# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001824
**Filing Date:** 2026-1
**Character Count:** 1526248
**Document Hash:** e17b5341b97c188ee18ec332e1174ad2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001824.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001824

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 26571348

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### JPMorgan Income ETF (Series ID: S000072932)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000229632 | JPMorgan Income ETF | JPIE            |

## Nport-Ex

**JPMorgan Income ETF**

**Schedule of Portfolio Investments as of November 30, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — 37.4%** | **Mortgage-Backed Securities — 37.4%** | **Mortgage-Backed Securities — 37.4%** |
| &nbsp;&nbsp;&nbsp; FHLMC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 8C1031, ARM, 5.25%, 6/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5750819 | &nbsp;&nbsp;&nbsp;&nbsp; 5848534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 842039, ARM, 5.27%, 10/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4401126 | &nbsp;&nbsp;&nbsp;&nbsp; 4470879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 8B0505, ARM, 4.80%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6846823 | &nbsp;&nbsp;&nbsp;&nbsp; 6910230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 8C1189, ARM, 4.90%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2983097 | &nbsp;&nbsp;&nbsp;&nbsp; 3007969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 8C1217, ARM, 5.06%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9166784 | &nbsp;&nbsp;&nbsp;&nbsp; 9279697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 8C1210, ARM, 5.41%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4574042 | &nbsp;&nbsp;&nbsp;&nbsp; 4659129 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # WN2492, 4.93%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 995507 | &nbsp;&nbsp;&nbsp;&nbsp; 1007881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # WN2326, 4.45%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210560 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA9081, 6.50%, 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2701686 | &nbsp;&nbsp;&nbsp;&nbsp; 2840674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ0003, 6.50%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3830136 | &nbsp;&nbsp;&nbsp;&nbsp; 4033897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD4030, 6.50%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4661377 | &nbsp;&nbsp;&nbsp;&nbsp; 4897547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5883, 6.50%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10798206 | &nbsp;&nbsp;&nbsp;&nbsp; 11341966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5979, 6.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7218157 | &nbsp;&nbsp;&nbsp;&nbsp; 7429609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6268, 6.50%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8114331 | &nbsp;&nbsp;&nbsp;&nbsp; 8534277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6461, 6.50%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2289110 | &nbsp;&nbsp;&nbsp;&nbsp; 2401223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QX2328, 5.50%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 280366 | &nbsp;&nbsp;&nbsp;&nbsp; 284158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QX9908, 6.00%, 4/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 8617870 | &nbsp;&nbsp;&nbsp;&nbsp; 8861697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QX9926, 6.00%, 4/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7903620 | &nbsp;&nbsp;&nbsp;&nbsp; 8128410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SL2544, 6.50%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 30433722 | &nbsp;&nbsp;&nbsp;&nbsp; 31888923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SL3192, 6.00%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 83835330 | &nbsp;&nbsp;&nbsp;&nbsp; 86915342 |
| &nbsp;&nbsp;&nbsp; FNMA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM7862, ARM, 5.09%, 10/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2738740 | &nbsp;&nbsp;&nbsp;&nbsp; 2771231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM7859, ARM, 4.88%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15591434 | &nbsp;&nbsp;&nbsp;&nbsp; 15708238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF1997, ARM, 4.88%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5686689 | &nbsp;&nbsp;&nbsp;&nbsp; 5760141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM7874, ARM, 5.00%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23320098 | &nbsp;&nbsp;&nbsp;&nbsp; 23576148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4134, ARM, 5.33%, 11/1/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7997218 | &nbsp;&nbsp;&nbsp;&nbsp; 8148229 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB5497, 6.50%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7011754 | &nbsp;&nbsp;&nbsp;&nbsp; 7330766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB7136, 6.50%, 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 9765862 | &nbsp;&nbsp;&nbsp;&nbsp; 10268285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5192, 6.50%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2568604 | &nbsp;&nbsp;&nbsp;&nbsp; 2663690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS6942, 6.50%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1810597 | &nbsp;&nbsp;&nbsp;&nbsp; 1884313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS9123, 6.50%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7198036 | &nbsp;&nbsp;&nbsp;&nbsp; 7553789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8004, 6.00%, 2/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2358847 | &nbsp;&nbsp;&nbsp;&nbsp; 2444710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8495, 6.00%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7637856 | &nbsp;&nbsp;&nbsp;&nbsp; 7918120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8853, 6.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 26615315 | &nbsp;&nbsp;&nbsp;&nbsp; 27671617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8911, 6.50%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8707381 | &nbsp;&nbsp;&nbsp;&nbsp; 9174881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB9153, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8917570 | &nbsp;&nbsp;&nbsp;&nbsp; 9280922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA1925, 6.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 11060644 | &nbsp;&nbsp;&nbsp;&nbsp; 11398964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU5526, 5.50%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 369194 | &nbsp;&nbsp;&nbsp;&nbsp; 373960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA0541, 6.00%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 13151032 | &nbsp;&nbsp;&nbsp;&nbsp; 13660189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA2805, 6.50%, 9/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 18502915 | &nbsp;&nbsp;&nbsp;&nbsp; 19387643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA2900, 6.00%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 49407467 | &nbsp;&nbsp;&nbsp;&nbsp; 51222629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA3423, 6.00%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 63834728 | &nbsp;&nbsp;&nbsp;&nbsp; 66179962 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9065, 4.62%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 655956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9617, 4.79%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1226110 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS7094, 4.78%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3520000 | &nbsp;&nbsp;&nbsp;&nbsp; 3600516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9607, 5.06%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 168660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9738, 4.97%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 227939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS3390, 1.69%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1268627 | &nbsp;&nbsp;&nbsp;&nbsp; 1118766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS3377, 1.72%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 179352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8929, 4.52%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4879454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS4294, 1.97%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 678209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1211, 4.99%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 877542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3537, 4.97%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2657100 | &nbsp;&nbsp;&nbsp;&nbsp; 2760796 |
| &nbsp;&nbsp;&nbsp; GNMA II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0696, ARM, 5.00%, 10/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10451244 | &nbsp;&nbsp;&nbsp;&nbsp; 10571743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0756, ARM, 5.00%, 11/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp;&nbsp; 10072660 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 2644, 6.50%, 9/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB5978, 6.50%, 4/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 156176 | &nbsp;&nbsp;&nbsp;&nbsp; 161090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA9696, 6.50%, 4/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 182390 | &nbsp;&nbsp;&nbsp;&nbsp; 188129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8151, 4.50%, 7/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8649, 6.00%, 2/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 267800 | &nbsp;&nbsp;&nbsp;&nbsp; 275010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9109, 7.00%, 8/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 689465 | &nbsp;&nbsp;&nbsp;&nbsp; 713552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CV8103, 6.00%, 9/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1029208 | &nbsp;&nbsp;&nbsp;&nbsp; 1056845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 786958, 6.00%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 47019719 | &nbsp;&nbsp;&nbsp;&nbsp; 48732209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CW1603, 6.50%, 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 150968 | &nbsp;&nbsp;&nbsp;&nbsp; 157366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA0555, 6.50%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 796527 | &nbsp;&nbsp;&nbsp;&nbsp; 830285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1949, 6.50%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 900293 | &nbsp;&nbsp;&nbsp;&nbsp; 938449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787307, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2300616 | &nbsp;&nbsp;&nbsp;&nbsp; 2398121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1810, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 573471 | &nbsp;&nbsp;&nbsp;&nbsp; 597775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1811, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 285704 | &nbsp;&nbsp;&nbsp;&nbsp; 297812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1521, 6.00%, 4/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 163224 | &nbsp;&nbsp;&nbsp;&nbsp; 168456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1161, 6.50%, 4/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 505702 | &nbsp;&nbsp;&nbsp;&nbsp; 527136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA5191, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 98211 | &nbsp;&nbsp;&nbsp;&nbsp; 103442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA9805, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 116533 | &nbsp;&nbsp;&nbsp;&nbsp; 121623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7176, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 163255 | &nbsp;&nbsp;&nbsp;&nbsp; 170882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9725, 5.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 18062480 | &nbsp;&nbsp;&nbsp;&nbsp; 18273827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7182, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 83881 | &nbsp;&nbsp;&nbsp;&nbsp; 86389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB9010, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 147813 | &nbsp;&nbsp;&nbsp;&nbsp; 151637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6423, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 332102 | &nbsp;&nbsp;&nbsp;&nbsp; 342746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6424, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 251301 | &nbsp;&nbsp;&nbsp;&nbsp; 258817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6462, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 277181 | &nbsp;&nbsp;&nbsp;&nbsp; 286149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6464, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1351160 | &nbsp;&nbsp;&nbsp;&nbsp; 1391571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC7762, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1543110 | &nbsp;&nbsp;&nbsp;&nbsp; 1589263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CP4226, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 353506 | &nbsp;&nbsp;&nbsp;&nbsp; 370024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CZ1406, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 140226 | &nbsp;&nbsp;&nbsp;&nbsp; 147145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1016, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 148438 | &nbsp;&nbsp;&nbsp;&nbsp; 155763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7470, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 444972 | &nbsp;&nbsp;&nbsp;&nbsp; 463831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7473, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1115704 | &nbsp;&nbsp;&nbsp;&nbsp; 1164353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6270, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 368698 | &nbsp;&nbsp;&nbsp;&nbsp; 385925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0617, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1209804 | &nbsp;&nbsp;&nbsp;&nbsp; 1261076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7520, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 424662 | &nbsp;&nbsp;&nbsp;&nbsp; 437363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC0348, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3960959 | &nbsp;&nbsp;&nbsp;&nbsp; 4067433 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6650, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1440248 | &nbsp;&nbsp;&nbsp;&nbsp; 1483324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC8318, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 59550 | &nbsp;&nbsp;&nbsp;&nbsp; 61331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC8319, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 98113 | &nbsp;&nbsp;&nbsp;&nbsp; 101048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1123, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 196922 | &nbsp;&nbsp;&nbsp;&nbsp; 205268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7614, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 73601 | &nbsp;&nbsp;&nbsp;&nbsp; 76720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4806, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1210081 | &nbsp;&nbsp;&nbsp;&nbsp; 1262846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4815, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 332266 | &nbsp;&nbsp;&nbsp;&nbsp; 346348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4824, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 829881 | &nbsp;&nbsp;&nbsp;&nbsp; 865053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4836, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 628374 | &nbsp;&nbsp;&nbsp;&nbsp; 655775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6344, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1274742 | &nbsp;&nbsp;&nbsp;&nbsp; 1328766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC7719, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 71093 | &nbsp;&nbsp;&nbsp;&nbsp; 74106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0244, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 295755 | &nbsp;&nbsp;&nbsp;&nbsp; 309574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0258, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 147743 | &nbsp;&nbsp;&nbsp;&nbsp; 154646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD1474, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1765219 | &nbsp;&nbsp;&nbsp;&nbsp; 1840037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD6149, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 117897 | &nbsp;&nbsp;&nbsp;&nbsp; 122894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD7932, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 541735 | &nbsp;&nbsp;&nbsp;&nbsp; 564695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD7934, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 277330 | &nbsp;&nbsp;&nbsp;&nbsp; 289084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD7935, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 970038 | &nbsp;&nbsp;&nbsp;&nbsp; 1011148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787515, 6.00%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7369326 | &nbsp;&nbsp;&nbsp;&nbsp; 7589717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE1862, 6.00%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3214451 | &nbsp;&nbsp;&nbsp;&nbsp; 3310593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787524, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10055897 | &nbsp;&nbsp;&nbsp;&nbsp; 10545499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787526, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10612660 | &nbsp;&nbsp;&nbsp;&nbsp; 11079482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787527, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9312817 | &nbsp;&nbsp;&nbsp;&nbsp; 9747104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787528, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 13545356 | &nbsp;&nbsp;&nbsp;&nbsp; 14132681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1146, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 73748 | &nbsp;&nbsp;&nbsp;&nbsp; 76874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA2943, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 692802 | &nbsp;&nbsp;&nbsp;&nbsp; 723011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC5089, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 683873 | &nbsp;&nbsp;&nbsp;&nbsp; 713693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6802, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 697950 | &nbsp;&nbsp;&nbsp;&nbsp; 726031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC8297, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 311583 | &nbsp;&nbsp;&nbsp;&nbsp; 325380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0605, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 197313 | &nbsp;&nbsp;&nbsp;&nbsp; 206243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD7840, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1315825 | &nbsp;&nbsp;&nbsp;&nbsp; 1373237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8028, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 86822 | &nbsp;&nbsp;&nbsp;&nbsp; 90840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8029, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 86694 | &nbsp;&nbsp;&nbsp;&nbsp; 90156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8031, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 64878 | &nbsp;&nbsp;&nbsp;&nbsp; 67628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8032, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 121870 | &nbsp;&nbsp;&nbsp;&nbsp; 127361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8033, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 105372 | &nbsp;&nbsp;&nbsp;&nbsp; 110120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD9128, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 216560 | &nbsp;&nbsp;&nbsp;&nbsp; 226679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0930, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 197137 | &nbsp;&nbsp;&nbsp;&nbsp; 206348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0931, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 97898 | &nbsp;&nbsp;&nbsp;&nbsp; 102472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0933, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 150746 | &nbsp;&nbsp;&nbsp;&nbsp; 157790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE1872, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3009505 | &nbsp;&nbsp;&nbsp;&nbsp; 3137055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787553, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9754470 | &nbsp;&nbsp;&nbsp;&nbsp; 10051238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD9114, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 94075 | &nbsp;&nbsp;&nbsp;&nbsp; 96888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0971, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 93186 | &nbsp;&nbsp;&nbsp;&nbsp; 95973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE4370, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 189143 | &nbsp;&nbsp;&nbsp;&nbsp; 194800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE4373, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 203695 | &nbsp;&nbsp;&nbsp;&nbsp; 209787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE4379, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 815489 | &nbsp;&nbsp;&nbsp;&nbsp; 839881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE6274, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8209246 | &nbsp;&nbsp;&nbsp;&nbsp; 8454780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787554, 6.50%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7933901 | &nbsp;&nbsp;&nbsp;&nbsp; 8277899 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE6368, 6.50%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 707020 | &nbsp;&nbsp;&nbsp;&nbsp; 735673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787593, 5.50%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10254229 | &nbsp;&nbsp;&nbsp;&nbsp; 10437238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787595, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 28529243 | &nbsp;&nbsp;&nbsp;&nbsp; 29434386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787596, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 30276257 | &nbsp;&nbsp;&nbsp;&nbsp; 31311440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF5278, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 102598 | &nbsp;&nbsp;&nbsp;&nbsp; 105667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF5283, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 919198 | &nbsp;&nbsp;&nbsp;&nbsp; 946692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF5284, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 988097 | &nbsp;&nbsp;&nbsp;&nbsp; 1017652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787890, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5716352 | &nbsp;&nbsp;&nbsp;&nbsp; 5898913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF8119, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9641252 | &nbsp;&nbsp;&nbsp;&nbsp; 9929619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF8120, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9590298 | &nbsp;&nbsp;&nbsp;&nbsp; 9877137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG0986, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 233253 | &nbsp;&nbsp;&nbsp;&nbsp; 241878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1019, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 247831 | &nbsp;&nbsp;&nbsp;&nbsp; 256994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1038, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 269202 | &nbsp;&nbsp;&nbsp;&nbsp; 279156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0928, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 112295 | &nbsp;&nbsp;&nbsp;&nbsp; 116447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4458, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 286382 | &nbsp;&nbsp;&nbsp;&nbsp; 296971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4461, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 278991 | &nbsp;&nbsp;&nbsp;&nbsp; 289307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4477, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 560282 | &nbsp;&nbsp;&nbsp;&nbsp; 580999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF8291, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1043150 | &nbsp;&nbsp;&nbsp;&nbsp; 1074350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1004, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 395882 | &nbsp;&nbsp;&nbsp;&nbsp; 410520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1015, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 190298 | &nbsp;&nbsp;&nbsp;&nbsp; 196479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1018, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 296895 | &nbsp;&nbsp;&nbsp;&nbsp; 307873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1027, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 546347 | &nbsp;&nbsp;&nbsp;&nbsp; 566548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8794, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 296519 | &nbsp;&nbsp;&nbsp;&nbsp; 307483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8812, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 108108 | &nbsp;&nbsp;&nbsp;&nbsp; 112105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8826, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 169770 | &nbsp;&nbsp;&nbsp;&nbsp; 176047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8827, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 481811 | &nbsp;&nbsp;&nbsp;&nbsp; 499628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8828, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 139329 | &nbsp;&nbsp;&nbsp;&nbsp; 144481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8829, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 240160 | &nbsp;&nbsp;&nbsp;&nbsp; 249041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8840, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 150174 | &nbsp;&nbsp;&nbsp;&nbsp; 155727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8841, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 482896 | &nbsp;&nbsp;&nbsp;&nbsp; 500753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8842, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 112008 | &nbsp;&nbsp;&nbsp;&nbsp; 116149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8843, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 162856 | &nbsp;&nbsp;&nbsp;&nbsp; 168878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8871, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 107347 | &nbsp;&nbsp;&nbsp;&nbsp; 111316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787839, 5.50%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 54915626 | &nbsp;&nbsp;&nbsp;&nbsp; 55490791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787892, 5.50%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 22260763 | &nbsp;&nbsp;&nbsp;&nbsp; 22668364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787885, 6.00%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 33693294 | &nbsp;&nbsp;&nbsp;&nbsp; 34701048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787933, 5.50%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 50895587 | &nbsp;&nbsp;&nbsp;&nbsp; 51436465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787935, 5.50%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 10379802 | &nbsp;&nbsp;&nbsp;&nbsp; 10557982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787936, 5.50%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 16995667 | &nbsp;&nbsp;&nbsp;&nbsp; 17348654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DI0238, 6.00%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1340928 | &nbsp;&nbsp;&nbsp;&nbsp; 1373028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787987, 5.50%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 28139437 | &nbsp;&nbsp;&nbsp;&nbsp; 28671977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787943, 6.50%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9344741 | &nbsp;&nbsp;&nbsp;&nbsp; 9816495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0426, 6.50%, 6/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 18273208 | &nbsp;&nbsp;&nbsp;&nbsp; 18855339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 788063, 6.00%, 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 13005017 | &nbsp;&nbsp;&nbsp;&nbsp; 13393999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0486, 6.00%, 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 214399730 | &nbsp;&nbsp;&nbsp;&nbsp; 218910420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DK7461, 6.50%, 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5759468 | &nbsp;&nbsp;&nbsp;&nbsp; 5984245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0487, 6.50%, 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1001826 | &nbsp;&nbsp;&nbsp;&nbsp; 1034012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 788132, 5.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 54628805 | &nbsp;&nbsp;&nbsp;&nbsp; 55588761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0556, 5.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 166280734 | &nbsp;&nbsp;&nbsp;&nbsp; 168096986 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0558, 6.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6130248 | &nbsp;&nbsp;&nbsp;&nbsp; 6325539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DJ3220, 5.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5593679 | &nbsp;&nbsp;&nbsp;&nbsp; 5687511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0624, 6.00%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 165971414 | &nbsp;&nbsp;&nbsp;&nbsp; 169614390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0625, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 156140741 | &nbsp;&nbsp;&nbsp;&nbsp; 161114926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN0795, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9091900 | &nbsp;&nbsp;&nbsp;&nbsp; 9248884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5662, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3058218 | &nbsp;&nbsp;&nbsp;&nbsp; 3109521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5664, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 13901954 | &nbsp;&nbsp;&nbsp;&nbsp; 14135161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5666, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4759943 | &nbsp;&nbsp;&nbsp;&nbsp; 4839793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5669, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2979102 | &nbsp;&nbsp;&nbsp;&nbsp; 3029078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5665, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7721019 | &nbsp;&nbsp;&nbsp;&nbsp; 7945168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5956, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 999048 | &nbsp;&nbsp;&nbsp;&nbsp; 1032292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5961, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 998920 | &nbsp;&nbsp;&nbsp;&nbsp; 1030019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5965, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3696571 | &nbsp;&nbsp;&nbsp;&nbsp; 3806008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5970, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3696492 | &nbsp;&nbsp;&nbsp;&nbsp; 3796990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN5975, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1067226 | &nbsp;&nbsp;&nbsp;&nbsp; 1102740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 788245, 6.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 19977344 | &nbsp;&nbsp;&nbsp;&nbsp; 20831194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0688, 6.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 36410096 | &nbsp;&nbsp;&nbsp;&nbsp; 37570014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0748, 6.50%, 11/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 16107683 | &nbsp;&nbsp;&nbsp;&nbsp; 16620826 |
| &nbsp;&nbsp;&nbsp; GNMA II, Single Family, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 12/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28268688 | &nbsp;&nbsp;&nbsp;&nbsp; 28547916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 12/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 142390000 | &nbsp;&nbsp;&nbsp;&nbsp; 146778354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 1/15/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 1/15/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 170990000 | &nbsp;&nbsp;&nbsp;&nbsp; 175979254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $2,382,585,328)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2391163786 |
| **Commercial Mortgage-Backed Securities — 17.2%** | **Commercial Mortgage-Backed Securities — 17.2%** | **Commercial Mortgage-Backed Securities — 17.2%** |
| &nbsp;&nbsp;&nbsp; 1211 Avenue of the Americas Trust Series 2015-1211, Class C, 4.28%, 8/10/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 871888 |
| &nbsp;&nbsp;&nbsp; Aventura Mall Trust Series 2018-AVM, Class A, 4.25%, 7/5/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2220000 | &nbsp;&nbsp;&nbsp;&nbsp; 2203657 |
| &nbsp;&nbsp;&nbsp; Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class C, 4.34%, 9/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2650597 |
| &nbsp;&nbsp;&nbsp; Banc of America Re-REMIC Trust Series 2024-FRR1, Class C, 0.00%, 4/27/2049 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021114 |
| &nbsp;&nbsp;&nbsp; BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO, 0.52%, 2/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7999918 | &nbsp;&nbsp;&nbsp;&nbsp; 176085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class C, 4.17%, 8/15/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class D, 2.50%, 9/15/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 410928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class XA, IO, 1.87%, 3/15/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4069343 | &nbsp;&nbsp;&nbsp;&nbsp; 273843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class E, 2.50%, 3/15/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 213772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class AS, 2.69%, 3/15/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4061645 |
| &nbsp;&nbsp;&nbsp; BANK5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR1, Class A3, 6.26%, 4/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6026162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class A2, 6.26%, 9/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5794102 | &nbsp;&nbsp;&nbsp;&nbsp; 6035017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class A3, 6.50%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 822333 | &nbsp;&nbsp;&nbsp;&nbsp; 867521 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class XB, IO, 1.07%, 9/15/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 223841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XA, IO, 1.32%, 9/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47005246 | &nbsp;&nbsp;&nbsp;&nbsp; 2948409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class XA, IO, 1.08%, 7/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13122566 | &nbsp;&nbsp;&nbsp;&nbsp; 625028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C21, Class A5, 6.00%, 9/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C22, Class A5, 6.80%, 11/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3277607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3, 6.68%, 12/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4622244 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class C, 4.34%, 1/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4299086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class AS, 4.08%, 2/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2229641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B4, Class A5, 4.12%, 7/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class D, 3.00%, 3/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 833760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class ASB, 2.26%, 6/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 770775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B33, Class A5, 3.46%, 3/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 749543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B36, Class A5, 4.47%, 7/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 788686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B37, Class A5, 5.94%, 11/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 648112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3, 6.23%, 5/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4234166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO, 0.72%, 7/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 118126173 | &nbsp;&nbsp;&nbsp;&nbsp; 4172453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V3, Class A3, 6.36%, 7/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class A3, 5.81%, 1/10/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 440549 | &nbsp;&nbsp;&nbsp;&nbsp; 459610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class C, 7.20%, 1/10/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3, 5.60%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4481254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class B, 4.18%, 3/15/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1418000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297690 |
| &nbsp;&nbsp;&nbsp; BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A, 5.81%, 8/15/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6483000 | &nbsp;&nbsp;&nbsp;&nbsp; 6495168 |
| &nbsp;&nbsp;&nbsp; BMARK Series 2023-V4, Class A3, 6.84%, 11/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3821765 |
| &nbsp;&nbsp;&nbsp; BMD2 Re-REMIC Trust Series 2019-FRR1, Class 4D1, PO, 5/25/2052 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3601795 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1, Class XA, IO, 0.59%, 2/17/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49187264 | &nbsp;&nbsp;&nbsp;&nbsp; 1073128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C5, Class A5, 5.77%, 6/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1732527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C1, Class A3, 6.53%, 8/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6280000 | &nbsp;&nbsp;&nbsp;&nbsp; 6585753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C2, Class A3, 7.30%, 11/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3310000 | &nbsp;&nbsp;&nbsp;&nbsp; 3545656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C7, Class A5, 6.16%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1623887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C3, Class A3, 5.74%, 2/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 2513516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C3, Class C, 7.09%, 2/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 720334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C4, Class A3, 6.53%, 5/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp;&nbsp; 8840718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C9, Class XA, IO, 1.08%, 7/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26954074 | &nbsp;&nbsp;&nbsp;&nbsp; 1692225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C9, Class A5, 5.76%, 7/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1830847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C6, Class A3, 5.32%, 9/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4025911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C10, Class XA, IO, 0.81%, 11/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 79693995 | &nbsp;&nbsp;&nbsp;&nbsp; 3918713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class XA, IO, 1.14%, 11/15/2057 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19939980 | &nbsp;&nbsp;&nbsp;&nbsp; 654889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3, 5.57%, 11/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class AS, 5.89%, 11/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class XA, IO, 1.33%, 7/15/2058 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75684441 | &nbsp;&nbsp;&nbsp;&nbsp; 3497817 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21M, Class A, 4.80%, 10/15/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 148759 | &nbsp;&nbsp;&nbsp;&nbsp; 148482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, 4.92%, 11/15/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 663137 | &nbsp;&nbsp;&nbsp;&nbsp; 662315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, 5.40%, 2/15/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1744345 | &nbsp;&nbsp;&nbsp;&nbsp; 1744345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class B, 5.65%, 2/15/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 708364 | &nbsp;&nbsp;&nbsp;&nbsp; 708363 |
| &nbsp;&nbsp;&nbsp; BX Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class B, 6.56%, 2/10/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3587000 | &nbsp;&nbsp;&nbsp;&nbsp; 3710231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class C, 7.19%, 2/10/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3511764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class D, 7.19%, 2/10/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9895153 |
| &nbsp;&nbsp;&nbsp; BX Trust Series 2022-LBA6, Class A, 4.96%, 1/15/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 154807 |
| &nbsp;&nbsp;&nbsp; Cantor Commercial Real Estate Lending Series 2019-CF2, Class E, 2.50%, 11/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 476365 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class C, 4.10%, 11/10/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 171924 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class A4, 3.63%, 2/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15316138 | &nbsp;&nbsp;&nbsp;&nbsp; 14904339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class AS, 3.83%, 2/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 879953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4, Class D, 3.30%, 5/10/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1724652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1362417 | &nbsp;&nbsp;&nbsp;&nbsp; 1332999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6, Class B, 3.91%, 11/13/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1668457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD7, Class C, 5.00%, 8/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD8, Class E, 3.00%, 8/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2188664 |
| &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust Series 2016-C6, Class C, 4.30%, 11/10/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 910259 |
| &nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust Series 2017-B1, Class D, 3.00%, 8/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5644358 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class B, 4.34%, 10/10/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1347008 | &nbsp;&nbsp;&nbsp;&nbsp; 1303244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29, Class D, 3.11%, 4/10/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2756040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P1, Class D, 3.23%, 9/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 108388 | &nbsp;&nbsp;&nbsp;&nbsp; 104864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class C, 4.81%, 2/10/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1290511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P3, Class B, 4.27%, 4/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class D, 3.00%, 11/15/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P6, Class D, 3.25%, 12/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class AS, 4.18%, 3/10/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 981746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C5, Class XA, IO, 0.82%, 6/10/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1437827 | &nbsp;&nbsp;&nbsp;&nbsp; 20801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C6, Class XA, IO, 0.93%, 11/10/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2001508 | &nbsp;&nbsp;&nbsp;&nbsp; 39181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class D, 3.17%, 9/10/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C7, Class XA, IO, 0.94%, 12/15/2072 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19702509 | &nbsp;&nbsp;&nbsp;&nbsp; 562178 |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A1, 5.85%, 12/10/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1408820 | &nbsp;&nbsp;&nbsp;&nbsp; 1428207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1123214 | &nbsp;&nbsp;&nbsp;&nbsp; 1147696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class B, 6.51%, 12/10/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1224000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class B, 4.03%, 2/10/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8160000 | &nbsp;&nbsp;&nbsp;&nbsp; 7812384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class B, 4.67%, 5/10/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 684444 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR14, Class C, 3.63%, 2/10/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2967820 | &nbsp;&nbsp;&nbsp;&nbsp; 2849107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR15, Class C, 4.07%, 2/10/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 966312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR19, Class E, 4.07%, 8/10/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1384568 | &nbsp;&nbsp;&nbsp;&nbsp; 1311878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class C, 4.89%, 9/10/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class D, 3.22%, 11/10/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1715570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class D, 2.87%, 2/10/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7817000 | &nbsp;&nbsp;&nbsp;&nbsp; 7054921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class D, 3.82%, 3/10/2048 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1585780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class E, 3.85%, 10/10/2048 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2430180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1, Class C, 4.46%, 10/10/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5904071 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class C, 5.04%, 11/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3661869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA, IO, 1.69%, 6/15/2052 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 58841265 | &nbsp;&nbsp;&nbsp;&nbsp; 2549198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class D, 2.50%, 3/15/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class E, 2.50%, 3/15/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 700074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class C, 3.73%, 3/15/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2206286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class C, 4.18%, 6/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3814332 |
| &nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust Series 2016-C3, Class B, 3.26%, 8/10/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 379868 |
| &nbsp;&nbsp;&nbsp; ELM Trust Series 2024-ELM, Class C10, 6.40%, 6/10/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894791 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2025-MN11, Class M1, 5.72%, 7/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2497298 | &nbsp;&nbsp;&nbsp;&nbsp; 2494704 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; FHLMC MSCR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN2, Class B1, 9.57%, 7/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN6, Class M2, 10.82%, 5/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5641437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN7, Class M1, 7.67%, 9/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1707154 | &nbsp;&nbsp;&nbsp;&nbsp; 1737843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN7, Class M2, 9.77%, 9/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5348000 | &nbsp;&nbsp;&nbsp;&nbsp; 5762585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN7, Class B1, 12.92%, 9/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1992592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8, Class M1, 6.92%, 5/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10881029 | &nbsp;&nbsp;&nbsp;&nbsp; 11041816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8, Class M2, 8.32%, 5/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2609114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8, Class B1, 11.42%, 5/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3388743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class M1, 6.49%, 10/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10556746 | &nbsp;&nbsp;&nbsp;&nbsp; 10673602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class M2, 7.29%, 10/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp;&nbsp; 7196225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class B1, 10.04%, 10/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 527772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class M1, 6.25%, 2/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3764375 | &nbsp;&nbsp;&nbsp;&nbsp; 3734430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class M2, 7.05%, 2/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class B1, 9.15%, 2/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN11, Class B1, 8.47%, 7/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2740569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M1, 6.07%, 1/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 312035 | &nbsp;&nbsp;&nbsp;&nbsp; 311298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M2, 7.82%, 1/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3098161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN3, Class M2, 8.07%, 11/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9012238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN3, Class B1, 10.92%, 11/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854586 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Class Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR12, Class X, IO, 2.10%, 10/27/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 54998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR06, Class AX, IO, 1.88%, 10/27/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 79400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR06, Class BX, IO, 1.84%, 5/27/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3912063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR14, Class X, IO, 2.13%, 3/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 329756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RR16, Class X, IO, 0.96%, 10/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp; 364834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RR21, Class X, IO, 3.28%, 4/27/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3685536 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk Series 2022-MN4, Class M2, 10.57%, 5/25/2052 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3386044 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class X1, IO, 0.61%, 10/25/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43553423 | &nbsp;&nbsp;&nbsp;&nbsp; 167959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K738, Class X1, IO, 1.48%, 1/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40907919 | &nbsp;&nbsp;&nbsp;&nbsp; 509304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K064, Class X1, IO, 0.72%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9986030 | &nbsp;&nbsp;&nbsp;&nbsp; 58935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KC05, Class X1, IO, 1.20%, 6/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40589715 | &nbsp;&nbsp;&nbsp;&nbsp; 397917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class X1, IO, 0.41%, 8/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 619339 | &nbsp;&nbsp;&nbsp;&nbsp; 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K740, Class X1, IO, 0.72%, 9/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17481950 | &nbsp;&nbsp;&nbsp;&nbsp; 186471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X1, IO, 0.49%, 12/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14747609 | &nbsp;&nbsp;&nbsp;&nbsp; 101844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class X1, IO, 0.77%, 3/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2720113 | &nbsp;&nbsp;&nbsp;&nbsp; 25421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class X3, IO, 2.59%, 4/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 285784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K743, Class X1, IO, 0.91%, 5/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25094270 | &nbsp;&nbsp;&nbsp;&nbsp; 498884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X1, IO, 0.22%, 6/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60777320 | &nbsp;&nbsp;&nbsp;&nbsp; 170474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K745, Class X1, IO, 0.62%, 8/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14886731 | &nbsp;&nbsp;&nbsp;&nbsp; 212270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K082, Class X1, IO, 0.01%, 9/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 191774825 | &nbsp;&nbsp;&nbsp;&nbsp; 324406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class X1, IO, 0.18%, 9/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 128945656 | &nbsp;&nbsp;&nbsp;&nbsp; 261979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K084, Class X3, IO, 2.24%, 11/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 751485 | &nbsp;&nbsp;&nbsp;&nbsp; 44701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K514, Class X1, IO, 0.96%, 12/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11788303 | &nbsp;&nbsp;&nbsp;&nbsp; 314234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X1, IO, 0.50%, 1/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13521135 | &nbsp;&nbsp;&nbsp;&nbsp; 200024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K091, Class X1, IO, 0.56%, 3/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31801142 | &nbsp;&nbsp;&nbsp;&nbsp; 539370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K519, Class AS, 4.68%, 3/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3686840 | &nbsp;&nbsp;&nbsp;&nbsp; 3682622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K749, Class XAM, IO, 0.22%, 4/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000000 | &nbsp;&nbsp;&nbsp;&nbsp; 463909 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW09, Class X1, IO, 0.78%, 5/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70940286 | &nbsp;&nbsp;&nbsp;&nbsp; 1375589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class X1, IO, 1.01%, 6/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20970773 | &nbsp;&nbsp;&nbsp;&nbsp; 555705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class XAM, IO, 1.37%, 6/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1614000 | &nbsp;&nbsp;&nbsp;&nbsp; 67526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K528, Class X1, IO, 1.01%, 7/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 839451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KG02, Class X1, IO, 1.14%, 8/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14178358 | &nbsp;&nbsp;&nbsp;&nbsp; 404483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K100, Class X1, IO, 0.77%, 9/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53576851 | &nbsp;&nbsp;&nbsp;&nbsp; 1130530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO, 0.83%, 10/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1643155 | &nbsp;&nbsp;&nbsp;&nbsp; 45837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X3, IO, 1.89%, 10/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K090, Class X3, IO, 2.31%, 10/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 361375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class X1, IO, 0.63%, 11/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25605510 | &nbsp;&nbsp;&nbsp;&nbsp; 560420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class X1, IO, 1.11%, 1/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12857947 | &nbsp;&nbsp;&nbsp;&nbsp; 490852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class X1, IO, 1.31%, 1/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54181195 | &nbsp;&nbsp;&nbsp;&nbsp; 2562787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class X1, IO, 1.52%, 1/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24416702 | &nbsp;&nbsp;&nbsp;&nbsp; 1296268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K107, Class X1, IO, 1.59%, 1/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44622382 | &nbsp;&nbsp;&nbsp;&nbsp; 2480389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K109, Class X1, IO, 1.57%, 4/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35991953 | &nbsp;&nbsp;&nbsp;&nbsp; 2031105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K114, Class X1, IO, 1.11%, 6/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2097828 | &nbsp;&nbsp;&nbsp;&nbsp; 89998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO, 1.31%, 6/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70015257 | &nbsp;&nbsp;&nbsp;&nbsp; 3536219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class X1, IO, 1.22%, 8/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30950257 | &nbsp;&nbsp;&nbsp;&nbsp; 1456451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X1, IO, 0.92%, 9/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7246007 | &nbsp;&nbsp;&nbsp;&nbsp; 265323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO, 1.02%, 10/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24724060 | &nbsp;&nbsp;&nbsp;&nbsp; 983229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K120, Class X1, IO, 1.03%, 10/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40519064 | &nbsp;&nbsp;&nbsp;&nbsp; 1635888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K754, Class XAM, IO, 0.03%, 11/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 116738000 | &nbsp;&nbsp;&nbsp;&nbsp; 523582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO, 0.87%, 11/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19541418 | &nbsp;&nbsp;&nbsp;&nbsp; 697846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KG04, Class X1, IO, 0.93%, 11/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9171419 | &nbsp;&nbsp;&nbsp;&nbsp; 309607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class X1, IO, 0.71%, 12/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99465705 | &nbsp;&nbsp;&nbsp;&nbsp; 3017352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K123, Class X1, IO, 0.76%, 12/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52655521 | &nbsp;&nbsp;&nbsp;&nbsp; 1652957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K126, Class X1, IO, 0.30%, 1/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91162380 | &nbsp;&nbsp;&nbsp;&nbsp; 1187436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class X1, IO, 0.95%, 1/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17085164 | &nbsp;&nbsp;&nbsp;&nbsp; 629100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X1, IO, 0.51%, 3/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126084456 | &nbsp;&nbsp;&nbsp;&nbsp; 2783239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K129, Class X3, IO, 3.16%, 5/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K130, Class X1, IO, 1.03%, 6/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6158514 | &nbsp;&nbsp;&nbsp;&nbsp; 290331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO, 0.73%, 7/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56522266 | &nbsp;&nbsp;&nbsp;&nbsp; 1973401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KG06, Class X1, IO, 0.53%, 10/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42572534 | &nbsp;&nbsp;&nbsp;&nbsp; 1086217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K136, Class X1, IO, 0.39%, 12/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 62727694 | &nbsp;&nbsp;&nbsp;&nbsp; 1058342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K140, Class X1, IO, 0.29%, 1/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 84434321 | &nbsp;&nbsp;&nbsp;&nbsp; 1402437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-152, Class A1, 3.78%, 1/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 340458 | &nbsp;&nbsp;&nbsp;&nbsp; 339259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO, 2.08%, 2/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15418913 | &nbsp;&nbsp;&nbsp;&nbsp; 914564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K142, Class X1, IO, 0.30%, 3/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109984945 | &nbsp;&nbsp;&nbsp;&nbsp; 1873352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K144, Class X1, IO, 0.33%, 4/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4081219 | &nbsp;&nbsp;&nbsp;&nbsp; 81609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class A1, 5.08%, 7/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3480000 | &nbsp;&nbsp;&nbsp;&nbsp; 3648091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-150, Class X1, IO, 0.31%, 9/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17454290 | &nbsp;&nbsp;&nbsp;&nbsp; 362466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-152, Class X1, IO, 0.15%, 11/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 131786655 | &nbsp;&nbsp;&nbsp;&nbsp; 1623770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-153, Class X1, IO, 0.44%, 12/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19686991 | &nbsp;&nbsp;&nbsp;&nbsp; 579632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-154, Class X1, IO, 0.35%, 1/25/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85793477 | &nbsp;&nbsp;&nbsp;&nbsp; 2109953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-159, Class X1, IO, 0.12%, 7/25/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 151938935 | &nbsp;&nbsp;&nbsp;&nbsp; 1841849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class X3, IO, 5.48%, 11/25/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 893699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-163, Class X3, IO, 5.69%, 4/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 896346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1514, Class X1, IO, 0.70%, 10/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1182783 | &nbsp;&nbsp;&nbsp;&nbsp; 45734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1514, Class X3, IO, 2.86%, 10/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13043739 | &nbsp;&nbsp;&nbsp;&nbsp; 2409955 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class X3, IO, 3.15%, 10/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1515, Class X1, IO, 1.63%, 2/25/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8763928 | &nbsp;&nbsp;&nbsp;&nbsp; 862350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1517, Class X1, IO, 1.32%, 7/25/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19143168 | &nbsp;&nbsp;&nbsp;&nbsp; 1758396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q012, Class X, IO, 3.98%, 9/25/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 347356 | &nbsp;&nbsp;&nbsp;&nbsp; 52109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1518, Class X1, IO, 0.86%, 10/25/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35952076 | &nbsp;&nbsp;&nbsp;&nbsp; 2137793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1519, Class X1, IO, 0.59%, 12/25/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13333983 | &nbsp;&nbsp;&nbsp;&nbsp; 562142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1520, Class X1, IO, 0.58%, 2/25/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 57758856 | &nbsp;&nbsp;&nbsp;&nbsp; 1958106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1513, Class X3, IO, 3.03%, 12/25/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 885159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1515, Class X3, IO, 3.80%, 3/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 769672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1516, Class X3, IO, 3.46%, 10/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class X3, IO, 2.19%, 9/25/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 523061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class X3, IO, 2.06%, 10/25/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K060, Class X3, IO, 1.96%, 12/25/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13199854 | &nbsp;&nbsp;&nbsp;&nbsp; 221917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K062, Class X3, IO, 2.15%, 1/25/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14999855 | &nbsp;&nbsp;&nbsp;&nbsp; 333871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class X3, IO, 2.08%, 2/25/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11342000 | &nbsp;&nbsp;&nbsp;&nbsp; 264165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K065, Class X3, IO, 2.19%, 7/25/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8509531 | &nbsp;&nbsp;&nbsp;&nbsp; 267172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class X3, IO, 2.24%, 8/25/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 848295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class X3, IO, 2.01%, 11/25/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp; 321644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class X3, IO, 2.39%, 12/25/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 113455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X3, IO, 2.02%, 9/25/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K082, Class X3, IO, 2.21%, 10/25/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 592743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class X3, IO, 2.37%, 11/25/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 621062 | &nbsp;&nbsp;&nbsp;&nbsp; 38606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K092, Class X3, IO, 2.25%, 5/25/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43959013 | &nbsp;&nbsp;&nbsp;&nbsp; 3051239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class X3, IO, 1.78%, 1/25/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11779376 | &nbsp;&nbsp;&nbsp;&nbsp; 199619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K109, Class X3, IO, 3.38%, 5/25/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 431569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X3, IO, 2.73%, 9/25/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 571643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X3, IO, 2.77%, 11/25/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 590605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K126, Class X3, IO, 2.63%, 1/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class X3, IO, 2.62%, 2/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 562160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class X3, IO, 2.65%, 2/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1935019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X3, IO, 2.45%, 3/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13766615 | &nbsp;&nbsp;&nbsp;&nbsp; 639068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K127, Class X3, IO, 2.65%, 3/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 463592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K743, Class X3, IO, 2.95%, 6/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 857451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K147, Class X3, IO, 3.80%, 6/25/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K096, Class X3, IO, 2.11%, 8/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8380000 | &nbsp;&nbsp;&nbsp;&nbsp; 526084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K148, Class X3, IO, 4.15%, 8/25/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3816617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K143, Class X1, IO, 0.34%, 4/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 34811772 | &nbsp;&nbsp;&nbsp;&nbsp; 694578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q014, Class X, IO, 2.77%, 10/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1764976 | &nbsp;&nbsp;&nbsp;&nbsp; 254784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-152, Class X3, IO, 4.33%, 11/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K759, Class X3, IO, 5.26%, 2/25/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1026415 | &nbsp;&nbsp;&nbsp;&nbsp; 274052 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M10, Class X, IO, 0.70%, 7/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99729646 | &nbsp;&nbsp;&nbsp;&nbsp; 1185277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M11, Class X1, IO, 1.16%, 6/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3976621 | &nbsp;&nbsp;&nbsp;&nbsp; 104943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M3, Class X1, IO, 0.40%, 2/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3255708 | &nbsp;&nbsp;&nbsp;&nbsp; 28339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M30, Class X, IO, 0.99%, 7/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35323163 | &nbsp;&nbsp;&nbsp;&nbsp; 1227551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M15, Class X1, IO, 1.56%, 9/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21084142 | &nbsp;&nbsp;&nbsp;&nbsp; 1256859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M2, Class X2, IO, 0.29%, 1/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2802517 | &nbsp;&nbsp;&nbsp;&nbsp; 24869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M16, Class X1, IO, 0.53%, 4/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75066701 | &nbsp;&nbsp;&nbsp;&nbsp; 1309148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M35, Class X, IO, 0.20%, 7/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 237987435 | &nbsp;&nbsp;&nbsp;&nbsp; 1536114 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M31, Class AB, 0.50%, 10/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 70647 | &nbsp;&nbsp;&nbsp;&nbsp; 62259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M11, Class X2, IO, 1.01%, 5/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49932322 | &nbsp;&nbsp;&nbsp;&nbsp; 2709907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-M5, Class 1A2C, 4.45%, 8/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M8, Class X, IO, 0.32%, 11/25/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91624190 | &nbsp;&nbsp;&nbsp;&nbsp; 1309126 |
