384, 2.50%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 14305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM9020, 2.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 25142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM9367, 1.50%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 49400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4470, 2.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 35386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4497, 2.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 34117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30788 |
| &nbsp;&nbsp;&nbsp; FNMA/FHLMC UMBS, Single Family, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 12/25/2036 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 12/25/2037 (e) | &nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 198063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 12/25/2037 (e) | &nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 274351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 12/25/2037 (e) | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 166302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 12/25/2037 (e) | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 164684 |
| &nbsp;&nbsp;&nbsp; GNMA II, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4559, 3.00%, 7/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA7107, 2.50%, 1/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 20286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $3,134,342)<br>|  | &nbsp;&nbsp; 2892273 |
| **Supranational — 2.6%** | **Supranational — 2.6%** | **Supranational — 2.6%** |
| &nbsp;&nbsp;&nbsp; African Development Bank (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp; Asian Development Bank (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 6/11/2024 | &nbsp;&nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp;&nbsp; 148371 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Supranational — continued** | **Supranational — continued** | **Supranational — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/18/2024 | 12000 | 11364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 1/22/2025 | 23000 | 21927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/3/2025 | 120000 | 108140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 4/14/2026 | 52000 | 46861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/20/2027 | 58000 | 52517 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank (The) (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/16/2024 | 84000 | 81141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/28/2025 | 55000 | 49999 |
| &nbsp;&nbsp;&nbsp; European Bank for Reconstruction & Development (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/13/2025 | 5000 | 4713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/25/2025 | 4000 | 3589 |
| &nbsp;&nbsp;&nbsp; European Investment Bank (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 3/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 3/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33311 |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 9/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 9/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 4/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 3/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 4/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32562 |
| &nbsp;&nbsp;&nbsp; International Finance Corp. (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Supranational <br>(Cost $1,054,355)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 987853 |
| **Commercial Mortgage-Backed Securities — 2.3%** | **Commercial Mortgage-Backed Securities — 2.3%** | **Commercial Mortgage-Backed Securities — 2.3%** |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class A3, 3.75%, 4/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A2, 3.00%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6191 |
| &nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14546 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC17, Class A4, 4.13%, 11/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class AAB, 3.00%, 5/10/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A2, 2.71%, 2/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18682 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16, Class A3, 3.78%, 4/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 24015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC15, Class A4, 4.01%, 4/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19526 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series 2013-CR12, Class A4 Series 2013-CR12, Class A4, 4.05%, 10/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73448 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4, 3.72%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19033 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K028, Class A2, 3.11%, 2/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 31168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K046, Class A2, 3.21%, 3/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25083 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K047, Class A2, 3.33%, 5/25/2025 (f) | 70000 | 67627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K733, Class A2, 3.75%, 8/25/2025 | 30000 | 29241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class A2, 3.43%, 1/25/2027 (f) | 100000 | 96247 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M10, Class AV2, 2.63%, 7/25/2024 (f) | 11369 | 11086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M1, Class A2, 2.50%, 10/25/2026 (f) | 39269 | 36533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f) | 35127 | 33437 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class A4, 4.07%, 1/10/2047 | 30000 | 29299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class AS, 4.38%, 1/10/2047 | 17000 | 16412 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C17, Class ASB, 3.71%, 1/15/2047 | 4229 | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class C, 4.80%, 4/15/2047 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class C, 4.63%, 9/15/2047 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18512 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class AS, 3.37%, 12/15/2047 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class D, 4.38%, 1/15/2049 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8445 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class A3, 3.25%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C25, Class ASB, 3.38%, 10/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 19677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29214 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2018-C13, Class A2, 4.21%, 10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5438 |
| &nbsp;&nbsp;&nbsp; UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class A4, 3.24%, 4/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22830 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class A5, 3.41%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class A4, 3.70%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A2, 3.01%, 12/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33194 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C10, Class B, 3.74%, 12/15/2045 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class A5, 4.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $904,953)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 852437 |
| **U.S. Government Agency Securities — 1.9%** | **U.S. Government Agency Securities — 1.9%** | **U.S. Government Agency Securities — 1.9%** |
| &nbsp;&nbsp;&nbsp; FFCB Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40161 |
| &nbsp;&nbsp;&nbsp; FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66%, 10/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 9/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 2/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67227 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 2/26/2027 | 15000 | 13013 |
| &nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 8/24/2023 | 8000 | 7741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/28/2026 | 16000 | 13980 |
| &nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/7/2025 | 116000 | 104369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/18/2026 | 10000 | 8740 |
| &nbsp;&nbsp;&nbsp; Israel Government AID Bond (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/18/2023 | 45000 | 45258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/26/2024 | 15000 | 15149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities <br>(Cost $741,757)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 711829 |
| **Foreign Government Securities — 1.5%** | **Foreign Government Securities — 1.5%** | **Foreign Government Securities — 1.5%** |
| &nbsp;&nbsp;&nbsp; Canada Government Bond 0.75%, 5/19/2026 | &nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 124985 |
| &nbsp;&nbsp;&nbsp; Export Development Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14386 |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond 5.75%, 11/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Italian Republic Government Bond 6.88%, 9/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25174 |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, 4.50%, 8/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | *7996* |
| &nbsp;&nbsp;&nbsp; Province of Alberta 1.00%, 5/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11984 |
| &nbsp;&nbsp;&nbsp; Province of British Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 7/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39069 |
| &nbsp;&nbsp;&nbsp; Province of Ontario |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 4/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7180 |
| &nbsp;&nbsp;&nbsp; Province of Quebec 1.50%, 2/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp; Republic of Peru 2.39%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16746 |
| &nbsp;&nbsp;&nbsp; Republic of Philippines, 10.63%, 3/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | *2260* |
| &nbsp;&nbsp;&nbsp; Republic of Poland 4.00%, 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11888 |
| &nbsp;&nbsp;&nbsp; Svensk Exportkredit AB 0.38%, 7/30/2024 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 186550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $617,703)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 579055 |
| **Asset-Backed Securities — 0.9%** | **Asset-Backed Securities — 0.9%** | **Asset-Backed Securities — 0.9%** |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust Series 2020-3, Class B, 0.76%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28749 |
| &nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust Series 2022-A2, Class A, 3.49%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29021 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust Series 2021-1, Class A3, 0.34%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18955 |
| &nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust Series 2018-A3, Class A3, 3.29%, 5/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32704 |
| &nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust Series 2022-A1, Class A1, 1.96%, 2/15/2027 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93856 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust Series 2021-2, Class B, 0.58%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39459 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series 2021-3A, Class C, 0.96%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37476 |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 3.17%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A, 3.06%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7722 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A4, 1.74%, 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21178 |
| &nbsp;&nbsp;&nbsp; Verizon Owner Trust Series 2020-A, Class A1A, 1.85%, 7/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4201 |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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** |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust Series 2021-C, Class A3, 0.44%, 8/17/2026 | 30000 | 28450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $364,462)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 356683 |
| **Municipal Bonds — 0.1%** (g) | **Municipal Bonds — 0.1%** (g) | **Municipal Bonds — 0.1%** (g) |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; University of California, Taxable Series 2020BG, Rev., 0.88%, 5/15/2025 | 5000 | 4512 |
| **Florida — 0.1%** | **Florida — 0.1%** | **Florida — 0.1%** |
| &nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp. Series 2020A, Rev., 1.71%, 7/1/2027 | 50000 | 43171 |
| **New Jersey — 0.0% ^** | **New Jersey — 0.0% ^** | **New Jersey — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority Series 1997B, Rev., AGM, Zero Coupon, 2/15/2023 | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $52,309)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48674 |
|  | **SHARES** |  |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (h) (i) <br>(Cost $1,001,977)<br>| 1001977 | &nbsp;&nbsp; 1001977 |
| **Total Investments — 102.0%** <br>**(Cost $40,831,378)**<br>|  | **38524753** |
| **Liabilities in Excess of Other Assets — (2.0)%** |  | **(766612)** |
| **NET ASSETS — 100.0%** |  | **37758141** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ACES | Alternative Credit Enhancement Securities |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| CME | Chicago Mercantile Exchange |
| FFCB | Federal Farm Credit Bank |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | 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>|
| (d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |

---

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates
 and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of November 30, 2022.

------

**JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond 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.

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 BetaBuilders 1-5 Year U.S. Aggregate Bond 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 | $— | $356683 | $— | $356683 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782025 | &nbsp;&nbsp; 70412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852437 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9449581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9449581 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579055 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2892273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2892273 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48674 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987853 |
| U.S. Government Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711829 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 21644391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 21644391 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 1001977 | &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; 1001977 |
| **Total Investments in Securities** | $1001977 | $37452364 | $70412 | $38524753 |

---

**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 Market <br> Fund Class IM Shares, 3.59% (a) (b)<br>| $601648 | $3307589 | $2907260 | $— | $— | $1001977 | 1001977 | $10956 | $— |

---

&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.