| &nbsp;&nbsp;&nbsp; FREMF Series 20K-1517, Class C, PO, 8/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2654646 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF38, Class B, 6.82%, 9/25/2024 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 796601 | &nbsp;&nbsp;&nbsp;&nbsp; 794940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF45, Class B, 6.27%, 3/25/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 675023 | &nbsp;&nbsp;&nbsp;&nbsp; 694893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF53, Class B, 6.37%, 10/25/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24588 | &nbsp;&nbsp;&nbsp;&nbsp; 24565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF60, Class B, 6.67%, 2/25/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 470904 | &nbsp;&nbsp;&nbsp;&nbsp; 468771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF62, Class B, 6.37%, 4/25/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5296 | &nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K735, Class B, 4.16%, 5/25/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF72, Class B, 6.42%, 11/25/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 730796 | &nbsp;&nbsp;&nbsp;&nbsp; 715149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF40, Class B, 7.02%, 11/25/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 943700 | &nbsp;&nbsp;&nbsp;&nbsp; 905779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF43, Class B, 6.47%, 1/25/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21473 | &nbsp;&nbsp;&nbsp;&nbsp; 20825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF50, Class B, 6.22%, 7/25/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3383 | &nbsp;&nbsp;&nbsp;&nbsp; 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K84, Class D, PO, 11/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2733605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF54, Class B, 6.52%, 11/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 442364 | &nbsp;&nbsp;&nbsp;&nbsp; 418654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF59, Class B, 6.67%, 2/25/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 675975 | &nbsp;&nbsp;&nbsp;&nbsp; 649483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class X2A, IO, 0.10%, 4/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 57514972 | &nbsp;&nbsp;&nbsp;&nbsp; 147670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18496972 | &nbsp;&nbsp;&nbsp;&nbsp; 42327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class C, PO, 6/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 594152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 28597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class X2B, IO, 0.10%, 7/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12014516 | &nbsp;&nbsp;&nbsp;&nbsp; 35321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF67, Class C, 10.32%, 8/25/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1483192 | &nbsp;&nbsp;&nbsp;&nbsp; 1300936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC07, Class C, 3.76%, 10/25/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF73, Class B, 6.77%, 11/25/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2120214 | &nbsp;&nbsp;&nbsp;&nbsp; 1967594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KF76, Class B, 7.07%, 1/25/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 469515 | &nbsp;&nbsp;&nbsp;&nbsp; 459303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K107, Class D, 3.62%, 2/25/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3712010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-K752, Class D, PO, 8/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2588480 | &nbsp;&nbsp;&nbsp;&nbsp; 1762623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-K752, Class X2B, IO, 0.10%, 8/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9003480 | &nbsp;&nbsp;&nbsp;&nbsp; 33808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KSG1, Class C, PO, 9/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2259425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KSG1, Class X2A, IO, 0.10%, 9/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40560492 | &nbsp;&nbsp;&nbsp;&nbsp; 146865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KSG1, Class X2B, IO, 0.10%, 9/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 12902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW07, Class B, 4.25%, 10/25/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 273702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-KF132, Class CS, 10.60%, 2/25/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2868451 | &nbsp;&nbsp;&nbsp;&nbsp; 2660525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW10, Class C, PO, 10/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 946092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW10, Class X2A, IO, 0.10%, 10/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14026686 | &nbsp;&nbsp;&nbsp;&nbsp; 40286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW10, Class X2B, IO, 0.10%, 10/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-KF149, Class CS, 10.35%, 12/25/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 391417 | &nbsp;&nbsp;&nbsp;&nbsp; 399143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K155, Class X2A, IO, 0.10%, 4/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45194532 | &nbsp;&nbsp;&nbsp;&nbsp; 210358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K155, Class C, PO, 5/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2194666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K155, Class X2B, IO, 0.10%, 5/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 29797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1511, Class C, PO, 4/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5327320 | &nbsp;&nbsp;&nbsp;&nbsp; 2709887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1513, Class X2A, IO, 0.10%, 8/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 168206521 | &nbsp;&nbsp;&nbsp;&nbsp; 998760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1514, Class C, 0.00%, 10/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K69, Class D, PO, 10/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5091824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K724, Class D, PO, 12/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18076 | &nbsp;&nbsp;&nbsp;&nbsp; 17272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K62, Class B, 4.01%, 1/25/2050 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 411659 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K91, Class C, 4.40%, 4/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K83, Class D, PO, 11/25/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class D, PO, 5/25/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3737457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K116, Class D, PO, 9/25/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2957255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K116, Class X2A, IO, 0.10%, 9/25/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 58473943 | &nbsp;&nbsp;&nbsp;&nbsp; 197291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K116, Class X2B, IO, 0.10%, 9/25/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12768420 | &nbsp;&nbsp;&nbsp;&nbsp; 46929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class D, PO, 3/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2716049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class X2A, IO, 0.10%, 3/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 51123691 | &nbsp;&nbsp;&nbsp;&nbsp; 160191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class X2B, IO, 0.10%, 3/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 41924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K109, Class D, PO, 5/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4608146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K113, Class D, PO, 5/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2937940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K109, Class X2A, IO, 0.10%, 5/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 68179681 | &nbsp;&nbsp;&nbsp;&nbsp; 231995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K109, Class X2B, IO, 0.10%, 5/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 85932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class D, PO, 9/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4303750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63787360 | &nbsp;&nbsp;&nbsp;&nbsp; 231567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14600000 | &nbsp;&nbsp;&nbsp;&nbsp; 55813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class D, PO, 10/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4844386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 76170925 | &nbsp;&nbsp;&nbsp;&nbsp; 281711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15633000 | &nbsp;&nbsp;&nbsp;&nbsp; 60855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class D, PO, 11/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5885830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 67662964 | &nbsp;&nbsp;&nbsp;&nbsp; 83591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp; 25548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K122, Class D, PO, 1/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2592643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-K126, Class D, PO, 1/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 5028269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K122, Class X2B, IO, 0.10%, 1/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10972469 | &nbsp;&nbsp;&nbsp;&nbsp; 43199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-K126, Class X2A, IO, 0.10%, 1/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 78907495 | &nbsp;&nbsp;&nbsp;&nbsp; 308947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-K126, Class X2B, IO, 0.10%, 1/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20236360 | &nbsp;&nbsp;&nbsp;&nbsp; 85351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-K752, Class X2A, IO, 0.10%, 9/25/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 43324255 | &nbsp;&nbsp;&nbsp;&nbsp; 152883 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-174, Class IA, IO, 0.46%, 10/16/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31459335 | &nbsp;&nbsp;&nbsp;&nbsp; 508156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-128, Class AW, 4.75%, 3/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 14731846 | &nbsp;&nbsp;&nbsp;&nbsp; 14717420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-144, Class A, 4.75%, 7/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10047173 | &nbsp;&nbsp;&nbsp;&nbsp; 10059697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-93, Class AM, 4.75%, 12/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp; 8631038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-88, Class AJ, 2.99%, 3/16/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750611 | &nbsp;&nbsp;&nbsp;&nbsp; 673920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-106, Class A, 5.00%, 7/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3084052 | &nbsp;&nbsp;&nbsp;&nbsp; 3107632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-33, IO, 0.24%, 2/16/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45385778 | &nbsp;&nbsp;&nbsp;&nbsp; 299741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-52, Class A, 4.50%, 3/16/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1470874 | &nbsp;&nbsp;&nbsp;&nbsp; 1463137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-138, Class A, 4.75%, 5/16/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 14553905 | &nbsp;&nbsp;&nbsp;&nbsp; 14488987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-128, Class AD, 5.00%, 10/16/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 851708 | &nbsp;&nbsp;&nbsp;&nbsp; 858435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-9, IO, 0.56%, 1/16/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18270172 | &nbsp;&nbsp;&nbsp;&nbsp; 580990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-127, IO, 0.40%, 7/16/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82473586 | &nbsp;&nbsp;&nbsp;&nbsp; 1441762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-165, IO, 0.63%, 12/16/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3327029 | &nbsp;&nbsp;&nbsp;&nbsp; 104519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-70, IO, 0.35%, 2/16/2059 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41514984 | &nbsp;&nbsp;&nbsp;&nbsp; 915684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-108, IO, 0.68%, 8/16/2059 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11347212 | &nbsp;&nbsp;&nbsp;&nbsp; 414771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, IO, 0.76%, 2/16/2060 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28960501 | &nbsp;&nbsp;&nbsp;&nbsp; 1719712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-85, IO, 0.55%, 7/16/2060 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13481291 | &nbsp;&nbsp;&nbsp;&nbsp; 485464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17, IO, 1.05%, 1/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12597002 | &nbsp;&nbsp;&nbsp;&nbsp; 1007745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-76, IO, 0.88%, 3/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22224038 | &nbsp;&nbsp;&nbsp;&nbsp; 1245002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47, IO, 0.99%, 3/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25379592 | &nbsp;&nbsp;&nbsp;&nbsp; 1711615 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-63, IO, 0.82%, 4/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30588227 | &nbsp;&nbsp;&nbsp;&nbsp; 1876049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-82, Class TA, IF, IO, 3.64%, 4/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10025549 | &nbsp;&nbsp;&nbsp;&nbsp; 247602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-90, IO, 0.84%, 5/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16666899 | &nbsp;&nbsp;&nbsp;&nbsp; 1007677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53, Class IA, IO, 0.75%, 6/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1968545 | &nbsp;&nbsp;&nbsp;&nbsp; 99103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-108, IO, 0.97%, 6/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15662797 | &nbsp;&nbsp;&nbsp;&nbsp; 1126401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-147, IO, 0.99%, 6/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7450265 | &nbsp;&nbsp;&nbsp;&nbsp; 544465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-155, IO, 0.51%, 7/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5048570 | &nbsp;&nbsp;&nbsp;&nbsp; 194369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-195, IO, 0.59%, 7/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 71015644 | &nbsp;&nbsp;&nbsp;&nbsp; 2775277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-153, Class SA, IF, IO, 3.60%, 8/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6455822 | &nbsp;&nbsp;&nbsp;&nbsp; 232587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, IO, 0.40%, 9/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30688960 | &nbsp;&nbsp;&nbsp;&nbsp; 1044928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-154, IO, 0.58%, 9/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6998874 | &nbsp;&nbsp;&nbsp;&nbsp; 275332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-218, IO, 0.97%, 10/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17293415 | &nbsp;&nbsp;&nbsp;&nbsp; 1284449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-178, Class SA, IF, IO, 3.60%, 10/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 942663 | &nbsp;&nbsp;&nbsp;&nbsp; 40546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-28, IO, 0.82%, 11/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5263051 | &nbsp;&nbsp;&nbsp;&nbsp; 298688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, IO, 0.97%, 11/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7056595 | &nbsp;&nbsp;&nbsp;&nbsp; 469122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38, IO, 0.65%, 1/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45639846 | &nbsp;&nbsp;&nbsp;&nbsp; 1839528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-130, IO, 0.68%, 1/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17762933 | &nbsp;&nbsp;&nbsp;&nbsp; 911119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-144, IO, 0.79%, 1/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13275854 | &nbsp;&nbsp;&nbsp;&nbsp; 775963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, IO, 0.59%, 3/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10015082 | &nbsp;&nbsp;&nbsp;&nbsp; 433439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-143, Class IB, IO, 0.88%, 3/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13968479 | &nbsp;&nbsp;&nbsp;&nbsp; 890361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-94, IO, 0.97%, 3/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17556006 | &nbsp;&nbsp;&nbsp;&nbsp; 1204242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-110, IO, 0.98%, 3/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18228148 | &nbsp;&nbsp;&nbsp;&nbsp; 1257658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10, IO, 0.58%, 4/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10179784 | &nbsp;&nbsp;&nbsp;&nbsp; 414231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-23, IO, 0.66%, 4/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9388932 | &nbsp;&nbsp;&nbsp;&nbsp; 438428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38, IO, 0.82%, 4/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14465075 | &nbsp;&nbsp;&nbsp;&nbsp; 862279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IA, IO, 1.17%, 4/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36650223 | &nbsp;&nbsp;&nbsp;&nbsp; 3000510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38, Class FA, 4.52%, 4/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6617772 | &nbsp;&nbsp;&nbsp;&nbsp; 6291772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-120, IO, 0.76%, 5/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5388366 | &nbsp;&nbsp;&nbsp;&nbsp; 317404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-100, IO, 0.79%, 5/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5491564 | &nbsp;&nbsp;&nbsp;&nbsp; 331783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-118, IO, 0.88%, 6/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6125416 | &nbsp;&nbsp;&nbsp;&nbsp; 387306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-147, IO, 0.91%, 6/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80009317 | &nbsp;&nbsp;&nbsp;&nbsp; 5286432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-194, IO, 1.08%, 6/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8046404 | &nbsp;&nbsp;&nbsp;&nbsp; 580936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-169, IO, 0.85%, 7/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6095768 | &nbsp;&nbsp;&nbsp;&nbsp; 385512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-64, IO, 1.20%, 7/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3436351 | &nbsp;&nbsp;&nbsp;&nbsp; 297479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-161, IO, 1.05%, 8/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8763761 | &nbsp;&nbsp;&nbsp;&nbsp; 660059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, IO, 0.87%, 9/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13993932 | &nbsp;&nbsp;&nbsp;&nbsp; 898296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6, IO, 0.70%, 10/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9539511 | &nbsp;&nbsp;&nbsp;&nbsp; 551456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-33, IO, 0.84%, 10/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 51727578 | &nbsp;&nbsp;&nbsp;&nbsp; 3338384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-71, IO, 0.86%, 10/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 123598917 | &nbsp;&nbsp;&nbsp;&nbsp; 7945890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-28, IO, 1.04%, 10/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97127627 | &nbsp;&nbsp;&nbsp;&nbsp; 7396444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-80, IO, 0.90%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5194480 | &nbsp;&nbsp;&nbsp;&nbsp; 359797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-150, IO, 0.97%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 238110 | &nbsp;&nbsp;&nbsp;&nbsp; 16863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11, IO, 1.02%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8307754 | &nbsp;&nbsp;&nbsp;&nbsp; 613488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-35, IO, 1.03%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3078646 | &nbsp;&nbsp;&nbsp;&nbsp; 224627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-195, Class IX, IO, 1.13%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13263430 | &nbsp;&nbsp;&nbsp;&nbsp; 1075091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11, Class IX, IO, 1.16%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31652545 | &nbsp;&nbsp;&nbsp;&nbsp; 2636831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-48, Class FT, 4.00%, 12/16/2062 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13238522 | &nbsp;&nbsp;&nbsp;&nbsp; 11923206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40, IO, 0.82%, 2/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9940437 | &nbsp;&nbsp;&nbsp;&nbsp; 614881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-120, IO, 0.99%, 2/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6139238 | &nbsp;&nbsp;&nbsp;&nbsp; 459109 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-62, Class SA, IF, IO, 3.37%, 2/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3173165 | &nbsp;&nbsp;&nbsp;&nbsp; 109611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-41, IO, 0.75%, 4/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40925110 | &nbsp;&nbsp;&nbsp;&nbsp; 2156946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-144, IO, 0.82%, 4/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70435936 | &nbsp;&nbsp;&nbsp;&nbsp; 4341777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-106, IO, 0.86%, 4/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68151597 | &nbsp;&nbsp;&nbsp;&nbsp; 4526309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-151, IO, 0.91%, 4/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7481931 | &nbsp;&nbsp;&nbsp;&nbsp; 523438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-168, IO, 0.80%, 5/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12829406 | &nbsp;&nbsp;&nbsp;&nbsp; 792743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-60, IO, 0.83%, 5/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2158471 | &nbsp;&nbsp;&nbsp;&nbsp; 132987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-126, IO, 0.85%, 5/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9371767 | &nbsp;&nbsp;&nbsp;&nbsp; 629736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22, IO, 0.97%, 5/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7452086 | &nbsp;&nbsp;&nbsp;&nbsp; 523147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-170, IO, 0.99%, 5/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13115967 | &nbsp;&nbsp;&nbsp;&nbsp; 974052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32, IO, 0.70%, 6/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45580167 | &nbsp;&nbsp;&nbsp;&nbsp; 2351681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-141, Class SA, IF, IO, 3.65%, 6/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1660491 | &nbsp;&nbsp;&nbsp;&nbsp; 61850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-133, IO, 0.88%, 7/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31631954 | &nbsp;&nbsp;&nbsp;&nbsp; 2113340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-67, IO, 0.90%, 8/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18217485 | &nbsp;&nbsp;&nbsp;&nbsp; 1360152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-61, IO, 1.04%, 8/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1315677 | &nbsp;&nbsp;&nbsp;&nbsp; 99789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-195, Class IX, IO, 1.20%, 8/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100372118 | &nbsp;&nbsp;&nbsp;&nbsp; 9179442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15, Class AB, 4.00%, 8/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 713660 | &nbsp;&nbsp;&nbsp;&nbsp; 691977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-179, IO, 0.61%, 9/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125718907 | &nbsp;&nbsp;&nbsp;&nbsp; 5463857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-92, IO, 0.80%, 9/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40271282 | &nbsp;&nbsp;&nbsp;&nbsp; 2468485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-164, IO, 0.95%, 10/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30019150 | &nbsp;&nbsp;&nbsp;&nbsp; 2101545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-110, IO, 0.88%, 11/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10066901 | &nbsp;&nbsp;&nbsp;&nbsp; 684461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-180, IO, 0.92%, 11/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14154741 | &nbsp;&nbsp;&nbsp;&nbsp; 992908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-78, IO, 1.00%, 11/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126501299 | &nbsp;&nbsp;&nbsp;&nbsp; 9236201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-150, IO, 1.04%, 11/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12219936 | &nbsp;&nbsp;&nbsp;&nbsp; 933510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-185, IO, 1.16%, 11/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1381063 | &nbsp;&nbsp;&nbsp;&nbsp; 122351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-220, IO, 0.83%, 12/16/2063 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10728145 | &nbsp;&nbsp;&nbsp;&nbsp; 669498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-106, IO, 0.69%, 2/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2739777 | &nbsp;&nbsp;&nbsp;&nbsp; 147376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-26, IO, 0.73%, 2/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6709609 | &nbsp;&nbsp;&nbsp;&nbsp; 377938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class SA, IF, IO, 3.37%, 2/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6845331 | &nbsp;&nbsp;&nbsp;&nbsp; 246574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-157, IO, 0.63%, 3/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30832431 | &nbsp;&nbsp;&nbsp;&nbsp; 1644725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, IO, 0.86%, 3/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45644923 | &nbsp;&nbsp;&nbsp;&nbsp; 2959457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-224, IO, 0.79%, 4/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1877236 | &nbsp;&nbsp;&nbsp;&nbsp; 120996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-206, IO, 0.80%, 4/16/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 143250000 | &nbsp;&nbsp;&nbsp;&nbsp; 8505469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-149, IO, 0.46%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12884077 | &nbsp;&nbsp;&nbsp;&nbsp; 489822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-134, IO, 0.51%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2861239 | &nbsp;&nbsp;&nbsp;&nbsp; 114632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-165, IO, 0.59%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9283114 | &nbsp;&nbsp;&nbsp;&nbsp; 448387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-80, IO, 0.59%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47612976 | &nbsp;&nbsp;&nbsp;&nbsp; 2300754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-62, IO, 0.62%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9866654 | &nbsp;&nbsp;&nbsp;&nbsp; 499236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-161, IO, 0.74%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24281769 | &nbsp;&nbsp;&nbsp;&nbsp; 1389502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-52, IO, 0.77%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9393402 | &nbsp;&nbsp;&nbsp;&nbsp; 459124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-141, IO, 0.78%, 6/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2888485 | &nbsp;&nbsp;&nbsp;&nbsp; 184367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-210, IO, 0.70%, 7/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4882661 | &nbsp;&nbsp;&nbsp;&nbsp; 270182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-199, IO, 0.76%, 7/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17458251 | &nbsp;&nbsp;&nbsp;&nbsp; 1067343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-109, IO, 0.62%, 8/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52387926 | &nbsp;&nbsp;&nbsp;&nbsp; 2772343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15, IO, 0.92%, 8/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1727155 | &nbsp;&nbsp;&nbsp;&nbsp; 118454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-147, IO, 0.56%, 9/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23956861 | &nbsp;&nbsp;&nbsp;&nbsp; 1083708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-214, IO, 0.60%, 9/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22490349 | &nbsp;&nbsp;&nbsp;&nbsp; 1004066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-144, Class IB, IO, 0.75%, 12/16/2064 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4698099 | &nbsp;&nbsp;&nbsp;&nbsp; 267591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-28, IO, 0.86%, 2/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7725655 | &nbsp;&nbsp;&nbsp;&nbsp; 514963 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-166, IO, 0.79%, 4/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17287122 | &nbsp;&nbsp;&nbsp;&nbsp; 1086466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21, IO, 0.95%, 4/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108995158 | &nbsp;&nbsp;&nbsp;&nbsp; 7636691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26, IO, 0.97%, 4/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4853310 | &nbsp;&nbsp;&nbsp;&nbsp; 314352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-51, IO, 1.12%, 5/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11346320 | &nbsp;&nbsp;&nbsp;&nbsp; 887708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17, IO, 1.06%, 6/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12547073 | &nbsp;&nbsp;&nbsp;&nbsp; 906951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-126, IO, 0.88%, 7/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8000032 | &nbsp;&nbsp;&nbsp;&nbsp; 543922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-46, IO, 1.16%, 7/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4413362 | &nbsp;&nbsp;&nbsp;&nbsp; 340533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-124, IO, 0.83%, 7/17/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37587078 | &nbsp;&nbsp;&nbsp;&nbsp; 2648968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-42, IO, 0.54%, 11/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82332986 | &nbsp;&nbsp;&nbsp;&nbsp; 3938184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-56, IO, 1.01%, 11/16/2065 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7252144 | &nbsp;&nbsp;&nbsp;&nbsp; 526661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-138, Class IA, IO, 1.12%, 2/16/2066 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19290439 | &nbsp;&nbsp;&nbsp;&nbsp; 1821145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-31, IO, 1.21%, 2/16/2066 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9822866 | &nbsp;&nbsp;&nbsp;&nbsp; 838083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-112, IO, 0.56%, 3/16/2066 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55373243 | &nbsp;&nbsp;&nbsp;&nbsp; 2821372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-121, IO, 1.06%, 7/1/2066 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1664886 | &nbsp;&nbsp;&nbsp;&nbsp; 155427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90, IO, 0.80%, 7/16/2066 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5782972 | &nbsp;&nbsp;&nbsp;&nbsp; 385023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-153, Class ZT, 5.00%, 8/16/2067 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4184655 | &nbsp;&nbsp;&nbsp;&nbsp; 3838527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200, Class PA, 4.50%, 4/16/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7882007 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2023-SHIP, Class A, 4.47%, 9/10/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998203 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class B, 4.47%, 10/10/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 801530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS2, Class D, 2.75%, 5/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 663402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class C, 4.14%, 5/10/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2983750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC40, Class E, 3.00%, 7/10/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 528778 |
| &nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.16%, 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 3319800 | &nbsp;&nbsp;&nbsp;&nbsp; 3422248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.97%, 6/25/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9522396 | &nbsp;&nbsp;&nbsp;&nbsp; 9888284 |
| &nbsp;&nbsp;&nbsp; IRV Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class A, 5.47%, 3/14/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14700000 | &nbsp;&nbsp;&nbsp;&nbsp; 15176690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class B, 5.62%, 3/14/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10050000 | &nbsp;&nbsp;&nbsp;&nbsp; 10227275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class C, 5.92%, 3/14/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3459109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class D, 6.37%, 3/14/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024018 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C26, Class D, 3.71%, 1/15/2048 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class AS, 4.23%, 7/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 936550 | &nbsp;&nbsp;&nbsp;&nbsp; 913146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class B, 4.26%, 7/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3680000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.26%, 7/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8150000 | &nbsp;&nbsp;&nbsp;&nbsp; 6479250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class B, 4.69%, 8/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class D, 3.93%, 10/15/2048 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 8856585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33, Class C, 4.84%, 12/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class D1, 4.34%, 3/17/2049 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018076 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class C, 3.89%, 3/15/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 950963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class B, 4.08%, 3/15/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 812860 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class B, 3.99%, 6/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 903074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR6, Class D, 2.50%, 11/13/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 502744 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C16, Class D, 5.05%, 12/15/2046 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1073355 | &nbsp;&nbsp;&nbsp;&nbsp; 1019730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class C, 4.92%, 1/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4279410 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, 2.82%, 8/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class B, 3.40%, 8/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3745986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class C, 3.55%, 8/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12390000 | &nbsp;&nbsp;&nbsp;&nbsp; 10012599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP4, Class C, 3.52%, 12/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1850551 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class D, 3.25%, 12/15/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2227006 | &nbsp;&nbsp;&nbsp;&nbsp; 2126813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class D, 3.06%, 10/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5275050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class C, 4.39%, 11/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1890038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class D, 4.34%, 7/15/2050 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2134000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class D, 2.70%, 11/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1489000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class C, 4.31%, 11/15/2052 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 531524 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class B, 4.66%, 3/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4850616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class D, 2.55%, 6/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3771000 | &nbsp;&nbsp;&nbsp;&nbsp; 3187592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class D, 2.50%, 2/15/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 378532 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust Series 2019-PARK, Class E, 2.72%, 12/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 273364 |
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust Series 2023-2, Class A5, 6.01%, 12/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10750000 | &nbsp;&nbsp;&nbsp;&nbsp; 11702620 |
| &nbsp;&nbsp;&nbsp; Multi-Family Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M10, 7.44%, 10/25/2049 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19675230 | &nbsp;&nbsp;&nbsp;&nbsp; 19963565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M10, 7.94%, 3/25/2050 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25324661 | &nbsp;&nbsp;&nbsp;&nbsp; 25744032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M7, 8.07%, 11/25/2053 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2441451 | &nbsp;&nbsp;&nbsp;&nbsp; 2538432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M10, 10.57%, 11/25/2053 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3542003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M7, 6.82%, 7/25/2054 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 332504 | &nbsp;&nbsp;&nbsp;&nbsp; 336607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M10, 7.92%, 7/25/2054 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 311525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class M1, 6.47%, 5/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8996089 | &nbsp;&nbsp;&nbsp;&nbsp; 8982861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class M2, 7.17%, 5/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3649204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class B1, 9.27%, 5/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 722679 |
| &nbsp;&nbsp;&nbsp; PRET LLC Series 2025-NPL5, Class A1, 6.24%, 5/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5393405 | &nbsp;&nbsp;&nbsp;&nbsp; 5425582 |
| &nbsp;&nbsp;&nbsp; PRM5 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class C, 5.17%, 3/10/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1587579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class D, 5.81%, 3/10/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1528905 |
| &nbsp;&nbsp;&nbsp; ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5486012 | &nbsp;&nbsp;&nbsp;&nbsp; 5658168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 7.11%, 11/13/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11115000 | &nbsp;&nbsp;&nbsp;&nbsp; 11651949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20400000 | &nbsp;&nbsp;&nbsp;&nbsp; 21534142 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class A, 5.35%, 5/15/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 5.70%, 5/15/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4575000 | &nbsp;&nbsp;&nbsp;&nbsp; 4563577 |
| &nbsp;&nbsp;&nbsp; SHR Trust Series 2024-LXRY, Class B, 6.41%, 10/15/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002099 |
| &nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5674923 |
| &nbsp;&nbsp;&nbsp; SREIT Trust Series 2021-MFP, Class G, 7.05%, 11/15/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1677683 | &nbsp;&nbsp;&nbsp;&nbsp; 1675638 |
| &nbsp;&nbsp;&nbsp; TPG Trust Series 2024-WLSC, Class A, 6.09%, 11/15/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000531 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5, Class C, 4.61%, 11/15/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class D, 3.00%, 5/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 818979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class C, 5.04%, 6/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2143000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995300 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.59%, 4/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 43711 | &nbsp;&nbsp;&nbsp;&nbsp; 43133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 5.22%, 6/25/2052 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 193854 | &nbsp;&nbsp;&nbsp;&nbsp; 192285 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A, 5.63%, 8/25/2052 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 371291 | &nbsp;&nbsp;&nbsp;&nbsp; 373746 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class A, 5.48%, 7/15/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class B, 5.93%, 7/15/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class D, 4.37%, 6/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3112026 | &nbsp;&nbsp;&nbsp;&nbsp; 3016175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class D, 3.14%, 7/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2364354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class D, 3.00%, 7/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3813733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 9/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4330000 | &nbsp;&nbsp;&nbsp;&nbsp; 4247314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class D, 3.00%, 5/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 178076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A5, 4.21%, 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class AS, 4.46%, 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 993039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class D, 3.00%, 6/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class D, 3.00%, 8/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C62, Class C, 4.49%, 4/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3, 5.93%, 7/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1890195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class B, 4.03%, 7/15/2058 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3353153 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class D, 3.50%, 8/15/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3578032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class C, 4.23%, 8/15/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class C, 3.75%, 9/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 357000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class B, 4.37%, 9/15/2057 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91000 |
| &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust Series 2025-DC, Class A, 5.53%, 7/15/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1776000 | &nbsp;&nbsp;&nbsp;&nbsp; 1837855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $1,072,645,992)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1098266136 |
| **Collateralized Mortgage Obligations — 16.3%** | **Collateralized Mortgage Obligations — 16.3%** | **Collateralized Mortgage Obligations — 16.3%** |
| &nbsp;&nbsp;&nbsp; Anchor Mortgage Trust Series 2025-RTL1, Class A1, 5.72%, 5/25/2040 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203969 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2006-OA5, Class 2A1, 4.47%, 4/25/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 135959 | &nbsp;&nbsp;&nbsp;&nbsp; 120863 |
| &nbsp;&nbsp;&nbsp; Citi Asset Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class CERT, 0.00%, 9/20/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8048595 | &nbsp;&nbsp;&nbsp;&nbsp; 8143568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class CERT, 0.00%, 10/20/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12401642 | &nbsp;&nbsp;&nbsp;&nbsp; 12736486 |
| &nbsp;&nbsp;&nbsp; Citi Asset Receivables Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class CERT, 0.00%, 5/20/2031 ‡ (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4597052 | &nbsp;&nbsp;&nbsp;&nbsp; 4612682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class CERT, 0.00%, 6/20/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6140107 | &nbsp;&nbsp;&nbsp;&nbsp; 6153002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class CERT, 0.00%, 7/20/2031 ‡ (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9299858 | &nbsp;&nbsp;&nbsp;&nbsp; 9366817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class CERT, 0.00%, 8/20/2031 ‡ (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11372281 | &nbsp;&nbsp;&nbsp;&nbsp; 11446201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class CERT, 0.00%, 11/20/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15451608 | &nbsp;&nbsp;&nbsp;&nbsp; 16048041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class CERT, 0.00%, 12/20/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19721000 | &nbsp;&nbsp;&nbsp;&nbsp; 20410245 |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust Series 2023-2, Class A1, 6.60%, 7/25/2068 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 209771 | &nbsp;&nbsp;&nbsp;&nbsp; 210877 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R04, Class 2B1, 9.44%, 6/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 558165 | &nbsp;&nbsp;&nbsp;&nbsp; 570198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R05, Class 1B1, 8.29%, 7/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1726261 | &nbsp;&nbsp;&nbsp;&nbsp; 1754313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2B1, 7.94%, 9/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2651221 | &nbsp;&nbsp;&nbsp;&nbsp; 2697936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R07, Class 1B1, 7.59%, 10/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2678171 | &nbsp;&nbsp;&nbsp;&nbsp; 2721691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R02, Class 2B1, 7.19%, 1/25/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9464238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R01, Class 1B1, 7.44%, 1/25/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6936000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 7.17%, 10/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 6.07%, 11/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4474113 | &nbsp;&nbsp;&nbsp;&nbsp; 4496326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 7.37%, 11/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 65289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2, 5.72%, 12/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1941000 | &nbsp;&nbsp;&nbsp;&nbsp; 1948870 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 10.32%, 3/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5660000 | &nbsp;&nbsp;&nbsp;&nbsp; 6037943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, 7.92%, 5/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 6.37%, 1/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 188072 | &nbsp;&nbsp;&nbsp;&nbsp; 191813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.42%, 1/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 572967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1B1, 9.62%, 1/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 378472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2, 7.97%, 4/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2780393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.62%, 5/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 525660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1B1, 9.42%, 5/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2815639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 6.77%, 7/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 699093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07, Class 2M2, 7.32%, 9/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16573714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07, Class 2B1, 8.57%, 9/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5362896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, 6.57%, 10/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5522630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1, 5.12%, 1/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3729379 | &nbsp;&nbsp;&nbsp;&nbsp; 3725893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1B1, 6.77%, 1/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2559375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, 5.87%, 2/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 461725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M2, 5.72%, 5/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1296000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 5.77%, 7/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 421310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2B1, 6.07%, 7/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6991280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M2, 5.67%, 9/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M2, 5.62%, 9/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6520000 | &nbsp;&nbsp;&nbsp;&nbsp; 6520196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1B1, 5.92%, 9/25/2045 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 2829248 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 4.30%, 3/25/2067 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 85838 | &nbsp;&nbsp;&nbsp;&nbsp; 84164 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B1, 7.07%, 8/25/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3691832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B1, 7.47%, 8/25/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7227000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B2, 9.07%, 8/25/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6670267 | &nbsp;&nbsp;&nbsp;&nbsp; 7761363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B2, 10.07%, 8/25/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14342782 | &nbsp;&nbsp;&nbsp;&nbsp; 17602743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B2, 10.32%, 10/25/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 7222290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2, Class B2, 9.52%, 12/25/2033 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9090000 | &nbsp;&nbsp;&nbsp;&nbsp; 10742691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class B2, 9.57%, 1/25/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23730000 | &nbsp;&nbsp;&nbsp;&nbsp; 28411554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class B2, 10.32%, 9/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B2, 11.57%, 10/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B1, 7.72%, 11/25/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8386000 | &nbsp;&nbsp;&nbsp;&nbsp; 8580897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2, 7.82%, 2/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp;&nbsp; 5638882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class B2, 15.07%, 3/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6215895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 6.97%, 4/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class B1, 9.72%, 4/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6612453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class B2, 13.82%, 4/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7734148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.42%, 5/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6198003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M2, 9.32%, 5/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 582097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M2, 10.82%, 6/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6505930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M2, 10.07%, 7/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2677926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.62%, 8/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7938496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M2, 9.82%, 9/25/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3239312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A, 6.14%, 3/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 310620 | &nbsp;&nbsp;&nbsp;&nbsp; 314914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A, 6.14%, 4/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 713092 | &nbsp;&nbsp;&nbsp;&nbsp; 722729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class B1, 11.64%, 4/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5637954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1B, 7.42%, 6/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp;&nbsp; 8466298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M2, 7.92%, 6/25/2043 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp;&nbsp; 10326750 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, 6.02%, 2/25/2044 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1509350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA6, Class B2, 9.72%, 12/25/2050 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1937000 | &nbsp;&nbsp;&nbsp;&nbsp; 2232117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1, Class B2, 8.82%, 1/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1760056 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR, Whole Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA2, Class B1, 9.34%, 10/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA3, Class B1, 8.64%, 3/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1652612 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5607, Class GC, 4.25%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15876875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5607, Class KT, 4.25%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17928655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5558, Class BV, 5.50%, 5/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2914769 | &nbsp;&nbsp;&nbsp;&nbsp; 2997223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5148, Class PZ, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 12641615 | &nbsp;&nbsp;&nbsp;&nbsp; 8282703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5151, Class KZ, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8752501 | &nbsp;&nbsp;&nbsp;&nbsp; 5761350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5328, Class Z, 6.00%, 8/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4599490 | &nbsp;&nbsp;&nbsp;&nbsp; 4821122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5338, Class AZ, 6.00%, 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4576607 | &nbsp;&nbsp;&nbsp;&nbsp; 4797669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5387, Class KB, 6.00%, 3/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3112814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5413, Class KS, IF, IO, 1.78%, 5/25/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4105222 | &nbsp;&nbsp;&nbsp;&nbsp; 284278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5414, Class DZ, 6.00%, 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5045175 | &nbsp;&nbsp;&nbsp;&nbsp; 5278644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5442, Class HZ, 6.00%, 8/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5415356 | &nbsp;&nbsp;&nbsp;&nbsp; 5618015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5495, Class SC, IF, IO, 1.88%, 1/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36880251 | &nbsp;&nbsp;&nbsp;&nbsp; 2555613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5509, Class SA, IF, IO, 1.68%, 2/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20751435 | &nbsp;&nbsp;&nbsp;&nbsp; 1198400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class SN, IF, IO, 1.78%, 2/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13632857 | &nbsp;&nbsp;&nbsp;&nbsp; 937627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5520, Class SD, IF, IO, 1.81%, 3/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17719215 | &nbsp;&nbsp;&nbsp;&nbsp; 1199194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5520, Class SE, IF, IO, 1.81%, 3/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8674233 | &nbsp;&nbsp;&nbsp;&nbsp; 532945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class BZ, 5.50%, 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2396633 | &nbsp;&nbsp;&nbsp;&nbsp; 2415126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class AL, 6.00%, 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4473567 | &nbsp;&nbsp;&nbsp;&nbsp; 4697885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5528, Class SA, IF, IO, 1.91%, 4/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19430470 | &nbsp;&nbsp;&nbsp;&nbsp; 1094060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class SA, IF, IO, 1.68%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21206769 | &nbsp;&nbsp;&nbsp;&nbsp; 1422393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5580, Class Z, 5.00%, 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2126359 | &nbsp;&nbsp;&nbsp;&nbsp; 2076035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5562, Class Z, 6.00%, 7/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2231564 | &nbsp;&nbsp;&nbsp;&nbsp; 2227182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class SA, IF, IO, 1.78%, 8/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25933861 | &nbsp;&nbsp;&nbsp;&nbsp; 1838459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class AZ, 5.00%, 8/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1067610 | &nbsp;&nbsp;&nbsp;&nbsp; 992025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5564, Class PZ, 6.00%, 8/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 10075861 | &nbsp;&nbsp;&nbsp;&nbsp; 10037030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class UZ, 6.00%, 8/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1207527 | &nbsp;&nbsp;&nbsp;&nbsp; 1204298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class ZU, 6.00%, 8/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3371438 | &nbsp;&nbsp;&nbsp;&nbsp; 3343947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5578, Class ZC, 6.00%, 9/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 8159996 | &nbsp;&nbsp;&nbsp;&nbsp; 8052238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5580, Class UZ, 6.00%, 9/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2422556 | &nbsp;&nbsp;&nbsp;&nbsp; 2409587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5587, Class AZ, 6.00%, 10/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5446329 | &nbsp;&nbsp;&nbsp;&nbsp; 5421154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5587, Class ZU, 6.00%, 10/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1524687 | &nbsp;&nbsp;&nbsp;&nbsp; 1517714 |
| &nbsp;&nbsp;&nbsp; FNMA, Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class 2B1, 9.69%, 9/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2252027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class 1B1, 7.79%, 1/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1090558 | &nbsp;&nbsp;&nbsp;&nbsp; 1141125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 1B1, 8.34%, 2/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 476276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C03, Class 1B1, 7.94%, 10/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3647000 | &nbsp;&nbsp;&nbsp;&nbsp; 3901221 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-28, Class PF, 4.59%, 3/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3385 | &nbsp;&nbsp;&nbsp;&nbsp; 3384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-78, Class BV, 5.50%, 8/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3932089 | &nbsp;&nbsp;&nbsp;&nbsp; 4056010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-71, Class YF, 4.54%, 4/25/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16137 | &nbsp;&nbsp;&nbsp;&nbsp; 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-73, Class CZ, 3.00%, 11/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6590390 | &nbsp;&nbsp;&nbsp;&nbsp; 6113422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-28, Class EZ, 6.00%, 7/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2311244 | &nbsp;&nbsp;&nbsp;&nbsp; 2415661 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-31, Class LZ, 6.00%, 7/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4622488 | &nbsp;&nbsp;&nbsp;&nbsp; 4854695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-34, Class LZ, 6.00%, 8/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2874681 | &nbsp;&nbsp;&nbsp;&nbsp; 3042232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25, Class ZA, 6.00%, 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2088857 | &nbsp;&nbsp;&nbsp;&nbsp; 2190598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25, Class ZB, 5.50%, 3/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2945080 | &nbsp;&nbsp;&nbsp;&nbsp; 2987161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20, Class MS, IF, IO, 1.88%, 5/25/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6147989 | &nbsp;&nbsp;&nbsp;&nbsp; 427982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-58, Class BS, IF, IO, 1.78%, 8/25/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5455739 | &nbsp;&nbsp;&nbsp;&nbsp; 333784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-98, Class UZ, 6.00%, 8/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8815387 | &nbsp;&nbsp;&nbsp;&nbsp; 8873061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class SE, IF, IO, 1.83%, 12/25/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7262829 | &nbsp;&nbsp;&nbsp;&nbsp; 489617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-92, Class SH, IF, IO, 1.88%, 12/25/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4723670 | &nbsp;&nbsp;&nbsp;&nbsp; 364287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class KL, 5.50%, 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5463569 | &nbsp;&nbsp;&nbsp;&nbsp; 5527158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-105, Class SH, IF, IO, 1.78%, 1/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19209891 | &nbsp;&nbsp;&nbsp;&nbsp; 1291829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class SE, IF, IO, 1.78%, 2/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5699612 | &nbsp;&nbsp;&nbsp;&nbsp; 382144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class SB, IF, IO, 1.83%, 3/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7413839 | &nbsp;&nbsp;&nbsp;&nbsp; 571411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-24, Class SC, IF, IO, 1.86%, 4/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11204025 | &nbsp;&nbsp;&nbsp;&nbsp; 772592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-47, Class SM, IF, IO, 1.73%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55999223 | &nbsp;&nbsp;&nbsp;&nbsp; 3727107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-55, Class SG, IF, IO, 1.83%, 7/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26422246 | &nbsp;&nbsp;&nbsp;&nbsp; 1762771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-55, Class SC, IF, IO, 2.35%, 7/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18247556 | &nbsp;&nbsp;&nbsp;&nbsp; 1470277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-55, Class UN, 5.00%, 7/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5126583 | &nbsp;&nbsp;&nbsp;&nbsp; 5052485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-57, Class Z, 6.00%, 7/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2175454 | &nbsp;&nbsp;&nbsp;&nbsp; 2189773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-66, Class SL, IF, IO, 1.73%, 8/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22128762 | &nbsp;&nbsp;&nbsp;&nbsp; 1471760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-69, Class Z, 6.00%, 8/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7484791 | &nbsp;&nbsp;&nbsp;&nbsp; 7488093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-73, Class Z, 6.00%, 9/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5689105 | &nbsp;&nbsp;&nbsp;&nbsp; 5734829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-74, Class ZA, 6.00%, 9/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2213290 | &nbsp;&nbsp;&nbsp;&nbsp; 2286968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class ZB, 6.00%, 10/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4565373 | &nbsp;&nbsp;&nbsp;&nbsp; 4559097 |
| &nbsp;&nbsp;&nbsp; GCAT Trust Series 2023-NQM3, Class A1, 6.89%, 8/25/2068 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3170485 | &nbsp;&nbsp;&nbsp;&nbsp; 3204573 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-181, Class SL, IF, IO, 1.53%, 12/20/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 389094 | &nbsp;&nbsp;&nbsp;&nbsp; 40888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-78, Class IB, IO, 3.00%, 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 788003 | &nbsp;&nbsp;&nbsp;&nbsp; 133004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-107, Class XI, IO, 3.00%, 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1146813 | &nbsp;&nbsp;&nbsp;&nbsp; 189500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-142, Class XI, IO, 3.00%, 8/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 123336 | &nbsp;&nbsp;&nbsp;&nbsp; 21971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-160, Class IE, IO, 2.50%, 9/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 22535295 | &nbsp;&nbsp;&nbsp;&nbsp; 3331248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188, Class IJ, IO, 3.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2487935 | &nbsp;&nbsp;&nbsp;&nbsp; 426367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-171, Class MT, 5.25%, 4/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4032479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-67, Class DZ, 5.50%, 5/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4473461 | &nbsp;&nbsp;&nbsp;&nbsp; 4555199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-102, Class BG, 5.50%, 7/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 320064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-113, Class SJ, IF, IO, 1.60%, 8/20/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5641048 | &nbsp;&nbsp;&nbsp;&nbsp; 323585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-113, Class GZ, 5.50%, 8/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1426534 | &nbsp;&nbsp;&nbsp;&nbsp; 1465433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-117, Class ZM, 5.50%, 8/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2262826 | &nbsp;&nbsp;&nbsp;&nbsp; 2255864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class MS, IF, IO, 1.75%, 1/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10109616 | &nbsp;&nbsp;&nbsp;&nbsp; 675551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30, Class SC, IF, IO, 2.35%, 2/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4043593 | &nbsp;&nbsp;&nbsp;&nbsp; 363189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27, Class GB, 5.00%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44, Class GZ, 6.00%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5619818 | &nbsp;&nbsp;&nbsp;&nbsp; 5919849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-64, Class SV, IF, IO, 1.15%, 4/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6876043 | &nbsp;&nbsp;&nbsp;&nbsp; 361163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-79, Class CS, IF, IO, 1.15%, 5/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10555552 | &nbsp;&nbsp;&nbsp;&nbsp; 515913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-79, Class BS, IF, IO, 3.15%, 5/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5142778 | &nbsp;&nbsp;&nbsp;&nbsp; 553172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-110, Class SC, IF, IO, 1.90%, 7/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4244385 | &nbsp;&nbsp;&nbsp;&nbsp; 299975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-112, Class SA, IF, IO, 2.50%, 7/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4009568 | &nbsp;&nbsp;&nbsp;&nbsp; 301498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-110, Class AS, IF, IO, 2.55%, 7/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3508630 | &nbsp;&nbsp;&nbsp;&nbsp; 318195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-126, Class HS, IF, IO, 1.85%, 8/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4062110 | &nbsp;&nbsp;&nbsp;&nbsp; 282375 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-126, Class JS, IF, IO, 1.85%, 8/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14006880 | &nbsp;&nbsp;&nbsp;&nbsp; 712103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-134, Class SE, IF, IO, 1.85%, 8/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9537263 | &nbsp;&nbsp;&nbsp;&nbsp; 664619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-127, Class SE, IF, IO, 1.90%, 8/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5271104 | &nbsp;&nbsp;&nbsp;&nbsp; 374097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-126, Class AS, IF, IO, 2.55%, 8/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4429114 | &nbsp;&nbsp;&nbsp;&nbsp; 403533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-128, Class SA, IF, IO, 2.55%, 8/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6536556 | &nbsp;&nbsp;&nbsp;&nbsp; 646288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-151, Class JS, IF, IO, 2.51%, 9/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4187832 | &nbsp;&nbsp;&nbsp;&nbsp; 374124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-159, Class AS, IF, IO, 2.00%, 10/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3354598 | &nbsp;&nbsp;&nbsp;&nbsp; 261304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-190, Class CS, IF, IO, 1.90%, 11/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4683979 | &nbsp;&nbsp;&nbsp;&nbsp; 335307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-156, Class BZ, 4.50%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 806011 | &nbsp;&nbsp;&nbsp;&nbsp; 748633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-204, Class SB, IF, IO, 1.91%, 12/20/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7951600 | &nbsp;&nbsp;&nbsp;&nbsp; 607498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-156, Class Z, 4.50%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7052598 | &nbsp;&nbsp;&nbsp;&nbsp; 6633165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class JY, 5.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1665890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class KS, IF, IO, 1.10%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9254808 | &nbsp;&nbsp;&nbsp;&nbsp; 495168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class SU, IF, IO, 1.10%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9078545 | &nbsp;&nbsp;&nbsp;&nbsp; 400551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class SV, IF, IO, 1.80%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9243233 | &nbsp;&nbsp;&nbsp;&nbsp; 561440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class SG, IF, IO, 1.85%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17905290 | &nbsp;&nbsp;&nbsp;&nbsp; 1092550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class QS, IF, IO, 2.35%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3647687 | &nbsp;&nbsp;&nbsp;&nbsp; 261855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class SL, IF, IO, 2.50%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4261091 | &nbsp;&nbsp;&nbsp;&nbsp; 382453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class SL, IF, IO, 2.50%, 1/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4791722 | &nbsp;&nbsp;&nbsp;&nbsp; 350959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class DY, 5.25%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2408529 | &nbsp;&nbsp;&nbsp;&nbsp; 2397582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class BL, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-22, Class AS, IF, IO, 1.85%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14804354 | &nbsp;&nbsp;&nbsp;&nbsp; 921491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-23, Class SE, IF, IO, 1.85%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6806177 | &nbsp;&nbsp;&nbsp;&nbsp; 425050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-23, Class SL, IF, IO, 1.85%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10684363 | &nbsp;&nbsp;&nbsp;&nbsp; 670990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-25, Class HS, IF, IO, 1.85%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15734224 | &nbsp;&nbsp;&nbsp;&nbsp; 988802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-22, Class GS, IF, IO, 2.45%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10526334 | &nbsp;&nbsp;&nbsp;&nbsp; 873382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-25, Class BS, IF, IO, 2.45%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19098772 | &nbsp;&nbsp;&nbsp;&nbsp; 1650942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-25, Class SB, IF, IO, 2.45%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19492477 | &nbsp;&nbsp;&nbsp;&nbsp; 1511209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-30, Class SC, IF, IO, 2.45%, 2/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10884524 | &nbsp;&nbsp;&nbsp;&nbsp; 826459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-25, Class ZN, 7.00%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1145742 | &nbsp;&nbsp;&nbsp;&nbsp; 1261037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-41, Class AS, IF, IO, 1.20%, 3/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17250929 | &nbsp;&nbsp;&nbsp;&nbsp; 934298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-41, Class BS, IF, IO, 1.20%, 3/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47346337 | &nbsp;&nbsp;&nbsp;&nbsp; 2026191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-51, Class SH, IF, IO, 1.85%, 3/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13855842 | &nbsp;&nbsp;&nbsp;&nbsp; 857382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-51, Class SA, IF, IO, 1.90%, 3/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46341588 | &nbsp;&nbsp;&nbsp;&nbsp; 3247943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-41, Class ES, IF, IO, 3.10%, 3/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5153623 | &nbsp;&nbsp;&nbsp;&nbsp; 510139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-41, Class SE, IF, IO, 3.10%, 3/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6963322 | &nbsp;&nbsp;&nbsp;&nbsp; 730449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-139, Class B, 5.50%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5538437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-69, Class SW, IF, IO, 1.03%, 4/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12442580 | &nbsp;&nbsp;&nbsp;&nbsp; 549034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-69, Class SX, IF, IO, 1.03%, 4/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31464684 | &nbsp;&nbsp;&nbsp;&nbsp; 1408564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-65, Class SL, IF, IO, 1.75%, 4/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70917691 | &nbsp;&nbsp;&nbsp;&nbsp; 4701914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-69, Class SK, IF, IO, 2.35%, 4/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28782379 | &nbsp;&nbsp;&nbsp;&nbsp; 2205646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-156, Class CZ, 5.00%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1391524 | &nbsp;&nbsp;&nbsp;&nbsp; 1347000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-69, Class AZ, 5.00%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2597514 | &nbsp;&nbsp;&nbsp;&nbsp; 2504316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-70, Class EZ, 5.00%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4405976 | &nbsp;&nbsp;&nbsp;&nbsp; 4250712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class PA, 7.00%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3704799 | &nbsp;&nbsp;&nbsp;&nbsp; 3852878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class SP, IF, IO, 1.00%, 5/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24694216 | &nbsp;&nbsp;&nbsp;&nbsp; 1107642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-84, Class SQ, IF, IO, 1.05%, 5/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31448743 | &nbsp;&nbsp;&nbsp;&nbsp; 1465640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class SC, IF, IO, 2.35%, 5/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9850513 | &nbsp;&nbsp;&nbsp;&nbsp; 881086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class SE, IF, IO, 2.35%, 5/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20291823 | &nbsp;&nbsp;&nbsp;&nbsp; 1715124 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-79, Class HS, IF, IO, 2.45%, 5/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6091567 | &nbsp;&nbsp;&nbsp;&nbsp; 506085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-139, Class ZB, 5.25%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1520722 | &nbsp;&nbsp;&nbsp;&nbsp; 1422640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-100, Class SA, IF, IO, 1.75%, 6/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 34837963 | &nbsp;&nbsp;&nbsp;&nbsp; 2336007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class SD, IF, IO, 1.75%, 6/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59246048 | &nbsp;&nbsp;&nbsp;&nbsp; 3919612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-97, Class SE, IF, IO, 1.80%, 6/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27711753 | &nbsp;&nbsp;&nbsp;&nbsp; 1987448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class PZ, 5.00%, 6/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2339129 | &nbsp;&nbsp;&nbsp;&nbsp; 2228609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class UZ, 7.00%, 6/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4215435 | &nbsp;&nbsp;&nbsp;&nbsp; 4233749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-124, Class CS, IF, IO, 1.10%, 7/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8034836 | &nbsp;&nbsp;&nbsp;&nbsp; 377284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-124, Class SE, IF, IO, 1.75%, 7/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63490708 | &nbsp;&nbsp;&nbsp;&nbsp; 4228761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-127, Class SH, IF, IO, 2.44%, 7/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8814858 | &nbsp;&nbsp;&nbsp;&nbsp; 769740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-127, Class PZ, 6.00%, 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 8263219 | &nbsp;&nbsp;&nbsp;&nbsp; 8208166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-120, Class SH, IF, 6.35%, 7/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4154393 | &nbsp;&nbsp;&nbsp;&nbsp; 4334414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-120, Class SJ, IF, 6.42%, 7/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4124719 | &nbsp;&nbsp;&nbsp;&nbsp; 4314588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-139, Class SU, IF, IO, 1.20%, 8/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49776096 | &nbsp;&nbsp;&nbsp;&nbsp; 2567381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-139, Class JS, IF, IO, 2.45%, 8/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22353126 | &nbsp;&nbsp;&nbsp;&nbsp; 2097995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-132, Class MZ, 5.00%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1316318 | &nbsp;&nbsp;&nbsp;&nbsp; 1238530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-139, Class UC, 6.00%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1964568 | &nbsp;&nbsp;&nbsp;&nbsp; 1961478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-141, Class ZJ, 6.00%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6533657 | &nbsp;&nbsp;&nbsp;&nbsp; 6415423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-135, Class SE, IF, 6.42%, 8/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7677195 | &nbsp;&nbsp;&nbsp;&nbsp; 8314216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-152, Class SA, IF, IO, 1.80%, 9/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21412126 | &nbsp;&nbsp;&nbsp;&nbsp; 1366552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-152, Class SH, IF, IO, 1.80%, 9/20/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26702907 | &nbsp;&nbsp;&nbsp;&nbsp; 1919488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-156, Class PA, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 13217855 | &nbsp;&nbsp;&nbsp;&nbsp; 13508120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-156, Class UZ, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1718467 | &nbsp;&nbsp;&nbsp;&nbsp; 1713875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-172, Class PZ, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 13680779 | &nbsp;&nbsp;&nbsp;&nbsp; 13702364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-175, Class AZ, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6517924 | &nbsp;&nbsp;&nbsp;&nbsp; 6514592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-175, Class BZ, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7312473 | &nbsp;&nbsp;&nbsp;&nbsp; 7307268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-192, Class ZU, 4.50%, 11/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6318634 | &nbsp;&nbsp;&nbsp;&nbsp; 6002702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-196, Class LZ, 5.50%, 11/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9070625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-207, Class CZ, 5.50%, 11/20/2055 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 5120492 | &nbsp;&nbsp;&nbsp;&nbsp; 5046885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-192, Class QP, 6.50%, 11/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9437259 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust Series 2025-NQM6, Class A1, 5.02%, 11/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp;&nbsp; 5374927 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PJ6, Class A1, 6.00%, 11/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2412659 | &nbsp;&nbsp;&nbsp;&nbsp; 2448815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PJ7, Class A1, 6.00%, 12/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12596744 | &nbsp;&nbsp;&nbsp;&nbsp; 12785518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PJ9, Class A1, 6.00%, 3/25/2056 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24453356 | &nbsp;&nbsp;&nbsp;&nbsp; 24773353 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust Series 2024-RTL1, Class A1, 7.12%, 7/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3780000 | &nbsp;&nbsp;&nbsp;&nbsp; 3783905 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RTL3, Class A1, 8.00%, 8/25/2028 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1186442 | &nbsp;&nbsp;&nbsp;&nbsp; 1188497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.02%, 1/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 753597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 7.13%, 3/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1612412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 6.90%, 5/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2381575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2516000 | &nbsp;&nbsp;&nbsp;&nbsp; 2527515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A2, 6.09%, 7/25/2039 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1017294 | &nbsp;&nbsp;&nbsp;&nbsp; 1024897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1263000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2221000 | &nbsp;&nbsp;&nbsp;&nbsp; 2234342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006383 |
| &nbsp;&nbsp;&nbsp; LOANDEPOT GMSR Master Trust Series 2025-GT2, Class A, 7.11%, 7/16/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4024990 |
| &nbsp;&nbsp;&nbsp; MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6845000 | &nbsp;&nbsp;&nbsp;&nbsp; 6918329 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6086309 | &nbsp;&nbsp;&nbsp;&nbsp; 6095074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.15%, 4/25/2065 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 77108 | &nbsp;&nbsp;&nbsp;&nbsp; 72853 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1C, 3.00%, 5/25/2058 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 196178 | &nbsp;&nbsp;&nbsp;&nbsp; 183337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 135398 | &nbsp;&nbsp;&nbsp;&nbsp; 129437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.35%, 7/25/2065 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5633165 | &nbsp;&nbsp;&nbsp;&nbsp; 5673554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.11%, 8/25/2065 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6063339 | &nbsp;&nbsp;&nbsp;&nbsp; 6080800 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6614537 | &nbsp;&nbsp;&nbsp;&nbsp; 6691965 |
| &nbsp;&nbsp;&nbsp; NRZT Series 2025-NQM6, Class A1, 5.09%, 10/25/2065 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp;&nbsp; 5228627 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 701102 |
| &nbsp;&nbsp;&nbsp; OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 397464 | &nbsp;&nbsp;&nbsp;&nbsp; 397592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 4/25/2063 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 434745 | &nbsp;&nbsp;&nbsp;&nbsp; 439920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM6, Class A1, 6.52%, 7/25/2063 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 214484 | &nbsp;&nbsp;&nbsp;&nbsp; 215635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.60%, 11/25/2064 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6208290 | &nbsp;&nbsp;&nbsp;&nbsp; 6252340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 5/25/2065 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3210265 | &nbsp;&nbsp;&nbsp;&nbsp; 3244340 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J1, Class A1, 6.00%, 4/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15154709 | &nbsp;&nbsp;&nbsp;&nbsp; 15381817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV5, Class A2, 6.00%, 5/25/2056 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4200393 | &nbsp;&nbsp;&nbsp;&nbsp; 4265860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV6, Class A2, 6.00%, 6/25/2056 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7477413 | &nbsp;&nbsp;&nbsp;&nbsp; 7589469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV10, Class A2, 5.50%, 10/1/2056 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10056520 | &nbsp;&nbsp;&nbsp;&nbsp; 10146083 |
| &nbsp;&nbsp;&nbsp; PRET LLC Series 2024-NPL8, Class A1, 5.96%, 11/25/2054 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1594477 | &nbsp;&nbsp;&nbsp;&nbsp; 1595450 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 6.00%, 6/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3380006 | &nbsp;&nbsp;&nbsp;&nbsp; 3430659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, 6.00%, 8/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24219955 | &nbsp;&nbsp;&nbsp;&nbsp; 24488457 |
| &nbsp;&nbsp;&nbsp; PRPM Series 2025-3, Class A1, 6.26%, 5/25/2030 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1813337 | &nbsp;&nbsp;&nbsp;&nbsp; 1816697 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.87%, 11/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1628762 | &nbsp;&nbsp;&nbsp;&nbsp; 1629533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8, Class A2, 8.84%, 12/25/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, 6.18%, 6/25/2030 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1833811 | &nbsp;&nbsp;&nbsp;&nbsp; 1837957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1709309 | &nbsp;&nbsp;&nbsp;&nbsp; 1669457 |
| &nbsp;&nbsp;&nbsp; RCO X Mortgage LLC Series 2025-1, Class A1, 5.87%, 1/25/2030 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3460314 | &nbsp;&nbsp;&nbsp;&nbsp; 3464742 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust Series 2025-7, Class A1, 6.00%, 8/25/2055 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7551081 | &nbsp;&nbsp;&nbsp;&nbsp; 7664241 |
| &nbsp;&nbsp;&nbsp; STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HRP2, Class B1, 8.39%, 2/25/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 650740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HRP2, Class B2, 14.69%, 2/25/2047 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2810448 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 217367 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 6.33%, 10/25/2031 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2812519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RRTL1, Class A1, 6.60%, 2/25/2039 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2157388 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, 5.85%, 12/25/2067 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 561052 | &nbsp;&nbsp;&nbsp;&nbsp; 559765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A1, 6.19%, 3/25/2068 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 354820 | &nbsp;&nbsp;&nbsp;&nbsp; 354946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A1, 5.81%, 5/25/2068 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 469102 | &nbsp;&nbsp;&nbsp;&nbsp; 469382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $1,041,964,633)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1043708267 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 15.8%** | **Corporate Bonds — 15.8%** | **Corporate Bonds — 15.8%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 375592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 464548 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. 6.13%, 3/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 521000 | &nbsp;&nbsp;&nbsp;&nbsp; 537031 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 906000 | &nbsp;&nbsp;&nbsp;&nbsp; 965047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 832367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 681000 | &nbsp;&nbsp;&nbsp;&nbsp; 718178 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. 4.13%, 6/30/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 735800 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 5.63%, 3/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 260186 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC 6.75%, 2/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 428701 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1102000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157288 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5924000 | &nbsp;&nbsp;&nbsp;&nbsp; 6101524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1831000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/31/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 373262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16491499 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 774000 | &nbsp;&nbsp;&nbsp;&nbsp; 801309 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 219615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2755000 | &nbsp;&nbsp;&nbsp;&nbsp; 2795881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2480681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 330988 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 749000 | &nbsp;&nbsp;&nbsp;&nbsp; 752165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 944042 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 518032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 881000 | &nbsp;&nbsp;&nbsp;&nbsp; 915782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1426000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466748 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc. 13.50% (Cash), 3/31/2027 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 719853 | &nbsp;&nbsp;&nbsp;&nbsp; 754607 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 740340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 329977 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 67350 |
| &nbsp;&nbsp;&nbsp; Forvia SE (France) 6.75%, 9/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 215821 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5934000 | &nbsp;&nbsp;&nbsp;&nbsp; 5765092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 431881 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 458225 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP 6.25%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 247763 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% (Cash), 11/15/2030 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208354 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) 6.75%, 4/23/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1548000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25463015 |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), <br> 9.38%, 3/19/2029 (g) (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4703000 | &nbsp;&nbsp;&nbsp;&nbsp; 5232083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco del Estado de Chile (Chile) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 7.95%, <br> 5/2/2029 (g) (h) (i) (j) (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 424000 |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (Mexico) | &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (Mexico) | &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (g) (h) (i) (j) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2239974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.30%), 8.75%, 5/20/2035 (g) (h) (i) (j) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 849048 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (g) (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4229081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.54%, 3/14/2030 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450972 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4185000 | &nbsp;&nbsp;&nbsp;&nbsp; 4175363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.35%), 6.25%, 7/26/2030 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 11203000 | &nbsp;&nbsp;&nbsp;&nbsp; 11328328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.39%), 8.63%, <br> 10/27/2082 (g) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 636151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico (Mexico) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (g) (j) (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074865 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (c) (g) (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3635000 | &nbsp;&nbsp;&nbsp;&nbsp; 3831639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.50%, 5/20/2030 (c) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 601388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 7.38%, 9/10/2034 (c) (g) (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 674330 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (c) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4678000 | &nbsp;&nbsp;&nbsp;&nbsp; 4686876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/18/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 740335 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3990000 | &nbsp;&nbsp;&nbsp;&nbsp; 4089626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592126 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.35%), 7.39%, 11/3/2028 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 306929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.55%, 3/4/2030 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (g) (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4288000 | &nbsp;&nbsp;&nbsp;&nbsp; 4067677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.15%), <br> 6.75%, 9/27/2031 (g) (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4287000 | &nbsp;&nbsp;&nbsp;&nbsp; 4420870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), <br> 8.13%, 11/10/2033 (g) (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1913919 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) (SOFR + 2.60%), 6.53%, 1/10/2029 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 753184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, <br> 1/12/2027 (c) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 315648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Ziraat Bankasi A/S (Turkey) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.62%), 8.38%, <br> 11/5/2030 (c) (g) (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2968437 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), <br> 8.13%, 10/31/2082 (g) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 998472 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 161250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.71%, 4/22/2028 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4620000 | &nbsp;&nbsp;&nbsp;&nbsp; 4718350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 9807000 | &nbsp;&nbsp;&nbsp;&nbsp; 10272793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80317832 |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391063 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 348653 |
| &nbsp;&nbsp;&nbsp; SGUS LLC 11.00%, 12/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 171644 | &nbsp;&nbsp;&nbsp;&nbsp; 139093 |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Cash), 10/1/2027 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 205391 | &nbsp;&nbsp;&nbsp;&nbsp; 195635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22913 | &nbsp;&nbsp;&nbsp;&nbsp; 22913 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 509721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1168000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2460841 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 761785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2416257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 728082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 596956 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.63%, 12/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4809000 | &nbsp;&nbsp;&nbsp;&nbsp; 4983821 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85104 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. 4.88%, 12/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 171761 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.  | &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.  | &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/31/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 289000 | &nbsp;&nbsp;&nbsp;&nbsp; 292894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 7/31/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 432000 | &nbsp;&nbsp;&nbsp;&nbsp; 442835 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495900 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067523 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 406060 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3541000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676957 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2589704 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc. 6.25%, 8/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1259000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291287 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6115000 | &nbsp;&nbsp;&nbsp;&nbsp; 6098146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28326810 |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61469 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) (SOFR + 1.70%), 5.00%, 9/11/2030 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4373596 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 7.56%, 2/10/2026 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95363 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 414289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4271000 | &nbsp;&nbsp;&nbsp;&nbsp; 4508036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Y, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 2.40%), 6.13%, 11/10/2034 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 972713 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. 5.35%, 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1022000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, <br> 3/15/2029 (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172767 |
| &nbsp;&nbsp;&nbsp; Turkiye Varlik Fonu Yonetimi A/S (Turkey) 8.25%, 2/14/2029 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 320062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, <br> 11/13/2028 (c) (g) (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3895000 | &nbsp;&nbsp;&nbsp;&nbsp; 4267900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17240389 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3815000 | &nbsp;&nbsp;&nbsp;&nbsp; 3684697 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) | &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) | &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/31/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 319500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/13/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 284936 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC 1.40%, 8/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 234401 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 2751504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 661038 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 699142 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1893754 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170100 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5269241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 743721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 681000 | &nbsp;&nbsp;&nbsp;&nbsp; 728628 |
| &nbsp;&nbsp;&nbsp; OCP SA (Morocco) | &nbsp;&nbsp;&nbsp; OCP SA (Morocco) | &nbsp;&nbsp;&nbsp; OCP SA (Morocco) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 3/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/23/2051 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 661080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/2/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659195 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 519222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5485000 | &nbsp;&nbsp;&nbsp;&nbsp; 5370774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 537520 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 789000 | &nbsp;&nbsp;&nbsp;&nbsp; 793317 |
| &nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV SARL 7.63% (Blend (Cash 5.13% + PIK 2.50%)), 5/3/2029 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 189701 | &nbsp;&nbsp;&nbsp;&nbsp; 30827 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp;&nbsp; 2065916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3485000 | &nbsp;&nbsp;&nbsp;&nbsp; 3280741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1181000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37225637 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183044 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 174479 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp;&nbsp; 3587140 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) 4.63%, 10/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 578228 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3915000 | &nbsp;&nbsp;&nbsp;&nbsp; 3791259 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. 5.75%, 10/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 706000 | &nbsp;&nbsp;&nbsp;&nbsp; 721579 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 668987 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 778218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 607000 | &nbsp;&nbsp;&nbsp;&nbsp; 622314 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp;&nbsp;&nbsp; 2367720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 482952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1683000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766852 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp;&nbsp; 5272920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 578544 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 218605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3345000 | &nbsp;&nbsp;&nbsp;&nbsp; 3265463 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 891000 | &nbsp;&nbsp;&nbsp;&nbsp; 915941 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 401678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 458374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30013712 |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ciena Corp. 4.00%, 1/31/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144634 |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1811860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2412490 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AECOM 6.00%, 8/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 962000 | &nbsp;&nbsp;&nbsp;&nbsp; 988878 |
| &nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 406962 | &nbsp;&nbsp;&nbsp;&nbsp; 331157 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 88798 |
| &nbsp;&nbsp;&nbsp; Pike Corp. 8.63%, 1/31/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 433454 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1989886 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 7.20%, <br> 6/10/2030 (c) (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp;&nbsp; 423572 |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 946560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1370132 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 341422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 784149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.95%, 3/10/2055 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 482410 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 380330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131894 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 6/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 522543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5505000 | &nbsp;&nbsp;&nbsp;&nbsp; 5449004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 6/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 751655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 9/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 320579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/5/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3080000 | &nbsp;&nbsp;&nbsp;&nbsp; 3163157 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 488093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2164153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18951603 |
| **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4811417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3104820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 893221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/31/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 217938 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2949819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2555000 | &nbsp;&nbsp;&nbsp;&nbsp; 2508589 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (c) (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 38580 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 52563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 112025 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp., Escrow 8.00%, 10/18/2025 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 104124 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 424063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2819000 | &nbsp;&nbsp;&nbsp;&nbsp; 2805870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 726000 | &nbsp;&nbsp;&nbsp;&nbsp; 716457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19966150 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ardagh Group SA  | &nbsp;&nbsp;&nbsp; Ardagh Group SA  | &nbsp;&nbsp;&nbsp; Ardagh Group SA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 851516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1280229 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1827000 | &nbsp;&nbsp;&nbsp;&nbsp; 1843468 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4635000 | &nbsp;&nbsp;&nbsp;&nbsp; 4468955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 390100 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087076 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9985125 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) 6.75%, 3/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 706432 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International 3.38%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4180000 | &nbsp;&nbsp;&nbsp;&nbsp; 3917044 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 919000 | &nbsp;&nbsp;&nbsp;&nbsp; 968376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4885420 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 308040 | &nbsp;&nbsp;&nbsp;&nbsp; 316145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 192525 | &nbsp;&nbsp;&nbsp;&nbsp; 187313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 308040 | &nbsp;&nbsp;&nbsp;&nbsp; 300251 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5115000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2155677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13946000 | &nbsp;&nbsp;&nbsp;&nbsp; 13283246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12077000 | &nbsp;&nbsp;&nbsp;&nbsp; 11300357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5114000 | &nbsp;&nbsp;&nbsp;&nbsp; 4711178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094555 |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC 7.13%, 11/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp; 486635 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) 6.00%, 9/30/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187691 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269458 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1453000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408017 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 498888 | &nbsp;&nbsp;&nbsp;&nbsp; 459601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 971000 | &nbsp;&nbsp;&nbsp;&nbsp; 988854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1139581 | &nbsp;&nbsp;&nbsp;&nbsp; 1167204 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 835788 | &nbsp;&nbsp;&nbsp;&nbsp; 826385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 891504 | &nbsp;&nbsp;&nbsp;&nbsp; 883882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503675 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC 7.75%, 10/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2284964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51534328 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| &nbsp;&nbsp;&nbsp; Axia Energia (Brazil) 6.50%, 1/11/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 917118 |
| &nbsp;&nbsp;&nbsp; Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador) 8.65%, 1/24/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1229000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, <br> 12/15/2026 (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4390000 | &nbsp;&nbsp;&nbsp;&nbsp; 4363167 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 557250 |
| &nbsp;&nbsp;&nbsp; Entergy Corp.  | &nbsp;&nbsp;&nbsp; Entergy Corp.  | &nbsp;&nbsp;&nbsp; Entergy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4306000 | &nbsp;&nbsp;&nbsp;&nbsp; 4528642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.18%), 5.88%, 6/15/2056 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 2960000 | &nbsp;&nbsp;&nbsp;&nbsp; 2956278 |
| &nbsp;&nbsp;&nbsp; Eskom Holdings (South Africa) 8.45%, 8/10/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820487 |
| &nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 6.25%, 4/1/2056 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4281000 | &nbsp;&nbsp;&nbsp;&nbsp; 4285615 |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) | &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) | &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/7/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2043 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175076 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 706651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1344000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394974 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4275000 | &nbsp;&nbsp;&nbsp;&nbsp; 4286855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 406707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 876000 | &nbsp;&nbsp;&nbsp;&nbsp; 894569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 734000 | &nbsp;&nbsp;&nbsp;&nbsp; 739884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 734000 | &nbsp;&nbsp;&nbsp;&nbsp; 745445 |
| &nbsp;&nbsp;&nbsp; Tierra Mojada Luxembourg II SARL (Mexico) 5.75%, 12/1/2040 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1690557 | &nbsp;&nbsp;&nbsp;&nbsp; 1670118 |
| &nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd (Trinidad And Tobago) 7.75%, 6/16/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 596000 | &nbsp;&nbsp;&nbsp;&nbsp; 613731 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 1857243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4408000 | &nbsp;&nbsp;&nbsp;&nbsp; 4422114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 936057 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC 7.38%, 11/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 608000 | &nbsp;&nbsp;&nbsp;&nbsp; 606350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44182764 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. 6.40%, 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 104601 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3612000 | &nbsp;&nbsp;&nbsp;&nbsp; 3579606 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6620000 | &nbsp;&nbsp;&nbsp;&nbsp; 6190719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10815703 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP 6.63%, 9/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 779000 | &nbsp;&nbsp;&nbsp;&nbsp; 802155 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 319115 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL (Brazil) 5.20%, 6/15/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 307316 | &nbsp;&nbsp;&nbsp;&nbsp; 298167 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC 6.50%, 10/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 321317 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) 6.88%, 1/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 226344 |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd.  | &nbsp;&nbsp;&nbsp; Transocean International Ltd.  | &nbsp;&nbsp;&nbsp; Transocean International Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 641864 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 337500 | &nbsp;&nbsp;&nbsp;&nbsp; 351880 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV (Brazil) 8.95%, 7/31/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1402959 | &nbsp;&nbsp;&nbsp;&nbsp; 1524988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4485830 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc. 7.00%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 477000 | &nbsp;&nbsp;&nbsp;&nbsp; 497178 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2898628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6490000 | &nbsp;&nbsp;&nbsp;&nbsp; 6478963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 206299 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 225573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 858925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11165566 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1872000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2891000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 281000 | &nbsp;&nbsp;&nbsp;&nbsp; 288800 |
| &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  | &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  | &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2458040 | &nbsp;&nbsp;&nbsp;&nbsp; 2458040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3856147 | &nbsp;&nbsp;&nbsp;&nbsp; 3856147 |
| &nbsp;&nbsp;&nbsp; Commercial Credit, Inc. Series QIB, 8.75%, 8/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4011161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, <br> 12/15/2052 (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510796 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc. 7.88%, 9/30/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 745103 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2489000 | &nbsp;&nbsp;&nbsp;&nbsp; 2690156 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 741395 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 555846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3118000 | &nbsp;&nbsp;&nbsp;&nbsp; 3011617 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2137000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221223 |
| &nbsp;&nbsp;&nbsp; STReAM 2008 BV (Netherlands) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1803627 | &nbsp;&nbsp;&nbsp;&nbsp; 1803627 |
| &nbsp;&nbsp;&nbsp; Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1803546 | &nbsp;&nbsp;&nbsp;&nbsp; 1803546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30991259 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa SA (Colombia) 9.00%, 5/12/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690312 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp;&nbsp; 3516716 |
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA (Brazil) 8.88%, 9/13/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093130 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 512089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4770000 | &nbsp;&nbsp;&nbsp;&nbsp; 4646049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1561000 | &nbsp;&nbsp;&nbsp;&nbsp; 1611837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13070133 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 562692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 544000 | &nbsp;&nbsp;&nbsp;&nbsp; 576533 |
| &nbsp;&nbsp;&nbsp; Superior Plus LP (Canada) 4.50%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1284306 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 366391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3462094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1879036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 916374 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3274000 | &nbsp;&nbsp;&nbsp;&nbsp; 3341628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411384 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc. 4.00%, 7/31/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 175781 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc. 6.25%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514136 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 199653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1659000 | &nbsp;&nbsp;&nbsp;&nbsp; 1657484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3245000 | &nbsp;&nbsp;&nbsp;&nbsp; 2233327 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. 5.50%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 103685 |
| &nbsp;&nbsp;&nbsp; RXO, Inc. 7.50%, 11/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356563 |
| &nbsp;&nbsp;&nbsp; Transnet (South Africa) | &nbsp;&nbsp;&nbsp; Transnet (South Africa) | &nbsp;&nbsp;&nbsp; Transnet (South Africa) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/6/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/6/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 848000 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. 6.25%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 433689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18171225 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194416 |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6755000 | &nbsp;&nbsp;&nbsp;&nbsp; 6691201 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.  | &nbsp;&nbsp;&nbsp; Hologic, Inc.  | &nbsp;&nbsp;&nbsp; Hologic, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1869000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846507 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5670000 | &nbsp;&nbsp;&nbsp;&nbsp; 5504212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp;&nbsp; 644381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2805000 | &nbsp;&nbsp;&nbsp;&nbsp; 2811553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17957494 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 688515 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1544874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 532310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 837097 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 412224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414144 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2231764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 882573 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 7.38%, 10/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 527000 | &nbsp;&nbsp;&nbsp;&nbsp; 555248 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. 6.50%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp;&nbsp; 636403 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc. 4.50%, 3/31/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 753165 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc. 8.50%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2002000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079577 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6520000 | &nbsp;&nbsp;&nbsp;&nbsp; 6520632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6210000 | &nbsp;&nbsp;&nbsp;&nbsp; 6212627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 993000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1259000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30964932 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 699537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3545975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1916000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6249581 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4240174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 305804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 568000 | &nbsp;&nbsp;&nbsp;&nbsp; 590247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7426753 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 981473 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 5.63%, 12/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 156204 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 369033 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 520525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3167721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2061000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096351 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1788000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4041000 | &nbsp;&nbsp;&nbsp;&nbsp; 4162590 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 558000 | &nbsp;&nbsp;&nbsp;&nbsp; 562321 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412562 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 391114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1829000 | &nbsp;&nbsp;&nbsp;&nbsp; 1885964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1358000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391936 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2139687 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 319561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 286993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1264000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241977 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd. 5.88%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 554609 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 710332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2022000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 576585 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1437901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1499000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495339 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215658 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1748000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817053 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd. 5.88%, 10/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403389 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7275000 | &nbsp;&nbsp;&nbsp;&nbsp; 7311506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 776000 | &nbsp;&nbsp;&nbsp;&nbsp; 793499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49397079 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 813000 | &nbsp;&nbsp;&nbsp;&nbsp; 550235 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 756789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 967067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.37%, 4/1/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 232079 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. 4.00%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6310000 | &nbsp;&nbsp;&nbsp;&nbsp; 6144058 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp. 5.63%, 1/31/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 579000 | &nbsp;&nbsp;&nbsp;&nbsp; 586904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11226346 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 609388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073454 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1292000 | &nbsp;&nbsp;&nbsp;&nbsp; 1275926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1477000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405152 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.88%, 3/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 105133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4469053 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Calpine Corp. 4.63%, 2/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230881 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico) 7.25%, 1/31/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 877589 | &nbsp;&nbsp;&nbsp;&nbsp; 918766 |
| &nbsp;&nbsp;&nbsp; Saavi Energia SARL (Mexico) 8.88%, 2/10/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1763000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887521 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC 6.25%, 2/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2471000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517761 |
| &nbsp;&nbsp;&nbsp; Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 669182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7224111 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1023000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053828 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250827 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  | &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  | &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1551000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1558000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3091613 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 730121 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; ATS Corp. (Canada) 4.13%, 12/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145570 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. 7.50%, 1/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 2255798 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. 6.13%, 6/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 218996 |
| &nbsp;&nbsp;&nbsp; Esab Corp. 6.25%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 339964 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. 3.75%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150065 |
| &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 862714 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156197 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5533295 |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1611104 | &nbsp;&nbsp;&nbsp;&nbsp; 1582910 |
| &nbsp;&nbsp;&nbsp; Yinson Bergenia Production BV (Brazil) 8.50%, 1/31/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1321000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2965336 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1436847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1866482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2246106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92769 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1132000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3179000 | &nbsp;&nbsp;&nbsp;&nbsp; 3308725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1333000 | &nbsp;&nbsp;&nbsp;&nbsp; 1401071 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 217446 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1921820 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550457 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2335000 | &nbsp;&nbsp;&nbsp;&nbsp; 2285989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2679000 | &nbsp;&nbsp;&nbsp;&nbsp; 2617202 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4608000 | &nbsp;&nbsp;&nbsp;&nbsp; 4811720 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2524725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (PIK), 11/30/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1272681 | &nbsp;&nbsp;&nbsp;&nbsp; 1321492 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3429000 | &nbsp;&nbsp;&nbsp;&nbsp; 3695461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2169000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2413000 | &nbsp;&nbsp;&nbsp;&nbsp; 1814708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1499000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501593 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2333000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1936050 | &nbsp;&nbsp;&nbsp;&nbsp; 1652837 |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp. 4.88%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1876180 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 421595 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6820000 | &nbsp;&nbsp;&nbsp;&nbsp; 6825313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021449 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2827311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 392110 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656414 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4660000 | &nbsp;&nbsp;&nbsp;&nbsp; 4542722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 4095966 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2760000 | &nbsp;&nbsp;&nbsp;&nbsp; 2682016 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3497382 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3925000 | &nbsp;&nbsp;&nbsp;&nbsp; 4050533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 674599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 547000 | &nbsp;&nbsp;&nbsp;&nbsp; 580674 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 181719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79311778 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 7.13%, 3/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1748365 |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  | &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  | &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 504907 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55119 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 609000 | &nbsp;&nbsp;&nbsp;&nbsp; 636917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp; 535074 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1547000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605206 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. 5.75%, 11/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 496000 | &nbsp;&nbsp;&nbsp;&nbsp; 507224 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. 8.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 296701 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures (Brazil) 6.75%, 1/28/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 801000 |
| &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4219000 | &nbsp;&nbsp;&nbsp;&nbsp; 4056885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 388000 | &nbsp;&nbsp;&nbsp;&nbsp; 402053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1081000 | &nbsp;&nbsp;&nbsp;&nbsp; 986198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 496472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13701506 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| &nbsp;&nbsp;&nbsp; ReadyCap Holdings LLC Series QIB, 9.38%, 3/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5070722 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (h) (i) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 2088000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.26%), 6.00%, 2/15/2056 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp;&nbsp; 2954400 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656514 |
| &nbsp;&nbsp;&nbsp; Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.38%, 4/1/2056 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1526000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11231223 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria Spain SA (Colombia) 5.75%, 6/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4285000 | &nbsp;&nbsp;&nbsp;&nbsp; 4290082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 626000 | &nbsp;&nbsp;&nbsp;&nbsp; 629095 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 440944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 888095 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 647000 | &nbsp;&nbsp;&nbsp;&nbsp; 659419 |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance plc (Angola) 8.13%, 1/23/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402500 |
| &nbsp;&nbsp;&nbsp; Bapco Energies BSC Closed (Bahrain) 7.50%, 10/25/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518825 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp;&nbsp; 2367873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 721294 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  | &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  | &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 634000 | &nbsp;&nbsp;&nbsp;&nbsp; 661230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 662000 | &nbsp;&nbsp;&nbsp;&nbsp; 703903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, <br> 3/22/2030 (h) (i) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3595000 | &nbsp;&nbsp;&nbsp;&nbsp; 3583502 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1497000 | &nbsp;&nbsp;&nbsp;&nbsp; 1487511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 346173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 442636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1091000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142670 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp.  | &nbsp;&nbsp;&nbsp; Chord Energy Corp.  | &nbsp;&nbsp;&nbsp; Chord Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1054000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 701931 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 788977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp; 3320762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1472000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 457000 | &nbsp;&nbsp;&nbsp;&nbsp; 492862 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC 6.04%, 8/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 406093 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 932820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4915000 | &nbsp;&nbsp;&nbsp;&nbsp; 4775408 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1997000 | &nbsp;&nbsp;&nbsp;&nbsp; 2065020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 686957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 634000 | &nbsp;&nbsp;&nbsp;&nbsp; 625251 |
| &nbsp;&nbsp;&nbsp; Diversified Gas & Oil Corp. 9.75%, 4/9/2029 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 11250000 | &nbsp;&nbsp;&nbsp;&nbsp; 11024188 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 4.13%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2724374 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 687898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2314000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 1/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1795584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 257985 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 325882 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993944 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2840512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 704721 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg SARL (Brazil) | &nbsp;&nbsp;&nbsp; FS Luxembourg SARL (Brazil) | &nbsp;&nbsp;&nbsp; FS Luxembourg SARL (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 234966 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 216205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 312554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 173318 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV (India) 3.85%, 3/29/2026 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 342108 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd. (India) 7.25%, 9/27/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404125 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254237 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp; 363008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111874 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 6.25%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 894000 | &nbsp;&nbsp;&nbsp;&nbsp; 841323 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 448582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 591511 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP 5.88%, 6/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2985000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008793 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. 6.25%, 4/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2182000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179063 |