------

## 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 BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF

- **b. EDGAR series identifier (if any):** S000064871

- **c. LEI of Series:** 549300ESGD5JCSV6BH63

**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:** $38612694.95

**Total Liabilities:** $853727.00

**Net Assets:** $37758967.95

**Cash Not Reported:** $14367.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 8.91023000 | **1-Year:** 1182.57334000 | **5-Year:** 3258.71952000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 53.96000000 | **5-Year:** 0.00044000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209991 | -1.86%               | -0.27%               | 1.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-49951.11               | $-728386.17                                |
| Month 2  | $-42079.63               | $-118067.65                                |
| Month 3  | $-24858.86               | $516519.18                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CNH Industrial Capital LLC                          | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAM6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2648.55      | 0.01%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                | Boston Properties LP                                                            | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9513.85      | 0.03%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Baxalta, Inc.                                       | Baxalta, Inc.                                                                   | CUSIP: 07177MAB9<br>LEI: 5493000JW8DCO3T45R55 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3932.75      | 0.01%             | 2025-06-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X8FM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2318 | PA      | $2239.14      | 0.01%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140KA3R5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62629 | PA      | $56522.65     | 0.15%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JM7<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     22000 | PA      | $20833.79     | 0.06%             | 2024-03-08      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corp.                              | General Dynamics Corp.                                                          | CUSIP: 369550AY4<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6696.00      | 0.02%             | 2024-11-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                   | Merck & Co., Inc.                                                               | CUSIP: 58933YBC8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     41000 | PA      | $36733.03     | 0.10%             | 2027-06-10      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Linde, Inc.                                         | Linde, Inc.                                                                     | CUSIP: 74005PBQ6<br>LEI: ZU69GUVJQGZ6Z1UOOO79 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11617.43     | 0.03%             | 2026-01-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                              | Asian Development Bank                                                          | CUSIP: 045167CW1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |     23000 | PA      | $21926.61     | 0.06%             | 2025-01-22      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X7LT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7448 | PA      | $7161.26      | 0.02%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Xcel Energy, Inc.                                   | Xcel Energy, Inc.                                                               | CUSIP: 98388MAB3<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     18000 | PA      | $15897.76     | 0.04%             | 2027-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DDP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4647 | PA      | $4324.78      | 0.01%             | 2034-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418D6G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35386 | PA      | $31933.92     | 0.08%             | 2036-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6AB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26278 | PA      | $23052.45     | 0.06%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XA3X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41121 | PA      | $37110.36     | 0.10%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corp.                                         | FedEx Corp.                                                                     | CUSIP: 31428XBF2<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12455.04     | 0.03%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: N/A<br>LEI: 549300CAZKPF4HKMPX17       | Long             | DBT              | NUSS              | MX        |         1 | PA      | $0.82         | 0.00%             | 2030-01-23      | Fixed         | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Specialty Finance, Inc.                | Bain Capital Specialty Finance, Inc.                                            | CUSIP: 05684BAC1<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     24000 | PA      | $19870.60     | 0.05%             | 2026-10-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828YH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1083000 | PA      | $1027369.33   | 2.72%             | 2024-09-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                               | Lockheed Martin Corp.                                                           | CUSIP: 539830BH1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1955.08      | 0.01%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CME Group, Inc.                                     | CME Group, Inc.                                                                 | CUSIP: 12572QAG0<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1937.26      | 0.01%             | 2025-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fox Corp.                                           | Fox Corp.                                                                       | CUSIP: 35137LAM7<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13413.06     | 0.04%             | 2025-04-07      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                         | Huntington Bancshares, Inc.                                                     | CUSIP: 446150AQ7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16290.75     | 0.04%             | 2024-08-06      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                  | State Street Corp.                                                              | CUSIP: 857477BC6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9878.65      | 0.03%             | 2024-12-03      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    540000 | PA      | $481021.88    | 1.27%             | 2026-09-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    444000 | PA      | $378718.13    | 1.00%             | 2027-07-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Manulife Financial Corp.                            | Manulife Financial Corp.                                                        | CUSIP: 56501RAK2<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $4517.81      | 0.01%             | 2027-05-19      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                 | Bank of New York Mellon Corp. (The)                                             | CUSIP: 06406RAN7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9288.04      | 0.02%             | 2025-04-24      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140KDML1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35012 | PA      | $32442.75     | 0.09%             | 2035-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418D2S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14305 | PA      | $13261.83     | 0.04%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                          | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $144651.33    | 0.38%             | 2024-02-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                       | PepsiCo, Inc.                                                                   | CUSIP: 713448CM8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19748.89     | 0.05%             | 2024-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                   | Tyson Foods, Inc.                                                               | CUSIP: 902494BG7<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1981.16      | 0.01%             | 2023-09-28      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                  | Union Electric Co.                                                              | CUSIP: 906548CM2<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22437.69     | 0.06%             | 2027-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                        | AbbVie, Inc.                                                                    | CUSIP: 00287YAQ2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14609.96     | 0.04%             | 2025-05-14      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Spectra Energy Partners LP                          | Spectra Energy Partners LP                                                      | CUSIP: 84756NAD1<br>LEI: 2HKVXE7U4NF5B6UGSU72 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3978.12      | 0.01%             | 2024-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                 | Kinder Morgan, Inc.                                                             | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5313.17      | 0.01%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                         | Apple, Inc.                                                                     | CUSIP: 037833DF4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9678.29      | 0.03%             | 2025-01-13      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWQB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41922 | PA      | $37938.72     | 0.10%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1066000 | PA      | $967145.16    | 2.56%             | 2025-05-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132ACYM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2262 | PA      | $2135.79      | 0.01%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                  | Discover Card Execution Note Trust, Series 2022-A1, Class A1                    | CUSIP: 254683CR4<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $93855.98     | 0.25%             | 2027-02-15      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822BD5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |      8000 | PA      | $7836.54      | 0.02%             | 2024-03-07      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                            | John Deere Capital Corp.                                                        | CUSIP: 24422EVJ5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     53000 | PA      | $51057.70     | 0.14%             | 2023-10-10      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61761JVL0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28382.87     | 0.08%             | 2024-10-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                          | FNMA/FHLMC UMBS, Single Family, 15 Year                                         | CUSIP: 01F0224C6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    180000 | PA      | $166302.35    | 0.44%             | 2037-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Santander UK plc                                    | Santander UK plc                                                                | CUSIP: 80283LAJ2<br>LEI: PTCQB104N23FMNK2RZ28 | Long             | DBT              | CORP              | GB        |     27000 | PA      | $26625.31     | 0.07%             | 2024-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                        | Nutrien Ltd.                                                                    | CUSIP: 67077MAD0<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |      6000 | PA      | $5732.95      | 0.02%             | 2025-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Korea Development Bank (The)                        | Korea Development Bank (The)                                                    | CUSIP: 500630DF2<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | USGA              | KR        |    200000 | PA      | $186773.73    | 0.49%             | 2024-06-19      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                           | HCA, Inc.                                                                       | CUSIP: 404119BN8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49804.44     | 0.13%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                          | Prudential Financial, Inc.                                                      | CUSIP: 744320AV4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1873.13      | 0.00%             | 2045-05-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                                     | DR Horton, Inc.                                                                 | CUSIP: 23331ABM0<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12377.40     | 0.03%             | 2024-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140H7EX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1864 | PA      | $1757.24      | 0.00%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DZ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13845 | PA      | $12831.70     | 0.03%             | 2036-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                           | Williams Cos., Inc. (The)                                                       | CUSIP: 96950FAQ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2931.70      | 0.01%             | 2025-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                            | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122AW8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14794.72     | 0.04%             | 2023-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| European Bank for Reconstruction & Development      | European Bank for Reconstruction & Development                                  | CUSIP: 29874QEE0<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | US        |      5000 | PA      | $4713.14      | 0.01%             | 2025-02-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority           | New Jersey Economic Development Authority, Series 1997B                         | CUSIP: 645913BB9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |      1000 | PA      | $990.80       | 0.00%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                   | Exxon Mobil Corp.                                                               | CUSIP: 30231GAC6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78734.11     | 0.21%             | 2024-03-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WHQK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11768 | PA      | $11107.76     | 0.03%             | 2031-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                | Caterpillar Financial Services Corp.                                            | CUSIP: 14913R2Q9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |      1000 | PA      | $887.85       | 0.00%             | 2026-09-14      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130APWH4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     85000 | PA      | $81685.73     | 0.22%             | 2023-11-22      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38148LAE6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14598.36     | 0.04%             | 2025-05-22      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC                                                                           | CUSIP: 3137EAEV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      8000 | PA      | $7741.25      | 0.02%             | 2023-08-24      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138XGKF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7601 | PA      | $7344.06      | 0.02%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GXJ8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48443.69     | 0.13%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class ASB          | CUSIP: 46640UAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4229 | PA      | $4174.54      | 0.01%             | 2047-01-15      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| Valley National Bancorp                             | Valley National Bancorp                                                         | CUSIP: 919794AE7<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |     36000 | PA      | $32060.32     | 0.08%             | 2031-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                          | FNMA/FHLMC UMBS, Single Family, 15 Year                                         | CUSIP: 01F0124C7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    226000 | PA      | $198063.40    | 0.52%             | 2037-12-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130APJ22<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     10000 | PA      | $9276.96      | 0.02%             | 2024-10-28      | Fixed         | 0.66%                 | No            |                  2 | On Loan: No      |
| Bangko Sentral ng Pilipinas International Bond      | Bangko Sentral ng Pilipinas International Bond                                  | CUSIP: 059891AA9<br>LEI: 4IDQTQC5NXVM3WSFHR30 | Long             | DBT              | NUSS              | PH        |     13000 | PA      | $14817.06     | 0.04%             | 2027-06-15      | Fixed         | 8.60%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828XT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    334000 | PA      | $321396.72    | 0.85%             | 2024-05-31      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     14000 | PA      | $12147.91     | 0.03%             | 2027-11-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.                     | Canadian Natural Resources Ltd.                                                 | CUSIP: 136385AV3<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     12000 | PA      | $11745.36     | 0.03%             | 2025-02-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAB7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    244000 | PA      | $220343.44    | 0.58%             | 2025-07-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Schlumberger Investment SA                          | Schlumberger Investment SA                                                      | CUSIP: 806854AH8<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |     35000 | PA      | $34613.15     | 0.09%             | 2023-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                              | Home Depot, Inc. (The)                                                          | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7428.39      | 0.02%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                              | Keurig Dr Pepper, Inc.                                                          | CUSIP: 26138EAS8<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1932.65      | 0.01%             | 2025-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                             | Texas Instruments, Inc.                                                         | CUSIP: 882508BH6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2807.02      | 0.01%             | 2025-03-12      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMT29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7820 | PA      | $7412.62      | 0.02%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Province of Quebec Canada                           | Province of Quebec                                                              | CUSIP: 748149AQ4<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      6000 | PA      | $5829.18      | 0.02%             | 2024-04-09      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                        | Stanley Black & Decker, Inc.                                                    | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1719.94      | 0.00%             | 2060-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828Y87<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    717000 | PA      | $685155.12    | 1.81%             | 2024-07-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Co.                               | National Fuel Gas Co.                                                           | CUSIP: 636180BQ3<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17035.55     | 0.05%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                    | Amazon.com, Inc.                                                                | CUSIP: 023135BX3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     37000 | PA      | $32990.99     | 0.09%             | 2026-05-12      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                    | Bank of Montreal                                                                | CUSIP: 06368EDC3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |      9000 | PA      | $7972.05      | 0.02%             | 2027-01-22      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                         | Toronto-Dominion Bank (The)                                                     | CUSIP: 89114TZG0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     32000 | PA      | $28133.92     | 0.07%             | 2026-09-10      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                           | Williams Cos., Inc. (The)                                                       | CUSIP: 96950FAL8<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33741.31     | 0.09%             | 2023-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                     | Inter-American Development Bank                                                 | CUSIP: 4581X0DN5<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |     27000 | PA      | $24613.76     | 0.07%             | 2025-07-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAJ3<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18451.58     | 0.05%             | 2024-05-08      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                            | John Deere Capital Corp.                                                        | CUSIP: 24422ETT6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10703.36     | 0.03%             | 2024-06-24      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                  | Berry Global, Inc.                                                              | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1785.84      | 0.00%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                             | Texas Instruments, Inc.                                                         | CUSIP: 882508BK9<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     84000 | PA      | $74658.20     | 0.20%             | 2026-09-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    303000 | PA      | $272534.30    | 0.72%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                      | Landwirtschaftliche Rentenbank, Series 40                                       | CUSIP: 515110BX1<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | CORP              | DE        |     13000 | PA      | $11860.57     | 0.03%             | 2025-05-27      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                     | CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4                       | CUSIP: 12635FAT1<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19033.41     | 0.05%             | 2048-08-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 31307PKZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20231 | PA      | $19471.67     | 0.05%             | 2030-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DHE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7275 | PA      | $6863.10      | 0.02%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    197000 | PA      | $175822.50    | 0.47%             | 2027-02-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                           | Toyota Motor Credit Corp.                                                       | CUSIP: 89236TDK8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16631.77     | 0.04%             | 2023-10-18      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.               | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MAK6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     93000 | PA      | $86160.56     | 0.23%             | 2026-10-19      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828YM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    258000 | PA      | $244495.31    | 0.65%             | 2024-10-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     48000 | PA      | $43023.75     | 0.11%             | 2025-10-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Province of Ontario Canada                          | Province of Ontario                                                             | CUSIP: 683234AS7<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     82000 | PA      | $73032.03     | 0.19%             | 2026-01-21      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 94974BGP9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12594.95     | 0.03%             | 2025-09-29      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140JLMZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       814 | PA      | $767.93       | 0.00%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                  | State Street Corp.                                                              | CUSIP: 857477BS1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     29000 | PA      | $26031.58     | 0.07%             | 2028-02-07      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    216000 | PA      | $210330.00    | 0.56%             | 2023-06-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                      | Landwirtschaftliche Rentenbank                                                  | CUSIP: 515110CA0<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |     21000 | PA      | $18851.43     | 0.05%             | 2026-03-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K063, Class A2 | CUSIP: 3137BVZ82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $96247.01     | 0.25%             | 2027-01-25      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                            | European Investment Bank                                                        | CUSIP: 298785JB3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |     61000 | PA      | $57542.44     | 0.15%             | 2025-03-14      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multifamily Structured Pass-Through Certificates, Series K047, Class A2  | CUSIP: 3137BKRJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70000 | PA      | $67627.51     | 0.18%             | 2025-05-25      | Variable      | 3.33%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12962.74     | 0.03%             | 2027-09-10      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                    | McDonald's Corp.                                                                | CUSIP: 58013MES9<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4900.70      | 0.01%             | 2024-06-10      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                    | Oesterreichische Kontrollbank AG                                                | CUSIP: 676167CC1<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |     38000 | PA      | $33779.92     | 0.09%             | 2026-02-02      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                         | Huntington Bancshares, Inc.                                                     | CUSIP: 446150AM6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7795.98      | 0.02%             | 2025-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                              | Asian Development Bank                                                          | CUSIP: 045167EQ2<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |     12000 | PA      | $11363.84     | 0.03%             | 2024-10-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                      | Hewlett Packard Enterprise Co.                                                  | CUSIP: 42824CBJ7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11446.40     | 0.03%             | 2024-04-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 9128287B0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    868000 | PA      | $807511.25    | 2.14%             | 2026-06-30      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31410LVP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36408 | PA      | $34822.69     | 0.09%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                       | Honeywell International, Inc.                                                   | CUSIP: 438516CE4<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87915.54     | 0.23%             | 2027-03-01      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C20, Class A5                      | CUSIP: 92890FAU0<br>LEI: 549300UVB571ELWL8972 | Long             | ABS-MBS          | CORP              | US        |     12000 | PA      | $11681.72     | 0.03%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828YQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $114531.25    | 0.30%             | 2026-10-31      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Cummins, Inc.                                       | Cummins, Inc.                                                                   | CUSIP: 231021AU0<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23480.69     | 0.06%             | 2025-09-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Delmarva Power & Light Co.                          | Delmarva Power & Light Co.                                                      | CUSIP: 247109BS9<br>LEI: NJ98T8DDD027ZFXUDB24 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9850.41      | 0.03%             | 2023-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130AJHU6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     85000 | PA      | $77843.11     | 0.21%             | 2025-04-14      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                         | Raytheon Technologies Corp.                                                     | CUSIP: 75513ECG4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15693.45     | 0.04%             | 2024-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                           | Export Development Canada                                                       | CUSIP: 30216BHH8<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |     40000 | PA      | $38985.80     | 0.10%             | 2024-02-21      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    139000 | PA      | $121007.40    | 0.32%             | 2027-06-09      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Lennox International, Inc.                          | Lennox International, Inc.                                                      | CUSIP: 526107AE7<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1812.39      | 0.00%             | 2025-08-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                   | Johnson & Johnson                                                               | CUSIP: 478160CN2<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77273.71     | 0.20%             | 2025-09-01      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                       | Stryker Corp.                                                                   | CUSIP: 863667BB6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3820.74      | 0.01%             | 2023-12-01      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Moody's Corp.                                       | Moody's Corp.                                                                   | CUSIP: 615369AC9<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4990.67      | 0.01%             | 2024-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                    | Ventas Realty LP                                                                | CUSIP: 92277GAJ6<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8324.77      | 0.02%             | 2026-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X7LS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5004 | PA      | $4724.91      | 0.01%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Welltower, Inc.                                     | Welltower, Inc.                                                                 | CUSIP: 42217KBF2<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11713.17     | 0.03%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Old Republic International Corp.                    | Old Republic International Corp.                                                | CUSIP: 680223AK0<br>LEI: 549300IV6O2YY2A1KH37 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37431.92     | 0.10%             | 2026-08-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                     | Intercontinental Exchange, Inc.                                                 | CUSIP: 45866FAD6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14684.29     | 0.04%             | 2025-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                 | Fifth Third Bancorp                                                             | CUSIP: 316773DD9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10623.34     | 0.03%             | 2027-11-01      | Variable      | 1.71%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                              | Dell International LLC                                                          | CUSIP: 24703TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14718.11     | 0.04%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                | American Tower Corp.                                                            | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     32000 | PA      | $27841.50     | 0.07%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140QKZM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10290 | PA      | $9541.06      | 0.03%             | 2036-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State of Israel                                     | Israel Government AID Bond                                                      | CUSIP: 46513EFF4<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | USGA              | IL        |     45000 | PA      | $45258.20     | 0.12%             | 2023-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Board of Administration Finance Corp.         | State Board of Administration Finance Corp.                                     | CUSIP: 341271AE4<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |     50000 | PA      | $43171.42     | 0.11%             | 2027-07-01      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138XTBK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7766 | PA      | $7486.23      | 0.02%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                | Caterpillar Financial Services Corp.                                            | CUSIP: 14913R2H9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10801.07     | 0.03%             | 2025-11-13      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                              | Keurig Dr Pepper, Inc.                                                          | CUSIP: 26138EAW9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13729.33     | 0.04%             | 2023-12-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                    | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $21200.25     | 0.06%             | 2025-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HP, Inc.                                            | HP, Inc.                                                                        | CUSIP: 40434LAF2<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1755.41      | 0.00%             | 2026-06-17      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                    | ArcelorMittal SA                                                                | CUSIP: 03938LBA1<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |      2000 | PA      | $1942.25      | 0.01%             | 2026-03-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WHJM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6332 | PA      | $5979.36      | 0.02%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Precision Castparts Corp.                           | Precision Castparts Corp.                                                       | CUSIP: 740189AM7<br>LEI: 0XOOAY5P5J7Q734SEC89 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15555.93     | 0.04%             | 2025-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    488000 | PA      | $442898.13    | 1.17%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                              | Truist Financial Corp.                                                          | CUSIP: 89788MAC6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     53000 | PA      | $44823.92     | 0.12%             | 2027-08-03      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                         | ONEOK, Inc.                                                                     | CUSIP: 682680BA0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7350.45      | 0.02%             | 2025-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                  | Vodafone Group plc                                                              | CUSIP: 92857WBJ8<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      4000 | PA      | $3951.22      | 0.01%             | 2025-05-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                   | Exxon Mobil Corp.                                                               | CUSIP: 30231GBD3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     43000 | PA      | $40157.93     | 0.11%             | 2026-08-16      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                    | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAF0<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1939.22      | 0.01%             | 2024-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Prologis LP                                         | Prologis LP                                                                     | CUSIP: 74340XBN0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3608.14      | 0.01%             | 2027-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                | American Express Co.                                                            | CUSIP: 025816CM9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22244.39     | 0.06%             | 2026-11-04      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4                | CUSIP: 94989WAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24000 | PA      | $22733.36     | 0.06%             | 2048-11-15      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2014-GC18, Class AS                        | CUSIP: 36252RAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17000 | PA      | $16411.95     | 0.04%             | 2047-01-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Service Electric and Gas Co.                 | Public Service Electric and Gas Co.                                             | CUSIP: 74456QCF1<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     49000 | PA      | $43705.16     | 0.12%             | 2026-03-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                    | Kroger Co. (The)                                                                | CUSIP: 501044DC2<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1920.89      | 0.01%             | 2026-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                         | Apple, Inc.                                                                     | CUSIP: 037833AS9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9849.46      | 0.03%             | 2024-05-06      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                            | UnitedHealth Group, Inc.                                                        | CUSIP: 91324PDW9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9073.02      | 0.02%             | 2026-01-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                         | AvalonBay Communities, Inc.                                                     | CUSIP: 05348EAU3<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7797.91      | 0.02%             | 2024-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kellogg Co.                                         | Kellogg Co.                                                                     | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7653.47      | 0.02%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                         | Apple, Inc.                                                                     | CUSIP: 037833AZ3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1919.91      | 0.01%             | 2025-02-09      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                        | Canadian Pacific Railway Co.                                                    | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $2684.50      | 0.01%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                   | Philip Morris International, Inc.                                               | CUSIP: 718172CN7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2776.00      | 0.01%             | 2025-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                   | BAT Capital Corp.                                                               | CUSIP: 05526DBG9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8608.65      | 0.02%             | 2024-09-06      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                              | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6874.13      | 0.02%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                       | Pioneer Natural Resources Co.                                                   | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13391.92     | 0.04%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Adobe, Inc.                                         | Adobe, Inc.                                                                     | CUSIP: 00724PAB5<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6647.35      | 0.02%             | 2025-02-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                            | Bunge Ltd. Finance Corp.                                                        | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15545.53     | 0.04%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Janus Henderson US Holdings, Inc.                   | Janus Henderson US Holdings, Inc.                                               | CUSIP: 47102XAJ4<br>LEI: 8T2ZO87FU1KVPZIG9I59 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4935.43      | 0.01%             | 2025-08-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                   | Johnson & Johnson                                                               | CUSIP: 478160CP7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     74000 | PA      | $64459.51     | 0.17%             | 2027-09-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K028, Class A2 | CUSIP: 3137B2HN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31168 | PA      | $31013.93     | 0.08%             | 2023-02-25      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140QKKQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52922 | PA      | $46428.79     | 0.12%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     93000 | PA      | $83670.94     | 0.22%             | 2025-09-30      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development                             | CUSIP: 459058JB0<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |     72000 | PA      | $66187.88     | 0.18%             | 2025-04-22      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-LC15, Class A4                           | CUSIP: 12591TAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19525.74     | 0.05%             | 2047-04-10      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Intuit, Inc.                                        | Intuit, Inc.                                                                    | CUSIP: 46124HAC0<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8694.76      | 0.02%             | 2027-07-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                   | Italian Republic Government Bond                                                | CUSIP: 465410AH1<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     25000 | PA      | $25173.68     | 0.07%             | 2023-09-27      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                          | Procter & Gamble Co. (The)                                                      | CUSIP: 742718FV6<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23850.59     | 0.06%             | 2027-02-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1865000 | PA      | $1671506.25   | 4.43%             | 2026-04-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Leland Stanford Junior University (The)             | Leland Stanford Junior University (The)                                         | CUSIP: 85440KAC8<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1739.65      | 0.00%             | 2027-06-01      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                         | Apple, Inc.                                                                     | CUSIP: 037833EB2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     36000 | PA      | $32151.94     | 0.09%             | 2026-02-08      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                  | ConocoPhillips Co.                                                              | CUSIP: 20826FAD8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1950.67      | 0.01%             | 2024-11-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                           | Export Development Canada                                                       | CUSIP: 30216BJR4<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |     15000 | PA      | $14385.66     | 0.04%             | 2027-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                       | Chevron Corp.                                                                   | CUSIP: 166764BX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $11782.12     | 0.03%             | 2027-05-11      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                    | Sands China Ltd.                                                                | CUSIP: 80007RAF2<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $193689.56    | 0.51%             | 2025-08-08      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                   | Duke Energy Corp.                                                               | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1420.74      | 0.00%             | 2082-01-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    566000 | PA      | $547892.42    | 1.45%             | 2023-08-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.                              | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30961.27     | 0.08%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                        | Target Corp.                                                                    | CUSIP: 87612EBL9<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14280.52     | 0.04%             | 2025-04-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                      | Alphabet, Inc.                                                                  | CUSIP: 02079KAJ6<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13040.79     | 0.03%             | 2027-08-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                              | Truist Financial Corp.                                                          | CUSIP: 05531FBE2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5841.04      | 0.02%             | 2025-06-05      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Sixth Street Specialty Lending, Inc.                | Sixth Street Specialty Lending, Inc.                                            | CUSIP: 83012AAA7<br>LEI: 549300TX61566GJWCN05 | Long             | DBT              | CORP              | US        |     21000 | PA      | $18330.64     | 0.05%             | 2026-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TCI Communications, Inc.                            | TCI Communications, Inc.                                                        | CUSIP: 872287AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1000 | PA      | $1094.78      | 0.00%             | 2026-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                | Charter Communications Operating LLC                                            | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9834.09      | 0.03%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WEMJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13835 | PA      | $13099.87     | 0.03%             | 2030-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development                             | CUSIP: 459058DX8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |     15000 | PA      | $14452.19     | 0.04%             | 2024-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                          | Charles Schwab Corp. (The)                                                      | CUSIP: 808513BY0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     28000 | PA      | $25761.79     | 0.07%             | 2027-03-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FFCB Funding Corp.                                  | FFCB Funding Corp.                                                              | CUSIP: 3133ENAF7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |     46000 | PA      | $40161.13     | 0.11%             | 2026-10-07      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Ameren Corp.                                        | Ameren Corp.                                                                    | CUSIP: 023608AG7<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     52000 | PA      | $49991.32     | 0.13%             | 2026-02-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                              | Asian Development Bank                                                          | CUSIP: 045167FE8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |    158000 | PA      | $148371.44    | 0.39%             | 2024-06-11      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                       | Comcast Corp.                                                                   | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     67000 | PA      | $65926.49     | 0.17%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418D7K2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34117 | PA      | $30788.36     | 0.08%             | 2036-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                        | Pfizer, Inc.                                                                    | CUSIP: 717081EN9<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4944.55      | 0.01%             | 2023-09-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                       | Comcast Corp.                                                                   | CUSIP: 20030NBW0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7336.64      | 0.02%             | 2027-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                    | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LAY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8000 | PA      | $7801.81      | 0.02%             | 2025-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                               | Elevance Health, Inc.                                                           | CUSIP: 036752AC7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13595.88     | 0.04%             | 2024-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                            | Benchmark Mortgage Trust, Series 2019-B12, Class A2                             | CUSIP: 08162FAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6505 | PA      | $6191.54      | 0.02%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp.                           | TWDC Enterprises 18 Corp.                                                       | CUSIP: 25468PDM5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |     74000 | PA      | $67366.39     | 0.18%             | 2026-07-30      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                        | Oriental Republic of Uruguay                                                    | CUSIP: 760942AZ5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |       667 | PA      | $666.38       | 0.00%             | 2024-08-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class ASB  | CUSIP: 61765TAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19678 | PA      | $18992.72     | 0.05%             | 2048-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                        | Verizon Communications, Inc.                                                    | CUSIP: 92343VFS8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4487.40      | 0.01%             | 2025-11-20      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| JB Hunt Transport Services, Inc.                    | JB Hunt Transport Services, Inc.                                                | CUSIP: 445658CF2<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4865.19      | 0.01%             | 2026-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                         | Republic of Philippines                                                         | CUSIP: 718286AP2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      1000 | PA      | $1129.51      | 0.00%             | 2025-03-16      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| Oracle Corp.                                        | Oracle Corp.                                                                    | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5385.80      | 0.01%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                      | NiSource, Inc.                                                                  | CUSIP: 65473PAK1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9023.84      | 0.02%             | 2025-08-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                          | FNMA/FHLMC UMBS, Single Family, 15 Year                                         | CUSIP: 01F0324C5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     50000 | PA      | $48035.16     | 0.13%             | 2037-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Southwest Airlines Co.                              | Southwest Airlines Co.                                                          | CUSIP: 844741BJ6<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2011.92      | 0.01%             | 2025-05-04      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                     | Jefferies Financial Group, Inc.                                                 | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4853.81      | 0.01%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Western Union Co. (The)                             | Western Union Co. (The)                                                         | CUSIP: 959802AZ2<br>LEI: 28ID94QU1140NC23S047 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87214.29     | 0.23%             | 2026-03-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2K8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46605.90     | 0.12%             | 2026-02-11      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                   | Duke Energy Corp.                                                               | CUSIP: 26441CBJ3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     22000 | PA      | $19856.95     | 0.05%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                            | John Deere Capital Corp.                                                        | CUSIP: 24422EWA3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     44000 | PA      | $39447.34     | 0.10%             | 2027-01-11      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1867.86      | 0.00%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                         | AvalonBay Communities, Inc.                                                     | CUSIP: 05348EAT6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5945.94      | 0.02%             | 2023-12-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    354000 | PA      | $329441.25    | 0.87%             | 2024-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                 | CommonSpirit Health                                                             | CUSIP: 20268JAA1<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4786.08      | 0.01%             | 2024-10-01      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley, Series I                                                        | CUSIP: 6174468R3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    107000 | PA      | $97920.94     | 0.26%             | 2025-10-21      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                 | Bank of New York Mellon Corp. (The)                                             | CUSIP: 06406RAV9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    173000 | PA      | $151187.50    | 0.40%             | 2026-10-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Allied World Assurance Co. Holdings Ltd.            | Allied World Assurance Co. Holdings Ltd.                                        | CUSIP: 01959EAC2<br>LEI: 549300E2X3MLXVVR4T40 | Long             | DBT              | CORP              | BM        |      9000 | PA      | $8627.10      | 0.02%             | 2025-10-29      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                 | Synchrony Financial                                                             | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10950.76     | 0.03%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                        | Pacific Gas and Electric Co.                                                    | CUSIP: 694308HP5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5485.78      | 0.01%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    109000 | PA      | $97716.80     | 0.26%             | 2026-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                   | Lowe's Cos., Inc.                                                               | CUSIP: 548661DH7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5786.45      | 0.02%             | 2025-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX Corp.                                     | TD SYNNEX Corp.                                                                 | CUSIP: 87162WAD2<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    201000 | PA      | $185299.30    | 0.49%             | 2024-08-09      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWDN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22233 | PA      | $20688.54     | 0.05%             | 2034-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    312000 | PA      | $271610.63    | 0.72%             | 2027-03-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                          | Charles Schwab Corp. (The)                                                      | CUSIP: 808513BF1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     74000 | PA      | $65972.26     | 0.17%             | 2026-03-11      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132A8ZB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1773 | PA      | $1674.34      | 0.00%             | 2033-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Canada                                              | Canada Government Bond                                                          | CUSIP: 427028AB1<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    140000 | PA      | $124984.67    | 0.33%             | 2026-05-19      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS  | CUSIP: 46639JAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19888.68     | 0.05%             | 2047-12-15      | Fixed         | 3.37%                 | No            |                  3 | On Loan: No      |
| Humana, Inc.                                        | Humana, Inc.                                                                    | CUSIP: 444859BQ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     78000 | PA      | $67485.33     | 0.18%             | 2027-02-03      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                      | Landwirtschaftliche Rentenbank                                                  | CUSIP: 515110BR4<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |      1000 | PA      | $917.94       | 0.00%             | 2026-07-27      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X5U50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7753 | PA      | $7490.40      | 0.02%             | 2034-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                  | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1794.06      | 0.00%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BNSF Funding Trust I                                | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3000 | PA      | $2776.49      | 0.01%             | 2055-12-15      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                                | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13923.45     | 0.04%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMR96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1661 | PA      | $1574.35      | 0.00%             | 2029-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                        | Oriental Republic of Uruguay                                                    | CUSIP: 760942AZ5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      6667 | PA      | $6663.79      | 0.02%             | 2024-08-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CDG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    259000 | PA      | $232614.38    | 0.62%             | 2026-10-31      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                  | Republic of Poland                                                              | CUSIP: 857524AC6<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     13000 | PA      | $12879.13     | 0.03%             | 2024-01-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                     | Inter-American Development Bank                                                 | CUSIP: 4581X0DV7<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |     73000 | PA      | $65516.83     | 0.17%             | 2026-04-20      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| WPP Finance 2010                                    | WPP Finance 2010                                                                | CUSIP: 92936MAF4<br>LEI: 549300OJB3S151W7KN44 | Long             | DBT              | CORP              | GB        |     37000 | PA      | $35755.38     | 0.09%             | 2024-09-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                               | Westpac Banking Corp.                                                           | CUSIP: 961214DK6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      2000 | PA      | $1899.68      | 0.01%             | 2027-03-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                      | Broadcom, Inc.                                                                  | CUSIP: 11135FAY7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9768.63      | 0.03%             | 2024-10-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                    | Bank of Montreal                                                                | CUSIP: 06368FAJ8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     39000 | PA      | $35749.96     | 0.09%             | 2027-03-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| NIKE, Inc.                                          | NIKE, Inc.                                                                      | CUSIP: 654106AH6<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19172.42     | 0.05%             | 2025-03-27      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                  | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: 05946KAH4<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $192935.69    | 0.51%             | 2023-09-18      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class C            | CUSIP: 46643ABL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $18512.17     | 0.05%             | 2047-09-15      | Variable      | 4.63%                 | No            |                  3 | On Loan: No      |