| &nbsp;&nbsp;&nbsp; Medco Bell Pte. Ltd. (Indonesia) 6.38%, 1/30/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199900 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1021000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 734000 | &nbsp;&nbsp;&nbsp;&nbsp; 760946 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576609 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 907920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 7/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1633000 | &nbsp;&nbsp;&nbsp;&nbsp; 1759535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 816000 | &nbsp;&nbsp;&nbsp;&nbsp; 836337 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl (Peru) 5.38%, 3/22/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3750500 | &nbsp;&nbsp;&nbsp;&nbsp; 3618070 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA (Peru) | &nbsp;&nbsp;&nbsp; Petroleos del Peru SA (Peru) | &nbsp;&nbsp;&nbsp; Petroleos del Peru SA (Peru) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/19/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 420585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/19/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128752 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7690000 | &nbsp;&nbsp;&nbsp;&nbsp; 7619636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp;&nbsp; 5366565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/23/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 325335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 14950000 | &nbsp;&nbsp;&nbsp;&nbsp; 13330915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 1/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1615620 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1668000 | &nbsp;&nbsp;&nbsp;&nbsp; 1701313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 498000 | &nbsp;&nbsp;&nbsp;&nbsp; 491365 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 843000 | &nbsp;&nbsp;&nbsp;&nbsp; 884464 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 961038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 445042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 848000 | &nbsp;&nbsp;&nbsp;&nbsp; 846928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 719000 | &nbsp;&nbsp;&nbsp;&nbsp; 703465 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC (Canada) 4.91%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 599537 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 588126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450769 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 479348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 971147 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Transcanada Trust (Canada) | &nbsp;&nbsp;&nbsp; Transcanada Trust (Canada) | &nbsp;&nbsp;&nbsp; Transcanada Trust (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.42%), 5.50%, 9/15/2079 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1796000 | &nbsp;&nbsp;&nbsp;&nbsp; 1780456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.99%), 5.60%, 3/7/2082 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3396000 | &nbsp;&nbsp;&nbsp;&nbsp; 3343712 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 852187 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 609249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125044 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2432000 | &nbsp;&nbsp;&nbsp;&nbsp; 2491034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 701353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 427714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3185864 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2227000 | &nbsp;&nbsp;&nbsp;&nbsp; 2303393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 927606 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  | &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  | &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 311624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 281000 | &nbsp;&nbsp;&nbsp;&nbsp; 272321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 160797014 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 871525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp;&nbsp; 3885197 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2372000 | &nbsp;&nbsp;&nbsp;&nbsp; 2342942 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc. 4.38%, 4/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8602767 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. 5.50%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5970000 | &nbsp;&nbsp;&nbsp;&nbsp; 5957479 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 989115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6946594 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2241000 | &nbsp;&nbsp;&nbsp;&nbsp; 2316779 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. 5.00%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 278282 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.65%, 8/28/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 440216 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 649132 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp;&nbsp; 3698479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2503990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9886878 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. 5.88%, 11/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 328724 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. 7.13%, 8/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 483956 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 613000 | &nbsp;&nbsp;&nbsp;&nbsp; 589537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 661730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 894070 |
| &nbsp;&nbsp;&nbsp; Triad Properties Corp. 0.00%, 4/1/2052 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3624831 | &nbsp;&nbsp;&nbsp;&nbsp; 3624831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5770168 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 5.88%, 10/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 702000 | &nbsp;&nbsp;&nbsp;&nbsp; 714650 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 311301 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2405000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2630948 |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan) | &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan) | &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/24/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1589000 | &nbsp;&nbsp;&nbsp;&nbsp; 1635098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/24/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 587630 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1647470 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1382000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 860156 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12845178 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2595000 | &nbsp;&nbsp;&nbsp;&nbsp; 2577217 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 6.00%, 5/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 607000 | &nbsp;&nbsp;&nbsp;&nbsp; 623905 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. 5.13%, 4/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2699000 | &nbsp;&nbsp;&nbsp;&nbsp; 2673815 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 579919 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5193000 | &nbsp;&nbsp;&nbsp;&nbsp; 5192167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 478718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12125741 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 462629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 852505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 110428 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  | &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  | &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 993000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 488456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2927005 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 283574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1856000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp;&nbsp; 641078 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 269587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 113767 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 36352 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323265 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2945000 | &nbsp;&nbsp;&nbsp;&nbsp; 2837255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 373859 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. 3.75%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 349000 | &nbsp;&nbsp;&nbsp;&nbsp; 337432 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC 7.50%, 9/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1838976 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 402300 | &nbsp;&nbsp;&nbsp;&nbsp; 139398 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5178000 | &nbsp;&nbsp;&nbsp;&nbsp; 5062726 |
| &nbsp;&nbsp;&nbsp; Staples, Inc. 10.75%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2565215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17606676 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 441676 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.  | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.  | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 780410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 828633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 529436 |
| &nbsp;&nbsp;&nbsp; Xerox Corp. 10.25%, 10/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 517775 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 395534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 648000 | &nbsp;&nbsp;&nbsp;&nbsp; 237807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3731271 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2680000 | &nbsp;&nbsp;&nbsp;&nbsp; 2679648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 671828 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6667288 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1472000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537233 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3756000 | &nbsp;&nbsp;&nbsp;&nbsp; 3755481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 426978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080954 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1388000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 896801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 578000 | &nbsp;&nbsp;&nbsp;&nbsp; 604511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21221459 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altice France Lux 3 (Luxembourg) 10.00%, 1/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 76209 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 472590 |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica) 8.63%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2309000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357316 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 179100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/27/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 371100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3456315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $988,328,121)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1008009544 |
| **Asset-Backed Securities — 10.5%** | **Asset-Backed Securities — 10.5%** | **Asset-Backed Securities — 10.5%** |
| &nbsp;&nbsp;&nbsp; AB BSL CLO Ltd. (Cayman Islands) Series 2020-1A, Class BR2, 5.59%, 10/15/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4915000 | &nbsp;&nbsp;&nbsp;&nbsp; 4915000 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 6.16%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 4.62%, 9/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5630000 | &nbsp;&nbsp;&nbsp;&nbsp; 5643002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 5.06%, 9/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 5.50%, 9/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2078000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X2, Class D, 5.23%, 10/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6008248 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd. (Cayman Islands) Series 2021-16A, Class BR, 5.53%, 7/17/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1808000 | &nbsp;&nbsp;&nbsp;&nbsp; 1809121 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 36500 | &nbsp;&nbsp;&nbsp;&nbsp; 35227 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class E, 8.08%, 10/13/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class F, 9.76%, 5/14/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6320000 | &nbsp;&nbsp;&nbsp;&nbsp; 6358825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class D, 6.82%, 10/12/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1833969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class E, 10.00%, 1/14/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2262190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class E, 9.79%, 2/12/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2378971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 4/12/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1358458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 6.04%, 7/12/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class D, 7.65%, 9/12/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2479932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class C, 4.83%, 1/13/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5570000 | &nbsp;&nbsp;&nbsp;&nbsp; 5586147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.11%, 3/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.50%, 7/14/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.34%, 8/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class E, 9.79%, 8/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2113124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 5.25%, 9/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12540000 | &nbsp;&nbsp;&nbsp;&nbsp; 12595385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class E, 9.54%, 10/14/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class E, 7.87%, 11/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3799743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class C, 4.95%, 7/12/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12710000 | &nbsp;&nbsp;&nbsp;&nbsp; 12773103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class D, 5.19%, 7/12/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14930000 | &nbsp;&nbsp;&nbsp;&nbsp; 14971941 |
| &nbsp;&nbsp;&nbsp; AMSR Trust Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4037403 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.23%, 4/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1207000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 7.24%, 6/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2834538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6A, Class D, 7.37%, 12/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-8A, Class D, 7.52%, 2/20/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 5.58%, 12/20/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 414867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 6.11%, 12/20/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 388801 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A2R, 5.70%, 10/20/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3504368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class A2, 5.46%, 10/25/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A2R, 5.48%, 10/20/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8965000 | &nbsp;&nbsp;&nbsp;&nbsp; 8965000 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd. (Cayman Islands) Series 2022-3A, Class A2R, 5.47%, 10/20/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002583 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class C, 5.57%, 12/26/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 113517 | &nbsp;&nbsp;&nbsp;&nbsp; 113899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class D, 6.12%, 12/26/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 103506 | &nbsp;&nbsp;&nbsp;&nbsp; 104128 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands) Series 2019-26A, Class CR, 6.35%, 10/20/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001154 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 6.03%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 5.83%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2392199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.23%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3407934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.64%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2212000 | &nbsp;&nbsp;&nbsp;&nbsp; 2239860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class E, 8.21%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4107959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 5.41%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp;&nbsp; 3349558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class E, 7.47%, 8/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4706171 |
| &nbsp;&nbsp;&nbsp; Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class CRR, 5.73%, 7/18/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3245765 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1588239 | &nbsp;&nbsp;&nbsp;&nbsp; 1622764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 7.97%, 9/15/2039 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 703292 | &nbsp;&nbsp;&nbsp;&nbsp; 708600 |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B1R, 5.50%, 10/15/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 327065 | &nbsp;&nbsp;&nbsp;&nbsp; 326960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class CR, 5.85%, 10/15/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1926600 | &nbsp;&nbsp;&nbsp;&nbsp; 1928972 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class BR3, 5.33%, 7/20/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class CR3, 7.08%, 4/20/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2889699 |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class D2R, 8.58%, 10/17/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7A, Class CR, 5.90%, 4/15/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1748870 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class BR2, 5.55%, 1/18/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class BR, 5.28%, 4/19/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6565185 |
| &nbsp;&nbsp;&nbsp; CITI Asset Receivables Trust I Series 2025-1, Class CERT, 0.00%, 3/15/2031 ‡ (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10350473 | &nbsp;&nbsp;&nbsp;&nbsp; 10284230 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class E, 5.75%, 3/15/2052 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class E, 5.31%, 6/15/2052 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 328703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class E, 4.86%, 10/15/2052 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 325055 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.48%, 3/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 121238 | &nbsp;&nbsp;&nbsp;&nbsp; 121448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 9.00%, 4/18/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 304216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 5.92%, 5/16/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 310804 | &nbsp;&nbsp;&nbsp;&nbsp; 311448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 7.09%, 10/17/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 398113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class B, 6.71%, 2/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1467000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.03%, 5/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 718226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.71%, 7/17/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 950838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 4.85%, 11/15/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1629770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.39%, 1/16/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.38%, 3/17/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9475000 | &nbsp;&nbsp;&nbsp;&nbsp; 9576013 |
| &nbsp;&nbsp;&nbsp; DailyPay Securitization Trust Series 2025-1A, Class A, 5.63%, 6/26/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 765604 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC Series 2021-1A, Class A23, 2.79%, 11/20/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 257726 |
| &nbsp;&nbsp;&nbsp; Diversified ABS Phase LLC Series 2024-1A, Class A2, 7.67%, 5/30/2044 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1586933 | &nbsp;&nbsp;&nbsp;&nbsp; 1604524 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 907000 | &nbsp;&nbsp;&nbsp;&nbsp; 911663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 4.94%, 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 957815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.41%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2230177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 4.90%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8554325 |
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC Series 2021-1A, Class A2, 2.79%, 10/20/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1873184 | &nbsp;&nbsp;&nbsp;&nbsp; 1769765 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-64A, Class A, 5.12%, 4/18/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 338383 | &nbsp;&nbsp;&nbsp;&nbsp; 338474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-68A, Class BRR, 5.45%, 7/15/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1700524 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class E, 3.34%, 7/17/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 5.55%, 10/16/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 253606 | &nbsp;&nbsp;&nbsp;&nbsp; 254266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.53%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2396817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class E, 10.99%, 7/16/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3149657 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class CR, 5.89%, 4/16/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2612986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class BRR, 5.58%, 7/18/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class CR, 5.88%, 10/20/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2308334 | &nbsp;&nbsp;&nbsp;&nbsp; 2306801 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 370739 | &nbsp;&nbsp;&nbsp;&nbsp; 374910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class D, 5.98%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 142547 | &nbsp;&nbsp;&nbsp;&nbsp; 143595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.68%, 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 954000 | &nbsp;&nbsp;&nbsp;&nbsp; 977505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.69%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 6.32%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 6.34%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3007000 | &nbsp;&nbsp;&nbsp;&nbsp; 2917505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 12.07%, 9/16/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class D, 5.23%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3464358 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2025-1A, Class D, 5.22%, 12/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6068184 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F1, PO, 7/17/2038 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1822986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F2, PO, 7/17/2038 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1819449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class F2, 3.16%, 9/17/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3218880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2483606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F1, 4.50%, 7/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4278388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F2, 4.50%, 7/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class G, 4.50%, 7/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202452 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2023-1, Class B, 5.05%, 1/18/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 83271 | &nbsp;&nbsp;&nbsp;&nbsp; 83239 |
| &nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust Series 2022-GT1, Class B, 7.17%, 4/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301479 |
| &nbsp;&nbsp;&nbsp; Fortiva Retail Credit Master Note Business Trust Series 2025-TWO, Class A, 5.92%, 5/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999321 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust Series 2023-1A, Class D, 9.18%, 12/15/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 302198 | &nbsp;&nbsp;&nbsp;&nbsp; 325545 |
| &nbsp;&nbsp;&nbsp; FREED ABS Trust Series 2022-1FP, Class D, 3.35%, 3/19/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22167 | &nbsp;&nbsp;&nbsp;&nbsp; 22119 |
| &nbsp;&nbsp;&nbsp; GGAM Master Trust International Ltd. (Cayman Islands) Series 2025-1A, Class Y, 9.70%, 9/30/2060 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8035000 | &nbsp;&nbsp;&nbsp;&nbsp; 8090100 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 6.15%, 4/17/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 342665 | &nbsp;&nbsp;&nbsp;&nbsp; 345305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 5.50%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2498428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 6.03%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1449527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class D, 5.65%, 7/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2504645 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Opportunities Ltd. (Cayman Islands) Series 2016-12A, Class CR, 6.08%, 7/21/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 752804 | &nbsp;&nbsp;&nbsp;&nbsp; 753351 |
| &nbsp;&nbsp;&nbsp; Harriman Park CLO Ltd. (Cayman Islands) Series 2020-1A, Class CRR, 5.83%, 7/20/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1677808 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.91%, 6/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 293786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 5.94%, 2/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 603931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 9.43%, 2/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8185000 | &nbsp;&nbsp;&nbsp;&nbsp; 8396721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.16%, 6/26/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13690533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 6.78%, 9/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 9.22%, 1/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2589522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 9.40%, 9/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4376794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 9.44%, 3/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, 5.90%, 12/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp;&nbsp; 2294555 |
| &nbsp;&nbsp;&nbsp; HGI CRE CLO Ltd. (Cayman Islands) Series 2022-FL3, Class E, 8.44%, 4/20/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 195500 | &nbsp;&nbsp;&nbsp;&nbsp; 194596 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust Series 2022-1D, Class D, 6.79%, 6/20/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100075 | &nbsp;&nbsp;&nbsp;&nbsp; 99869 |
| &nbsp;&nbsp;&nbsp; HINNT LLC Series 2022-A, Class D, 6.50%, 5/15/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 231533 | &nbsp;&nbsp;&nbsp;&nbsp; 230272 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class B1, 5.44%, 10/20/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1897375 | &nbsp;&nbsp;&nbsp;&nbsp; 1917152 |
| &nbsp;&nbsp;&nbsp; Identity Digital Capital LLC, 6.79%, 3/20/2065 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2536750 |
| &nbsp;&nbsp;&nbsp; Ista Jet Seri, 6.97%, 4/5/2032 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp; Jonah Energy ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 12.66%, 8/10/2039 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3549350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 11.25%, 12/10/2040 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4769381 | &nbsp;&nbsp;&nbsp;&nbsp; 4759842 |
| &nbsp;&nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22A, Class B, 5.75%, 7/20/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class BR, 5.58%, 10/20/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-52A, Class CR, 5.84%, 7/16/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1847586 |
| &nbsp;&nbsp;&nbsp; LendingClub Loan Certificate Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NP1, Class CERT, 0.00%, 3/16/2037 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 165039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P1, Class CERT, 0.00%, 3/16/2037 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 101578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P2, Class CERT, 0.00%, 4/15/2037 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 116039 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 4.54%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 985460 | &nbsp;&nbsp;&nbsp;&nbsp; 541532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class C, 8.68%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 70557 | &nbsp;&nbsp;&nbsp;&nbsp; 70290 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.53%, 6/21/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.47%, 2/21/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 916087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 2/21/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 451227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 8.47%, 2/21/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 821823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 9/20/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 6.48%, 9/20/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3065968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 4.78%, 10/20/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5751922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.28%, 10/20/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4047231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 5.04%, 5/20/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3820000 | &nbsp;&nbsp;&nbsp;&nbsp; 3813001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.64%, 5/20/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5739436 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class BRR, 5.55%, 7/15/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3532362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class CRR, 5.80%, 7/15/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49A, Class B1R, 5.33%, 10/19/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8050000 | &nbsp;&nbsp;&nbsp;&nbsp; 8035792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A, Class BR, 5.41%, 1/22/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4701589 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Magnetite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-39A, Class BR, 5.41%, 1/25/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class BR2, 5.83%, 4/20/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2208000 | &nbsp;&nbsp;&nbsp;&nbsp; 2211063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-40A, Class B1, 5.65%, 7/15/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2901772 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, 4.91%, 11/20/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class C, 5.73%, 11/20/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 654296 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust Series 2023-1A, Class C, 7.20%, 4/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 161156 | &nbsp;&nbsp;&nbsp;&nbsp; 161846 |
| &nbsp;&nbsp;&nbsp; Mpire, 11.16%, 9/13/2030 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002829 |
| &nbsp;&nbsp;&nbsp; Mpire Frn, 8.29%, 9/13/2030 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2507073 |
| &nbsp;&nbsp;&nbsp; Nautical Solutions, 9.20%, 8/1/2031 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 4509176 | &nbsp;&nbsp;&nbsp;&nbsp; 4509176 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.29%, 7/16/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2259611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class CR, 5.74%, 7/16/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4406204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38A, Class BR2, 5.28%, 10/20/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4691864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38A, Class CR2, 5.76%, 10/20/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2496743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class BR2, 5.53%, 7/20/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3309012 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 163670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.44%, 2/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 2797566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F, 4.00%, 9/4/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4843719 |
| &nbsp;&nbsp;&nbsp; NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8672244 | &nbsp;&nbsp;&nbsp;&nbsp; 8830814 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FHT1, Class A, 3.10%, 7/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 155644 | &nbsp;&nbsp;&nbsp;&nbsp; 153400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 53897 | &nbsp;&nbsp;&nbsp;&nbsp; 52878 |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd. (Cayman Islands) Series 2025-41A, Class B1, 5.62%, 4/21/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4304489 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands) Series 2022-25A, Class B1R, 5.63%, 7/20/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400881 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class C, 5.87%, 4/15/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, 5.71%, 10/25/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2509000 | &nbsp;&nbsp;&nbsp;&nbsp; 2507746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class CR, 6.31%, 10/25/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1498125 |
| &nbsp;&nbsp;&nbsp; Octagon Ltd. (Cayman Islands) Series 2022-1A, Class DR, 7.47%, 7/21/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16800000 | &nbsp;&nbsp;&nbsp;&nbsp; 16683324 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 7.00%, 8/19/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 468000 | &nbsp;&nbsp;&nbsp;&nbsp; 473182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.98%, 10/17/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 602397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.42%, 10/17/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400954 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2025-1A, Class D, 6.10%, 7/14/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1522000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571788 |
| &nbsp;&nbsp;&nbsp; Onemain Financial Issuance Trust Series 2025-1A, Class D, 5.79%, 7/14/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522899 |
| &nbsp;&nbsp;&nbsp; Oneslt, 8.00%, 12/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3465922 | &nbsp;&nbsp;&nbsp;&nbsp; 3465922 |
| &nbsp;&nbsp;&nbsp; Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 629307 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 233109 | &nbsp;&nbsp;&nbsp;&nbsp; 229914 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class BR, 5.60%, 2/15/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4303092 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) Series 2024-3A, Class B, 5.76%, 8/8/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000342 |
| &nbsp;&nbsp;&nbsp; Peace Park CLO Ltd. (Cayman Islands) Series 2021-1A, Class BR, 5.46%, 10/20/2038 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5400637 |
| &nbsp;&nbsp;&nbsp; PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL7, Class A1, 5.93%, 10/25/2054 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2143564 | &nbsp;&nbsp;&nbsp;&nbsp; 2144811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL9, Class A1, 5.85%, 12/25/2054 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1828849 | &nbsp;&nbsp;&nbsp;&nbsp; 1829798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 5.84%, 3/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7709149 | &nbsp;&nbsp;&nbsp;&nbsp; 7735294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL4, Class A1, 6.37%, 4/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5225259 | &nbsp;&nbsp;&nbsp;&nbsp; 5254526 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL3, Class A1, 6.71%, 4/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6753251 | &nbsp;&nbsp;&nbsp;&nbsp; 6800760 |
| &nbsp;&nbsp;&nbsp; PRET Trust Series 2025-NPL1, Class A1, 6.06%, 2/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 13093329 | &nbsp;&nbsp;&nbsp;&nbsp; 13129051 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust Series 2023-SFR1, Class E1, 6.15%, 3/17/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 737634 |
| &nbsp;&nbsp;&nbsp; Purewest ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1985400 | &nbsp;&nbsp;&nbsp;&nbsp; 2024910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4754569 | &nbsp;&nbsp;&nbsp;&nbsp; 4754569 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 791878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.91%, 8/20/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2563000 | &nbsp;&nbsp;&nbsp;&nbsp; 2591198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3631000 | &nbsp;&nbsp;&nbsp;&nbsp; 3703261 |
| &nbsp;&nbsp;&nbsp; RFT TRUST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.11%, 9/27/2028 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2933379 | &nbsp;&nbsp;&nbsp;&nbsp; 2936154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 8.81%, 9/27/2028 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2933379 | &nbsp;&nbsp;&nbsp;&nbsp; 2936137 |
| &nbsp;&nbsp;&nbsp; RR Ltd. (Cayman Islands) Series 2020-12A, Class A2R3, 5.50%, 1/15/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2796000 | &nbsp;&nbsp;&nbsp;&nbsp; 2794465 |
| &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2023-B, Class E, 8.41%, 12/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1209873 | &nbsp;&nbsp;&nbsp;&nbsp; 1232947 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class B, 5.77%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 428000 | &nbsp;&nbsp;&nbsp;&nbsp; 432190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class C, 6.69%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 177594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.47%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2436353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class D, 5.11%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5759710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 5.97%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1906000 | &nbsp;&nbsp;&nbsp;&nbsp; 1948591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.32%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1958000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 4.95%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3123000 | &nbsp;&nbsp;&nbsp;&nbsp; 3135120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class D, 5.14%, 2/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1247000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256281 |
| &nbsp;&nbsp;&nbsp; SBA Small Business Investment Cos. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-10A, Class 1, 5.17%, 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1410648 | &nbsp;&nbsp;&nbsp;&nbsp; 1439638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-10B, Class 1, 5.69%, 9/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1690562 | &nbsp;&nbsp;&nbsp;&nbsp; 1751129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class 1, 5.04%, 3/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6421041 | &nbsp;&nbsp;&nbsp;&nbsp; 6554342 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.33%, 6/20/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2768546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 6.21%, 6/20/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3940776 |
| &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands) Series 2019-15A, Class BR, 5.72%, 1/15/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001610 |
| &nbsp;&nbsp;&nbsp; Small Business Administration Participation Certificates Series 2025-25J, Class 1, 4.79%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4740000 | &nbsp;&nbsp;&nbsp;&nbsp; 4809836 |
| &nbsp;&nbsp;&nbsp; SRT Issuer I LLC, 0.00%, 7/7/2031 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7506911 |
| &nbsp;&nbsp;&nbsp; Stifel SBA IO Trust Series 2024-1A, Class A2, 1.27%, 6/25/2050 ‡ (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 48747624 | &nbsp;&nbsp;&nbsp;&nbsp; 1774718 |
| &nbsp;&nbsp;&nbsp; Stifel SBA Trust Series 2025-2A, Class A1, 2.55%, 8/25/2036 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 58207014 | &nbsp;&nbsp;&nbsp;&nbsp; 3527345 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC Series 2024-1A, Class A23, 6.51%, 7/30/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9324810 | &nbsp;&nbsp;&nbsp;&nbsp; 9660277 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class B, 5.51%, 4/16/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class C, 5.91%, 4/16/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 939986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-21A, Class CR2, 5.65%, 7/15/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-23A, Class CR2, 5.65%, 1/15/2034 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3595313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29A, Class BR, 5.93%, 10/15/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6455000 | &nbsp;&nbsp;&nbsp;&nbsp; 6463159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A, Class BR, 5.92%, 10/23/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4225000 | &nbsp;&nbsp;&nbsp;&nbsp; 4226276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-18A, Class CR4, 6.23%, 10/23/2037 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8180000 | &nbsp;&nbsp;&nbsp;&nbsp; 8182560 |
| &nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2022-2A, Class B, 9.27%, 12/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 305649 | &nbsp;&nbsp;&nbsp;&nbsp; 306150 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust Series 2022-SFR1, Class E2, 5.74%, 4/17/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 100522 |
| &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd. (Cayman Islands) Series 2025-FL6, Class A, 5.50%, 9/18/2042 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3056631 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2016-1, Class B, 3.65%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17882 | &nbsp;&nbsp;&nbsp;&nbsp; 17855 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Upstart Frn, 6.80%, 3/29/2029 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PT2, Class A, 19.73%, 2/20/2030 ‡ (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 77096 | &nbsp;&nbsp;&nbsp;&nbsp; 77096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PT3, Class A, HB, 22.19%, 4/20/2030 ‡ (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52316 | &nbsp;&nbsp;&nbsp;&nbsp; 51950 |
| &nbsp;&nbsp;&nbsp; VCAT LLC Series 2025-NPL3, Class A1, 5.89%, 2/25/2055 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1202641 | &nbsp;&nbsp;&nbsp;&nbsp; 1204449 |
| &nbsp;&nbsp;&nbsp; VistaJet Pass Through Trust Series 2021-1C, 9.50%, 8/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1577471 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) Series 2019-4A, Class BR, 5.92%, 1/15/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001668 |
| &nbsp;&nbsp;&nbsp; Western Funding Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.75%, 7/16/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4615000 | &nbsp;&nbsp;&nbsp;&nbsp; 4647662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.79%, 1/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2540000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575012 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.79%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 446958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 3/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 646710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 576000 | &nbsp;&nbsp;&nbsp;&nbsp; 586255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.21%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3948133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $670,484,688)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 674467178 |
| **Foreign Government Securities — 3.5%** | **Foreign Government Securities — 3.5%** | **Foreign Government Securities — 3.5%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 829000 | &nbsp;&nbsp;&nbsp;&nbsp; 897649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 866248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/16/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3775707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/29/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.45%, 2/4/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 491403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 9/30/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2047 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 653625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.70%, 3/1/2049 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 662816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 5/29/2050 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 288410 |
| &nbsp;&nbsp;&nbsp; Argentine Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 697600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 7/9/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 11390000 | &nbsp;&nbsp;&nbsp;&nbsp; 8099714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/9/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268200 |
| &nbsp;&nbsp;&nbsp; Barbados Government Bond 8.00%, 6/26/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048000 |
| &nbsp;&nbsp;&nbsp; Benin Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 2/13/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 2/13/2038 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 965305 |
| &nbsp;&nbsp;&nbsp; Commonwealth of the Bahamas 8.25%, 6/24/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2277000 | &nbsp;&nbsp;&nbsp;&nbsp; 2467129 |
| &nbsp;&nbsp;&nbsp; Democratic Socialist Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 550379 | &nbsp;&nbsp;&nbsp;&nbsp; 526713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/15/2030 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 186462 | &nbsp;&nbsp;&nbsp;&nbsp; 175507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/15/2033 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 365742 | &nbsp;&nbsp;&nbsp;&nbsp; 317098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/15/2035 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2346960 | &nbsp;&nbsp;&nbsp;&nbsp; 1781049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/15/2036 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 171396 | &nbsp;&nbsp;&nbsp;&nbsp; 155799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 2/15/2038 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 342936 | &nbsp;&nbsp;&nbsp;&nbsp; 314129 |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/22/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/22/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4690136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/5/2049 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015991 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 2/24/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3467344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/2060 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291950 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/28/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/28/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3169776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 2/23/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3641220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 1/21/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/16/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 12/9/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/13/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2683065 |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 5/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 801600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497000 |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/31/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/15/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/13/2029 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/7/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2109450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/12/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4761000 | &nbsp;&nbsp;&nbsp;&nbsp; 4683634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996500 |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2026 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/5/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3102487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6284800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/8/2051 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053250 |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1067000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168173 |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/14/2030 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 748209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/16/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 580686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/6/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/20/2047 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 629400 |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3981250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4824750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.24%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 382000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 10/15/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 |
| &nbsp;&nbsp;&nbsp; Republic of Armenia 3.60%, 2/2/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089000 |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 520650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 544000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3018400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2579000 | &nbsp;&nbsp;&nbsp;&nbsp; 2883322 |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 4/3/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 989690 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 432000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/13/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp; 1735976 |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 799000 | &nbsp;&nbsp;&nbsp;&nbsp; 807945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3754800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3981000 | &nbsp;&nbsp;&nbsp;&nbsp; 4133114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/30/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4800706 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/31/2030 (d) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4473500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/31/2035 (d) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4889403 | &nbsp;&nbsp;&nbsp;&nbsp; 4175550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2040 (d) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2378250 |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/28/2029 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1852000 | &nbsp;&nbsp;&nbsp;&nbsp; 1963120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/17/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2568055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 1/20/2050 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 314475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 7/15/2052 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 387861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.65%, 11/21/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2957000 | &nbsp;&nbsp;&nbsp;&nbsp; 3336013 |
| &nbsp;&nbsp;&nbsp; Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 7/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 235200 | &nbsp;&nbsp;&nbsp;&nbsp; 229320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2029 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3232400 | &nbsp;&nbsp;&nbsp;&nbsp; 3159671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/3/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 467101 | &nbsp;&nbsp;&nbsp;&nbsp; 406378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2035 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2265600 | &nbsp;&nbsp;&nbsp;&nbsp; 2003647 |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/6/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2076340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 6/13/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 748475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1221000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212688 |
| &nbsp;&nbsp;&nbsp; Republic of Honduras |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/19/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1355738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/27/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4664375 |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 5.80%, 1/15/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1171875 | &nbsp;&nbsp;&nbsp;&nbsp; 1167847 |
| &nbsp;&nbsp;&nbsp; Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 2/16/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1743319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 2/16/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2239125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/22/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/9/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 862875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 3/5/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4427000 | &nbsp;&nbsp;&nbsp;&nbsp; 4480124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80%, 10/9/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2265000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190685 |
| &nbsp;&nbsp;&nbsp; Republic of Montenegro 7.25%, 3/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090263 |
| &nbsp;&nbsp;&nbsp; Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 2/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 834248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2200378 |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 8/11/2044 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3788400 |
| &nbsp;&nbsp;&nbsp; Republic of Rwanda 5.50%, 8/9/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1829380 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 6/10/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2723448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/23/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1231000 | &nbsp;&nbsp;&nbsp;&nbsp; 750910 |
| &nbsp;&nbsp;&nbsp; Republic of Serbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/26/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 431613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/12/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 831201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/12/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 415600 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 11/19/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1938150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 6/22/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 456695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 760050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 4/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/19/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3542000 | &nbsp;&nbsp;&nbsp;&nbsp; 3797024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/19/2054 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072000 |
| &nbsp;&nbsp;&nbsp; Republic of Trinidad and Tobago 6.40%, 6/26/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503125 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 1/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1164000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250392 |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan 5.38%, 2/20/2029 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 10/12/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 5/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 537000 |
| &nbsp;&nbsp;&nbsp; Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/30/2033 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1131296 | &nbsp;&nbsp;&nbsp;&nbsp; 1086468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/31/2053 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168223 |
| &nbsp;&nbsp;&nbsp; Romania Government Bond 7.50%, 2/10/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2632128 |
| &nbsp;&nbsp;&nbsp; State of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/7/2027 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.65%, 1/19/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 956700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/7/2031 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 183500 |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond 7.00%, 1/25/2051 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639963 |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 11/6/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2151000 | &nbsp;&nbsp;&nbsp;&nbsp; 2209615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/6/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5338000 | &nbsp;&nbsp;&nbsp;&nbsp; 5746677 |
| &nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi A/S 9.00%, 1/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 420250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $213,991,339)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 224473093 |
| **Loan Assignments — 0.5% (j) (l)** | **Loan Assignments — 0.5% (j) (l)** | **Loan Assignments — 0.5% (j) (l)** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 1st Lien Term Loan J (3-MONTH CME TERM SOFR + 2.50%), 6.50%, 2/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 148869 | &nbsp;&nbsp;&nbsp;&nbsp; 149079 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 631093 | &nbsp;&nbsp;&nbsp;&nbsp; 632753 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.25%), 6.12%, 8/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1361043 | &nbsp;&nbsp;&nbsp;&nbsp; 1360961 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 3/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 992494 | &nbsp;&nbsp;&nbsp;&nbsp; 990370 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 2/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1542250 | &nbsp;&nbsp;&nbsp;&nbsp; 1543638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3894969 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.70%, 6/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 496124 | &nbsp;&nbsp;&nbsp;&nbsp; 497642 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.92%, 11/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 397559 | &nbsp;&nbsp;&nbsp;&nbsp; 398553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 896195 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 7.17%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 922023 | &nbsp;&nbsp;&nbsp;&nbsp; 915458 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.12%, 10/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 286900 | &nbsp;&nbsp;&nbsp;&nbsp; 288334 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 1/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1025789 | &nbsp;&nbsp;&nbsp;&nbsp; 1025687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1314021 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 1st Lien Term Loan B-4 (1-MONTH CME TERM SOFR + 1.75%), 5.73%, 8/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 371257 | &nbsp;&nbsp;&nbsp;&nbsp; 372397 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.48%, <br> 12/2/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 783117 | &nbsp;&nbsp;&nbsp;&nbsp; 783117 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 2.00%), 6.00%, 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 372192 | &nbsp;&nbsp;&nbsp;&nbsp; 372750 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 1.75%), 5.75%, 4/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1822692 | &nbsp;&nbsp;&nbsp;&nbsp; 1819466 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.96%, 10/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 578798 | &nbsp;&nbsp;&nbsp;&nbsp; 579539 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 571177 | &nbsp;&nbsp;&nbsp;&nbsp; 573296 |
| **Insurance — 0.0% ^** | **Insurance — 0.0% ^** | **Insurance — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 1st Lien Term Loan B-13 (1-MONTH CME TERM SOFR + 4.25%), 8.17%, 9/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 532000 | &nbsp;&nbsp;&nbsp;&nbsp; 521626 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.12%, 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1373153 | &nbsp;&nbsp;&nbsp;&nbsp; 1377876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1899502 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 3.00%), 7.00%, 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1352773 | &nbsp;&nbsp;&nbsp;&nbsp; 1344223 |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 4.25%), 8.25%, 5/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 446168 | &nbsp;&nbsp;&nbsp;&nbsp; 402261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 4.25%), 8.17%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 301985 | &nbsp;&nbsp;&nbsp;&nbsp; 245490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1991974 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 4/5/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502525 |
| &nbsp;&nbsp;&nbsp; Terex Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 5.67%, 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 447753 | &nbsp;&nbsp;&nbsp;&nbsp; 448984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 951509 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%), 9.81%, 5/1/2029 (m) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957604 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; EPIC Crude Services LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.34%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 343547 | &nbsp;&nbsp;&nbsp;&nbsp; 344406 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.13%, 4/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380441 | &nbsp;&nbsp;&nbsp;&nbsp; 380106 |
| &nbsp;&nbsp;&nbsp; Jetblue Airways Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.75%), 8.75%, 8/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 928138 | &nbsp;&nbsp;&nbsp;&nbsp; 854351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1234457 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 10.17%, 10/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1192012 | &nbsp;&nbsp;&nbsp;&nbsp; 1175920 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; First Advantage Holdings LLC, 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 10/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 677426 | &nbsp;&nbsp;&nbsp;&nbsp; 669677 |
| &nbsp;&nbsp;&nbsp; WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.98%, 1/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 494988 | &nbsp;&nbsp;&nbsp;&nbsp; 495423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1165100 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 6.78%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 772976 | &nbsp;&nbsp;&nbsp;&nbsp; 760778 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1242223 | &nbsp;&nbsp;&nbsp;&nbsp; 1239639 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.92%, 11/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 714210 | &nbsp;&nbsp;&nbsp;&nbsp; 715996 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.25%, 7/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 445500 | &nbsp;&nbsp;&nbsp;&nbsp; 369346 |
| &nbsp;&nbsp;&nbsp; Dawn Bidco LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 3.00%), 6.76%, 10/7/2032 (m) | &nbsp;&nbsp;&nbsp;&nbsp; 1110092 | &nbsp;&nbsp;&nbsp;&nbsp; 1106684 |
| &nbsp;&nbsp;&nbsp; Icon Parent I, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.75%, 11/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1172062 | &nbsp;&nbsp;&nbsp;&nbsp; 1174102 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.67%, 11/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 591524 | &nbsp;&nbsp;&nbsp;&nbsp; 589625 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.34%, 2/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1642600 | &nbsp;&nbsp;&nbsp;&nbsp; 1641204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6836596 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.51%, 3/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 653270 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 7.96%, 8/18/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1632990 | &nbsp;&nbsp;&nbsp;&nbsp; 1618015 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.21%, 10/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 371250 | &nbsp;&nbsp;&nbsp;&nbsp; 372193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2643478 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.03%, 8/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1492260 | &nbsp;&nbsp;&nbsp;&nbsp; 1495991 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 5.92%, 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 143556 | &nbsp;&nbsp;&nbsp;&nbsp; 143894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $35,081,674)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 34904249 |
| **Municipal Bonds — 0.2% (n)** | **Municipal Bonds — 0.2% (n)** | **Municipal Bonds — 0.2% (n)** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025 B, Rev., <br> 12.00%, 11/2/2026 ‡ (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272000 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project Series 2025 B, Rev., AMT, <br> 12.00%, 11/2/2026 ‡ (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1732000 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.46%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5566000 | &nbsp;&nbsp;&nbsp;&nbsp; 5712254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 6.03%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 672567 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 6384821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $9,851,500)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 9388821 |
| **Supranational — 0.0% ^** | **Supranational — 0.0% ^** | **Supranational — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement (Supranational), <br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year), 8.20%, 2/13/2055 (c) (j) (Cost $1,801,389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818000 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Yeoman Capital SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 48665 | &nbsp;&nbsp;&nbsp;&nbsp; 310576 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altice France Sa (Europe) ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1131 | &nbsp;&nbsp;&nbsp;&nbsp; 19013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $327,772)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 334676 |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.06% (o) (p) <br>(Cost $40,391,680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40379234 | &nbsp;&nbsp;&nbsp;&nbsp; 40395386 |
| **Total Investments — 102.0%** <br>**(Cost $6,457,454,116)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **6526929136** |
| **Liabilities in Excess of Other Assets — (2.0)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(128939746)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **6397989390** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| AMT | Alternative Minimum Tax |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2025. |
| CIFC | Commercial Industrial Finance Corp. |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those <br> associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking <br> interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.<br>|

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of November 30, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is <br> extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on <br> these securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (b) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | 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, 2025. <br>|
| (e) | Defaulted security. |
| (f) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (g) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2025 is $37,828,446 or 0.59% of the <br> Fund's net assets as of November 30, 2025.<br>|
| (h) | Security is an interest bearing note with preferred security characteristics. |
| (i) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of November 30, 2025.<br>|
| (j) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (k) | 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>|
| (l) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (m) | All or a portion of this security is unsettled as of November 30, 2025. Unless otherwise indicated, the coupon rate is undetermined. The <br> coupon rate shown may not be accrued for the entire position.<br>|
| (n) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (o) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (p) | The rate shown is the current yield as of November 30, 2025. |

---

**TBA Short Commitments**

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| FNMA / FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 2.50%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (33900000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28837443)<br>|
| TBA, 3.50%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (40100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37086314)<br>|
| TBA, 4.00%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (41600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39617165)<br>|
| TBA, 5.00%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (75000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74840692)<br>|
| TBA, 6.00%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (253400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (259443375)<br>|
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 3.00%, 12/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (118200000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106625570)<br>|
| TBA, 4.00%, 12/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (87403000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82857742)<br>|

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| TBA, 4.50%, 12/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (145600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142383718)<br>|
| TBA, 5.00%, 12/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (99400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99280471)<br>|
| TBA, 6.00%, 12/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (116230000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118461645)<br>|
| (Proceeds received of $988,557,154) |  | &nbsp;&nbsp;&nbsp;&nbsp; (989434135)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is a when-issued security, delayed delivery security,
 or forward commitment.

**Futures contracts outstanding as of November 30, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 2014 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 228274313 | &nbsp;&nbsp;&nbsp;&nbsp; 500362 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 106195375 | &nbsp;&nbsp;&nbsp;&nbsp; 691159 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 229745314 | &nbsp;&nbsp;&nbsp;&nbsp; (18811)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 6216 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 682303125 | &nbsp;&nbsp;&nbsp;&nbsp; 771277 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1943987 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (93182375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (372049)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (904)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (106163500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (827840)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (155283750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1156710)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (824)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (90446875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114844)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2471443)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (527456)<br>|

---

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

---

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

---

**Forward foreign currency exchange contracts outstanding as of November 30, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 11247022288 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 73533923 | BNP Paribas | 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1428588)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 71957594 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 11247022288 | Goldman Sachs International | 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (147741)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (1576329)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (1576329)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of November 30, 2025:**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., <br> 3.50%, 04/19/2026<br>| 1.00 | Quarterly | Morgan Stanley | 6/20/2028 | 0.40 | USD2,200,000 | 9384 | (46077)<br>| (36693)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., <br> 3.50%, 04/19/2026<br>| 1.00 | Quarterly | Morgan Stanley | 6/20/2028 | 0.40 | USD5,000,000 | 4475 | (87867)<br>| (83392)<br>|
|  |  |  |  |  |  |  | 13859 | (133944)<br>| (120085)<br>|

---

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

---

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

---

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

---

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

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of November 30, 2025:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.45-V1 | 5.00 | Quarterly | 12/20/2030 | 3.23 | USD 11,043,000 | &nbsp;&nbsp; (823705)<br>| &nbsp;&nbsp; (104250)<br>| &nbsp;&nbsp; (927955)<br>|
| CDX.NA.HY.45-V1 | 5.00 | Quarterly | 12/20/2030 | 3.23 | USD 12,345,000 | &nbsp;&nbsp; (924113)<br>| &nbsp;&nbsp; (113251)<br>| &nbsp;&nbsp; (1037364)<br>|
| CDX.NA.HY.45-V1 | 5.00 | Quarterly | 12/20/2030 | 3.23 | USD 16,459,000 | &nbsp;&nbsp; (1228143)<br>| &nbsp;&nbsp; (154925)<br>| &nbsp;&nbsp; (1383068)<br>|
| CDX.NA.HY.45-V1 | 5.00 | Quarterly | 12/20/2030 | 3.23 | USD 16,460,000 | &nbsp;&nbsp; (1230555)<br>| &nbsp;&nbsp; (152597)<br>| &nbsp;&nbsp; (1383152)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (4206516)<br>| &nbsp;&nbsp; (525023)<br>| &nbsp;&nbsp; (4731539)<br>|

---

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

---

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

---

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

---

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

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

**Summary of total OTC swap contracts outstanding as of November 30, 2025:**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Liabilities** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 13859 | &nbsp;&nbsp;&nbsp;&nbsp; (120085)<br>|

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

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

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

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

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

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

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

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

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

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2025.

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

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

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

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

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

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

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $596933900 | &nbsp;&nbsp;&nbsp;&nbsp; $77533278 | &nbsp;&nbsp;&nbsp;&nbsp; $674467178 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 949744340 | &nbsp;&nbsp;&nbsp;&nbsp; 93963927 | &nbsp;&nbsp;&nbsp;&nbsp; 1043708267 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1092643227 | &nbsp;&nbsp;&nbsp;&nbsp; 5622909 | &nbsp;&nbsp;&nbsp;&nbsp; 1098266136 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 334676 | &nbsp;&nbsp;&nbsp;&nbsp; 334676 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16491499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16491499 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25463015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25463015 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80317832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80317832 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 391063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 391063 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2460841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2460841 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28326810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28326810 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17240389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17240389 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37225637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37225637 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30013712 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30013712 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2412490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2412490 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1989886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1989886 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1370132 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1370132 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18951603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18951603 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19966150 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19966150 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9985125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9985125 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 706432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 706432 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4885420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4885420 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51534328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51534328 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44182764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44182764 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104601 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10815703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10815703 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4485830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4485830 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11165566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11165566 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21069899 | &nbsp;&nbsp;&nbsp;&nbsp; 9921360 | &nbsp;&nbsp;&nbsp;&nbsp; 30991259 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13070133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13070133 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1284306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1284306 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18171225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18171225 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17957494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17957494 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30964932 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30964932 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6249581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6249581 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7426753 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7426753 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49397079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49397079 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11226346 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11226346 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4469053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4469053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7224111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7224111 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1053828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1053828 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3091613 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3091613 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 730121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 730121 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5533295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5533295 |

---

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2965336 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2965336 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79311778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79311778 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13701506 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13701506 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5070722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5070722 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11231223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11231223 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160797014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160797014 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8602767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8602767 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6946594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6946594 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9886878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9886878 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 483956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 483956 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2145337 | &nbsp;&nbsp;&nbsp;&nbsp; 3624831 | &nbsp;&nbsp;&nbsp;&nbsp; 5770168 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12845178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12845178 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12125741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12125741 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2927005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2927005 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17606676 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17606676 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3731271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3731271 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21221459 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21221459 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3456315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3456315 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 994463353 | &nbsp;&nbsp;&nbsp;&nbsp; 13546191 | &nbsp;&nbsp;&nbsp;&nbsp; 1008009544 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224473093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224473093 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34904249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34904249 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2391163786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2391163786 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6384821 | &nbsp;&nbsp;&nbsp;&nbsp; 3004000 | &nbsp;&nbsp;&nbsp;&nbsp; 9388821 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1818000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1818000 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 40395386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40395386 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $40395386 | &nbsp;&nbsp;&nbsp;&nbsp; $6292528769 | &nbsp;&nbsp;&nbsp;&nbsp; $194004981 | &nbsp;&nbsp;&nbsp;&nbsp; $6526929136 |
| **Liabilities** |  |  |  |  |
| TBA Short Commitment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(989434135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(989434135)<br>|
| **Total Liabilities in Securities Sold Short** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(989434135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(989434135)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1962798 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1962798 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1576329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1576329)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2490254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2490254)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (658967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (658967)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(527456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2235296)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2762752)<br>|

---

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

 <br> (a) Value is zero.

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

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**November 30,** <br>**2025**<br>|
| **Investments in** <br> **Securities:**<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed <br> Securities<br>| &nbsp;&nbsp; $20894859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(135631)<br>| &nbsp;&nbsp; $(82636)<br>| &nbsp;&nbsp; $89146490 | &nbsp;&nbsp; $(37189804)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1699998)<br>| &nbsp;&nbsp; $6599998 | &nbsp;&nbsp; $77533278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized <br> Mortgage <br> Obligations<br>| &nbsp;&nbsp; 5893564 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1278732)<br>| &nbsp;&nbsp; (59301)<br>| &nbsp;&nbsp; 144957605 | &nbsp;&nbsp; (50126608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3722603)<br>| &nbsp;&nbsp; (1699998)<br>| &nbsp;&nbsp; 93963927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 1868548 | &nbsp;&nbsp; — | &nbsp;&nbsp; (172212)<br>| &nbsp;&nbsp; 31121 | &nbsp;&nbsp; 244452 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3651000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5622909 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 7880 | &nbsp;&nbsp; 6903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 438318 | &nbsp;&nbsp; (118425)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 334676 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 38476 | &nbsp;&nbsp; — | &nbsp;&nbsp; (67399)<br>| &nbsp;&nbsp; 4054 | &nbsp;&nbsp; 14116202 | &nbsp;&nbsp; (545142)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13546191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 4900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (631500)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3635500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3004000 |
| **Total** | &nbsp;&nbsp; $33595447 | &nbsp;&nbsp; $7880 | &nbsp;&nbsp; $(2278571)<br>| &nbsp;&nbsp; $(106762)<br>| &nbsp;&nbsp; $252538567 | &nbsp;&nbsp; $(87979979)<br>| &nbsp;&nbsp; $3651000 | &nbsp;&nbsp; $(5422601)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $194004981 |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Collateralized Mortgage Obligations,
 Mortgage-Backed Securities and Asset-Backed Securities.

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(2,278,571).

There were no significant transfers into or out of level 3 for the period ended November 30, 2025.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **November 30, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $10473413 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 15.00% (0.07%) |
|  |  |  | Constant Default Rate | 0.00% - 12.00% (0.06%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.58% - 9.82% (9.01%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 10473413 |  |  |  |
|  | &nbsp;&nbsp; 3004000 | Terms of Restructuring | Expected Recovery | 80.00% (80.00%) |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; 3004000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $13477413 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2025, the value of these investments was $180,527,568. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

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

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money <br> Market Fund Class IM <br> Shares, 4.06% (a) (b)<br>| $44645094 | $4159522496 | $4163733284 | $(38163)<br>| $(757)<br>| $40395386 | 40379234 | $5817904 | $— |

---

&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, 2025.

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

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

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

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

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

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

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

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

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

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

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

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

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

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

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

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

<u>Credit Default Swaps</u>

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

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

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the

------

**JPMorgan Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

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

------

## 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:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan Income ETF

- **b. EDGAR series identifier (if any):** S000072932

- **c. LEI of Series:** 549300CYQ8KHPO2GR356

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $7779868236.42

**Total Liabilities:** $1435097027.50

**Net Assets:** $6344771208.92

**Delayed Delivery Securities:** $13575791.18

**Cash Not Reported:** $525534.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -20763.16113000 | **1-Year:** 327594.58905000 | **5-Year:** 722815.96706000 | **10-Year:** 24968.88229000 | **30-Year:** 31454.73805000