| Chevron USA, Inc.                                   | Chevron USA, Inc.                                                               | CUSIP: 166756AL0<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     38000 | PA      | $32893.98     | 0.09%             | 2027-08-12      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13057.80     | 0.03%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp.                           | TWDC Enterprises 18 Corp.                                                       | CUSIP: 25468PDV5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14092.63     | 0.04%             | 2027-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                        | AbbVie, Inc.                                                                    | CUSIP: 00287YBZ1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9579.68      | 0.03%             | 2024-11-21      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 9128284X5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    507000 | PA      | $499593.05    | 1.32%             | 2023-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                        | Drive Auto Receivables Trust, Series 2021-2, Class B                            | CUSIP: 262104AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $39458.94     | 0.10%             | 2025-12-15      | Fixed         | 0.58%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                    | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10475.50     | 0.03%             | 2027-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                        | Pfizer, Inc.                                                                    | CUSIP: 717081DM2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14765.65     | 0.04%             | 2024-05-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                       | Honeywell International, Inc.                                                   | CUSIP: 438516BW5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14460.01     | 0.04%             | 2024-08-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140QGXS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66305 | PA      | $59843.88     | 0.16%             | 2036-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                         | Apple, Inc.                                                                     | CUSIP: 037833CG3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31435.98     | 0.08%             | 2024-02-09      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 949746RW3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7522.52      | 0.02%             | 2026-04-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     63000 | PA      | $54982.32     | 0.15%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                         | Amgen, Inc.                                                                     | CUSIP: 031162CV0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7547.82      | 0.02%             | 2025-02-21      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Emerson Electric Co.                                | Emerson Electric Co.                                                            | CUSIP: 291011BP8<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21804.08     | 0.06%             | 2026-10-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967KG5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3844.02      | 0.01%             | 2026-01-12      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                 | Fifth Third Bancorp                                                             | CUSIP: 316773CX6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11813.91     | 0.03%             | 2024-01-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HBT1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     51000 | PA      | $49400.78     | 0.13%             | 2024-10-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Franklin Resources, Inc.                            | Franklin Resources, Inc.                                                        | CUSIP: 354613AK7<br>LEI: RIFQSET379FOGTEFKS80 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1914.22      | 0.01%             | 2025-03-30      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Office Properties Income Trust                      | Office Properties Income Trust                                                  | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $41140.05     | 0.11%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128ME4M0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4720 | PA      | $4543.11      | 0.01%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3319.08      | 0.01%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MFDL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6380 | PA      | $6202.45      | 0.02%             | 2032-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                              | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12275.91     | 0.03%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132A82V0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9063 | PA      | $8800.92      | 0.02%             | 2033-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals, Inc.                    | Air Products and Chemicals, Inc.                                                | CUSIP: 009158BB1<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |     21000 | PA      | $19283.37     | 0.05%             | 2025-10-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                         | Amgen, Inc.                                                                     | CUSIP: 031162BV1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14766.45     | 0.04%             | 2024-05-22      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130ALCV4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     70000 | PA      | $62330.66     | 0.17%             | 2026-02-24      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                          | AT&T, Inc.                                                                      | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56389.68     | 0.15%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X8L88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32247 | PA      | $29106.80     | 0.08%             | 2035-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                            | CUSIP: 02005NBH2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     87000 | PA      | $84699.56     | 0.22%             | 2024-05-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                   | Enterprise Products Operating LLC                                               | CUSIP: 29379VBE2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44016.49     | 0.12%             | 2025-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp.                              | Costco Wholesale Corp.                                                          | CUSIP: 22160KAN5<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2659.00      | 0.01%             | 2027-06-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     51000 | PA      | $44690.38     | 0.12%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Kemper Corp.                                        | Kemper Corp.                                                                    | CUSIP: 488401AB6<br>LEI: 549300FNI1JKTRY2PV09 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5875.49      | 0.02%             | 2025-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                          | Baxter International, Inc.                                                      | CUSIP: 071813CL1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1782.32      | 0.00%             | 2027-02-01      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11618.15     | 0.03%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132A9SE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12869 | PA      | $12153.03     | 0.03%             | 2031-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class C            | CUSIP: 46641WBB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9514.71      | 0.03%             | 2047-04-15      | Variable      | 4.80%                 | No            |                  3 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AAB                  | CUSIP: 17290YAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8100 | PA      | $7756.93      | 0.02%             | 2049-05-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                     | Inter-American Development Bank                                                 | CUSIP: 4581X0DZ8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |     43000 | PA      | $40050.97     | 0.11%             | 2024-09-23      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                               | Gilead Sciences, Inc.                                                           | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12613.68     | 0.03%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Province of Ontario Canada                          | Province of Ontario                                                             | CUSIP: 683234AT5<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      8000 | PA      | $7180.33      | 0.02%             | 2026-04-14      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A2                 | CUSIP: 17328RAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $18681.92     | 0.05%             | 2053-02-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                    | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550BS4<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17765.33     | 0.05%             | 2024-02-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                              | Waste Management, Inc.                                                          | CUSIP: 94106LBL2<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     23000 | PA      | $20626.74     | 0.05%             | 2025-11-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Corporate Office Properties LP                      | Corporate Office Properties LP                                                  | CUSIP: 22003BAL0<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |     32000 | PA      | $28338.36     | 0.08%             | 2026-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6NS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47958 | PA      | $43286.19     | 0.11%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                       | UBS Commercial Mortgage Trust, Series 2018-C13, Class A2                        | CUSIP: 90353KAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5519 | PA      | $5437.69      | 0.01%             | 2051-10-15      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D56Z0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14907 | PA      | $13077.29     | 0.03%             | 2036-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                    | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LAR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $13819.26     | 0.04%             | 2024-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)            | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475BB0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    215000 | PA      | $188726.52    | 0.50%             | 2026-08-13      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| GXO Logistics, Inc.                                 | GXO Logistics, Inc.                                                             | CUSIP: 36262GAB7<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3435.84      | 0.01%             | 2026-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos., Inc. (The)                       | Estee Lauder Cos., Inc. (The)                                                   | CUSIP: 29736RAN0<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14242.65     | 0.04%             | 2024-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MEK91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7953 | PA      | $7640.84      | 0.02%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                                    | Mastercard, Inc.                                                                | CUSIP: 57636QAB0<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6889.36      | 0.02%             | 2024-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                  | Ryder System, Inc.                                                              | CUSIP: 78355HKQ1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7865.08      | 0.02%             | 2025-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140Q8F75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6851 | PA      | $6552.42      | 0.02%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust            | AmeriCredit Automobile Receivables Trust, Series 2020-3, Class B                | CUSIP: 03066PAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $28748.64     | 0.08%             | 2025-12-18      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                        | Verizon Communications, Inc.                                                    | CUSIP: 92343VFF6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12194.13     | 0.03%             | 2027-03-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway, Inc.                            | Berkshire Hathaway, Inc.                                                        | CUSIP: 084670BS6<br>LEI: 5493000C01ZX7D35SD85 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18357.68     | 0.05%             | 2026-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A4                 | CUSIP: 17321RAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19638.55     | 0.05%             | 2046-11-10      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| FFCB Funding Corp.                                  | FFCB Funding Corp.                                                              | CUSIP: 3133EMYX4<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |     92000 | PA      | $90138.75     | 0.24%             | 2023-05-10      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| University of California                            | University of California, Taxable                                               | CUSIP: 91412HGE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4511.60      | 0.01%             | 2025-05-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                         | Toronto-Dominion Bank (The)                                                     | CUSIP: 89114QCK2<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $4471.87      | 0.01%             | 2025-09-11      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D55T5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23286 | PA      | $21583.37     | 0.06%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                     | Microsoft Corp.                                                                 | CUSIP: 594918BB9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14536.98     | 0.04%             | 2025-02-12      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Province of Alberta Canada                          | Province of Alberta                                                             | CUSIP: 013051EK9<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | NUSS              | CA        |     13000 | PA      | $11984.05     | 0.03%             | 2025-05-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                              | Asian Development Bank                                                          | CUSIP: 045167FC2<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |     52000 | PA      | $46860.76     | 0.12%             | 2026-04-14      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| European Bank for Reconstruction & Development      | European Bank for Reconstruction & Development                                  | CUSIP: 29874QEL4<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | US        |      4000 | PA      | $3589.39      | 0.01%             | 2025-11-25      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Hasbro, Inc.                                        | Hasbro, Inc.                                                                    | CUSIP: 418056AY3<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2826.87      | 0.01%             | 2026-11-19      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                       | Comcast Corp.                                                                   | CUSIP: 20030NBW0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11004.97     | 0.03%             | 2027-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                 | SVB Financial Group                                                             | CUSIP: 78486QAL5<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |     46000 | PA      | $39988.85     | 0.11%             | 2026-10-28      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                         | Republic of Philippines                                                         | CUSIP: 718286AP2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      1000 | PA      | $1129.51      | 0.00%             | 2025-03-16      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                          | Ameriprise Financial, Inc.                                                      | CUSIP: 03076CAG1<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4889.98      | 0.01%             | 2024-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                  | Ryder System, Inc.                                                              | CUSIP: 78355HKS7<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4428.63      | 0.01%             | 2026-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141EC23<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14795.81     | 0.04%             | 2024-07-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd.                          | TransCanada PipeLines Ltd.                                                      | CUSIP: 89352HAK5<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |     13000 | PA      | $12830.63     | 0.03%             | 2023-10-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust  | GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4     | CUSIP: 36258VAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22000 | PA      | $21178.02     | 0.06%             | 2025-08-18      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Avangrid, Inc.                                      | Avangrid, Inc.                                                                  | CUSIP: 05351WAC7<br>LEI: 549300OX0Q38NLSKPB49 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4787.70      | 0.01%             | 2025-04-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                | Caterpillar Financial Services Corp.                                            | CUSIP: 14912L6G1<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5842.96      | 0.02%             | 2024-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3131XDLW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2344 | PA      | $2210.46      | 0.01%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     62000 | PA      | $54315.44     | 0.14%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                            | Benchmark Mortgage Trust, Series 2018-B3, Class A3                              | CUSIP: 08161BAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $24076.67     | 0.06%             | 2051-04-10      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Healthpeak Properties, Inc.                         | Healthpeak Properties, Inc.                                                     | CUSIP: 42250PAC7<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8633.65      | 0.02%             | 2027-02-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| FFCB Funding Corp.                                  | FFCB Funding Corp.                                                              | CUSIP: 3133ENTK6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |      4000 | PA      | $3829.31      | 0.01%             | 2025-04-01      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WHNY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21445 | PA      | $20252.21     | 0.05%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                  | ITC Holdings Corp.                                                              | CUSIP: 465685AK1<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9378.18      | 0.02%             | 2026-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust                 | Citibank Credit Card Issuance Trust, Series 2018-A3, Class A3                   | CUSIP: 17305EGM1<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |     33000 | PA      | $32703.70     | 0.09%             | 2025-05-23      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMYM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4165 | PA      | $3936.34      | 0.01%             | 2033-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                  | State Street Corp.                                                              | CUSIP: 857477BQ5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22159.57     | 0.06%             | 2027-11-18      | Variable      | 1.68%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWGB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4862 | PA      | $4590.84      | 0.01%             | 2033-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6A42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71684 | PA      | $62884.03     | 0.17%             | 2036-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                              | Truist Financial Corp.                                                          | CUSIP: 89788MAG7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20846.24     | 0.06%             | 2028-06-06      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                             | CarMax Auto Owner Trust, Series 2021-1, Class A3                                | CUSIP: 14316NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19672 | PA      | $18955.37     | 0.05%             | 2025-12-15      | Fixed         | 0.34%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                          | Procter & Gamble Co. (The)                                                      | CUSIP: 742718FG9<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |     53000 | PA      | $49960.33     | 0.13%             | 2027-03-25      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals, Inc.                    | Air Products and Chemicals, Inc.                                                | CUSIP: 009158AY2<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4474.06      | 0.01%             | 2027-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 9128286Z8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    282000 | PA      | $270114.14    | 0.72%             | 2024-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                          | Procter & Gamble Co. (The)                                                      | CUSIP: 742718FP9<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4496.46      | 0.01%             | 2026-04-23      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133GA2Y1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58506 | PA      | $51326.57     | 0.14%             | 2035-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WD7B1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1854 | PA      | $1755.63      | 0.00%             | 2030-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                             | MPLX LP                                                                         | CUSIP: 55336VAG5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22832.02     | 0.06%             | 2024-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                     | Eli Lilly & Co.                                                                 | CUSIP: 532457BH0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14388.24     | 0.04%             | 2025-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138EPJ54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3940 | PA      | $3807.07      | 0.01%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4654.83      | 0.01%             | 2027-06-17      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WHPE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32052 | PA      | $30268.22     | 0.08%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828X70<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $462768.75    | 1.23%             | 2024-04-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ovintiv Exploration, Inc.                           | Ovintiv Exploration, Inc.                                                       | CUSIP: 651290AR9<br>LEI: T8W3X1PFLPW2YE0UIP44 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4967.93      | 0.01%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                         | United Parcel Service, Inc.                                                     | CUSIP: 911312BT2<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9601.66      | 0.03%             | 2024-09-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Vontier Corp.                                       | Vontier Corp.                                                                   | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     67000 | PA      | $56565.20     | 0.15%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K046, Class A2 | CUSIP: 3137BJP64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26000 | PA      | $25082.95     | 0.07%             | 2025-03-25      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     58000 | PA      | $53892.20     | 0.14%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                     | Inter-American Development Bank                                                 | CUSIP: 4581X0DZ8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |      1000 | PA      | $931.42       | 0.00%             | 2024-09-23      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWJH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10992 | PA      | $10187.63     | 0.03%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                   | American Electric Power Co., Inc., Series N                                     | CUSIP: 025537AR2<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1791.34      | 0.00%             | 2025-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZF0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1303000 | PA      | $1197029.46   | 3.17%             | 2025-03-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Province of British Columbia Canada                 | Province of British Columbia                                                    | CUSIP: 11070TAK4<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |      9000 | PA      | $8409.28      | 0.02%             | 2026-06-02      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Chevron USA, Inc.                                   | Chevron USA, Inc.                                                               | CUSIP: 166756AE6<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2722.49      | 0.01%             | 2025-08-12      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| State of Israel                                     | Israel Government AID Bond                                                      | CUSIP: 46513EJX1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | USGA              | IL        |     15000 | PA      | $15149.18     | 0.04%             | 2024-04-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development                             | CUSIP: 45905URL0<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |      5000 | PA      | $4776.18      | 0.01%             | 2025-03-03      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                             | KeyCorp                                                                         | CUSIP: 49326EEK5<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |      1000 | PA      | $890.42       | 0.00%             | 2027-04-06      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                          | US Bancorp, Series V                                                            | CUSIP: 91159HHN3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     91000 | PA      | $84192.50     | 0.22%             | 2026-07-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130AL5A8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     15000 | PA      | $13012.55     | 0.03%             | 2027-02-26      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMV26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6121 | PA      | $5860.99      | 0.02%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development                             | CUSIP: 459058EP4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |     34000 | PA      | $32561.77     | 0.09%             | 2025-07-29      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                          | US Bancorp                                                                      | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    124000 | PA      | $111078.71    | 0.29%             | 2028-01-27      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                              | Dell International LLC                                                          | CUSIP: 24703TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $14228.09     | 0.04%             | 2025-07-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                               | Walt Disney Co. (The)                                                           | CUSIP: 254687FV3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9195.76      | 0.02%             | 2026-01-13      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMVU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26719 | PA      | $25259.09     | 0.07%             | 2032-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                               | Elevance Health, Inc.                                                           | CUSIP: 036752AR4<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11712.68     | 0.03%             | 2026-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                           | Toyota Motor Credit Corp.                                                       | CUSIP: 89236THP3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2696.20      | 0.01%             | 2025-10-16      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D54E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4077 | PA      | $3846.22      | 0.01%             | 2034-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Svensk Exportkredit AB                              | Svensk Exportkredit AB                                                          | CUSIP: 00254ENA6<br>LEI: 1FOLRR5RWTWWI397R131 | Long             | DBT              | NUSS              | SE        |    200000 | PA      | $186550.51    | 0.49%             | 2024-07-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                         | International Finance Corp.                                                     | CUSIP: 45950KCT5<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        |     15000 | PA      | $13591.60     | 0.04%             | 2025-07-16      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133L8KA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70633 | PA      | $63742.49     | 0.17%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    139000 | PA      | $125284.61    | 0.33%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140QFKK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9513 | PA      | $8816.34      | 0.02%             | 2035-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                         | AvalonBay Communities, Inc.                                                     | CUSIP: 05348EAU3<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1949.48      | 0.01%             | 2024-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     46000 | PA      | $41989.38     | 0.11%             | 2025-04-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128PUJV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5546 | PA      | $5396.61      | 0.01%             | 2026-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DX49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19335 | PA      | $17970.45     | 0.05%             | 2036-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    437000 | PA      | $375683.44    | 0.99%             | 2027-06-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     76000 | PA      | $74236.56     | 0.20%             | 2023-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 31307SC84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12050 | PA      | $11367.17     | 0.03%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp.                            | Marathon Petroleum Corp.                                                        | CUSIP: 56585ABH4<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5947.27      | 0.02%             | 2025-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                           | Florida Power & Light Co.                                                       | CUSIP: 341081FM4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6740.10      | 0.02%             | 2025-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                  | General Motors Financial Co., Inc.                                              | CUSIP: 37045XCR5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41788.29     | 0.11%             | 2024-01-17      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                   | Exxon Mobil Corp.                                                               | CUSIP: 30231GAT9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8625.15      | 0.02%             | 2026-03-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JF2<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     27000 | PA      | $24448.64     | 0.06%             | 2025-07-18      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                        | American Water Capital Corp.                                                    | CUSIP: 03040WAL9<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      1000 | PA      | $973.09       | 0.00%             | 2025-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XDAW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25142 | PA      | $22691.24     | 0.06%             | 2036-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Asian Infrastructure Investment Bank (The)          | Asian Infrastructure Investment Bank (The)                                      | CUSIP: 04522KAA4<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | US        |     84000 | PA      | $81140.62     | 0.21%             | 2024-05-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K733, Class A2 | CUSIP: 3137FJXQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30000 | PA      | $29240.73     | 0.08%             | 2025-08-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10559.63     | 0.03%             | 2028-05-10      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133G8JA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13339 | PA      | $12572.85     | 0.03%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA                                                                            | CUSIP: 3135G06L2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     10000 | PA      | $8740.34      | 0.02%             | 2026-12-18      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                              | Asian Development Bank                                                          | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |     58000 | PA      | $52516.45     | 0.14%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DTL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38017 | PA      | $33340.89     | 0.09%             | 2035-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                    | Amazon.com, Inc.                                                                | CUSIP: 023135AZ9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6806.44      | 0.02%             | 2024-08-22      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| S&P Global, Inc.                                    | S&P Global, Inc.                                                                | CUSIP: 78409VBA1<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     14000 | PA      | $12887.99     | 0.03%             | 2027-03-01      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital BDC, Inc.                             | Golub Capital BDC, Inc.                                                         | CUSIP: 38173MAC6<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |     27000 | PA      | $22377.58     | 0.06%             | 2027-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC                                                                           | CUSIP: 3137EAER6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    112000 | PA      | $109965.60    | 0.29%             | 2023-05-05      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 9128286R6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     15000 | PA      | $14510.16     | 0.04%             | 2024-04-30      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140K0P69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27813 | PA      | $25863.61     | 0.07%             | 2034-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ERP Operating LP                                    | ERP Operating LP                                                                | CUSIP: 26884ABF9<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |      1000 | PA      | $926.75       | 0.00%             | 2026-11-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140J7UA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8173 | PA      | $7936.88      | 0.02%             | 2032-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                    | CUSIP: 06738EAE5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     40000 | PA      | $38153.59     | 0.10%             | 2025-03-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37410.68     | 0.10%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LYB International Finance II BV                     | LYB International Finance II BV                                                 | CUSIP: 50247WAB3<br>LEI: 549300ZSNDBYN4Z4VZ93 | Long             | DBT              | CORP              | NL        |      5000 | PA      | $4630.06      | 0.01%             | 2027-03-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA ACES, Series 2017-M1, Class A2                                             | CUSIP: 3136AUG21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39269 | PA      | $36532.97     | 0.10%             | 2026-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GXE9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8860.49      | 0.02%             | 2024-02-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XAGW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36113 | PA      | $32591.10     | 0.09%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ecolab, Inc.                                        | Ecolab, Inc.                                                                    | CUSIP: 278865BL3<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10681.10     | 0.03%             | 2027-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                               | PayPal Holdings, Inc.                                                           | CUSIP: 70450YAC7<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15331.28     | 0.04%             | 2024-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130AQF65<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     60000 | PA      | $53781.51     | 0.14%             | 2026-12-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                            | UnitedHealth Group, Inc.                                                        | CUSIP: 91324PEC2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1801.85      | 0.00%             | 2026-05-15      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Mylan, Inc.                                         | Mylan, Inc.                                                                     | CUSIP: 628530BD8<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12842.04     | 0.03%             | 2023-11-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Province of Quebec Canada                           | Province of Quebec                                                              | CUSIP: 748148RZ8<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     10000 | PA      | $9407.09      | 0.02%             | 2025-02-11      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                        | AbbVie, Inc.                                                                    | CUSIP: 00287YCX5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41123.89     | 0.11%             | 2025-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                        | Leidos, Inc.                                                                    | CUSIP: 52532XAD7<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3851.78      | 0.01%             | 2025-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corp.                              | General Dynamics Corp.                                                          | CUSIP: 369550BN7<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     51000 | PA      | $45536.44     | 0.12%             | 2026-06-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                        | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AM8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23081.26     | 0.06%             | 2025-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4               | CUSIP: 94988QAG6<br>LEI: 549300V2DF3KW9L1CV04 | Long             | ABS-MBS          | CORP              | US        |     12000 | PA      | $11863.78     | 0.03%             | 2046-07-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    154000 | PA      | $138811.99    | 0.37%             | 2026-06-19      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 94974BGA2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15598.05     | 0.04%             | 2024-09-09      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2014-GC18, Class A4                        | CUSIP: 36252RAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $29298.85     | 0.08%             | 2047-01-10      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.                              | CUSIP: 637432NK7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7172.35      | 0.02%             | 2046-04-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2N2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23276.29     | 0.06%             | 2026-04-30      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR16, Class A3                           | CUSIP: 12591VAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24015 | PA      | $23405.71     | 0.06%             | 2047-04-10      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                 | Union Pacific Corp.                                                             | CUSIP: 907818FJ2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      1000 | PA      | $914.58       | 0.00%             | 2027-02-05      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                  | General Motors Financial Co., Inc.                                              | CUSIP: 37045XBQ8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     63000 | PA      | $59214.17     | 0.16%             | 2026-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DA93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7313 | PA      | $6899.43      | 0.02%             | 2034-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138ER5N6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11215 | PA      | $10783.41     | 0.03%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital, Inc.                       | GlaxoSmithKline Capital, Inc.                                                   | CUSIP: 377372AM9<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1963.47      | 0.01%             | 2025-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X9AA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11043 | PA      | $10429.17     | 0.03%             | 2034-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                                | CUSIP: 097023CT0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4953.38      | 0.01%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31, Class A5   | CUSIP: 61766RAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32000 | PA      | $29214.13     | 0.08%             | 2049-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Visa, Inc.                                          | Visa, Inc.                                                                      | CUSIP: 92826CAP7<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |      8000 | PA      | $6854.57      | 0.02%             | 2027-08-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                   | Merck & Co., Inc.                                                               | CUSIP: 58933YAR6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26027.95     | 0.07%             | 2025-02-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corp.                                | Kimberly-Clark Corp.                                                            | CUSIP: 494368BR3<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15388.29     | 0.04%             | 2025-08-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                           | HCA, Inc.                                                                       | CUSIP: 404119BQ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9002.27      | 0.02%             | 2025-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                        | American Honda Finance Corp.                                                    | CUSIP: 02665WDL2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13726.69     | 0.04%             | 2025-07-08      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                              | CUSIP: 86765BAN9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8832.11      | 0.02%             | 2024-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133GA7B6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     80102 | PA      | $70249.10     | 0.19%             | 2035-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526BZ1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    373000 | PA      | $356601.17    | 0.94%             | 2026-01-13      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                  | Atmos Energy Corp.                                                              | CUSIP: 049560AN5<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9394.46      | 0.02%             | 2027-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                 | Georgia-Pacific LLC                                                             | CUSIP: 373298CF3<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16505.39     | 0.04%             | 2024-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 9128286G0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2066000 | PA      | $2009669.23   | 5.32%             | 2024-02-29      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWL28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68448 | PA      | $61779.71     | 0.16%             | 2035-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 15 Year                                                                | CUSIP: 36179V3Q1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     20286 | PA      | $18678.22     | 0.05%             | 2036-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                           | Toyota Motor Credit Corp.                                                       | CUSIP: 89236TJZ9<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15987.49     | 0.04%             | 2027-03-22      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                | Royal Bank of Canada                                                            | CUSIP: 78015K7J7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     22000 | PA      | $21156.50     | 0.06%             | 2023-10-26      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JQ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     45000 | PA      | $40102.03     | 0.11%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                   | World Omni Auto Receivables Trust, Series 2021-C, Class A3                      | CUSIP: 98164CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $28449.91     | 0.08%             | 2026-08-17      | Fixed         | 0.44%                 | No            |                  2 | On Loan: No      |