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

- **3-Month:** 4063.79408000 | **1-Year:** 106097.54096000 | **5-Year:** 301151.66353000 | **10-Year:** 135062.83353000 | **30-Year:** 37563.81642000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229632 | 0.16%                | 0.46%                | 0.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1430311.41             | $-9937364.87                               |
| Month 2  | $-6150889.61             | $9161959.17                                |
| Month 3  | $565374.40               | $8603889.67                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AB BSL CLO 1 Ltd.                                                         | AB BSL CLO Ltd., Series 2020-1A, Class BR2                                                                     | CUSIP: 00038KBC4<br>LEI: 549300UT754V8VGM9T25 | Long             | ABS-CBDO         | CORP              | KY        |    4915000 | PA      | $4915000.00    | 0.08%             | 2038-10-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                                         | ACCO Brands Corp.                                                                                              | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    1305000 | PA      | $1183044.10    | 0.02%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                                  | ADT Security Corp. (The)                                                                                       | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    2240000 | PA      | $2179414.72    | 0.03%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ATS Corp.                                                                 | ATS Corp.                                                                                                      | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     150000 | PA      | $145569.59     | 0.00%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                   | American Airlines, Inc.                                                                                        | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     870000 | PA      | $871525.11     | 0.01%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                   | American Airlines, Inc.                                                                                        | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3840000 | PA      | $3885196.80    | 0.06%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                               | Acadia Healthcare Co., Inc.                                                                                    | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     695000 | PA      | $688514.68     | 0.01%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Acushnet Co.                                                              | Acushnet Co.                                                                                                   | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     155000 | PA      | $156204.29     | 0.00%             | 2033-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                               | Adient Global Holdings Ltd.                                                                                    | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     500000 | PA      | $513021.00     | 0.01%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                               | Adient Global Holdings Ltd.                                                                                    | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    1010000 | PA      | $1061539.29    | 0.02%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                               | Adient Global Holdings Ltd.                                                                                    | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     774000 | PA      | $801309.04     | 0.01%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AECOM                                                                     | AECOM                                                                                                          | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     962000 | PA      | $988878.28     | 0.02%             | 2033-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                                                     | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     810000 | PA      | $784149.41     | 0.01%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                                                     | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     335000 | PA      | $341421.64     | 0.01%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                                                     | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     460000 | PA      | $482409.64     | 0.01%             | 2055-03-10      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                         | Affirm Asset Securitization Trust, Series 2024-A, Class 1C                                                     | CUSIP: 00834BAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1001915.30    | 0.02%             | 2029-02-15      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                         | Affirm Asset Securitization Trust, Series 2024-B, Class A                                                      | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5630000 | PA      | $5643001.92    | 0.09%             | 2029-09-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                         | Affirm Asset Securitization Trust, Series 2024-B, Class C                                                      | CUSIP: 00835AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2001542.60    | 0.03%             | 2029-09-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                         | Affirm Asset Securitization Trust, Series 2024-B, Class D                                                      | CUSIP: 00835AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2078000 | PA      | $2083555.53    | 0.03%             | 2029-09-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                         | Affirm Asset Securitization Trust, Series 2025-X2, Class D                                                     | CUSIP: 00835DAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6000000 | PA      | $6008248.20    | 0.09%             | 2030-10-15      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                                     | Ahead DB Holdings LLC                                                                                          | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |     250000 | PA      | $250827.25     | 0.00%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AIMCO CLO 16 Ltd.                                                         | AIMCO CLO Ltd., Series 2021-16A, Class BR                                                                      | CUSIP: 00901FAN6<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-CBDO         | CORP              | KY        |    1808000 | PA      | $1809120.96    | 0.03%             | 2037-07-17      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                                          | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3100000 | PA      | $3104820.50    | 0.05%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                                          | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4815000 | PA      | $4811416.68    | 0.08%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                                          | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     900000 | PA      | $893220.57     | 0.01%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                                          | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1533956.48    | 0.02%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                                          | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     215000 | PA      | $217938.19     | 0.00%             | 2031-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                                                | Alcoa Nederland Holding BV                                                                                     | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    1650000 | PA      | $1748364.75    | 0.03%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                                 | ATI, Inc.                                                                                                      | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     375000 | PA      | $375591.75     | 0.01%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ATI, Inc.                                                                 | ATI, Inc.                                                                                                      | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     220000 | PA      | $232273.86     | 0.00%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                                                     | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     160000 | PA      | $159719.87     | 0.00%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                                                     | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    2755000 | PA      | $2795881.45    | 0.04%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                                                     | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    2660000 | PA      | $2480681.42    | 0.04%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                                                     | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     328000 | PA      | $330987.92     | 0.01%             | 2033-12-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA/FHLMC                                                                | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                        | CUSIP: 01F0226C4<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -33900000 | PA      | $-28837442.82  | -0.45%            | 2055-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                                | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                        | CUSIP: 01F0326C3<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -40100000 | PA      | $-37086314.58  | -0.58%            | 2055-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                                | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                        | CUSIP: 01F0406C6<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -41600000 | PA      | $-39617164.70  | -0.62%            | 2055-12-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                                | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                        | CUSIP: 01F0506C5<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -75000000 | PA      | $-74840692.50  | -1.18%            | 2055-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                                | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                        | CUSIP: 01F0606C4<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        | -253400000 | PA      | $-259443374.61 | -4.09%            | 2055-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                                               | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     308040 | PA      | $316145.49     | 0.00%             | 2029-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                                               | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     192525 | PA      | $187313.20     | 0.00%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                                               | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     308040 | PA      | $300251.01     | 0.00%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Altice France Lux 3/Altice Holdings 1                                     | Altice France Lux 3                                                                                            | CUSIP: 020956AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      80000 | PA      | $76208.76      | 0.00%             | 2033-01-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                                         | Alumina Pty. Ltd.                                                                                              | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    1040000 | PA      | $1069385.04    | 0.02%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                                         | Alumina Pty. Ltd.                                                                                              | CUSIP: 02220AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     485000 | PA      | $504907.31     | 0.01%             | 2032-09-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                                           | Amer Sports Co.                                                                                                | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |     700000 | PA      | $730121.00     | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                                      | American Airlines Pass-Through Trust, Series 2021-1, Class B                                                   | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      36500 | PA      | $35226.95      | 0.00%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                       | American Axle & Manufacturing, Inc.                                                                            | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     749000 | PA      | $752165.27     | 0.01%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                       | American Axle & Manufacturing, Inc.                                                                            | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     985000 | PA      | $944041.93     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2024-3, Class D                                           | CUSIP: 02490BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1050000 | PA      | $1071507.36    | 0.02%             | 2030-07-12      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2025-2, Class C                                           | CUSIP: 024938AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1400000 | PA      | $1408107.54    | 0.02%             | 2031-03-12      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2025-2, Class D                                           | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2021291.80    | 0.03%             | 2031-07-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2024-4, Class D                                           | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1515000 | PA      | $1523920.02    | 0.02%             | 2031-08-12      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2025-4, Class C                                           | CUSIP: 024948AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5570000 | PA      | $5586146.87    | 0.09%             | 2031-01-13      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2025-4, Class D                                           | CUSIP: 024948AG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12540000 | PA      | $12595385.42   | 0.20%             | 2031-09-12      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2025-3, Class C                                           | CUSIP: 02528EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12710000 | PA      | $12773102.61   | 0.20%             | 2032-07-12      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2025-3, Class D                                           | CUSIP: 02528EAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   14930000 | PA      | $14971941.36   | 0.24%             | 2032-07-12      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2022-3, Class E                                           | CUSIP: 02528GAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2014498.80    | 0.03%             | 2028-10-13      | Fixed         | 8.08%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2022-3, Class F                                           | CUSIP: 02528GAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6320000 | PA      | $6358825.02    | 0.10%             | 2029-05-14      | Fixed         | 9.76%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2022-4, Class E                                           | CUSIP: 02529XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2210000 | PA      | $2262189.81    | 0.04%             | 2030-01-14      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2023-2, Class E                                           | CUSIP: 02529YAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2300000 | PA      | $2378970.73    | 0.04%             | 2030-02-12      | Fixed         | 9.79%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2023-4, Class D                                           | CUSIP: 02530CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2400000 | PA      | $2479932.24    | 0.04%             | 2030-09-12      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2023-4, Class E                                           | CUSIP: 02530CAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2113124.00    | 0.03%             | 2031-08-12      | Fixed         | 9.79%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2023-3, Class D                                           | CUSIP: 02530EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1800000 | PA      | $1833968.88    | 0.03%             | 2029-10-12      | Fixed         | 6.82%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2023-3, Class E                                           | CUSIP: 02530EAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1900000 | PA      | $1985769.42    | 0.03%             | 2031-10-14      | Fixed         | 9.54%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2024-2, Class D                                           | CUSIP: 02531BAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1330000 | PA      | $1358458.41    | 0.02%             | 2030-04-12      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                              | American Credit Acceptance Receivables Trust, Series 2024-2, Class E                                           | CUSIP: 02531BAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3700000 | PA      | $3799743.49    | 0.06%             | 2031-11-12      | Fixed         | 7.87%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                                                      | AmeriGas Partners LP                                                                                           | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     542000 | PA      | $562691.93     | 0.01%             | 2028-06-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                                                      | AmeriGas Partners LP                                                                                           | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     544000 | PA      | $576533.38     | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                    | Amkor Technology, Inc.                                                                                         | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     702000 | PA      | $714650.04     | 0.01%             | 2033-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                                              | ams-OSRAM AG                                                                                                   | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |     291000 | PA      | $311301.32     | 0.00%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                     | Anchor Mortgage Trust, Series 2025-RTL1, Class A1                                                              | CUSIP: 03290CAA4<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |    1200000 | PA      | $1203968.76    | 0.02%             | 2040-05-25      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                                                             | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    1400000 | PA      | $1382500.00    | 0.02%             | 2031-01-15      | Fixed         | 9.24%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                                                             | CUSIP: 035198AJ9<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    1400000 | PA      | $1365000.00    | 0.02%             | 2035-10-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                                                    | Antero Resources Corp.                                                                                         | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     434000 | PA      | $440944.00     | 0.01%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                                                    | Antero Resources Corp.                                                                                         | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     880000 | PA      | $888095.12     | 0.01%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                              | Antero Midstream Partners LP                                                                                   | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4285000 | PA      | $4290082.01    | 0.07%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                              | Antero Midstream Partners LP                                                                                   | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1560000 | PA      | $1565144.24    | 0.02%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                              | Antero Midstream Partners LP                                                                                   | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     626000 | PA      | $629094.94     | 0.01%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     446000 | PA      | $491402.80     | 0.01%             | 2033-02-04      | Fixed         | 9.45%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     829000 | PA      | $897649.49     | 0.01%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                                                    | Aramark Services, Inc.                                                                                         | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    3585000 | PA      | $3587140.25    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                                      | Archrock Partners LP                                                                                           | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     779000 | PA      | $802155.00     | 0.01%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                                           | Ardagh Group SA                                                                                                | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |    1420000 | PA      | $1285100.00    | 0.02%             | 2030-12-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                                           | Ardagh Group SA                                                                                                | CUSIP: 039959AA9<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |     790000 | PA      | $851515.72     | 0.01%             | 2030-12-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                                                             | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   11390000 | PA      | $8099713.75    | 0.13%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                                                             | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    1700000 | PA      | $1268200.00    | 0.02%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                                                             | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     800000 | PA      | $697600.00     | 0.01%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                             | Asbury Automotive Group, Inc.                                                                                  | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     285000 | PA      | $283574.54     | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                             | Asbury Automotive Group, Inc.                                                                                  | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     653000 | PA      | $641077.79     | 0.01%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                             | Asbury Automotive Group, Inc.                                                                                  | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    1856000 | PA      | $1820543.72    | 0.03%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                                       | Ascent Resources Utica Holdings LLC                                                                            | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1090000 | PA      | $1114916.31    | 0.02%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                                       | Ascent Resources Utica Holdings LLC                                                                            | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     647000 | PA      | $659418.87     | 0.01%             | 2033-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                                     | Avantor Funding, Inc.                                                                                          | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    6755000 | PA      | $6691201.05    | 0.11%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Aventura  Mall Trust                                                      | Aventura  Mall Trust, Series 2018-AVM, Class A                                                                 | CUSIP: 05359AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2220000 | PA      | $2203656.58    | 0.03%             | 2040-07-05      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                                                     | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     367000 | PA      | $366391.11     | 0.01%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                                                     | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3550000 | PA      | $3462093.84    | 0.05%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                                                     | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1840000 | PA      | $1879035.60    | 0.03%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                                                     | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     890000 | PA      | $916374.26     | 0.01%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A, Class C                                              | CUSIP: 05377RGG3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    1207000 | PA      | $1241158.22    | 0.02%             | 2029-04-20      | Fixed         | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class C                                              | CUSIP: 05377RHA5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    2700000 | PA      | $2834537.76    | 0.04%             | 2029-06-20      | Fixed         | 7.24%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class B                                              | CUSIP: 05377RJL9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     403000 | PA      | $414866.94     | 0.01%             | 2030-12-20      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class C                                              | CUSIP: 05377RJM7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     376000 | PA      | $388801.33     | 0.01%             | 2030-12-20      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class D                                              | CUSIP: 05377RJU9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     400000 | PA      | $410563.24     | 0.01%             | 2029-12-20      | Fixed         | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class D                                              | CUSIP: 05377RJY1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1021420.00    | 0.02%             | 2030-02-20      | Fixed         | 7.52%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                                                   | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     365000 | PA      | $380330.00     | 0.01%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                                                   | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    2060000 | PA      | $2131894.00    | 0.03%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                                | Axalta Coating Systems LLC                                                                                     | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    3815000 | PA      | $3684697.15    | 0.06%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                                | Axalta Coating Systems LLC                                                                                     | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     180000 | PA      | $179990.95     | 0.00%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                                                     | Axon Enterprise, Inc.                                                                                          | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     521000 | PA      | $537031.17     | 0.01%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                      | BBCMS Mortgage Trust, Series 2021-C11, Class XB                                                                | CUSIP: 05493MAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $223840.80     | 0.00%             | 2054-09-15      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                      | BBCMS Mortgage Trust, Series 2023-5C23, Class A3                                                               | CUSIP: 05493QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4350000 | PA      | $4622244.32    | 0.07%             | 2056-12-15      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                      | BBCMS Mortgage Trust, Series 2022-C17, Class XA                                                                | CUSIP: 054976AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   47005246 | PA      | $2948408.74    | 0.05%             | 2055-09-15      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                      | BBCMS Mortgage Trust, Series 2023-C21, Class A5                                                                | CUSIP: 05553WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1350000 | PA      | $1462769.55    | 0.02%             | 2056-09-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                      | BBCMS Mortgage Trust, Series 2023-C22, Class A5                                                                | CUSIP: 05554FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2900000 | PA      | $3277606.68    | 0.05%             | 2056-11-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| BMD2 Re-REMIC Trust                                                       | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 4D1                                                               | CUSIP: 055631BM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $3601795.50    | 0.06%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                                                 | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    3635000 | PA      | $3831638.96    | 0.06%             | 2029-08-16      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                                        | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    4678000 | PA      | $4686876.36    | 0.07%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2023-C7, Class A5                                                                   | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1623887.10    | 0.03%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-C9, Class A5                                                                   | CUSIP: 05593MAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1710000 | PA      | $1830846.90    | 0.03%             | 2057-07-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-C9, Class XA                                                                   | CUSIP: 05593MAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   26954074 | PA      | $1692225.25    | 0.03%             | 2057-07-15      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C6, Class A3                                                                  | CUSIP: 05593QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3900000 | PA      | $4025911.50    | 0.06%             | 2057-09-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2023-5C1, Class A3                                                                  | CUSIP: 055986AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6280000 | PA      | $6585753.10    | 0.10%             | 2056-08-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2023-C5, Class A5                                                                   | CUSIP: 055988AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1640000 | PA      | $1732527.32    | 0.03%             | 2056-06-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                                                 | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     650000 | PA      | $674329.50     | 0.01%             | 2034-09-10      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                                    | BWX Technologies, Inc.                                                                                         | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     500000 | PA      | $490533.30     | 0.01%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2021-21M, Class A                                                         | CUSIP: 05609CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     148759 | PA      | $148482.33     | 0.00%             | 2036-10-15      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2022-C1, Class XA                                                                   | CUSIP: 05609MCE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   49187264 | PA      | $1073128.37    | 0.02%             | 2055-02-17      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A                                                        | CUSIP: 05609QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     663137 | PA      | $662314.54     | 0.01%             | 2038-11-15      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2023-5C2, Class A3                                                                  | CUSIP: 05610QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3310000 | PA      | $3545656.44    | 0.06%             | 2056-11-15      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2024-MF, Class A                                                          | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1744345 | PA      | $1744344.93    | 0.03%             | 2039-02-15      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2024-MF, Class B                                                          | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     708364 | PA      | $708363.43     | 0.01%             | 2039-02-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                                               | Commonwealth of the Bahamas                                                                                    | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    2277000 | PA      | $2467129.50    | 0.04%             | 2036-06-24      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                                                             | CUSIP: 056909AA2<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    1000000 | PA      | $1003150.00    | 0.02%             | 2037-10-06      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                                        | Ballyrock CLO Ltd., Series 2024-27A, Class A2                                                                  | CUSIP: 05874UAE5<br>LEI: 254900WCB773D35B5908 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $1998910.00    | 0.03%             | 2037-10-25      | Floating      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                                        | Ballyrock CLO Ltd., Series 2020-2A, Class A2R                                                                  | CUSIP: 05875DAL6<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3504368.00    | 0.06%             | 2031-10-20      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO 17 Ltd.                                                     | Ballyrock CLO Ltd., Series 2021-17A, Class A2R                                                                 | CUSIP: 05876LAQ6<br>LEI: 254900J6ILFT5YJVHO91 | Long             | ABS-CBDO         | CORP              | KY        |    8965000 | PA      | $8965000.00    | 0.14%             | 2038-10-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Re-REMIC Trust                                            | Banc of America Re-REMIC Trust, Series 2024-FRR1, Class C                                                      | CUSIP: 05942XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2021114.10    | 0.03%             | 2049-04-27      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                        | Banco Bilbao Vizcaya Argentaria SA                                                                             | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    4703000 | PA      | $5232082.80    | 0.08%             | 2029-03-19      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                                                             | CUSIP: 05964HBB0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    1400000 | PA      | $1450972.33    | 0.02%             | 2030-03-14      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                                                             | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    3800000 | PA      | $4229080.80    | 0.07%             | 2028-11-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple          | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                                               | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     877590 | PA      | $918766.04     | 0.01%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                                          | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    4185000 | PA      | $4175363.24    | 0.07%             | 2027-04-23      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust                                 | Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class C                                           | CUSIP: 06054ABD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2925000 | PA      | $2650596.68    | 0.04%             | 2048-09-15      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                                          | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   11203000 | PA      | $11328327.96   | 0.18%             | 2030-07-26      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK5                                                                     | BANK5, Series 2023-5YR3, Class A2                                                                              | CUSIP: 06211EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5794102 | PA      | $6035016.91    | 0.10%             | 2056-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK5                                                                     | BANK5, Series 2023-5YR4, Class A3                                                                              | CUSIP: 06211FAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     822333 | PA      | $867521.42     | 0.01%             | 2056-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                 | Bank of Nova Scotia (The)                                                                                      | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     600000 | PA      | $636150.60     | 0.01%             | 2082-10-27      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2022-BNK39, Class XA                                                                              | CUSIP: 06539VAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7999918 | PA      | $176084.61     | 0.00%             | 2055-02-15      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2019-BN20, Class D                                                                                | CUSIP: 06540AAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $410927.58     | 0.01%             | 2062-09-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2020-BN26, Class E                                                                                | CUSIP: 06540JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     320000 | PA      | $213772.06     | 0.00%             | 2063-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2020-BN26, Class AS                                                                               | CUSIP: 06540JBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4061645.10    | 0.06%             | 2063-03-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2019-BN19, Class C                                                                                | CUSIP: 06540WBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1098725.40    | 0.02%             | 2061-08-15      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2020-BN28, Class XA                                                                               | CUSIP: 06540YAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4069343 | PA      | $273842.77     | 0.00%             | 2063-03-15      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| BANK5                                                                     | BANK5, Series 2023-5YR1, Class A3                                                                              | CUSIP: 06644EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5800000 | PA      | $6026161.72    | 0.09%             | 2056-04-15      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Banque Ouest Africaine de Developpement                                   | Banque Ouest Africaine de Developpement                                                                        | CUSIP: 06675QAE3<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | US        |    1800000 | PA      | $1818000.00    | 0.03%             | 2055-02-13      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Barings CLO Ltd.                                                          | Barings CLO Ltd., Series 2022-3A, Class A2R                                                                    | CUSIP: 06762VAH9<br>LEI: 549300P3XUH38MXFT836 | Long             | ABS-CBDO         | CORP              | KY        |    3000000 | PA      | $3002583.00    | 0.05%             | 2037-10-20      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                  | Bausch Health Cos., Inc.                                                                                       | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     350000 | PA      | $278282.24     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                       | Baytex Energy Corp.                                                                                            | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    2245000 | PA      | $2367873.09    | 0.04%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                       | Baytex Energy Corp.                                                                                            | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     710000 | PA      | $721293.97     | 0.01%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                      | BBCMS Mortgage Trust, Series 2023-C20, Class XA                                                                | CUSIP: 07336DAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13122566 | PA      | $625027.84     | 0.01%             | 2056-07-15      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII LLC                                   | Bayview Opportunity Master Fund LLC, Series 2024-CAR1, Class C                                                 | CUSIP: 07336QAC6<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |     113517 | PA      | $113898.98     | 0.00%             | 2031-12-26      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII LLC                                   | Bayview Opportunity Master Fund LLC, Series 2024-CAR1, Class D                                                 | CUSIP: 07336QAD4<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |     103505 | PA      | $104128.24     | 0.00%             | 2031-12-26      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2019-B9, Class D                                                              | CUSIP: 08160JAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1240000 | PA      | $833760.25     | 0.01%             | 2052-03-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2018-B2, Class AS                                                             | CUSIP: 08161CAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2300000 | PA      | $2229641.39    | 0.04%             | 2051-02-15      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2018-B4, Class A5                                                             | CUSIP: 08161HAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $995289.30     | 0.02%             | 2051-07-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2022-B37, Class A5                                                            | CUSIP: 08161QAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     604000 | PA      | $648112.42     | 0.01%             | 2055-11-15      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2018-B1, Class C                                                              | CUSIP: 08162PBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5200000 | PA      | $4299085.96    | 0.07%             | 2051-01-15      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2019-B10, Class B                                                             | CUSIP: 08162VAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1418000 | PA      | $1297690.50    | 0.02%             | 2062-03-15      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2021-B26, Class ASB                                                           | CUSIP: 08163EBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $770775.28     | 0.01%             | 2054-06-15      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2022-B33, Class A5                                                            | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $749542.64     | 0.01%             | 2055-03-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2022-B36, Class A5                                                            | CUSIP: 08163QBH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $788685.68     | 0.01%             | 2055-07-15      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2023-V3, Class A3                                                             | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $209663.28     | 0.00%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2024-V5, Class A3                                                             | CUSIP: 08163XAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     440549 | PA      | $459609.84     | 0.01%             | 2057-01-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2024-V5, Class C                                                              | CUSIP: 08163XBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $309243.90     | 0.00%             | 2057-01-10      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2024-V7, Class A3                                                             | CUSIP: 08163YAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4234165.60    | 0.07%             | 2056-05-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2024-V9, Class A3                                                             | CUSIP: 081919AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4300000 | PA      | $4481253.60    | 0.07%             | 2057-08-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2023-B39, Class XA                                                            | CUSIP: 081925AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  118126173 | PA      | $4172452.69    | 0.07%             | 2056-07-15      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| BMARK                                                                     | BMARK, Series 2023-V4, Class A3                                                                                | CUSIP: 081926AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3600000 | PA      | $3821764.68    | 0.06%             | 2056-11-15      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Benin Government International Bond                                       | Benin Government Bond                                                                                          | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    1580000 | PA      | $1605453.80    | 0.03%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| BHMS Commercial Mortgage Trust                                            | BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A                                                      | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6483000 | PA      | $6495167.94    | 0.10%             | 2042-08-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                                                       | Big River Steel LLC                                                                                            | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      55000 | PA      | $55119.57      | 0.00%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                                  | Blue Racer Midstream LLC                                                                                       | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     634000 | PA      | $661229.67     | 0.01%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                                  | Blue Racer Midstream LLC                                                                                       | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     662000 | PA      | $703903.28     | 0.01%             | 2032-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BlueMountain CLO Ltd.                                                     | BlueMountain CLO Ltd., Series 2019-26A, Class CR                                                               | CUSIP: 09630GAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001154.00    | 0.02%             | 2034-10-20      | Floating      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                                                 | CUSIP: 09659W2W3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     580000 | PA      | $601388.43     | 0.01%             | 2030-05-20      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C3, Class A3                                                                  | CUSIP: 09660QAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2420000 | PA      | $2513516.30    | 0.04%             | 2057-02-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C3, Class C                                                                   | CUSIP: 09660QAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $720333.95     | 0.01%             | 2057-02-15      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C4, Class A3                                                                  | CUSIP: 09660SAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8300000 | PA      | $8840717.61    | 0.14%             | 2057-05-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C7, Class A3                                                                  | CUSIP: 09660WAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1457630.58    | 0.02%             | 2057-11-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C7, Class XA                                                                  | CUSIP: 09660WAV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19939980 | PA      | $654888.78     | 0.01%             | 2057-11-15      | Variable      | 1.14%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-5C7, Class AS                                                                  | CUSIP: 09660WAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $309346.56     | 0.00%             | 2057-11-15      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2024-C10, Class XA                                                                  | CUSIP: 096920AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   79693995 | PA      | $3918713.13    | 0.06%             | 2057-11-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO Mortgage Trust, Series 2025-5C11, Class XA                                                                 | CUSIP: 096941AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   75684441 | PA      | $3497817.00    | 0.06%             | 2058-07-15      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                                               | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      43000 | PA      | $43127.19      | 0.00%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                                               | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    1455000 | PA      | $1570809.27    | 0.02%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                                               | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     906000 | PA      | $965046.74     | 0.02%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                                               | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     790000 | PA      | $832366.91     | 0.01%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                                               | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     681000 | PA      | $718177.66     | 0.01%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                                           | Boyne USA, Inc.                                                                                                | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     375000 | PA      | $369032.74     | 0.01%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                                                                 | CUSIP: 10554TAG0<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     800000 | PA      | $284936.00     | 0.00%             | 2033-02-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                                                                  | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     800000 | PA      | $801600.00     | 0.01%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                                                                  | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1500000 | PA      | $1497000.00    | 0.02%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class D                                          | CUSIP: 107933AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1400000 | PA      | $1417893.26    | 0.02%             | 2029-11-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2024-2, Class E                                          | CUSIP: 10805MAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4000000 | PA      | $4107959.20    | 0.06%             | 2031-01-15      | Fixed         | 8.21%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class D                                          | CUSIP: 10805NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2360000 | PA      | $2392198.66    | 0.04%             | 2030-05-15      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class D                                          | CUSIP: 10806EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3400000 | PA      | $3407933.56    | 0.05%             | 2030-08-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class E                                          | CUSIP: 10806EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4600000 | PA      | $4706171.22    | 0.07%             | 2031-08-15      | Fixed         | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class D                                          | CUSIP: 10806HAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2212000 | PA      | $2239860.14    | 0.04%             | 2030-11-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                             | Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class D                                          | CUSIP: 10807UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3340000 | PA      | $3349558.08    | 0.05%             | 2031-08-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                         | Brink's Co. (The)                                                                                              | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     580000 | PA      | $578227.87     | 0.01%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                                            | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    1497000 | PA      | $1487510.82    | 0.02%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                                            | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     350000 | PA      | $346173.07     | 0.01%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                                            | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     445000 | PA      | $442636.29     | 0.01%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                                            | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    1091000 | PA      | $1142669.76    | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Buckhorn Park CLO Ltd.                                                    | Buckhorn Park CLO Ltd., Series 2019-1A, Class CRR                                                              | CUSIP: 118382BE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3250000 | PA      | $3245765.25    | 0.05%             | 2034-07-18      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                                                     | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     765000 | PA      | $761785.09     | 0.01%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                                                     | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    2320000 | PA      | $2416256.80    | 0.04%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                                                     | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     700000 | PA      | $728081.90     | 0.01%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                                                     | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     566000 | PA      | $596956.24     | 0.01%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                                               | Business Jet Securities LLC, Series 2024-2A, Class C                                                           | CUSIP: 12326TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     703292 | PA      | $708599.51     | 0.01%             | 2039-09-15      | Fixed         | 7.97%                 | Yes           |                  3 | On Loan: No      |
| Business Jet Securities LLC                                               | Business Jet Securities LLC, Series 2024-1A, Class A                                                           | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1588239 | PA      | $1622763.50    | 0.03%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  3 | On Loan: No      |
| BX Mortgage Trust                                                         | BX Mortgage Trust, Series 2025-BIO3, Class B                                                                   | CUSIP: 123911AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3587000 | PA      | $3710231.03    | 0.06%             | 2042-02-10      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| BX Mortgage Trust                                                         | BX Mortgage Trust, Series 2025-BIO3, Class C                                                                   | CUSIP: 123911AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3400000 | PA      | $3511763.78    | 0.06%             | 2042-02-10      | Variable      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| BX Mortgage Trust                                                         | BX Mortgage Trust, Series 2025-BIO3, Class D                                                                   | CUSIP: 123911AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9700000 | PA      | $9895153.33    | 0.16%             | 2042-02-10      | Variable      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                                                  | Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R                                                            | CUSIP: 124166AU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     327065 | PA      | $326959.69     | 0.01%             | 2031-10-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                                                  | Buttermilk Park CLO Ltd., Series 2018-1A, Class CR                                                             | CUSIP: 124166AW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1926600 | PA      | $1928971.64    | 0.03%             | 2031-10-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                                  | BX Trust, Series 2022-LBA6, Class A                                                                            | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     155000 | PA      | $154806.84     | 0.00%             | 2039-01-15      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5115000 | PA      | $5065167.62    | 0.08%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   13946000 | PA      | $13283245.64   | 0.21%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12077000 | PA      | $11300357.11   | 0.18%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5114000 | PA      | $4711177.89    | 0.07%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1215000 | PA      | $1094554.98    | 0.02%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2125000 | PA      | $2155676.50    | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                                               | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1080000 | PA      | $1101978.18    | 0.02%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2017-CD6, Class AM                                                                   | CUSIP: 125039AH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1362417 | PA      | $1332998.60    | 0.02%             | 2050-11-13      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2017-CD6, Class B                                                                    | CUSIP: 125039AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1750000 | PA      | $1668457.18    | 0.03%             | 2050-11-13      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| Churchill Downs, Inc.                                                     | Churchill Downs, Inc.                                                                                          | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     558000 | PA      | $562321.15     | 0.01%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2018-CD7, Class C                                                                    | CUSIP: 12512JBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2080000 | PA      | $1943857.97    | 0.03%             | 2051-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2016-CD2, Class C                                                                    | CUSIP: 12515ABJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     290000 | PA      | $171923.80     | 0.00%             | 2049-11-10      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2019-CD8, Class E                                                                    | CUSIP: 12515BAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3800000 | PA      | $2188663.96    | 0.03%             | 2057-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2017-CD4, Class D                                                                    | CUSIP: 12515DAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1724651.80    | 0.03%             | 2050-05-10      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2017-CD3, Class A4                                                                   | CUSIP: 12515GAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15316138 | PA      | $14904339.12   | 0.23%             | 2050-02-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2017-CD3, Class AS                                                                   | CUSIP: 12515GAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $879953.40     | 0.01%             | 2050-02-10      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                                   | CD&R Smokey Buyer, Inc.                                                                                        | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     813000 | PA      | $550234.74     | 0.01%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                     | Cantor Commercial Real Estate Lending, Series 2019-CF2, Class E                                                | CUSIP: 12528YAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     674000 | PA      | $476365.14     | 0.01%             | 2052-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                                                 | CFIN 2022-RTL1 Issuer LLC, Class A                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    2458040 | PA      | $2458039.56    | 0.04%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                                                 | CFIN 2022-RTL1 Issuer LLC, Class B                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    3856147 | PA      | $3856146.72    | 0.06%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                                           | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class C                                                       | CUSIP: 12532ABC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $910259.00     | 0.01%             | 2049-11-10      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                                                 | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    1545000 | PA      | $1544873.93    | 0.02%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     595000 | PA      | $532310.44     | 0.01%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    1340000 | PA      | $1265891.81    | 0.02%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     775000 | PA      | $837096.88     | 0.01%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2014 Ltd.                                                    | CIFC Funding Ltd., Series 2014-1A, Class BR2                                                                   | CUSIP: 12549JBC4<br>LEI: 54930034H2IEPBE5Q044 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250359.50     | 0.00%             | 2031-01-18      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                                         | CIFC Funding Ltd., Series 2022-2A, Class BR                                                                    | CUSIP: 12567MAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6600000 | PA      | $6565185.00    | 0.10%             | 2035-04-19      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2014-CR15, Class C                                                           | CUSIP: 12591RBF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $966312.10     | 0.02%             | 2047-02-10      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2014-CR19, Class E                                                           | CUSIP: 12592GAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1384568 | PA      | $1311878.28    | 0.02%             | 2047-08-10      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2014-UBS5, Class C                                                           | CUSIP: 12592KBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2300000 | PA      | $2121750.00    | 0.03%             | 2047-09-10      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2014-CR20, Class D                                                           | CUSIP: 12592LAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2350000 | PA      | $1715570.50    | 0.03%             | 2047-11-10      | Fixed         | 3.22%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2015-CR22, Class D                                                           | CUSIP: 12592XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1585780.00    | 0.02%             | 2048-03-10      | Variable      | 3.82%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2016-COR1, Class C                                                           | CUSIP: 12594MBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $5904070.90    | 0.09%             | 2049-10-10      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM Mortgage Trust, Series 2018-COR3, Class B                                                                 | CUSIP: 12595VAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $684443.92     | 0.01%             | 2051-05-10      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL Commercial Mortgage Trust, Series 2018-C14, Class C                                                      | CUSIP: 12596GBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3661869.20    | 0.06%             | 2051-11-15      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL Commercial Mortgage Trust, Series 2019-C16, Class XA                                                     | CUSIP: 12596WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   58841265 | PA      | $2549197.79    | 0.04%             | 2052-06-15      | Variable      | 1.69%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL Commercial Mortgage Trust, Series 2020-C19, Class D                                                      | CUSIP: 12597NAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5200000 | PA      | $3025768.20    | 0.05%             | 2053-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL Commercial Mortgage Trust, Series 2020-C19, Class E                                                      | CUSIP: 12597NAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $700074.00     | 0.01%             | 2053-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL Commercial Mortgage Trust, Series 2020-C19, Class C                                                      | CUSIP: 12597NAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2750000 | PA      | $2206285.68    | 0.03%             | 2053-03-15      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                  | COLT Mortgage Loan Trust, Series 2023-2, Class A1                                                              | CUSIP: 12598UAA4<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |     209771 | PA      | $210876.80     | 0.00%             | 2068-07-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM Mortgage Trust, Series 2015-DC1, Class B                                                                  | CUSIP: 12629NAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8160000 | PA      | $7812384.00    | 0.12%             | 2048-02-10      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC                                                                                               | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    3060000 | PA      | $1921820.45    | 0.03%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2014-CR14, Class C                                                           | CUSIP: 12630DBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2967820 | PA      | $2849107.20    | 0.04%             | 2047-02-10      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL Commercial Mortgage Trust, Series 2015-C2, Class C                                                       | CUSIP: 12634NAZ1<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $3814332.50    | 0.06%             | 2057-06-15      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2015-LC23, Class E                                                           | CUSIP: 12636FAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2430180.00    | 0.04%             | 2048-10-10      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                           | CHL Mortgage Pass-Through Trust, Series 2006-OA5, Class 2A1                                                    | CUSIP: 126694M96<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     135960 | PA      | $120862.56     | 0.00%             | 2046-04-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM Mortgage Trust, Series 2024-CBM, Class A1                                                                 | CUSIP: 12674GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1408820 | PA      | $1428207.05    | 0.02%             | 2041-12-10      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM Mortgage Trust, Series 2024-CBM, Class A2                                                                 | CUSIP: 12674GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1123214 | PA      | $1147696.13    | 0.02%             | 2041-12-10      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM Mortgage Trust, Series 2024-CBM, Class B                                                                  | CUSIP: 12674GAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1224000 | PA      | $1256383.61    | 0.02%             | 2041-12-10      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                               | Caesars Entertainment, Inc.                                                                                    | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     550000 | PA      | $520525.06     | 0.01%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                               | Caesars Entertainment, Inc.                                                                                    | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    3060000 | PA      | $3167721.18    | 0.05%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                               | Caesars Entertainment, Inc.                                                                                    | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    1740000 | PA      | $1769844.48    | 0.03%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                     | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025 B | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |    1590000 | PA      | $1272000.00    | 0.02%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| Calpine Corp.                                                             | Calpine Corp.                                                                                                  | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    1240000 | PA      | $1230881.16    | 0.02%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                                 | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class BR3                                           | CUSIP: 14311NBJ2<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $999454.00     | 0.02%             | 2032-07-20      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                                 | Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class CR3                                           | CUSIP: 14312HBL9<br>LEI: 549300N3CJKPCWZ7KX23 | Long             | ABS-CBDO         | CORP              | KY        |    2895000 | PA      | $2889699.26    | 0.05%             | 2034-04-20      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                                       | Carlyle US CLO Ltd., Series 2018-4A, Class D2R                                                                 | CUSIP: 14315RAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004466.00    | 0.02%             | 2037-10-17      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                                       | Carlyle US CLO Ltd., Series 2021-7A, Class CR                                                                  | CUSIP: 14316WAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1750000 | PA      | $1748869.50    | 0.03%             | 2040-04-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                                            | Carnival Corp.                                                                                                 | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    4041000 | PA      | $4162589.65    | 0.07%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                                            | Carnival Corp.                                                                                                 | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    1788000 | PA      | $1832902.04    | 0.03%             | 2032-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                                                | Carpenter Technology Corp.                                                                                     | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     256000 | PA      | $260186.11     | 0.00%             | 2034-03-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                             | Six Flags Entertainment Corp.                                                                                  | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1550000 | PA      | $1437901.37    | 0.02%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                                           | Cemex SAB de CV                                                                                                | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     409000 | PA      | $423572.67     | 0.01%             | 2030-06-10      | Variable      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Axia Energia                                                              | Axia Energia                                                                                                   | CUSIP: 15234VAA5<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |     890000 | PA      | $917118.30     | 0.01%             | 2035-01-11      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                                  | Central Garden & Pet Co.                                                                                       | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     610000 | PA      | $609388.29     | 0.01%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                                  | Central Garden & Pet Co.                                                                                       | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    1120000 | PA      | $1073453.92    | 0.02%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                                                    | Chart Industries, Inc.                                                                                         | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    2165000 | PA      | $2255797.94    | 0.04%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                                           | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2500000 | PA      | $2246105.53    | 0.04%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                                           | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1545000 | PA      | $1436846.71    | 0.02%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                                           | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $52912.49      | 0.00%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                                           | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1790000 | PA      | $1866482.31    | 0.03%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                                        | Chemours Co. (The)                                                                                             | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    2835000 | PA      | $2751504.15    | 0.04%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                                        | Chemours Co. (The)                                                                                             | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     740000 | PA      | $661038.37     | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                                                     | Churchill Downs, Inc.                                                                                          | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     400000 | PA      | $412562.40     | 0.01%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp.                                                               | Ciena Corp.                                                                                                    | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |     150000 | PA      | $144633.93     | 0.00%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                                        | Cinemark USA, Inc.                                                                                             | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     477000 | PA      | $497178.05     | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cipher Compute LLC                                                        | Cipher Compute LLC                                                                                             | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     479000 | PA      | $486635.17     | 0.01%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2018-C5, Class XA                                                  | CUSIP: 17291DAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1437827 | PA      | $20800.91      | 0.00%             | 2051-06-10      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2016-P6, Class D                                                   | CUSIP: 17291EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2138657.40    | 0.03%             | 2049-12-10      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| CITI Asset Receivables Trust I                                            | CITI Asset Receivables Trust I, Series 2025-2, Class CERT                                                      | CUSIP: 17292CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4597052 | PA      | $4612682.00    | 0.07%             | 2031-05-20      | Fixed         | 24.76%                | Yes           |                  3 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust I, Series 2025-9, Class CERT                                                      | CUSIP: 17292FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19721000 | PA      | $20410245.40   | 0.32%             | 2031-12-20      | Fixed         | 25.14%                | Yes           |                  3 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series X                                                                                      | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99603.50      | 0.00%             | 2026-02-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series CC                                                                                     | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    3990000 | PA      | $4089626.31    | 0.06%             | 2029-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series EE                                                                                     | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    1580000 | PA      | $1592125.68    | 0.03%             | 2030-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| CITI Asset Receivables Trust I                                            | CITI Asset Receivables Trust I, Series 2025-1, Class CERT                                                      | CUSIP: 17302EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10350473 | PA      | $10284230.09   | 0.16%             | 2031-03-15      | Fixed         | 27.07%                | Yes           |                  3 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class B                                                 | CUSIP: 17322YAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1347008 | PA      | $1303244.15    | 0.02%             | 2047-10-10      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class D                                                 | CUSIP: 17323VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $2756040.00    | 0.04%             | 2048-04-10      | Fixed         | 3.11%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2015-P1, Class D                                                   | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     108388 | PA      | $104863.90     | 0.00%             | 2048-09-15      | Fixed         | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class C                                                 | CUSIP: 17324TAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1290511.20    | 0.02%             | 2049-02-10      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2016-C3, Class D                                                   | CUSIP: 17325GAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1189080.45    | 0.02%             | 2049-11-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CGMS Commercial Mortgage Trust                                            | CGMS Commercial Mortgage Trust, Series 2017-B1, Class D                                                        | CUSIP: 17326CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6500000 | PA      | $5644358.20    | 0.09%             | 2050-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2018-B2, Class AS                                                  | CUSIP: 17327FAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $981746.10     | 0.02%             | 2051-03-10      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2018-C6, Class XA                                                  | CUSIP: 17327GAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2001508 | PA      | $39180.72      | 0.00%             | 2051-11-10      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class XA                                                  | CUSIP: 17328CAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19702509 | PA      | $562177.60     | 0.01%             | 2072-12-15      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                                        | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     765000 | PA      | $788977.40     | 0.01%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                                        | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    1472000 | PA      | $1532856.90    | 0.02%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                                        | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    3170000 | PA      | $3320762.03    | 0.05%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                                        | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     457000 | PA      | $492862.16     | 0.01%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                         | Clarios Global LP                                                                                              | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     505000 | PA      | $518032.54     | 0.01%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                         | Clarios Global LP                                                                                              | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     881000 | PA      | $915781.88     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                         | Clarios Global LP                                                                                              | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1426000 | PA      | $1466747.95    | 0.02%             | 2032-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                          | Clarivate Science Holdings Corp.                                                                               | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3915000 | PA      | $3791258.99    | 0.06%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                       | Clean Harbors, Inc.                                                                                            | CUSIP: 184496AR8<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     706000 | PA      | $721578.60     | 0.01%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                                           | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    1132000 | PA      | $1132330.54    | 0.02%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                                           | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    3179000 | PA      | $3308725.45    | 0.05%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                                           | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    1333000 | PA      | $1401070.98    | 0.02%             | 2033-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                                         | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     522000 | PA      | $535074.01     | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                                         | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     609000 | PA      | $636917.17     | 0.01%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                                         | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    1547000 | PA      | $1605205.88    | 0.03%             | 2034-01-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                     | Clydesdale Acquisition Holdings, Inc.                                                                          | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    1827000 | PA      | $1843468.58    | 0.03%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                                                     | Coinbase Global, Inc.                                                                                          | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      65000 | PA      | $61468.69      | 0.00%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                           | Permian Resources Operating LLC                                                                                | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     905000 | PA      | $907920.44     | 0.01%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     600000 | PA      | $520650.00     | 0.01%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                                           | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     500000 | PA      | $544000.00     | 0.01%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                                           | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    2800000 | PA      | $3018400.00    | 0.05%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                                           | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    2579000 | PA      | $2883322.00    | 0.05%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Comision Ejecutiva Hidroelectrica del Rio Lempa                           | Comision Ejecutiva Hidroelectrica del Rio Lempa                                                                | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | NUSS              | SV        |    1229000 | PA      | $1308885.00    | 0.02%             | 2033-01-24      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                 | Commercial Mortgage Trust, Series 2015-LC19, Class D                                                           | CUSIP: 200474AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7817000 | PA      | $7054920.67    | 0.11%             | 2048-02-10      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Commercial Credit, Inc.                                                   | Commercial Credit, Inc., Series QIB                                                                            | CUSIP: 201616AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4000000 | PA      | $4011161.32    | 0.06%             | 2030-08-30      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Commercial Metals Co.                                                     | Commercial Metals Co.                                                                                          | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     496000 | PA      | $507223.92     | 0.01%             | 2033-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                                             | CommScope LLC                                                                                                  | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    1815000 | PA      | $1811860.05    | 0.03%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                                             | CommScope LLC                                                                                                  | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     455000 | PA      | $455996.45     | 0.01%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Compass Minerals International, Inc.                                      | Compass Minerals International, Inc.                                                                           | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     285000 | PA      | $296700.68     | 0.00%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                  | Comstock Resources, Inc.                                                                                       | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     930000 | PA      | $932819.76     | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                  | Comstock Resources, Inc.                                                                                       | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    4915000 | PA      | $4775407.61    | 0.08%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL                                                        | Connect Finco SARL                                                                                             | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     445000 | PA      | $472590.45     | 0.01%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M2                                                | CUSIP: 20753AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2640000 | PA      | $2780393.09    | 0.04%             | 2043-04-25      | Floating      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M2                                                | CUSIP: 20753BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   16000000 | PA      | $16573713.60   | 0.26%             | 2043-09-25      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R07, Class 2B1                                                | CUSIP: 20753BAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5362896.00    | 0.08%             | 2043-09-25      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2                                                | CUSIP: 20753GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1296000 | PA      | $1300846.39    | 0.02%             | 2044-05-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2019-R04, Class 2B1                                                | CUSIP: 20753TAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     558165 | PA      | $570197.46     | 0.01%             | 2039-06-25      | Floating      | 9.44%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1                                                | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3729379 | PA      | $3725892.68    | 0.06%             | 2044-01-25      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1B1                                                | CUSIP: 20753UAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2559375.00    | 0.04%             | 2044-01-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2019-R07, Class 1B1                                                | CUSIP: 20753WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2678171 | PA      | $2721691.33    | 0.04%             | 2039-10-25      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2022-R03, Class 1B1                                                | CUSIP: 20753XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5660000 | PA      | $6037943.10    | 0.10%             | 2042-03-25      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2                                                | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1941000 | PA      | $1948869.59    | 0.03%             | 2041-12-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1                                                | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6800000 | PA      | $6936000.00    | 0.11%             | 2040-01-25      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M2                                                | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     680000 | PA      | $699093.38     | 0.01%             | 2043-07-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2                                                | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     460000 | PA      | $461725.00     | 0.01%             | 2044-02-25      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2019-R05, Class 1B1                                                | CUSIP: 20754HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1726261 | PA      | $1754312.56    | 0.03%             | 2039-07-25      | Floating      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2019-R06, Class 2B1                                                | CUSIP: 20754JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2676465 | PA      | $2723624.76    | 0.04%             | 2039-09-25      | Floating      | 7.94%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2021-R02, Class 2M2                                                | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    4474113 | PA      | $4496326.37    | 0.07%             | 2041-11-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2021-R02, Class 2B1                                                | CUSIP: 20754KAF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |      64000 | PA      | $65288.77      | 0.00%             | 2041-11-25      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M2                                                | CUSIP: 20754NAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1100000 | PA      | $1142370.68    | 0.02%             | 2042-05-25      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2                                                | CUSIP: 20754QAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $525660.20     | 0.01%             | 2043-05-25      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R04, Class 1B1                                                | CUSIP: 20754QAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2600000 | PA      | $2815638.80    | 0.04%             | 2043-05-25      | Floating      | 9.42%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1                                                | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2034601.20    | 0.03%             | 2041-10-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1                                                | CUSIP: 20754WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9300000 | PA      | $9464238.00    | 0.15%             | 2040-01-25      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M2                                                | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     420000 | PA      | $421310.27     | 0.01%             | 2044-07-25      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2B1                                                | CUSIP: 20754XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $6991280.10    | 0.11%             | 2044-07-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2025-R06, Class 1M2                                                | CUSIP: 20754YAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6520000 | PA      | $6520196.25    | 0.10%             | 2045-09-25      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2025-R06, Class 1B1                                                | CUSIP: 20754YCL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2830000 | PA      | $2829248.35    | 0.04%             | 2045-09-25      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1                                                | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     188072 | PA      | $191812.80     | 0.00%             | 2043-01-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M2                                                | CUSIP: 20755AAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     550000 | PA      | $572967.23     | 0.01%             | 2043-01-25      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1B1                                                | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $378471.56     | 0.01%             | 2043-01-25      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2                                                | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5400000 | PA      | $5522630.22    | 0.09%             | 2043-10-25      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2                                                | CUSIP: 20755RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5001478.00    | 0.08%             | 2044-09-25      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| CoreCivic, Inc.                                                           | CoreCivic, Inc.                                                                                                | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     635000 | PA      | $668987.11     | 0.01%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                | Corebridge Financial, Inc.                                                                                     | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     500000 | PA      | $510796.10     | 0.01%             | 2052-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                           | CoreVest American Finance Trust, Series 2019-1, Class E                                                        | CUSIP: 21872FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $302331.63     | 0.00%             | 2052-03-15      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                           | CoreVest American Finance Trust, Series 2019-2, Class E                                                        | CUSIP: 21872GAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     350000 | PA      | $328702.64     | 0.01%             | 2052-06-15      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                           | CoreVest American Finance Trust, Series 2019-3, Class E                                                        | CUSIP: 21872NAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     350000 | PA      | $325054.66     | 0.01%             | 2052-10-15      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                           | CoreWeave, Inc.                                                                                                | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    1551000 | PA      | $1430960.93    | 0.02%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                           | CoreWeave, Inc.                                                                                                | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    1558000 | PA      | $1409825.01    | 0.02%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0306C3<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -118200000 | PA      | $-106625569.96 | -1.68%            | 2055-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0406C2<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -87403000 | PA      | $-82857741.59  | -1.31%            | 2055-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0426C8<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -145600000 | PA      | $-142383717.84 | -2.24%            | 2055-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0506C1<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -99400000 | PA      | $-99280471.50  | -1.56%            | 2055-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H052611<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1760000 | PA      | $1775803.41    | 0.03%             | 2056-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0526C7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28268688 | PA      | $28547916.21   | 0.45%             | 2055-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0606C0<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -116230000 | PA      | $-118461645.06 | -1.87%            | 2055-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H062610<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  170990000 | PA      | $175979253.94  | 2.77%             | 2056-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                                                | CUSIP: 21H0626C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  142390000 | PA      | $146778354.43  | 2.31%             | 2055-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                                                         | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     920000 | PA      | $989690.00     | 0.02%             | 2034-04-03      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                                                         | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    1565000 | PA      | $1735976.25    | 0.03%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                                      | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    4600000 | PA      | $4800705.82    | 0.08%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                                      | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    3981000 | PA      | $4133114.01    | 0.07%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2023-1A, Class A                                                     | CUSIP: 224927AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     121238 | PA      | $121448.09     | 0.00%             | 2033-03-15      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2023-3A, Class B                                                     | CUSIP: 224936AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     391000 | PA      | $398113.46     | 0.01%             | 2033-10-17      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2025-2A, Class C                                                     | CUSIP: 224940AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9475000 | PA      | $9576012.98    | 0.15%             | 2036-03-17      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2022-3A, Class D                                                     | CUSIP: 22534QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $304216.32     | 0.00%             | 2033-04-18      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class B                                                     | CUSIP: 22535LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1625000 | PA      | $1629769.86    | 0.03%             | 2034-11-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C                                                     | CUSIP: 22535LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1012282.40    | 0.02%             | 2035-01-16      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2023-5A, Class B                                                     | CUSIP: 22535PAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1467000 | PA      | $1497424.99    | 0.02%             | 2034-02-15      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2023-2A, Class A                                                     | CUSIP: 22537EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     310804 | PA      | $311448.01     | 0.00%             | 2033-05-16      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class B                                                     | CUSIP: 22537GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     708000 | PA      | $718226.28     | 0.01%             | 2034-05-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class C                                                     | CUSIP: 22537GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     930000 | PA      | $950838.42     | 0.01%             | 2034-07-17      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                                                     | DB Master Finance LLC, Series 2021-1A, Class A23                                                               | CUSIP: 233046AS0<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     288000 | PA      | $257725.58     | 0.00%             | 2051-11-20      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| DBJPM Mortgage Trust                                                      | DBJPM Mortgage Trust, Series 2016-C3, Class B                                                                  | CUSIP: 23312VAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $379867.84     | 0.01%             | 2049-08-10      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                                                        | DT Midstream, Inc.                                                                                             | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2775000 | PA      | $2724374.34    | 0.04%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                       | DT Auto Owner Trust, Series 2022-3A, Class E                                                                   | CUSIP: 23345RAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $3149656.50    | 0.05%             | 2029-07-16      | Fixed         | 10.99%                | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                       | DT Auto Owner Trust, Series 2022-1A, Class E                                                                   | CUSIP: 23345YAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2400000 | PA      | $2396817.12    | 0.04%             | 2029-03-15      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                       | DT Auto Owner Trust, Series 2023-1A, Class C                                                                   | CUSIP: 23346KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     253606 | PA      | $254265.88     | 0.00%             | 2028-10-16      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| DailyPay Securitization Trust 2025-1                                      | DailyPay Securitization Trust, Series 2025-1A, Class A                                                         | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     760000 | PA      | $765604.39     | 0.01%             | 2028-06-26      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                                                | Dana, Inc.                                                                                                     | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     500000 | PA      | $500992.00     | 0.01%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Dana, Inc.                                                                | Dana, Inc.                                                                                                     | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     740000 | PA      | $740340.40     | 0.01%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Dana, Inc.                                                                | Dana, Inc.                                                                                                     | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     335000 | PA      | $329976.61     | 0.01%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                              | DaVita, Inc.                                                                                                   | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     425000 | PA      | $412223.52     | 0.01%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                                              | DaVita, Inc.                                                                                                   | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    1525000 | PA      | $1414144.24    | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                      | Deephaven Residential Mortgage Trust, Series 2022-2, Class A1                                                  | CUSIP: 24380XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      85838 | PA      | $84164.11      | 0.00%             | 2067-03-25      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                                               | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    4300000 | PA      | $4373596.48    | 0.07%             | 2030-09-11      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                                                 | Diamond Foreign Asset Co.                                                                                      | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     300000 | PA      | $319115.10     | 0.01%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                                                     | Diebold Nixdorf, Inc.                                                                                          | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     416000 | PA      | $441675.52     | 0.01%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Digicel International Finance Ltd.                                        | Digicel International Finance Ltd.                                                                             | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2309000 | PA      | $2357315.83    | 0.04%             | 2032-08-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                         | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025 B      | CUSIP: 25457VBV7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    2165000 | PA      | $1732000.00    | 0.03%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| Directv Financing LLC                                                     | Directv Financing LLC                                                                                          | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1550000 | PA      | $1550457.25    | 0.02%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corp.                                                        | DISH Network Corp.                                                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    4608000 | PA      | $4811719.68    | 0.08%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                            | DISH DBS Corp.                                                                                                 | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2335000 | PA      | $2285988.82    | 0.04%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                            | DISH DBS Corp.                                                                                                 | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2679000 | PA      | $2617202.44    | 0.04%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Diversified ABS Phase VIII LLC                                            | Diversified ABS Phase LLC, Series 2024-1A, Class A2                                                            | CUSIP: 255123AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1586933 | PA      | $1604524.49    | 0.03%             | 2044-05-30      | Fixed         | 7.67%                 | Yes           |                  3 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                                             | CUSIP: 25714PEN4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     150000 | PA      | $152100.00     | 0.00%             | 2033-02-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                                             | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    4400000 | PA      | $4690136.00    | 0.07%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                                             | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    3250000 | PA      | $3467343.75    | 0.05%             | 2055-02-24      | Fixed         | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series C                                                                                | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    2088000 | PA      | $2062515.75    | 0.03%             | 2027-01-15      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series A                                                                                | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    2880000 | PA      | $3003269.16    | 0.05%             | 2055-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc.                                                                                          | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    2920000 | PA      | $2954399.47    | 0.05%             | 2056-02-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                              | Drive Auto Receivables Trust, Series 2024-2, Class C                                                           | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     907000 | PA      | $911662.89     | 0.01%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                              | Drive Auto Receivables Trust, Series 2024-2, Class D                                                           | CUSIP: 26207AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     950000 | PA      | $957814.99     | 0.02%             | 2032-05-17      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding LLC                                                 | Driven Brands Funding LLC, Series 2021-1A, Class A2                                                            | CUSIP: 26209XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1873184 | PA      | $1769764.51    | 0.03%             | 2051-10-20      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                              | Drive Auto Receivables Trust, Series 2025-1, Class D                                                           | CUSIP: 262102AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2200000 | PA      | $2230176.74    | 0.04%             | 2032-09-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                              | Drive Auto Receivables Trust, Series 2025-2, Class D                                                           | CUSIP: 262103AG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8600000 | PA      | $8554324.54    | 0.13%             | 2032-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Dryden 64 CLO Ltd.                                                        | Dryden CLO Ltd., Series 2018-64A, Class A                                                                      | CUSIP: 26251LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     338383 | PA      | $338474.40     | 0.01%             | 2031-04-18      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Dryden 68 CLO Ltd.                                                        | Dryden CLO Ltd., Series 2019-68A, Class BRR                                                                    | CUSIP: 26252QAU6<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |    1700000 | PA      | $1700523.60    | 0.03%             | 2035-07-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                       | DT Auto Owner Trust, Series 2021-4A, Class E                                                                   | CUSIP: 26253WAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1600000 | PA      | $1583608.16    | 0.02%             | 2028-07-17      | Fixed         | 3.34%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                                    | Dycom Industries, Inc.                                                                                         | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |      90000 | PA      | $88797.70      | 0.00%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ELM Trust                                                                 | ELM Trust, Series 2024-ELM, Class C10                                                                          | CUSIP: 26860XBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1885000 | PA      | $1894791.07    | 0.03%             | 2039-06-10      | Variable      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                           | Permian Resources Operating LLC                                                                                | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    1633000 | PA      | $1759534.64    | 0.03%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                                            | EchoStar Corp.                                                                                                 | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    1272681 | PA      | $1321730.13    | 0.02%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                            | EchoStar Corp.                                                                                                 | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    2290000 | PA      | $2524725.00    | 0.04%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                                                                   | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    2600000 | PA      | $2314000.00    | 0.04%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                                                                   | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    1680000 | PA      | $1795584.00    | 0.03%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                                                                   | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |     640000 | PA      | $687897.60     | 0.01%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                                                                   | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |     252000 | PA      | $257985.00     | 0.00%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                                | Edgewell Personal Care Co.                                                                                     | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    5970000 | PA      | $5957479.12    | 0.09%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Edison International                                                      | Edison International, Series B                                                                                 | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    4390000 | PA      | $4363166.56    | 0.07%             | 2026-12-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                                                        | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    2390000 | PA      | $2568055.00    | 0.04%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                                                        | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    2957000 | PA      | $3336013.48    | 0.05%             | 2054-11-21      | Fixed         | 9.65%                 | Yes           |                  2 | On Loan: No      |
| Element Solutions, Inc.                                                   | Element Solutions, Inc.                                                                                        | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |     715000 | PA      | $699141.73     | 0.01%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO III Ltd.                                                      | Elmwood CLO Ltd., Series 2019-3A, Class BRR                                                                    | CUSIP: 29002HBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1650000 | PA      | $1651037.85    | 0.03%             | 2037-07-18      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO Ltd.                                                          | Elmwood CLO Ltd., Series 2023-2A, Class CR                                                                     | CUSIP: 29003YAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2615000 | PA      | $2612986.45    | 0.04%             | 2036-04-16      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO 36 Ltd.                                                       | Elmwood CLO Ltd., Series 2024-12RA, Class CR                                                                   | CUSIP: 29004MAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2308334 | PA      | $2306801.27    | 0.04%             | 2037-10-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                                                              | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4809000 | PA      | $4983821.58    | 0.08%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc., Series 20-A                                                                                    | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    2030000 | PA      | $2051591.08    | 0.03%             | 2080-07-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc., Series NC5                                                                                     | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     305000 | PA      | $325882.44     | 0.01%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                                         | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    2075000 | PA      | $2071172.04    | 0.03%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                                         | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    2240000 | PA      | $2231763.74    | 0.04%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                                         | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     895000 | PA      | $882573.37     | 0.01%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                                  | Energizer Holdings, Inc.                                                                                       | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    1292000 | PA      | $1275925.45    | 0.02%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                                  | Energizer Holdings, Inc.                                                                                       | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    1477000 | PA      | $1405151.48    | 0.02%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                        | Energy Transfer LP                                                                                             | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    1870000 | PA      | $1993943.60    | 0.03%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                                               | Endo Finance Holdings, Inc.                                                                                    | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     624000 | PA      | $649132.22     | 0.01%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Enpro, Inc.                                                               | Enpro, Inc.                                                                                                    | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     212000 | PA      | $218996.42     | 0.00%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                                            | Entegris, Inc.                                                                                                 | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     500000 | PA      | $495143.75     | 0.01%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                                             | Entergy Corp.                                                                                                  | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    4306000 | PA      | $4528641.73    | 0.07%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                             | Entergy Corp.                                                                                                  | CUSIP: 29364GAR4<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    2960000 | PA      | $2956278.51    | 0.05%             | 2056-06-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                            | Entegris, Inc.                                                                                                 | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    2405000 | PA      | $2400298.23    | 0.04%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                                            | Entegris, Inc.                                                                                                 | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    2570000 | PA      | $2630947.55    | 0.04%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class D                                                 | CUSIP: 29425AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $2117535.00    | 0.03%             | 2058-09-10      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust, Series 2016-P3, Class B                                                   | CUSIP: 29429CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1630000 | PA      | $1513473.75    | 0.02%             | 2049-04-15      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                                  | EquipmentShare.com, Inc.                                                                                       | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    3274000 | PA      | $3341627.74    | 0.05%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                                  | EquipmentShare.com, Inc.                                                                                       | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     400000 | PA      | $411384.40     | 0.01%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Esab Corp.                                                                | Esab Corp.                                                                                                     | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     330000 | PA      | $339964.35     | 0.01%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EUSHI Finance, Inc.                                                       | EUSHI Finance, Inc.                                                                                            | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4281000 | PA      | $4285614.92    | 0.07%             | 2056-04-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2022-4A, Class D                                                   | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     142547 | PA      | $143594.84     | 0.00%             | 2028-12-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2022-2A, Class E                                                   | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3007000 | PA      | $2917505.37    | 0.05%             | 2029-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2022-3A, Class D                                                   | CUSIP: 30166YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     370739 | PA      | $374910.46     | 0.01%             | 2028-09-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2022-1A, Class E                                                   | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1070000 | PA      | $1045494.97    | 0.02%             | 2029-10-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2025-4A, Class D                                                   | CUSIP: 30167KAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3445000 | PA      | $3464358.49    | 0.05%             | 2032-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2023-1A, Class D                                                   | CUSIP: 30168BAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $508312.20     | 0.01%             | 2029-06-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2023-1A, Class E                                                   | CUSIP: 30168BAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     900000 | PA      | $1005011.91    | 0.02%             | 2030-09-16      | Fixed         | 12.07%                | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2023-2A, Class D                                                   | CUSIP: 30168CAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $510255.70     | 0.01%             | 2029-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2023-3A, Class D                                                   | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     954000 | PA      | $977504.75     | 0.02%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                                     | FMC GMSR Issuer Trust, Series 2022-GT1, Class B                                                                | CUSIP: 30259RAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $301479.18     | 0.00%             | 2027-04-25      | Fixed         | 7.17%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K115, Class D                                                                | CUSIP: 302673AG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6000000 | PA      | $4303750.20    | 0.07%             | 2053-09-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K115, Class X2A                                                              | CUSIP: 302673AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   63787360 | PA      | $231567.25     | 0.00%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K115, Class X2B                                                              | CUSIP: 302673AL2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14600000 | PA      | $55812.88      | 0.00%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K739, Class X2A                                                              | CUSIP: 30289SAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   67662964 | PA      | $83590.83      | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K739, Class X2B                                                              | CUSIP: 30289SAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   17500000 | PA      | $25548.25      | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K739, Class D                                                                | CUSIP: 30289SAS6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7000000 | PA      | $5885829.60    | 0.09%             | 2053-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-K62, Class B                                                                 | CUSIP: 302949AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     415000 | PA      | $411659.25     | 0.01%             | 2050-01-25      | Variable      | 4.01%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-K83, Class D                                                                 | CUSIP: 302958AS2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3400000 | PA      | $2659466.74    | 0.04%             | 2051-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-K724, Class D                                                                | CUSIP: 30295XAW8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      18076 | PA      | $17271.76      | 0.00%             | 2049-12-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF54, Class B                                                                | CUSIP: 302964AC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     442364 | PA      | $418654.10     | 0.01%             | 2028-11-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF43, Class B                                                                | CUSIP: 30296DAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      21473 | PA      | $20825.02      | 0.00%             | 2028-01-25      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-K155, Class X2A                                                              | CUSIP: 30296QAL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   45194532 | PA      | $210357.95     | 0.00%             | 2033-04-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-K155, Class X2B                                                              | CUSIP: 30296QAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5250000 | PA      | $29797.43      | 0.00%             | 2033-05-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-K155, Class C                                                                | CUSIP: 30296QAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4000000 | PA      | $2194666.00    | 0.03%             | 2033-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF45, Class B                                                                | CUSIP: 30296TAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     675023 | PA      | $694892.81     | 0.01%             | 2025-03-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-K92, Class D                                                                 | CUSIP: 302973AL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4900000 | PA      | $3737456.87    | 0.06%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-K92, Class X2A                                                               | CUSIP: 302973AU6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   57514972 | PA      | $147669.69     | 0.00%             | 2029-04-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-K92, Class X2B                                                               | CUSIP: 302973AW2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12014516 | PA      | $35321.48      | 0.00%             | 2029-07-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K105, Class X2A                                                              | CUSIP: 302975BA4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   51123691 | PA      | $160190.97     | 0.00%             | 2053-03-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K105, Class X2B                                                              | CUSIP: 302975BC0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12000000 | PA      | $41924.40      | 0.00%             | 2053-03-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K105, Class D                                                                | CUSIP: 302975BJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4000000 | PA      | $2716048.80    | 0.04%             | 2053-03-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KW07, Class B                                                                | CUSIP: 30297NAE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     300000 | PA      | $273701.94     | 0.00%             | 2031-10-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-K84, Class D                                                                 | CUSIP: 30297RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3500000 | PA      | $2733605.35    | 0.04%             | 2028-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KF59, Class B                                                                | CUSIP: 30297XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     675975 | PA      | $649482.97     | 0.01%             | 2029-02-25      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K107, Class D                                                                | CUSIP: 302982AA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4500000 | PA      | $3712010.40    | 0.06%             | 2030-02-25      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KC07, Class C                                                                | CUSIP: 302988AN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2400000 | PA      | $2028889.20    | 0.03%             | 2029-10-25      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-K735, Class B                                                                | CUSIP: 30298FAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     150000 | PA      | $149087.90     | 0.00%             | 2026-05-25      | Variable      | 4.16%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KW09, Class X2A                                                              | CUSIP: 30298GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18496972 | PA      | $42326.62      | 0.00%             | 2029-05-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KW09, Class X2B                                                              | CUSIP: 30298GAL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   10000000 | PA      | $28597.00      | 0.00%             | 2029-06-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KW09, Class C                                                                | CUSIP: 30298GAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     790000 | PA      | $594151.65     | 0.01%             | 2029-06-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KF67, Class C                                                                | CUSIP: 30298NAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1483192 | PA      | $1300935.96    | 0.02%             | 2029-08-25      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KW10, Class X2A                                                              | CUSIP: 30298XAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14026686 | PA      | $40286.05      | 0.00%             | 2032-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KW10, Class X2B                                                              | CUSIP: 30298XAF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1600000 | PA      | $4869.44       | 0.00%             | 2032-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KW10, Class C                                                                | CUSIP: 30298XAH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1300000 | PA      | $946092.42     | 0.01%             | 2032-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-K69, Class D                                                                 | CUSIP: 30305KAL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6000000 | PA      | $5091823.80    | 0.08%             | 2049-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF38, Class B                                                                | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     796601 | PA      | $794940.46     | 0.01%             | 2024-09-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF40, Class B                                                                | CUSIP: 30306JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     943700 | PA      | $905778.91     | 0.01%             | 2027-11-25      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KF60, Class B                                                                | CUSIP: 30308HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     470904 | PA      | $468771.35     | 0.01%             | 2026-02-25      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-K91, Class C                                                                 | CUSIP: 30309JAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     250000 | PA      | $246250.78     | 0.00%             | 2051-04-25      | Variable      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 19K-1511, Class C                                                                 | CUSIP: 30309KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5327320 | PA      | $2709887.29    | 0.04%             | 2034-04-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KF62, Class B                                                                | CUSIP: 30310WAF8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5296 | PA      | $5243.90       | 0.00%             | 2026-04-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KF73, Class B                                                                | CUSIP: 30313BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2120214 | PA      | $1967594.03    | 0.03%             | 2029-11-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2019-KF72, Class B                                                                | CUSIP: 30314JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     730796 | PA      | $715148.99     | 0.01%             | 2026-11-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 19K-1513, Class X2A                                                               | CUSIP: 30314MAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  168206521 | PA      | $998759.86     | 0.02%             | 2034-08-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K109, Class X2A                                                              | CUSIP: 30314RAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   68179681 | PA      | $231995.00     | 0.00%             | 2053-05-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K109, Class X2B                                                              | CUSIP: 30314RAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   24000000 | PA      | $85932.00      | 0.00%             | 2053-05-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K109, Class D                                                                | CUSIP: 30314RAS7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7000000 | PA      | $4608146.20    | 0.07%             | 2053-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 19K-1514, Class C                                                                 | CUSIP: 30315AAB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6000000 | PA      | $3010841.40    | 0.05%             | 2034-10-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K113, Class D                                                                | CUSIP: 30315KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4300000 | PA      | $2937940.17    | 0.05%             | 2053-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF                                                                     | FREMF, Series 20K-1517, Class C                                                                                | CUSIP: 30315VAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5500000 | PA      | $2654646.50    | 0.04%             | 2035-08-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FS Luxembourg Sarl                                                        | FS Luxembourg SARL                                                                                             | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    1405000 | PA      | $1450212.90    | 0.02%             | 2031-02-12      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FS Luxembourg Sarl                                                        | FS Luxembourg SARL                                                                                             | CUSIP: 30315XAD6<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     230000 | PA      | $234965.70     | 0.00%             | 2033-06-25      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-KF76, Class B                                                                | CUSIP: 30316EAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     469515 | PA      | $459302.99     | 0.01%             | 2030-01-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-KSG1, Class X2A                                                              | CUSIP: 30316JAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   40560492 | PA      | $146865.49     | 0.00%             | 2030-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-KSG1, Class X2B                                                              | CUSIP: 30316JAL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3300000 | PA      | $12902.01      | 0.00%             | 2030-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-KSG1, Class C                                                                | CUSIP: 30316JAN4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3300000 | PA      | $2259425.19    | 0.04%             | 2030-09-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K116, Class X2A                                                              | CUSIP: 30316LAN9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   58473943 | PA      | $197291.08     | 0.00%             | 2052-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K116, Class X2B                                                              | CUSIP: 30316LAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12768420 | PA      | $46929.05      | 0.00%             | 2052-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K116, Class D                                                                | CUSIP: 30316LAS8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4500000 | PA      | $2957254.65    | 0.05%             | 2052-09-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K118, Class X2A                                                              | CUSIP: 30316TAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   76170925 | PA      | $281710.55     | 0.00%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K118, Class X2B                                                              | CUSIP: 30316TAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15633000 | PA      | $60854.58      | 0.00%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K118, Class D                                                                | CUSIP: 30316TAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7000000 | PA      | $4844386.40    | 0.08%             | 2053-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K122, Class X2B                                                              | CUSIP: 30318BAC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   10972469 | PA      | $43198.61      | 0.00%             | 2054-01-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2020-K122, Class D                                                                | CUSIP: 30318BAE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4000000 | PA      | $2592642.80    | 0.04%             | 2054-01-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2021-K126, Class X2A                                                              | CUSIP: 30319DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   78907495 | PA      | $308946.51     | 0.00%             | 2054-01-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2021-K126, Class X2B                                                              | CUSIP: 30319DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   20236360 | PA      | $85350.90      | 0.00%             | 2054-01-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2021-K126, Class D                                                                | CUSIP: 30319DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7600000 | PA      | $5028268.68    | 0.08%             | 2054-01-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                          | Fair Isaac Corp.                                                                                               | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     607000 | PA      | $623904.95     | 0.01%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2022-KF132, Class CS                                                              | CUSIP: 30325VAE6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2868451 | PA      | $2660525.42    | 0.04%             | 2032-02-25      | Floating      | 10.60%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2023-K752, Class D                                                                | CUSIP: 30333RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2588480 | PA      | $1762622.87    | 0.03%             | 2030-08-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2023-K752, Class X2A                                                              | CUSIP: 30333RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   43324255 | PA      | $152882.63     | 0.00%             | 2060-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2023-K752, Class X2B                                                              | CUSIP: 30333RAS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9003480 | PA      | $33808.07      | 0.00%             | 2030-08-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Connecticut Avenue Securities, Series 2017-C02, Class 2B1                                                | CUSIP: 30711XGQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    2120000 | PA      | $2252026.60    | 0.04%             | 2029-09-25      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Connecticut Avenue Securities, Series 2018-C03, Class 1B1                                                | CUSIP: 30711XJ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    3647000 | PA      | $3901221.06    | 0.06%             | 2030-10-25      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Connecticut Avenue Securities, Series 2017-C05, Class 1B1                                                | CUSIP: 30711XNW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    1090558 | PA      | $1141124.99    | 0.02%             | 2030-01-25      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Connecticut Avenue Securities, Series 2017-C06, Class 1B1                                                | CUSIP: 30711XQW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     450000 | PA      | $476275.77     | 0.01%             | 2030-02-25      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                                                      | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     212000 | PA      | $215820.66     | 0.00%             | 2033-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC                                                                                                          | CUSIP: 31288RHQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4401126 | PA      | $4470878.98    | 0.07%             | 2055-10-01      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3132DT6D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8114331 | PA      | $8534276.56    | 0.13%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3132DTRC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10798206 | PA      | $11341965.96   | 0.18%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3132DTUC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7218157 | PA      | $7429609.07    | 0.12%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3132DUFA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2289110 | PA      | $2401222.82    | 0.04%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3132E0PP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4661377 | PA      | $4897546.51    | 0.08%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC Gold Pools, Other                                                                                        | CUSIP: 3132XGSQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     210000 | PA      | $210559.61     | 0.00%             | 2032-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC Gold Pools, Other                                                                                        | CUSIP: 3132XGXW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     995507 | PA      | $1007880.78    | 0.02%             | 2028-06-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3133KRCS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2701686 | PA      | $2840673.59    | 0.04%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-71, Class YF                                                                          | CUSIP: 3136A6Z80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      16138 | PA      | $16129.75      | 0.00%             | 2041-04-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2014-73, Class CZ                                                                          | CUSIP: 3136ALML2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6590390 | PA      | $6113422.11    | 0.10%             | 2044-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2016-M10, Class X                                                                            | CUSIP: 3136ATX25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   99729646 | PA      | $1185276.87    | 0.02%             | 2028-07-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2019-M11, Class X1                                                                           | CUSIP: 3136B4C71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3976621 | PA      | $104943.02     | 0.00%             | 2029-06-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2019-M11, Class X2                                                                           | CUSIP: 3136B4C97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   49932322 | PA      | $2709907.02    | 0.04%             | 2034-05-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M3, Class X1                                                                            | CUSIP: 3136B8MM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3255708 | PA      | $28338.99      | 0.00%             | 2030-02-25      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M15, Class X1                                                                           | CUSIP: 3136B9MX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   21084142 | PA      | $1256859.43    | 0.02%             | 2031-09-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M16, Class X1                                                                           | CUSIP: 3136B9NK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   75066701 | PA      | $1309148.26    | 0.02%             | 2032-04-25      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M30, Class X                                                                            | CUSIP: 3136BARS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   35323163 | PA      | $1227550.57    | 0.02%             | 2031-07-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M31, Class AB                                                                           | CUSIP: 3136BASC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      70647 | PA      | $62258.96      | 0.00%             | 2032-10-25      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M35, Class X                                                                            | CUSIP: 3136BBBM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  237987435 | PA      | $1536113.70    | 0.02%             | 2032-07-25      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2021-M8, Class X                                                                             | CUSIP: 3136BFNQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   91624190 | PA      | $1309126.43    | 0.02%             | 2035-11-25      | Variable      | 0.32%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2022-M2, Class X2                                                                            | CUSIP: 3136BK7C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2802517 | PA      | $24868.69      | 0.00%             | 2032-01-25      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2023-31, Class LZ                                                                          | CUSIP: 3136BP7G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4622488 | PA      | $4854695.32    | 0.08%             | 2053-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2023-28, Class EZ                                                                          | CUSIP: 3136BQAM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2311244 | PA      | $2415661.09    | 0.04%             | 2053-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2023-34, Class LZ                                                                          | CUSIP: 3136BQEN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2874682 | PA      | $3042231.76    | 0.05%             | 2053-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-25, Class ZA                                                                          | CUSIP: 3136BRTP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2088857 | PA      | $2190597.81    | 0.03%             | 2053-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-25, Class ZB                                                                          | CUSIP: 3136BRTR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2945080 | PA      | $2987160.67    | 0.05%             | 2054-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-20, Class MS                                                                          | CUSIP: 3136BRU62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6147989 | PA      | $427982.40     | 0.01%             | 2054-05-25      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-58, Class BS                                                                          | CUSIP: 3136BSWY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5455739 | PA      | $333783.77     | 0.01%             | 2054-08-25      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-92, Class SH                                                                          | CUSIP: 3136BT5E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4723670 | PA      | $364286.58     | 0.01%             | 2054-12-25      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2024-M5, Class 1A2C                                                                          | CUSIP: 3136BTHF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3500000 | PA      | $3500443.10    | 0.06%             | 2034-08-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-95, Class SE                                                                          | CUSIP: 3136BTR62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7262829 | PA      | $489617.08     | 0.01%             | 2054-12-25      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-95, Class KL                                                                          | CUSIP: 3136BTS61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5463569 | PA      | $5527158.39    | 0.09%             | 2054-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2024-105, Class SH                                                                         | CUSIP: 3136BUBY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   19209891 | PA      | $1291828.66    | 0.02%             | 2055-01-25      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-7, Class SE                                                                           | CUSIP: 3136BUWE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5699612 | PA      | $382144.16     | 0.01%             | 2055-02-25      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-11, Class SB                                                                          | CUSIP: 3136BUZ52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7413839 | PA      | $571410.54     | 0.01%             | 2055-03-25      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-24, Class SC                                                                          | CUSIP: 3136BVSL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   11204025 | PA      | $772591.47     | 0.01%             | 2055-04-25      | Floating      | 1.86%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-73, Class Z                                                                           | CUSIP: 3136BW5D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5689105 | PA      | $5734828.59    | 0.09%             | 2055-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-78, Class BV                                                                          | CUSIP: 3136BW7H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3932089 | PA      | $4056010.29    | 0.06%             | 2036-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-69, Class Z                                                                           | CUSIP: 3136BWD29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7484791 | PA      | $7488093.15    | 0.12%             | 2055-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-47, Class SM                                                                          | CUSIP: 3136BWKR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   55999223 | PA      | $3727106.67    | 0.06%             | 2055-06-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-57, Class Z                                                                           | CUSIP: 3136BWPN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2175454 | PA      | $2189773.45    | 0.03%             | 2055-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-55, Class SC                                                                          | CUSIP: 3136BWSE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   18247556 | PA      | $1470276.73    | 0.02%             | 2055-07-25      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-55, Class SG                                                                          | CUSIP: 3136BWTT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   26422246 | PA      | $1762770.70    | 0.03%             | 2055-07-25      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-55, Class UN                                                                          | CUSIP: 3136BWTV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5126583 | PA      | $5052485.42    | 0.08%             | 2055-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-66, Class SL                                                                          | CUSIP: 3136BWZW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   22128762 | PA      | $1471759.59    | 0.02%             | 2055-08-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-98, Class UZ                                                                          | CUSIP: 3136BX2H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    8815387 | PA      | $8873061.41    | 0.14%             | 2054-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-74, Class ZA                                                                          | CUSIP: 3136BXEV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2213290 | PA      | $2286967.86    | 0.04%             | 2055-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2025-89, Class ZB                                                                          | CUSIP: 3136BXYH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4565373 | PA      | $4559097.18    | 0.07%             | 2055-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q001, Class XA                                | CUSIP: 3137BEWS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   15418913 | PA      | $914563.60     | 0.01%             | 2032-02-25      | Variable      | 2.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K152, Class X1                                | CUSIP: 3137BPVP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17085164 | PA      | $629099.65     | 0.01%             | 2031-01-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K060, Class X3                                | CUSIP: 3137BTAF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13199854 | PA      | $221917.26     | 0.00%             | 2044-12-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K062, Class X3                                | CUSIP: 3137BUX94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   14999855 | PA      | $333871.26     | 0.01%             | 2045-01-25      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K063, Class X3                                | CUSIP: 3137BVZB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   11342000 | PA      | $264165.39     | 0.00%             | 2045-02-25      | Variable      | 2.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K064, Class X1                                | CUSIP: 3137BXR20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9986030 | PA      | $58934.56      | 0.00%             | 2027-03-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K065, Class X3                                | CUSIP: 3137F1G77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8509531 | PA      | $267172.04     | 0.00%             | 2045-07-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K066, Class X3                                | CUSIP: 3137F2LM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   25000000 | PA      | $848295.00     | 0.01%             | 2045-08-25      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K119, Class X1                                | CUSIP: 3137F6GV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7246007 | PA      | $265323.41     | 0.00%             | 2030-09-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K740, Class X1                                | CUSIP: 3137F72D6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17481950 | PA      | $186471.22     | 0.00%             | 2027-09-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q014, Class X                                 | CUSIP: 3137F72J3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1764976 | PA      | $254783.68     | 0.00%             | 2055-10-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K120, Class X1                                | CUSIP: 3137F72R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   40519064 | PA      | $1635888.31    | 0.03%             | 2030-10-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K122, Class X1                                | CUSIP: 3137F82T9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19541418 | PA      | $697845.53     | 0.01%             | 2030-11-25      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K121, Class X1                                | CUSIP: 3137F83S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   24724060 | PA      | $983228.87     | 0.02%             | 2030-10-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K121, Class X3                                | CUSIP: 3137F83T8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $590604.50     | 0.01%             | 2048-11-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KG04, Class X1                                | CUSIP: 3137F84T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9171419 | PA      | $309606.93     | 0.00%             | 2030-11-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                           | FHLMC, Multi-Class Certificates, Series 2020-RR14, Class X                                                     | CUSIP: 3137F85E9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $329756.25     | 0.01%             | 2034-03-27      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1519, Class X1                              | CUSIP: 3137F8TU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13333983 | PA      | $562142.05     | 0.01%             | 2035-12-25      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K123, Class X1                                | CUSIP: 3137F8ZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   52655521 | PA      | $1652956.84    | 0.03%             | 2030-12-25      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K124, Class X1                                | CUSIP: 3137F9YZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   99465705 | PA      | $3017351.85    | 0.05%             | 2030-12-25      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K124, Class X3                                | CUSIP: 3137F9Z20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $562160.00     | 0.01%             | 2049-02-25      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K125, Class X3                                | CUSIP: 3137F9ZB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   16750000 | PA      | $1935018.63    | 0.03%             | 2049-02-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                           | FHLMC, Multi-Class Certificates, Series 2021-RR16, Class X                                                     | CUSIP: 3137F9ZN4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5600000 | PA      | $364834.40     | 0.01%             | 2034-10-27      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K067, Class X3                                | CUSIP: 3137FAWV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   15000000 | PA      | $523060.50     | 0.01%             | 2044-09-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K068, Class X1                                | CUSIP: 3137FBBZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     619339 | PA      | $3649.08       | 0.00%             | 2027-08-25      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K068, Class X3                                | CUSIP: 3137FBC20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   12000000 | PA      | $400792.80     | 0.01%             | 2044-10-25      | Variable      | 2.06%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K071, Class X3                                | CUSIP: 3137FCLG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8700000 | PA      | $321644.22     | 0.01%             | 2045-11-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X1                                | CUSIP: 3137FEBS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   14747609 | PA      | $101844.04     | 0.00%             | 2027-12-25      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K741, Class X3                                | CUSIP: 3137FF4A2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13766615 | PA      | $639068.29     | 0.01%             | 2049-03-25      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X1                                | CUSIP: 3137FGR56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   60777320 | PA      | $170474.30     | 0.00%             | 2028-06-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K082, Class X1                                | CUSIP: 3137FJKG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  191774825 | PA      | $324406.29     | 0.01%             | 2028-09-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K082, Class X3                                | CUSIP: 3137FJKH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10000000 | PA      | $592743.00     | 0.01%             | 2046-10-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K083, Class X1                                | CUSIP: 3137FJXX2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  128945656 | PA      | $261978.89     | 0.00%             | 2028-09-25      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K083, Class X3                                | CUSIP: 3137FJXY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     621062 | PA      | $38606.15      | 0.00%             | 2046-11-25      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K084, Class X3                                | CUSIP: 3137FJZC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     751485 | PA      | $44701.26      | 0.00%             | 2028-11-25      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K085, Class X3                                | CUSIP: 3137FKJF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1850000 | PA      | $113455.14     | 0.00%             | 2045-12-25      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X1                                | CUSIP: 3137FL6G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13521135 | PA      | $200023.56     | 0.00%             | 2029-01-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K090, Class X3                                | CUSIP: 3137FLMY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $361374.50     | 0.01%             | 2029-10-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K091, Class X1                                | CUSIP: 3137FLNB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   31801142 | PA      | $539369.62     | 0.01%             | 2029-03-25      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K092, Class X3                                | CUSIP: 3137FLYY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   43959013 | PA      | $3051239.05    | 0.05%             | 2047-05-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1512, Class X3                              | CUSIP: 3137FMTV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $531882.00     | 0.01%             | 2034-10-25      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K094, Class X1                                | CUSIP: 3137FMU26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   20970773 | PA      | $555704.50     | 0.01%             | 2029-06-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KW09, Class X1                                | CUSIP: 3137FMUR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   70940286 | PA      | $1375588.90    | 0.02%             | 2029-05-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K095, Class XAM                               | CUSIP: 3137FNAJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1614000 | PA      | $67526.21      | 0.00%             | 2029-06-25      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K096, Class X3                                | CUSIP: 3137FNBB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8380000 | PA      | $526083.83     | 0.01%             | 2051-08-25      | Variable      | 2.11%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K097, Class X3                                | CUSIP: 3137FNX88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $200672.40     | 0.00%             | 2046-09-25      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KG02, Class X1                                | CUSIP: 3137FPHS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   14178358 | PA      | $404483.03     | 0.01%             | 2029-08-25      | Variable      | 1.14%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1513, Class X3                              | CUSIP: 3137FPJB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4500000 | PA      | $885159.45     | 0.01%             | 2037-12-25      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KC05, Class X1                                | CUSIP: 3137FPJQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   40589715 | PA      | $397917.21     | 0.01%             | 2027-06-25      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K100, Class X1                                | CUSIP: 3137FQ3C5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   53576851 | PA      | $1130530.50    | 0.02%             | 2029-09-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K101, Class X1                                | CUSIP: 3137FQ4B6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1643155 | PA      | $45837.30      | 0.00%             | 2029-10-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K101, Class X3                                | CUSIP: 3137FQ4C4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   20000000 | PA      | $1327120.00    | 0.02%             | 2029-10-25      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1514, Class X1                              | CUSIP: 3137FQK28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1182783 | PA      | $45734.44      | 0.00%             | 2034-10-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1514, Class X3                              | CUSIP: 3137FQK36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13043739 | PA      | $2409954.70    | 0.04%             | 2034-10-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K103, Class X1                                | CUSIP: 3137FQKQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   25605510 | PA      | $560420.12     | 0.01%             | 2029-11-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K737, Class X1                                | CUSIP: 3137FQXL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   43553423 | PA      | $167959.42     | 0.00%             | 2026-10-25      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K737, Class X3                                | CUSIP: 3137FQXM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   11779376 | PA      | $199619.20     | 0.00%             | 2048-01-25      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K104, Class X1                                | CUSIP: 3137FREK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   12857947 | PA      | $490852.12     | 0.01%             | 2030-01-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K105, Class X1                                | CUSIP: 3137FRUL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   24416702 | PA      | $1296268.07    | 0.02%             | 2030-01-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K106, Class X1                                | CUSIP: 3137FRUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   54181195 | PA      | $2562786.75    | 0.04%             | 2030-01-25      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                           | FHLMC, Multi-Class Certificates, Series 2020-RR06, Class AX                                                    | CUSIP: 3137FRV73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $79399.80      | 0.00%             | 2028-10-27      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Multiclass Certificates                                             | FHLMC Multiclass Certificates, Series 2020-RR06, Class BX                                                      | CUSIP: 3137FRV99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   50250000 | PA      | $3912063.00    | 0.06%             | 2033-05-27      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K107, Class X1                                | CUSIP: 3137FRZC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   44622382 | PA      | $2480388.63    | 0.04%             | 2030-01-25      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K738, Class X1                                | CUSIP: 3137FTFU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   40907919 | PA      | $509303.59     | 0.01%             | 2027-01-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K109, Class X1                                | CUSIP: 3137FTG27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   35991953 | PA      | $2031105.10    | 0.03%             | 2030-04-25      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K109, Class X3                                | CUSIP: 3137FTG35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3400000 | PA      | $431568.80     | 0.01%             | 2048-05-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1515, Class X1                              | CUSIP: 3137FTZM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8763928 | PA      | $862350.40     | 0.01%             | 2035-02-25      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1515, Class X3                              | CUSIP: 3137FTZN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $769671.60     | 0.01%             | 2038-03-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1516, Class X3                              | CUSIP: 3137FUZL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $249765.80     | 0.00%             | 2038-10-25      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K114, Class X1                                | CUSIP: 3137FVNJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2097828 | PA      | $89997.86      | 0.00%             | 2030-06-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q012, Class X                                 | CUSIP: 3137FVNQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     347356 | PA      | $52109.41      | 0.00%             | 2035-09-25      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                           | FHLMC, Multi-Class Certificates, Series 2020-RR12, Class X                                                     | CUSIP: 3137FVNT5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $54998.00      | 0.00%             | 2027-10-27      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K115, Class X1                                | CUSIP: 3137FWG95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   70078742 | PA      | $3539424.98    | 0.06%             | 2030-06-25      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1517, Class X1                              | CUSIP: 3137FWHG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19143168 | PA      | $1758395.73    | 0.03%             | 2035-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K117, Class X1                                | CUSIP: 3137FX3T3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   30950257 | PA      | $1456451.01    | 0.02%             | 2030-08-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K119, Class X3                                | CUSIP: 3137FXQS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $571643.00     | 0.01%             | 2048-09-25      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1518, Class X1                              | CUSIP: 3137FXQX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   35952076 | PA      | $2137793.10    | 0.03%             | 2035-10-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K126, Class X1                                | CUSIP: 3137FXYX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   91162380 | PA      | $1187435.58    | 0.02%             | 2031-01-25      | Variable      | 0.