| McCormick & Co., Inc.                               | McCormick & Co., Inc.                                                           | CUSIP: 579780AN7<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9400.59      | 0.02%             | 2027-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21137.85     | 0.06%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| Hasbro, Inc.                                        | Hasbro, Inc.                                                                    | CUSIP: 418056AX5<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4806.27      | 0.01%             | 2024-11-19      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                | American Tower Corp.                                                            | CUSIP: 03027XAV2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1910.14      | 0.01%             | 2025-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                             | DuPont de Nemours, Inc.                                                         | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9937.56      | 0.03%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                    | Republic of Peru                                                                | CUSIP: 715638DE9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     18000 | PA      | $16745.88     | 0.04%             | 2026-01-23      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                              | Asian Development Bank                                                          | CUSIP: 045167EW9<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |    120000 | PA      | $108140.39    | 0.29%             | 2025-09-03      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                            | European Investment Bank                                                        | CUSIP: 298785JK3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |     41000 | PA      | $36263.96     | 0.10%             | 2026-03-26      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                         | AvalonBay Communities, Inc.                                                     | CUSIP: 05348EAW9<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1926.75      | 0.01%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GWQ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13482.23     | 0.04%             | 2025-09-29      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                   | Eversource Energy, Series U                                                     | CUSIP: 30040WAN8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14104.29     | 0.04%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                                | CUSIP: 097023CZ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3844.80      | 0.01%             | 2024-02-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2T9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9320.76      | 0.02%             | 2025-05-19      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Bonds                                                             | CUSIP: 912810ES3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    996000 | PA      | $1053464.53   | 2.79%             | 2024-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                  | State Street Corp.                                                              | CUSIP: 857477AT0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23374.24     | 0.06%             | 2025-08-18      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Hungary                                             | Hungary Government Bond                                                         | CUSIP: 445545AJ5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      1000 | PA      | $1002.92      | 0.00%             | 2023-11-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                    | Paramount Global                                                                | CUSIP: 124857AQ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1914.24      | 0.01%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    772000 | PA      | $685753.13    | 1.82%             | 2026-08-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Province of British Columbia Canada                 | Province of British Columbia                                                    | CUSIP: 110709AH5<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |     44000 | PA      | $39069.26     | 0.10%             | 2026-07-20      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24893.09     | 0.07%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                          | Ameriprise Financial, Inc.                                                      | CUSIP: 03076CAH9<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1870.52      | 0.00%             | 2026-09-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                           | Toyota Motor Credit Corp.                                                       | CUSIP: 89236THU2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     57000 | PA      | $54364.31     | 0.14%             | 2024-01-11      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                 | Coca-Cola Co. (The)                                                             | CUSIP: 191216CU2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14240.85     | 0.04%             | 2027-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                    | Amazon.com, Inc.                                                                | CUSIP: 023135BQ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13752.00     | 0.04%             | 2025-06-03      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA ACES, Series 2017-M10, Class AV2                                           | CUSIP: 3136AXVB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11369 | PA      | $11086.29     | 0.03%             | 2024-07-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JJ4<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     22000 | PA      | $19730.60     | 0.05%             | 2026-01-22      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWNX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18741 | PA      | $17368.99     | 0.05%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    340000 | PA      | $308257.81    | 0.82%             | 2025-06-30      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                           | Mid-America Apartments LP                                                       | CUSIP: 59523UAT4<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     27000 | PA      | $23405.35     | 0.06%             | 2026-09-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2013-CR12, Class A4                           | CUSIP: 12591KAE5<br>LEI: 549300MGZ5FI5VFL1177 | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $73448.00     | 0.19%             | 2046-10-10      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| eBay, Inc.                                          | eBay, Inc.                                                                      | CUSIP: 278642AV5<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1877.14      | 0.00%             | 2025-03-11      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X7BY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22434 | PA      | $21162.70     | 0.06%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 31307T5G2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7413 | PA      | $7097.78      | 0.02%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Yale University                                     | Yale University, Series 2020                                                    | CUSIP: 98459LAA1<br>LEI: 9SFB6DIM0FRWV0EV8S84 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8280.02      | 0.02%             | 2025-04-15      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMQE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17129 | PA      | $16374.86     | 0.04%             | 2027-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280CE7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $27939.90     | 0.07%             | 2025-11-07      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortgage Trust              | UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4                | CUSIP: 90349GBF1<br>LEI: 549300G1IXWLFE766Q13 | Long             | ABS-MBS          | CORP              | US        |     23000 | PA      | $22829.69     | 0.06%             | 2046-04-10      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                        | Zimmer Biomet Holdings, Inc.                                                    | CUSIP: 98956PAS1<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10420.70     | 0.03%             | 2026-01-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769HX5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     56000 | PA      | $54677.31     | 0.14%             | 2024-02-28      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CBH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     22000 | PA      | $19621.25     | 0.05%             | 2026-01-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 9128285T3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      5000 | PA      | $4794.53      | 0.01%             | 2025-12-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3907.43      | 0.01%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5756.38      | 0.02%             | 2028-04-27      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                          | Prudential Financial, Inc.                                                      | CUSIP: 74432QCH6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16270.85     | 0.04%             | 2026-03-10      | Fixed         | 1.50%                 | 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        |   1001977 | NS      | $1001976.53   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4831.51      | 0.01%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CGMS Commercial Mortgage Trust                      | CGMS Commercial Mortgage Trust, Series 2017-B1, Class AAB                       | CUSIP: 17326CBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15332 | PA      | $14546.53     | 0.04%             | 2050-08-15      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X87J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50274 | PA      | $45374.72     | 0.12%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A          | Ford Credit Floorplan Master Owner Trust A, Series 2018-2, Class A              | CUSIP: 34528QGD0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $14911.83     | 0.04%             | 2025-03-15      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                   | Johnson & Johnson                                                               | CUSIP: 478160BH6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8949.03      | 0.02%             | 2023-12-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                             | Simon Property Group LP                                                         | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46205.55     | 0.12%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                            | European Investment Bank                                                        | CUSIP: 298785JG2<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |     11000 | PA      | $9826.79      | 0.03%             | 2025-12-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWNS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18077 | PA      | $16315.75     | 0.04%             | 2035-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)            | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475AV7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     76000 | PA      | $74841.15     | 0.20%             | 2024-01-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Welltower, Inc.                                     | Welltower, Inc.                                                                 | CUSIP: 95040QAK0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1821.98      | 0.00%             | 2027-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FHLB                                                | FHLB                                                                            | CUSIP: 3130A3GE8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGA              | US        |     25000 | PA      | $24162.15     | 0.06%             | 2024-12-13      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class D   | CUSIP: 46590KAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $8445.04      | 0.02%             | 2049-01-15      | Variable      | 4.38%                 | No            |                  3 | On Loan: No      |
| Toronto-Dominion Bank (The)                         | Toronto-Dominion Bank (The)                                                     | CUSIP: 89114TZT2<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     16000 | PA      | $14722.15     | 0.04%             | 2027-03-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                               | Dominion Energy, Inc.                                                           | CUSIP: 25746UBY4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12189.76     | 0.03%             | 2054-10-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    713000 | PA      | $637522.27    | 1.69%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A          | Ford Credit Floorplan Master Owner Trust A, Series 2019-2, Class A              | CUSIP: 34528QGW8<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |      8000 | PA      | $7722.05      | 0.02%             | 2026-04-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828YG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     51000 | PA      | $46820.39     | 0.12%             | 2026-09-30      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                | Caterpillar Financial Services Corp.                                            | CUSIP: 14912L6C0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11772.65     | 0.03%             | 2024-06-09      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                 | Bank of New York Mellon Corp. (The)                                             | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17299.86     | 0.05%             | 2028-06-13      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138E7TW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3697 | PA      | $3577.65      | 0.01%             | 2027-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2440000 | PA      | $2187040.64   | 5.79%             | 2025-11-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                           | Toyota Motor Credit Corp.                                                       | CUSIP: 89236THG3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8565.31      | 0.02%             | 2027-08-13      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMTF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16374 | PA      | $15521.82     | 0.04%             | 2030-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance USA Ltd.                       | BHP Billiton Finance USA Ltd.                                                   | CUSIP: 055450AH3<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |      1000 | PA      | $1049.07      | 0.00%             | 2026-03-01      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                               | Walt Disney Co. (The)                                                           | CUSIP: 254687FP6<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33882.22     | 0.09%             | 2027-03-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                                     | BlackRock, Inc.                                                                 | CUSIP: 09247XAL5<br>LEI: 549300LRIF3NWCU26A80 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3945.00      | 0.01%             | 2024-03-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                      | Landwirtschaftliche Rentenbank                                                  | CUSIP: 515110CA0<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |     65000 | PA      | $58349.67     | 0.15%             | 2026-03-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| CDW LLC                                             | CDW LLC                                                                         | CUSIP: 12513GBA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $13963.08     | 0.04%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co.                         | Southern California Gas Co., Series TT                                          | CUSIP: 842434CQ3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10235.43     | 0.03%             | 2026-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares, Inc.                     | First Citizens BancShares, Inc.                                                 | CUSIP: 31946MAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18832.01     | 0.05%             | 2030-03-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                              | Home Depot, Inc. (The)                                                          | CUSIP: 437076BK7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4861.86      | 0.01%             | 2025-09-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                            | European Investment Bank                                                        | CUSIP: 298785JQ0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |     37000 | PA      | $33311.06     | 0.09%             | 2027-03-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings, Inc.                              | Kyndryl Holdings, Inc.                                                          | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |      7000 | PA      | $5697.73      | 0.02%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Visa, Inc.                                          | Visa, Inc.                                                                      | CUSIP: 92826CAL6<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31805.91     | 0.08%             | 2027-04-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DY30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63784 | PA      | $57563.63     | 0.15%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings LLC                | Cheniere Corpus Christi Holdings LLC                                            | CUSIP: 16412XAC9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10051.26     | 0.03%             | 2025-03-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWNK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9781 | PA      | $9066.69      | 0.02%             | 2035-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XDMR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49400 | PA      | $43320.24     | 0.11%             | 2036-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                        | American Honda Finance Corp.                                                    | CUSIP: 02665WCQ2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13850.48     | 0.04%             | 2023-10-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JC9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     10000 | PA      | $9496.06      | 0.03%             | 2024-08-05      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                      | DTE Energy Co.                                                                  | CUSIP: 233331AY3<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2780.99      | 0.01%             | 2026-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                  | State Street Corp.                                                              | CUSIP: 857477AM5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    114000 | PA      | $112758.56    | 0.30%             | 2023-11-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $170229.83    | 0.45%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA                                                                            | CUSIP: 3135G06H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     82000 | PA      | $78387.99     | 0.21%             | 2023-11-27      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                    | Oesterreichische Kontrollbank AG                                                | CUSIP: 676167BX6<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | CORP              | AT        |      1000 | PA      | $985.40       | 0.00%             | 2023-11-07      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WRKCo, Inc.                                         | WRKCo, Inc.                                                                     | CUSIP: 92940PAB0<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2956.25      | 0.01%             | 2026-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                    | CVS Health Corp.                                                                | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     29000 | PA      | $24890.53     | 0.07%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Asian Infrastructure Investment Bank (The)          | Asian Infrastructure Investment Bank (The)                                      | CUSIP: 04522KAB2<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | US        |     55000 | PA      | $49999.14     | 0.13%             | 2025-05-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FFCB Funding Corp.                                  | FFCB Funding Corp.                                                              | CUSIP: 3133END80<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |      7000 | PA      | $6731.08      | 0.02%             | 2026-08-03      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                         | Intel Corp.                                                                     | CUSIP: 458140BP4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1952.65      | 0.01%             | 2025-03-25      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133GBMJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61762 | PA      | $54193.06     | 0.14%             | 2036-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                   | BAT Capital Corp.                                                               | CUSIP: 05526DAZ8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13502.86     | 0.04%             | 2024-08-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                            | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122CM8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8755.93      | 0.02%             | 2024-07-26      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CBC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     26000 | PA      | $23280.16     | 0.06%             | 2025-12-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                              | Novartis Capital Corp.                                                          | CUSIP: 66989HAP3<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1896.06      | 0.01%             | 2025-02-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418D2R2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    185458 | PA      | $167368.48    | 0.44%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                        | Verizon Communications, Inc.                                                    | CUSIP: 92343VFS8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7179.84      | 0.02%             | 2025-11-20      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Verizon Owner Trust                                 | Verizon Owner Trust, Series 2020-A, Class A1A                                   | CUSIP: 92348TAA2<br>LEI: 549300XY7L2MRX0BQH89 | Long             | ABS-O            | CORP              | US        |      4227 | PA      | $4201.29      | 0.01%             | 2024-07-22      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A2                | CUSIP: 95001YAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35000 | PA      | $33194.46     | 0.09%             | 2052-12-15      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCM5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2807.98      | 0.01%             | 2026-03-03      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                               | Dominion Energy, Inc.                                                           | CUSIP: 25746UDB2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23085.26     | 0.06%             | 2024-08-15      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA ACES, Series 2015-M10, Class A2                                            | CUSIP: 3136AN6U6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35127 | PA      | $33437.38     | 0.09%             | 2027-04-25      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133L7XU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57733 | PA      | $50635.61     | 0.13%             | 2035-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    164000 | PA      | $141309.06    | 0.37%             | 2027-05-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Cigna Corp.                                         | Cigna Corp.                                                                     | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44835.05     | 0.12%             | 2026-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    923000 | PA      | $884385.43    | 2.34%             | 2023-11-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A3   | CUSIP: 61764PBT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5552 | PA      | $5338.19      | 0.01%             | 2047-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TSMC Arizona Corp.                                  | TSMC Arizona Corp.                                                              | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177772.72    | 0.47%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                  | Southern Co. (The), Series B                                                    | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24171.58     | 0.06%             | 2051-01-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TC PipeLines LP                                     | TC PipeLines LP                                                                 | CUSIP: 87233QAB4<br>LEI: 6HL0C5LCIE4TN8UZHL06 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19656.10     | 0.05%             | 2025-03-13      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                      | Landwirtschaftliche Rentenbank                                                  | CUSIP: 515110BV5<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | CORP              | DE        |     17000 | PA      | $16750.47     | 0.04%             | 2023-11-14      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                       | PepsiCo, Inc.                                                                   | CUSIP: 713448DN5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1875.45      | 0.00%             | 2026-10-06      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                    | Amazon.com, Inc.                                                                | CUSIP: 023135BQ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9168.00      | 0.02%             | 2025-06-03      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1000 | PA      | $893.70       | 0.00%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                     | Inter-American Development Bank                                                 | CUSIP: 4581X0EB0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |      1000 | PA      | $906.17       | 0.00%             | 2027-01-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Cigna Corp.                                         | Cigna Corp.                                                                     | CUSIP: 125523CN8<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     97000 | PA      | $91737.45     | 0.24%             | 2024-03-15      | Fixed         | 0.61%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                 | Fifth Third Bancorp                                                             | CUSIP: 316773CP3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11904.52     | 0.03%             | 2024-01-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fibria Overseas Finance Ltd.                        | Fibria Overseas Finance Ltd.                                                    | CUSIP: 31572UAG1<br>LEI: 549300WABWKSHESAMG92 | Long             | DBT              | CORP              | KY        |      6000 | PA      | $5793.47      | 0.02%             | 2025-01-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                 | Coca-Cola Co. (The)                                                             | CUSIP: 191216CL2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     81000 | PA      | $77724.49     | 0.21%             | 2024-09-06      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                  | Crown Castle, Inc.                                                              | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13006.30     | 0.03%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| PACCAR Financial Corp.                              | PACCAR Financial Corp.                                                          | CUSIP: 69371RR32<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |      1000 | PA      | $896.78       | 0.00%             | 2026-05-11      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                        | Pacific Gas and Electric Co.                                                    | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3702.62      | 0.01%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                               | Elevance Health, Inc.                                                           | CUSIP: 94973VBJ5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10756.73     | 0.03%             | 2024-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                    | CVS Health Corp.                                                                | CUSIP: 126650CL2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24576.57     | 0.07%             | 2025-07-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                       | Comcast Corp.                                                                   | CUSIP: 20030NBN0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19382.88     | 0.05%             | 2025-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                   | Lowe's Cos., Inc.                                                               | CUSIP: 548661DD6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29158.89     | 0.08%             | 2024-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                | Caterpillar Financial Services Corp.                                            | CUSIP: 14913Q2S7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5935.25      | 0.02%             | 2023-12-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2012-C10, Class B                       | CUSIP: 92890NAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $14050.85     | 0.04%             | 2045-12-15      | Fixed         | 3.74%                 | No            |                  3 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMU27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5831 | PA      | $5513.03      | 0.01%             | 2031-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust             | Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A                | CUSIP: 14041NGA3<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $29021.10     | 0.08%             | 2027-05-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    823000 | PA      | $729319.46    | 1.93%             | 2026-07-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                          | FNMA/FHLMC UMBS, Single Family, 15 Year                                         | CUSIP: 01F0204C0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    330000 | PA      | $296838.87    | 0.79%             | 2037-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Province of Ontario Canada                          | Province of Ontario                                                             | CUSIP: 68323ACT9<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      5000 | PA      | $4896.53      | 0.01%             | 2024-05-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-3A, Class C                    | CUSIP: 30166AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $37476.03     | 0.10%             | 2026-10-15      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                     | Blackstone Secured Lending Fund                                                 | CUSIP: 09261XAB8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1775.31      | 0.00%             | 2026-09-16      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                  | State Street Corp.                                                              | CUSIP: 857477BE2<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     48000 | PA      | $45451.91     | 0.12%             | 2025-11-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CAH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    142000 | PA      | $121454.38    | 0.32%             | 2027-08-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Sempra Energy                                       | Sempra Energy                                                                   | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      8000 | PA      | $6201.88      | 0.02%             | 2052-04-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 15 Year                                                                | CUSIP: 36179TB46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5574 | PA      | $5355.37      | 0.01%             | 2032-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Omnicom Group, Inc.                                 | Omnicom Group, Inc.                                                             | CUSIP: 681919BA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $8786.21      | 0.02%             | 2024-11-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                    | Oesterreichische Kontrollbank AG                                                | CUSIP: 676167CB3<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |      4000 | PA      | $3594.48      | 0.01%             | 2025-09-17      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                    | Kroger Co. (The)                                                                | CUSIP: 501044DE8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4602.02      | 0.01%             | 2026-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                    | Paramount Global                                                                | CUSIP: 124857AQ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13399.66     | 0.04%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                        | AbbVie, Inc.                                                                    | CUSIP: 00287YCV9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16762.25     | 0.04%             | 2024-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                                | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1808.93      | 0.00%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Iberdrola International BV                          | Iberdrola International BV                                                      | CUSIP: 81013TAC5<br>LEI: 549300ZMLFJKWC63XN87 | Long             | DBT              | CORP              | NL        |      2000 | PA      | $2047.05      | 0.01%             | 2025-03-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                  | Southern Co. (The), Series 21-A                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      6000 | PA      | $4801.92      | 0.01%             | 2051-09-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                        | Pfizer, Inc.                                                                    | CUSIP: 717081DV2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4760.14      | 0.01%             | 2026-06-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                   | Duke Energy Corp.                                                               | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      4000 | PA      | $2841.49      | 0.01%             | 2082-01-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| PACCAR Financial Corp.                              | PACCAR Financial Corp.                                                          | CUSIP: 69371RR65<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1813.64      | 0.00%             | 2027-02-04      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X92B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51973 | PA      | $51002.45     | 0.14%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    138000 | PA      | $119337.66    | 0.32%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                  | Essex Portfolio LP                                                              | CUSIP: 29717PAP2<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7729.30      | 0.02%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                     | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769GK4<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |     13000 | PA      | $12518.04     | 0.03%             | 2024-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                | Royal Bank of Canada                                                            | CUSIP: 78016EZZ3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $30810.96     | 0.08%             | 2026-11-02      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6AT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     56469 | PA      | $49536.77     | 0.13%             | 2036-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      6000 | PA      | $5667.66      | 0.02%             | 2027-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X7PW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8447 | PA      | $7966.39      | 0.02%             | 2033-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                       | PepsiCo, Inc.                                                                   | CUSIP: 713448DF2<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9602.80      | 0.03%             | 2026-02-24      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GHY8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32434.19     | 0.09%             | 2026-02-13      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XAGU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33596 | PA      | $30320.28     | 0.08%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                 | Union Pacific Corp.                                                             | CUSIP: 907818DY1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23399.87     | 0.06%             | 2025-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                     | Oncor Electric Delivery Co. LLC                                                 | CUSIP: 68233JBZ6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    101000 | PA      | $89843.01     | 0.24%             | 2025-10-01      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| Aflac, Inc.                                         | Aflac, Inc.                                                                     | CUSIP: 001055BK7<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26735.52     | 0.07%             | 2026-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                       | Walmart, Inc.                                                                   | CUSIP: 931142ER0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     77000 | PA      | $68396.84     | 0.18%             | 2026-09-17      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                 | Realty Income Corp.                                                             | CUSIP: 756109AV6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19569.39     | 0.05%             | 2025-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| African Development Bank                            | African Development Bank                                                        | CUSIP: 00828EEF2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | US        |      3000 | PA      | $2664.94      | 0.01%             | 2026-07-22      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| African Development Bank                            | African Development Bank                                                        | CUSIP: 00828EEE5<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | US        |     30000 | PA      | $26909.86     | 0.07%             | 2026-03-23      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                         | AvalonBay Communities, Inc.                                                     | CUSIP: 05348EAV1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1929.98      | 0.01%             | 2025-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                    | BP Capital Markets America, Inc.                                                | CUSIP: 10373QBE9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10635.06     | 0.03%             | 2026-02-11      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| FFCB Funding Corp.                                  | FFCB Funding Corp.                                                              | CUSIP: 3133ENJ35<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |     31000 | PA      | $30167.63     | 0.08%             | 2026-02-25      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3133GAXF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6808 | PA      | $6138.37      | 0.02%             | 2035-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HP, Inc.                                            | HP, Inc.                                                                        | CUSIP: 40434LAA3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |     38000 | PA      | $35466.09     | 0.09%             | 2025-06-17      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                          | FNMA/FHLMC UMBS, Single Family, 15 Year                                         | CUSIP: 01F0304C9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    175000 | PA      | $164683.68    | 0.44%             | 2037-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                   | Eversource Energy, Series Q                                                     | CUSIP: 30040WAJ7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17792.50     | 0.05%             | 2025-08-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5               | CUSIP: 94989AAU9<br>LEI: 5493007CD1Q2V06I4172 | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $14280.72     | 0.04%             | 2047-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fibria Overseas Finance Ltd.                        | Fibria Overseas Finance Ltd.                                                    | CUSIP: 31572UAF3<br>LEI: 549300WABWKSHESAMG92 | Long             | DBT              | CORP              | KY        |      6000 | PA      | $5994.35      | 0.02%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  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