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K126, Class X3                                | CUSIP: 3137FXYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   12950000 | PA      | $1503985.81    | 0.02%             | 2049-01-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K127, Class X3                                | CUSIP: 3137FXZ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4000000 | PA      | $463592.00     | 0.01%             | 2049-03-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1520, Class X1                              | CUSIP: 3137FYTY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   57758856 | PA      | $1958106.09    | 0.03%             | 2036-02-25      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K128, Class X1                                | CUSIP: 3137FYUL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  126084456 | PA      | $2783238.71    | 0.04%             | 2031-03-25      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR Debt Notes                                                    | FHLMC STACR, Whole Loan, Series 2017-DNA2, Class B1                                                            | CUSIP: 3137G0PR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $265297.08     | 0.00%             | 2029-10-25      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                            | FHLMC STACR, Whole Loan, Series 2017-DNA3, Class B1                                                            | CUSIP: 3137G0RJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1550000 | PA      | $1652611.86    | 0.03%             | 2030-03-25      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K742, Class X1                                | CUSIP: 3137H0GP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2720113 | PA      | $25420.55      | 0.00%             | 2028-03-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K742, Class X3                                | CUSIP: 3137H0GY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $285783.50     | 0.00%             | 2028-04-25      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K129, Class X3                                | CUSIP: 3137H13S3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8000000 | PA      | $1153657.60    | 0.02%             | 2031-05-25      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K743, Class X1                                | CUSIP: 3137H14D5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   25094270 | PA      | $498884.12     | 0.01%             | 2028-05-25      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K743, Class X3                                | CUSIP: 3137H14E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13000000 | PA      | $857451.40     | 0.01%             | 2049-06-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K130, Class X1                                | CUSIP: 3137H1YX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6158514 | PA      | $290331.43     | 0.00%             | 2031-06-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K131, Class X1                                | CUSIP: 3137H2N83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   56522266 | PA      | $1973401.43    | 0.03%             | 2031-07-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K745, Class X1                                | CUSIP: 3137H2NG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   14886731 | PA      | $212269.90     | 0.00%             | 2028-08-25      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5148, Class PZ                                                                            | CUSIP: 3137H2V35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   12641615 | PA      | $8282702.46    | 0.13%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5151, Class KZ                                                                            | CUSIP: 3137H3G97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8752501 | PA      | $5761350.12    | 0.09%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KG06, Class X1                                | CUSIP: 3137H4C73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   42572534 | PA      | $1086216.91    | 0.02%             | 2031-10-25      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K136, Class X1                                | CUSIP: 3137H4SK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   62727694 | PA      | $1058341.65    | 0.02%             | 2031-12-25      | Variable      | 0.39%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K140, Class X1                                | CUSIP: 3137H6M36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   84434321 | PA      | $1402437.18    | 0.02%             | 2032-01-25      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K142, Class X1                                | CUSIP: 3137H73R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  109984945 | PA      | $1873351.57    | 0.03%             | 2032-03-25      | Variable      | 0.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K143, Class X1                                | CUSIP: 3137H74C4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   34811772 | PA      | $694578.40     | 0.01%             | 2055-04-25      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K749, Class XAM                               | CUSIP: 3137H74T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   55000000 | PA      | $463908.50     | 0.01%             | 2029-04-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K144, Class X1                                | CUSIP: 3137H7MB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4081219 | PA      | $81609.28      | 0.00%             | 2032-04-25      | Variable      | 0.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K147, Class X3                                | CUSIP: 3137H8C74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6400000 | PA      | $1278885.76    | 0.02%             | 2050-06-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K148, Class X3                                | CUSIP: 3137H8UC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17000000 | PA      | $3816617.30    | 0.06%             | 2054-08-25      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-150, Class X1                               | CUSIP: 3137H9CB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17454290 | PA      | $362466.26     | 0.01%             | 2032-09-25      | Variable      | 0.31%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-152, Class A1                               | CUSIP: 3137H9M71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     340458 | PA      | $339258.96     | 0.01%             | 2032-01-25      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-152, Class X1                               | CUSIP: 3137H9MA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  131786655 | PA      | $1623769.74    | 0.03%             | 2032-11-25      | Variable      | 0.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-152, Class X3                               | CUSIP: 3137H9MB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $1201119.50    | 0.02%             | 2055-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family, Structured Pass-Through Certificates, Series K-153, Class X1                              | CUSIP: 3137H9PD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19686991 | PA      | $579632.26     | 0.01%             | 2032-12-25      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-154, Class X1                               | CUSIP: 3137H9UF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   85793477 | PA      | $2109953.29    | 0.03%             | 2033-01-25      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5328, Class Z                                                                             | CUSIP: 3137HADZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4599490 | PA      | $4821121.49    | 0.08%             | 2053-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5338, Class AZ                                                                            | CUSIP: 3137HAJY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4576607 | PA      | $4797668.52    | 0.08%             | 2053-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-159, Class X1                               | CUSIP: 3137HAMD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  151938935 | PA      | $1841849.35    | 0.03%             | 2033-07-25      | Variable      | 0.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-161, Class A1                               | CUSIP: 3137HB2W3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3480000 | PA      | $3648090.61    | 0.06%             | 2032-07-25      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-161, Class X3                               | CUSIP: 3137HB3A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2700000 | PA      | $893699.19     | 0.01%             | 2033-11-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K754, Class XAM                               | CUSIP: 3137HBCC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  116738000 | PA      | $523581.60     | 0.01%             | 2030-11-25      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                           | FHLMC, Multi-Class Certificates, Series 2023-RR21, Class X                                                     | CUSIP: 3137HBCL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18000000 | PA      | $3685536.00    | 0.06%             | 2036-04-27      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K514, Class X1                                | CUSIP: 3137HBLW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   11788303 | PA      | $314233.72     | 0.00%             | 2028-12-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5387, Class KB                                                                            | CUSIP: 3137HBSQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2900000 | PA      | $3112813.60    | 0.05%             | 2054-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K519, Class AS                                | CUSIP: 3137HCKQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3686840 | PA      | $3682622.22    | 0.06%             | 2029-03-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5414, Class DZ                                                                            | CUSIP: 3137HCRC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5045175 | PA      | $5278644.28    | 0.08%             | 2054-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5413, Class KS                                                                            | CUSIP: 3137HCVR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4105222 | PA      | $284278.03     | 0.00%             | 2054-05-25      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-163, Class X3                               | CUSIP: 3137HCXN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $896346.25     | 0.01%             | 2034-04-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5442, Class HZ                                                                            | CUSIP: 3137HF5D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5415356 | PA      | $5618014.61    | 0.09%             | 2054-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K528, Class X1                                | CUSIP: 3137HFP33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   30000000 | PA      | $839451.00     | 0.01%             | 2029-07-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5495, Class SC                                                                            | CUSIP: 3137HJ3S4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   36880251 | PA      | $2555613.31    | 0.04%             | 2055-01-25      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5509, Class SA                                                                            | CUSIP: 3137HJF51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   20751435 | PA      | $1198399.52    | 0.02%             | 2055-02-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5508, Class SN                                                                            | CUSIP: 3137HJW29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13632857 | PA      | $937627.01     | 0.01%             | 2055-02-25      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K759, Class X3                                | CUSIP: 3137HJZV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1026415 | PA      | $274052.29     | 0.00%             | 2057-02-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5520, Class SD                                                                            | CUSIP: 3137HK3P7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17719215 | PA      | $1199193.94    | 0.02%             | 2055-03-25      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5520, Class SE                                                                            | CUSIP: 3137HK3Q5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8674233 | PA      | $532944.88     | 0.01%             | 2055-03-25      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5516, Class BZ                                                                            | CUSIP: 3137HKAZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2396633 | PA      | $2415126.24    | 0.04%             | 2055-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5517, Class AL                                                                            | CUSIP: 3137HKG57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4473567 | PA      | $4697884.62    | 0.07%             | 2055-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5528, Class SA                                                                            | CUSIP: 3137HKR89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19430470 | PA      | $1094059.81    | 0.02%             | 2055-04-25      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5549, Class SA                                                                            | CUSIP: 3137HLTF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   21206770 | PA      | $1422393.17    | 0.02%             | 2055-06-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5562, Class Z                                                                             | CUSIP: 3137HLYX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2231564 | PA      | $2227182.01    | 0.04%             | 2055-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5558, Class BV                                                                            | CUSIP: 3137HM3G3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2914770 | PA      | $2997222.81    | 0.05%             | 2036-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5564, Class PZ                                                                            | CUSIP: 3137HME22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10075861 | PA      | $10037030.24   | 0.16%             | 2055-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5565, Class AZ                                                                            | CUSIP: 3137HMFK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1067610 | PA      | $992025.05     | 0.02%             | 2055-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5565, Class SA                                                                            | CUSIP: 3137HMGY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   25933861 | PA      | $1838459.17    | 0.03%             | 2055-08-25      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5565, Class UZ                                                                            | CUSIP: 3137HMH60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1207527 | PA      | $1204297.89    | 0.02%             | 2055-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5565, Class ZU                                                                            | CUSIP: 3137HMH94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3371438 | PA      | $3343947.44    | 0.05%             | 2055-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5578, Class ZC                                                                            | CUSIP: 3137HMVR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8159996 | PA      | $8052238.04    | 0.13%             | 2055-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5580, Class UZ                                                                            | CUSIP: 3137HMYE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2422556 | PA      | $2409587.30    | 0.04%             | 2055-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5580, Class Z                                                                             | CUSIP: 3137HMYG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2126360 | PA      | $2076034.56    | 0.03%             | 2055-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5587, Class ZU                                                                            | CUSIP: 3137HNC22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1524687 | PA      | $1517714.36    | 0.02%             | 2055-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5587, Class AZ                                                                            | CUSIP: 3137HNK98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5446329 | PA      | $5421153.80    | 0.09%             | 2055-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5607, Class GC                                                                            | CUSIP: 3137HNZF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   16000000 | PA      | $15876875.04   | 0.25%             | 2031-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5607, Class KT                                                                            | CUSIP: 3137HP2L6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   18000000 | PA      | $17928655.20   | 0.28%             | 2032-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2004-28, Class PF                                                                          | CUSIP: 31393YFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       3385 | PA      | $3384.29       | 0.00%             | 2034-03-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA                                                                                                           | CUSIP: 3140BSGF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5686689 | PA      | $5760141.42    | 0.09%             | 2055-11-01      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA                                                                                                           | CUSIP: 3140BUSY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7997218 | PA      | $8148228.67    | 0.13%             | 2055-11-01      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA                                                                                                           | CUSIP: 3140JCWV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   15591434 | PA      | $15708238.43   | 0.25%             | 2055-11-01      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA                                                                                                           | CUSIP: 3140JCWY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2738740 | PA      | $2771231.20    | 0.04%             | 2055-10-01      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA                                                                                                           | CUSIP: 3140JCXC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   23320098 | PA      | $23576148.26   | 0.37%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LDXF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     205000 | PA      | $179351.76     | 0.00%             | 2031-10-01      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LDXU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1268627 | PA      | $1118765.78    | 0.02%             | 2031-10-01      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LEXY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     800000 | PA      | $678208.59     | 0.01%             | 2034-01-01      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LH3C2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3520000 | PA      | $3600515.64    | 0.06%             | 2029-11-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LK4P5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4800000 | PA      | $4879454.30    | 0.08%             | 2033-07-01      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LLCB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     650000 | PA      | $655955.53     | 0.01%             | 2028-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LLU90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     162000 | PA      | $168659.67     | 0.00%             | 2030-09-01      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LLVK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1200000 | PA      | $1226110.10    | 0.02%             | 2028-10-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140LLZC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     220000 | PA      | $227939.14     | 0.00%             | 2030-10-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140M7D81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     369194 | PA      | $373960.00     | 0.01%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140NVKZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     840000 | PA      | $877541.51     | 0.01%             | 2034-06-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, Other                                                                                                    | CUSIP: 3140NX4X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2657100 | PA      | $2760795.95    | 0.04%             | 2035-04-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140QRDB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7011754 | PA      | $7330766.03    | 0.12%             | 2053-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140QS4W8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    9765862 | PA      | $10268284.94   | 0.16%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140QT3N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2358847 | PA      | $2444709.96    | 0.04%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140QUNM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7637856 | PA      | $7918119.73    | 0.12%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140QUZT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   26615315 | PA      | $27671616.67   | 0.44%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140QVE34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    8917570 | PA      | $9280922.16    | 0.15%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140W0S71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   13151032 | PA      | $13660189.46   | 0.22%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140W2D73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   11060644 | PA      | $11398963.82   | 0.18%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140W3DK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   18502915 | PA      | $19387643.31   | 0.31%             | 2055-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140W3GJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   49407466 | PA      | $51222629.13   | 0.81%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140W3YV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   63834728 | PA      | $66179961.65   | 1.04%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140XNWC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1810597 | PA      | $1884312.53    | 0.03%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140XQ3V7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    8707381 | PA      | $9174881.44    | 0.14%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 3140XRD51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7198036 | PA      | $7553788.94    | 0.12%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                                             | CUSIP: 31418EXW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2568604 | PA      | $2663690.08    | 0.04%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 31425WSS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     280366 | PA      | $284157.53     | 0.00%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 31426HA45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7903620 | PA      | $8128410.15    | 0.13%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 31426HAJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8617870 | PA      | $8861697.22    | 0.14%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 31427PZJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   30433722 | PA      | $31888922.73   | 0.50%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 31427QRN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   83835330 | PA      | $86915342.28   | 1.37%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC                                                                                                          | CUSIP: 3142AWR23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6846823 | PA      | $6910230.31    | 0.11%             | 2055-11-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC                                                                                                          | CUSIP: 3142BBEC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5750819 | PA      | $5848533.51    | 0.09%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC                                                                                                          | CUSIP: 3142BBK66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9166784 | PA      | $9279697.05    | 0.15%             | 2055-11-01      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC                                                                                                          | CUSIP: 3142BBKA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2983097 | PA      | $3007968.85    | 0.05%             | 2055-11-01      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC                                                                                                          | CUSIP: 3142BBKX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4574042 | PA      | $4659129.21    | 0.07%             | 2055-11-01      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                                            | CUSIP: 3142GQAD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3830136 | PA      | $4033897.14    | 0.06%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                                          | First Investors Auto Owner Trust, Series 2025-1A, Class D                                                      | CUSIP: 32059WAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6000000 | PA      | $6068184.00    | 0.10%             | 2033-12-15      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                                 | First Student Bidco, Inc.                                                                                      | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     180000 | PA      | $175780.93     | 0.00%             | 2029-07-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR2, Class F1                                                               | CUSIP: 33767PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4400000 | PA      | $4278388.40    | 0.07%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR2, Class F2                                                               | CUSIP: 33767PAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1400000 | PA      | $1356095.02    | 0.02%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR2, Class G                                                                | CUSIP: 33767PAW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2300000 | PA      | $2202451.94    | 0.03%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2021-SFR2, Class F2                                                               | CUSIP: 33767TAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3300000 | PA      | $3218880.39    | 0.05%             | 2038-09-17      | Fixed         | 3.16%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR3, Class F1                                                               | CUSIP: 33768EAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1900000 | PA      | $1822986.35    | 0.03%             | 2038-07-17      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR3, Class F2                                                               | CUSIP: 33768EAS1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1900000 | PA      | $1819448.93    | 0.03%             | 2038-07-17      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR1, Class F1                                                               | CUSIP: 33768NAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2700000 | PA      | $2483606.34    | 0.04%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2022-SFR1, Class F2                                                               | CUSIP: 33768NAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1300000 | PA      | $1193267.14    | 0.02%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Flagship Credit Auto Trust                                                | Flagship Credit Auto Trust, Series 2023-1, Class B                                                             | CUSIP: 337955AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      83271 | PA      | $83238.88      | 0.00%             | 2028-01-18      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    5505000 | PA      | $5449003.69    | 0.09%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $202049.76     | 0.00%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     700000 | PA      | $751655.19     | 0.01%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1570454.81    | 0.02%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    3080000 | PA      | $3163157.23    | 0.05%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     315000 | PA      | $320579.02     | 0.01%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Fortiva Retail Credit Master Note Business Trust                          | Fortiva Retail Credit Master Note Business Trust, Series 2025-TWO, Class A                                     | CUSIP: 34962ABD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $2999321.10    | 0.05%             | 2031-05-15      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                                  | Foundation Finance Trust, Series 2023-1A, Class D                                                              | CUSIP: 35042AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     302198 | PA      | $325544.79     | 0.01%             | 2043-12-15      | Fixed         | 9.18%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2021-MN1, Class M1                                                                    | CUSIP: 35563FAA9<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |     312035 | PA      | $311297.97     | 0.00%             | 2051-01-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2021-MN1, Class M2                                                                    | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $3098161.20    | 0.05%             | 2051-01-25      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2021-MN3, Class M2                                                                    | CUSIP: 35563GAB5<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |    8700000 | PA      | $9012237.78    | 0.14%             | 2051-11-25      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2021-MN3, Class B1                                                                    | CUSIP: 35563GAC3<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |    1750000 | PA      | $1854586.48    | 0.03%             | 2051-11-25      | Floating      | 10.92%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Credit Risk, Series 2022-MN4, Class M2                                          | CUSIP: 35563HAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $3386044.50    | 0.05%             | 2052-05-25      | Floating      | 10.57%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2021-MN2, Class B1                                                                    | CUSIP: 35563JAC7<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-MBS          | USGSE             | US        |     200000 | PA      | $199998.82     | 0.00%             | 2041-07-25      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2023-MN7, Class M1                                                                    | CUSIP: 35563QAA5<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |    1707154 | PA      | $1737842.79    | 0.03%             | 2043-09-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2023-MN7, Class M2                                                                    | CUSIP: 35563QAB3<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |    5348000 | PA      | $5762584.98    | 0.09%             | 2043-09-25      | Floating      | 9.77%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2023-MN7, Class B1                                                                    | CUSIP: 35563QAC1<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |    1750000 | PA      | $1992592.18    | 0.03%             | 2043-09-25      | Floating      | 12.92%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2024-MN8, Class M1                                                                    | CUSIP: 35563RAA3<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |   10881029 | PA      | $11041816.04   | 0.17%             | 2044-05-25      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2024-MN8, Class M2                                                                    | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $2609114.50    | 0.04%             | 2044-05-25      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2024-MN8, Class B1                                                                    | CUSIP: 35563RAC9<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    2900000 | PA      | $3388742.51    | 0.05%             | 2044-05-25      | Floating      | 11.42%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2025-MN10, Class M1                                                                   | CUSIP: 35563UAA6<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |    3764375 | PA      | $3734429.82    | 0.06%             | 2045-02-25      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2025-MN10, Class M2                                                                   | CUSIP: 35563UAB4<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1500009.45    | 0.02%             | 2045-02-25      | Floating      | 7.05%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2025-MN10, Class B1                                                                   | CUSIP: 35563UAC2<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |     180000 | PA      | $183932.46     | 0.00%             | 2045-02-25      | Floating      | 9.15%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Series 2025-MN11, Class M1                                                                              | CUSIP: 35563YAA8<br>LEI: 529900E2V0BG2KXC9E18 | Long             | ABS-MBS          | USGSE             | US        |    2497298 | PA      | $2494703.64    | 0.04%             | 2045-07-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2025-MN11, Class B1                                                                   | CUSIP: 35563YAC4<br>LEI: 529900E2V0BG2KXC9E18 | Long             | ABS-MBS          | USGSE             | US        |    2700000 | PA      | $2740569.12    | 0.04%             | 2045-07-25      | Floating      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| STACR Trust                                                               | STACR Trust, Series 2018-HRP2, Class B1                                                                        | CUSIP: 35564ACB5<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $650740.26     | 0.01%             | 2047-02-25      | Floating      | 8.39%                 | Yes           |                  2 | On Loan: No      |
| STACR Trust                                                               | STACR Trust, Series 2018-HRP2, Class B2                                                                        | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |    2290000 | PA      | $2810448.30    | 0.04%             | 2047-02-25      | Floating      | 14.69%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2023-HQA2, Class M1B                                                           | CUSIP: 35564K2G3<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    8200000 | PA      | $8466297.46    | 0.13%             | 2043-06-25      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2023-HQA2, Class M2                                                            | CUSIP: 35564K2K4<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    9800000 | PA      | $10326750.00   | 0.16%             | 2043-06-25      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-HQA2, Class M2                                                            | CUSIP: 35564KB65<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2677926.25    | 0.04%             | 2042-07-25      | Floating      | 10.07%                | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-DNA1, Class B2                                                            | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |    1585000 | PA      | $1760056.43    | 0.03%             | 2051-01-25      | Floating      | 8.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-HQA1, Class B1                                                            | CUSIP: 35564KCN7<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |    3400000 | PA      | $3691831.52    | 0.06%             | 2033-08-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-HQA1, Class B2                                                            | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |    6670267 | PA      | $7761362.59    | 0.12%             | 2033-08-25      | Floating      | 9.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                            | FHLMC STACR REMIC Trust, Series 2021-DNA2, Class B1                                                            | CUSIP: 35564KDX4<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |    6600000 | PA      | $7227000.00    | 0.11%             | 2033-08-25      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                            | FHLMC STACR REMIC Trust, Series 2021-DNA2, Class B2                                                            | CUSIP: 35564KDY2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   14342782 | PA      | $17602742.88   | 0.28%             | 2033-08-25      | Floating      | 10.07%                | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2022-HQA3, Class M1B                                                           | CUSIP: 35564KE47<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |    7600000 | PA      | $7938496.40    | 0.13%             | 2042-08-25      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-DNA3, Class B2                                                            | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |    5800000 | PA      | $7222289.92    | 0.11%             | 2033-10-25      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-HQA2, Class B2                                                            | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | CORP              | US        |    9090000 | PA      | $10742691.08   | 0.17%             | 2033-12-25      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA6, Class M2                                                            | CUSIP: 35564KH77<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3239312.40    | 0.05%             | 2042-09-25      | Floating      | 9.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-DNA5, Class B2                                                            | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   23730000 | PA      | $28411554.07   | 0.45%             | 2034-01-25      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2021-HQA3, Class B2                                                            | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $515625.00     | 0.01%             | 2041-09-25      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2021-DNA6, Class B2                                                            | CUSIP: 35564KLV9<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    1800000 | PA      | $1887599.34    | 0.03%             | 2041-10-25      | Floating      | 11.57%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2021-DNA7, Class B1                                                            | CUSIP: 35564KND7<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    8386000 | PA      | $8580897.35    | 0.14%             | 2041-11-25      | Floating      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2023-DNA1, Class M1A                                                           | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |     310621 | PA      | $314914.22     | 0.00%             | 2043-03-25      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class M2                                                            | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |    5470000 | PA      | $5638882.42    | 0.09%             | 2042-02-25      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                            | FHLMC STACR REMIC Trust, Series 2023-DNA2, Class M1A                                                           | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |     713092 | PA      | $722729.25     | 0.01%             | 2043-04-25      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-HQA1, Class B2                                                            | CUSIP: 35564KUL1<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |    5600000 | PA      | $6215895.28    | 0.10%             | 2042-03-25      | Floating      | 15.07%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B                                                           | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $513225.40     | 0.01%             | 2042-04-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2023-DNA2, Class B1                                                            | CUSIP: 35564KW70<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5637953.50    | 0.09%             | 2043-04-25      | Floating      | 11.64%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class B1                                                            | CUSIP: 35564KWA3<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    6250000 | PA      | $6612453.13    | 0.10%             | 2042-04-25      | Floating      | 9.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class B2                                                            | CUSIP: 35564KWG0<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $7734148.10    | 0.12%             | 2042-04-25      | Floating      | 13.82%                | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2022-DNA4, Class M1B                                                           | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6198003.00    | 0.10%             | 2042-05-25      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA4, Class M2                                                            | CUSIP: 35564KXA2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |     550000 | PA      | $582097.23     | 0.01%             | 2042-05-25      | Floating      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA5, Class M2                                                            | CUSIP: 35564KYW3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6505930.20    | 0.10%             | 2042-06-25      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class M2                                                            | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1509349.80    | 0.02%             | 2044-02-25      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                   | FHLMC STACR REMIC Trust, Series 2020-DNA6, Class B2                                                            | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |    1937000 | PA      | $2232117.45    | 0.04%             | 2050-12-25      | Floating      | 9.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2024-MN9, Class M1                                                                    | CUSIP: 355917AA3<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGSE             | US        |   10556746 | PA      | $10673602.24   | 0.17%             | 2044-10-25      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2024-MN9, Class M2                                                                    | CUSIP: 355917AB1<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGSE             | US        |    7100000 | PA      | $7196224.88    | 0.11%             | 2044-10-25      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2024-MN9, Class B1                                                                    | CUSIP: 355917AC9<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $527772.15     | 0.01%             | 2044-10-25      | Floating      | 10.04%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC MSCR Trust, Series 2023-MN6, Class M2                                                                    | CUSIP: 355920AA7<br>LEI: 5493000F3M25G6705C67 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5641437.50    | 0.09%             | 2043-05-25      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| FREED ABS Trust                                                           | FREED ABS Trust, Series 2022-1FP, Class D                                                                      | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      22167 | PA      | $22119.47      | 0.00%             | 2029-03-19      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF53, Class B                                                                | CUSIP: 35708AAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      24588 | PA      | $24564.71      | 0.00%             | 2025-10-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF50, Class B                                                                | CUSIP: 35709BAC9<br>LEI: 549300LI8XT0ZWPV2P54 | Long             | ABS-MBS          | USGSE             | US        |       3383 | PA      | $3258.78       | 0.00%             | 2028-07-25      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2023-KF149, Class CS                                                              | CUSIP: 35709HAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     391417 | PA      | $399143.01     | 0.01%             | 2032-12-25      | Floating      | 10.35%                | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                      | Frontier Communications Holdings LLC                                                                           | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1550000 | PA      | $1552093.88    | 0.02%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                      | Frontier Communications Holdings LLC                                                                           | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1265000 | PA      | $1269457.86    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GCI LLC                                                                   | GCI LLC                                                                                                        | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    1453000 | PA      | $1408017.44    | 0.02%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                                        | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    2415000 | PA      | $2367720.34    | 0.04%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                                        | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     380000 | PA      | $374534.27     | 0.01%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                                        | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    1683000 | PA      | $1766852.11    | 0.03%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GCAT Trust                                                                | GCAT Trust, Series 2023-NQM3, Class A1                                                                         | CUSIP: 36169GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3170485 | PA      | $3204573.04    | 0.05%             | 2068-08-25      | Variable      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| GGAM Master Trust International Ltd.                                      | GGAM Master Trust International Ltd., Series 2025-1A, Class Y                                                  | CUSIP: 36173XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    8035000 | PA      | $8090100.01    | 0.13%             | 2060-09-30      | Fixed         | 9.70%                 | Yes           |                  3 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 36179XBU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         23 | PA      | $22.33         | 0.00%             | 2052-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 36179XTE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     267800 | PA      | $275009.83     | 0.00%             | 2053-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 36179YDN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     689465 | PA      | $713551.83     | 0.01%             | 2053-08-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 36179YYW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18062480 | PA      | $18273827.48   | 0.29%             | 2054-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3617FTVT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     353506 | PA      | $370023.68     | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618F5AC2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1029208 | PA      | $1056845.06    | 0.02%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618F9X88<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     150968 | PA      | $157366.35     | 0.00%             | 2053-12-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GCR38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     140226 | PA      | $147145.47     | 0.00%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GPTL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     796527 | PA      | $830285.30     | 0.01%             | 2054-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GQDV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     148438 | PA      | $155763.09     | 0.00%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GQG88<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     196922 | PA      | $205268.15     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GQHX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      73748 | PA      | $76873.91      | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GREW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     900293 | PA      | $938449.03     | 0.01%             | 2054-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GSHU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     692802 | PA      | $723011.07     | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618GUXU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      98211 | PA      | $103442.07     | 0.00%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H03N5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     116533 | PA      | $121622.99     | 0.00%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H0XZ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     182390 | PA      | $188128.97     | 0.00%             | 2045-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H3JE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     505702 | PA      | $527135.71     | 0.01%             | 2054-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H3VN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     163224 | PA      | $168455.57     | 0.00%             | 2054-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H4AK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     573471 | PA      | $597775.22     | 0.01%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H4AL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     285704 | PA      | $297812.37     | 0.00%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H8UB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     156176 | PA      | $161090.33     | 0.00%             | 2044-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H96M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     163255 | PA      | $170882.44     | 0.00%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618H96T0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      83881 | PA      | $86389.10      | 0.00%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HAJP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     444972 | PA      | $463830.62     | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HAJS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1115704 | PA      | $1164353.10    | 0.02%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HAK95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     424662 | PA      | $437362.86     | 0.01%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HAN76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      73601 | PA      | $76720.19      | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HCAK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     147813 | PA      | $151636.93     | 0.00%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HEL54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3960958 | PA      | $4067432.63    | 0.06%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HKK44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     332266 | PA      | $346348.38     | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HKKT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1210081 | PA      | $1262846.06    | 0.02%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HKLD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     829881 | PA      | $865052.55     | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HKLR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     628374 | PA      | $655774.83     | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HKUN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     683873 | PA      | $713693.42     | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HL6F3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     368698 | PA      | $385925.26     | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HMBM0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1274742 | PA      | $1328765.69    | 0.02%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HMD48<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     332102 | PA      | $342746.21     | 0.01%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HMD55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     251301 | PA      | $258816.88     | 0.00%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HMFB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     277181 | PA      | $286148.99     | 0.00%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HMFD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1351160 | PA      | $1391571.21    | 0.02%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HML72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1440248 | PA      | $1483323.70    | 0.02%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HMRX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     697950 | PA      | $726030.84     | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HNSG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      71093 | PA      | $74106.28      | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HNTT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1543110 | PA      | $1589262.73    | 0.03%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HPG30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      59550 | PA      | $61330.99      | 0.00%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HPG48<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      98113 | PA      | $101047.54     | 0.00%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HPGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     311583 | PA      | $325379.94     | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HSHV1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     295755 | PA      | $309573.99     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HSJB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     147743 | PA      | $154646.19     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HSU61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     197313 | PA      | $206243.18     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HTT79<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1765219 | PA      | $1840036.70    | 0.03%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618HYZN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     117896 | PA      | $122893.51     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J14M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      86822 | PA      | $90839.63      | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J14N0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      86694 | PA      | $90156.41      | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J14Q3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      64878 | PA      | $67627.64      | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J14R1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     121870 | PA      | $127360.95     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J14S9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     105372 | PA      | $110119.59     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J1V91<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1315825 | PA      | $1373237.11    | 0.02%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J1Y56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     541735 | PA      | $564695.16     | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J1Y72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     277330 | PA      | $289084.07     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J1Y80<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     970038 | PA      | $1011148.24    | 0.02%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J3D97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     216560 | PA      | $226679.42     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J3DT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      94075 | PA      | $96888.44      | 0.00%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J5VJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1209804 | PA      | $1261075.61    | 0.02%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J6A51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     112295 | PA      | $116446.86     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J6A77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     197137 | PA      | $206348.16     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J6A85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      97898 | PA      | $102472.24     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J6BA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     150746 | PA      | $157790.15     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J6CG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      93186 | PA      | $95973.28      | 0.00%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J7B74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3214451 | PA      | $3310592.89    | 0.05%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J7CH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3009505 | PA      | $3137055.30    | 0.05%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J92B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     189143 | PA      | $194800.02     | 0.00%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J92E5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     203695 | PA      | $209787.06     | 0.00%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618J92L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     815489 | PA      | $839880.71     | 0.01%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JB6K2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8209246 | PA      | $8454780.46    | 0.13%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JCCD9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     707020 | PA      | $735672.98     | 0.01%             | 2054-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JM5T0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     286382 | PA      | $296971.10     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JM5W3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     278991 | PA      | $289306.52     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JM6N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     560282 | PA      | $580999.38     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JN2K0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     102598 | PA      | $105666.79     | 0.00%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JN2Q7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     919198 | PA      | $946691.54     | 0.01%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JN2R5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     988097 | PA      | $1017651.68    | 0.02%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JSAU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9641252 | PA      | $9929619.16    | 0.16%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JSAV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9590298 | PA      | $9877137.18    | 0.16%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JSF82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1043150 | PA      | $1074349.99    | 0.02%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWCX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     233253 | PA      | $241877.65     | 0.00%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWD85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     546347 | PA      | $566548.29     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWDH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     395882 | PA      | $410520.11     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWDU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     190298 | PA      | $196478.68     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWDX0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     296895 | PA      | $307873.13     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWDY8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     247831 | PA      | $256994.36     | 0.00%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618JWEK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     269202 | PA      | $279156.26     | 0.00%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K52C5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     107347 | PA      | $111316.17     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5XX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     296519 | PA      | $307482.88     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5Y22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     240160 | PA      | $249040.96     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5YH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     108108 | PA      | $112105.27     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5YX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     169770 | PA      | $176047.41     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5YY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     481811 | PA      | $499627.50     | 0.01%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5YZ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     139329 | PA      | $144481.02     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5ZD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     150174 | PA      | $155727.25     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5ZE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     482896 | PA      | $500752.61     | 0.01%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5ZF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     112008 | PA      | $116149.30     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618K5ZG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     162856 | PA      | $168877.95     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618KPSH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5593679 | PA      | $5687510.92    | 0.09%             | 2055-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618L7JE8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5759468 | PA      | $5984245.01    | 0.09%             | 2055-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M23C9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9091900 | PA      | $9248883.61    | 0.15%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8JF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3058218 | PA      | $3109521.24    | 0.05%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8JH8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13901954 | PA      | $14135160.63   | 0.22%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8JJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7721019 | PA      | $7945167.80    | 0.13%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8JK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4759943 | PA      | $4839793.39    | 0.08%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8JN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2979102 | PA      | $3029077.79    | 0.05%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8T38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3696492 | PA      | $3796989.89    | 0.06%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8T87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1067226 | PA      | $1102739.79    | 0.02%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8TM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     999048 | PA      | $1032292.37    | 0.02%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8TS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     998920 | PA      | $1030018.59    | 0.02%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618M8TW4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3696571 | PA      | $3806008.38    | 0.06%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5PL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18273208 | PA      | $18855339.08   | 0.30%             | 2055-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5RG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  214399730 | PA      | $218910419.86  | 3.45%             | 2055-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5RH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1001826 | PA      | $1034011.58    | 0.02%             | 2055-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5TN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  166280734 | PA      | $168096986.39  | 2.65%             | 2055-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5TQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6130248 | PA      | $6325539.46    | 0.10%             | 2055-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5VS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  165971414 | PA      | $169614389.87  | 2.67%             | 2055-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5VT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  156140741 | PA      | $161114926.07  | 2.54%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II                                                                                                        | CUSIP: 3618N5X20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10451244 | PA      | $10571742.96   | 0.17%             | 2055-10-20      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5XS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   36410096 | PA      | $37570014.19   | 0.59%             | 2055-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618N5ZN2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   16107683 | PA      | $16620826.42   | 0.26%             | 2055-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II                                                                                                        | CUSIP: 3618N5ZW2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9950000 | PA      | $10072660.42   | 0.16%             | 2055-11-20      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3618NHHP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1340928 | PA      | $1373027.77    | 0.02%             | 2055-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 36202C5D1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        137 | PA      | $141.18        | 0.00%             | 2028-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ACTP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47019719 | PA      | $48732208.97   | 0.77%             | 2053-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622AD4R6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   54628805 | PA      | $55588760.99   | 0.88%             | 2055-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADAG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2300616 | PA      | $2398120.95    | 0.04%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADG93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10055897 | PA      | $10545499.33   | 0.17%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADGY8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7369326 | PA      | $7589716.54    | 0.12%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADH68<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9754470 | PA      | $10051237.91   | 0.16%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADH76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7933901 | PA      | $8277899.13    | 0.13%             | 2054-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADHB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10612660 | PA      | $11079482.14   | 0.17%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADHC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9312817 | PA      | $9747103.97    | 0.15%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADHD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13545356 | PA      | $14132681.09   | 0.22%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADKE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10254228 | PA      | $10437237.95   | 0.16%             | 2054-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADKG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28529243 | PA      | $29434386.22   | 0.46%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADKH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30276257 | PA      | $31311439.62   | 0.49%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADS41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   54915626 | PA      | $55490790.63   | 0.87%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADUJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   33693294 | PA      | $34701048.31   | 0.55%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADUP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5716352 | PA      | $5898912.84    | 0.09%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADUR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   22260763 | PA      | $22668364.02   | 0.36%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADV21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   50895587 | PA      | $51436465.03   | 0.81%             | 2055-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADV47<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10379802 | PA      | $10557982.04   | 0.17%             | 2055-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADV54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   16995667 | PA      | $17348654.41   | 0.27%             | 2055-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADWC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9344741 | PA      | $9816494.62    | 0.15%             | 2055-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADXQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28139437 | PA      | $28671977.05   | 0.45%             | 2055-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622ADZ43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13005017 | PA      | $13393999.07   | 0.21%             | 2055-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                                               | CUSIP: 3622AEBN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19977344 | PA      | $20831194.07   | 0.33%             | 2055-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2015-GC30, Class C                                                        | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $2983750.00    | 0.05%             | 2050-05-10      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2015-GC34, Class B                                                        | CUSIP: 36250VAJ1<br>LEI: 54930070360RBP384M53 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $801530.00     | 0.01%             | 2048-10-10      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2016-GS2, Class D                                                         | CUSIP: 36252TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     750000 | PA      | $663401.85     | 0.01%             | 2049-05-10      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2019-GC40, Class E                                                        | CUSIP: 36257HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $528777.68     | 0.01%             | 2052-07-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                         | GLS Auto Receivables Issuer Trust, Series 2022-2A, Class D                                                     | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     342665 | PA      | $345305.05     | 0.01%             | 2028-04-17      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                         | GLS Auto Receivables Issuer Trust, Series 2022-2A, Class E                                                     | CUSIP: 36265NAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2500000 | PA      | $2498428.25    | 0.04%             | 2029-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp. Trust                                        | GS Mortgage Securities Corp. Trust, Series 2023-SHIP, Class A                                                  | CUSIP: 36270GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $998203.00     | 0.02%             | 2038-09-10      | Variable      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                         | GLS Auto Receivables Issuer Trust, Series 2024-4A, Class D                                                     | CUSIP: 36270YAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2465000 | PA      | $2504645.33    | 0.04%             | 2030-07-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust, Series 2025-PJ6, Class A1                                                 | CUSIP: 36272KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2412659 | PA      | $2448815.37    | 0.04%             | 2055-11-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust, Series 2025-PJ7, Class A1                                                 | CUSIP: 36272MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12596744 | PA      | $12785518.44   | 0.20%             | 2055-12-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust, Series 2025-PJ9, Class A1                                                 | CUSIP: 36273FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24453356 | PA      | $24773352.92   | 0.39%             | 2056-03-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Corp. Trust                                 | GS Mortgage-Backed Securities Corp. Trust, Series 2025-NQM6, Class A1                                          | CUSIP: 362933AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5375000 | PA      | $5374927.44    | 0.08%             | 2029-11-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                                           | Gap, Inc. (The)                                                                                                | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    1395000 | PA      | $1323265.05    | 0.02%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                                | Garda World Security Corp.                                                                                     | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     607000 | PA      | $622314.00     | 0.01%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                                | Garda World Security Corp.                                                                                     | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     758000 | PA      | $778218.39     | 0.01%             | 2031-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                                                   | Genesee & Wyoming, Inc.                                                                                        | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     500000 | PA      | $514136.50     | 0.01%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                         | Genesis Energy LP                                                                                              | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     207000 | PA      | $216204.61     | 0.00%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                                         | Genesis Energy LP                                                                                              | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     303000 | PA      | $312554.20     | 0.00%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                                         | Genesis Energy LP                                                                                              | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     168000 | PA      | $173318.37     | 0.00%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     200000 | PA      | $195000.00     | 0.00%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    2700000 | PA      | $2639250.00    | 0.04%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     375050 | PA      | $326293.50     | 0.01%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    1500000 | PA      | $1326567.45    | 0.02%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response, Inc.                                             | Global Medical Response, Inc.                                                                                  | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     527000 | PA      | $555247.57     | 0.01%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                         | GLS Auto Receivables Issuer Trust, Series 2024-2A, Class C                                                     | CUSIP: 37964VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1420000 | PA      | $1449527.05    | 0.02%             | 2030-02-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Goat Holdco LLC                                                           | Goat Holdco LLC                                                                                                | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     418000 | PA      | $428700.80     | 0.01%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GoldenTree Loan Opportunities XII Ltd.                                    | GoldenTree Loan Opportunities Ltd., Series 2016-12A, Class CR                                                  | CUSIP: 38137MAR8<br>LEI: 5493004WVEVHIF701522 | Long             | ABS-CBDO         | CORP              | KY        |     752804 | PA      | $753351.18     | 0.01%             | 2030-07-21      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series W                                                                      | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     390000 | PA      | $414288.81     | 0.01%             | 2029-02-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series X                                                                      | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    4271000 | PA      | $4508036.23    | 0.07%             | 2029-05-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series Y                                                                      | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     950000 | PA      | $972712.60     | 0.02%             | 2034-11-10      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                          | Goodyear Tire & Rubber Co. (The)                                                                               | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    5934000 | PA      | $5765091.66    | 0.09%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                          | Goodyear Tire & Rubber Co. (The)                                                                               | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     260000 | PA      | $245646.44     | 0.00%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                          | Goodyear Tire & Rubber Co. (The)                                                                               | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     425000 | PA      | $431880.66     | 0.01%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2014-88, Class AJ                                                                                 | CUSIP: 38378N7C1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     750611 | PA      | $673919.82     | 0.01%             | 2055-03-16      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2013-174, Class IA                                                                                | CUSIP: 38378NJM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31459335 | PA      | $508156.35     | 0.01%             | 2053-10-16      | Variable      | 0.46%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2014-181, Class SL                                                                                | CUSIP: 38379HNC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     389094 | PA      | $40888.39      | 0.00%             | 2044-12-20      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2015-33                                                                                           | CUSIP: 38379KFF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   45385778 | PA      | $299741.29     | 0.00%             | 2056-02-16      | Variable      | 0.24%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2017-70                                                                                           | CUSIP: 38379RYS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   41514984 | PA      | $915683.54     | 0.01%             | 2059-02-16      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2016-165                                                                                          | CUSIP: 38379U3T1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3327029 | PA      | $104518.96     | 0.00%             | 2057-12-16      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2017-9                                                                                            | CUSIP: 38379U4L7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18270172 | PA      | $580989.65     | 0.01%             | 2057-01-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2018-85                                                                                           | CUSIP: 38380J2N7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13481291 | PA      | $485463.99     | 0.01%             | 2060-07-16      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2019-53, Class IA                                                                                 | CUSIP: 38380M4K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1968545 | PA      | $99103.46      | 0.00%             | 2061-06-16      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-28                                                                                           | CUSIP: 38380N3R8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5263051 | PA      | $298687.60     | 0.00%             | 2061-11-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2019-76                                                                                           | CUSIP: 38380NDH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   22224038 | PA      | $1245001.74    | 0.02%             | 2061-03-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2019-130                                                                                          | CUSIP: 38380NNM7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17762933 | PA      | $911119.48     | 0.01%             | 2062-01-16      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-6                                                                                            | CUSIP: 38380NP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9539511 | PA      | $551456.23     | 0.01%             | 2062-10-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2019-144                                                                                          | CUSIP: 38380NSZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13275854 | PA      | $775963.07     | 0.01%             | 2062-01-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-10                                                                                           | CUSIP: 38380NT41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10179784 | PA      | $414230.67     | 0.01%             | 2062-04-16      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-2                                                                                            | CUSIP: 38380NW21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10015082 | PA      | $433438.74     | 0.01%             | 2062-03-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2019-155                                                                                          | CUSIP: 38380NXA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5048570 | PA      | $194368.95     | 0.00%             | 2061-07-16      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-23                                                                                           | CUSIP: 38380NY52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9388932 | PA      | $438428.40     | 0.01%             | 2062-04-16      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2019-154                                                                                          | CUSIP: 38380NZP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6998874 | PA      | $275332.21     | 0.00%             | 2061-09-16      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-118                                                                                          | CUSIP: 38380P2F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6125416 | PA      | $387305.79     | 0.01%             | 2062-06-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-143, Class IB                                                                                | CUSIP: 38380P3R3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13968479 | PA      | $890360.62     | 0.01%             | 2062-03-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-147                                                                                          | CUSIP: 38380P8J6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   80009317 | PA      | $5286431.59    | 0.08%             | 2062-06-16      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-38, Class FA                                                                                 | CUSIP: 38380PCN2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6617772 | PA      | $6291771.56    | 0.10%             | 2062-04-16      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-38                                                                                           | CUSIP: 38380PCQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14465075 | PA      | $862279.00     | 0.01%             | 2062-04-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-56                                                                                           | CUSIP: 38380PGL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7056595 | PA      | $469121.74     | 0.01%             | 2061-11-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-64                                                                                           | CUSIP: 38380PHR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3436351 | PA      | $297479.41     | 0.00%             | 2062-07-16      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-94                                                                                           | CUSIP: 38380PNV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17556006 | PA      | $1204241.95    | 0.02%             | 2062-03-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-89, Class IA                                                                                 | CUSIP: 38380PTL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   36650223 | PA      | $3000509.79    | 0.05%             | 2062-04-16      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-120                                                                                          | CUSIP: 38380PV76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5388366 | PA      | $317403.86     | 0.01%             | 2062-05-16      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-110                                                                                          | CUSIP: 38380PVU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18228148 | PA      | $1257658.34    | 0.02%             | 2062-03-16      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-100                                                                                          | CUSIP: 38380PXL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5491564 | PA      | $331783.24     | 0.01%             | 2062-05-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-63                                                                                           | CUSIP: 38380R2L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30588227 | PA      | $1876049.36    | 0.03%             | 2061-04-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-60                                                                                           | CUSIP: 38380R4L1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2158471 | PA      | $132986.64     | 0.00%             | 2063-05-16      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-47                                                                                           | CUSIP: 38380RA75<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   25379592 | PA      | $1711614.90    | 0.03%             | 2061-03-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-161                                                                                          | CUSIP: 38380RAQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8763761 | PA      | $660059.32     | 0.01%             | 2062-08-16      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-150                                                                                          | CUSIP: 38380RBL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     238110 | PA      | $16863.22      | 0.00%             | 2062-12-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-40                                                                                           | CUSIP: 38380RE71<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9940437 | PA      | $614880.66     | 0.01%             | 2063-02-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-169                                                                                          | CUSIP: 38380RFW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6095768 | PA      | $385512.23     | 0.01%             | 2062-07-16      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-195, Class IX                                                                                | CUSIP: 38380RLL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13263430 | PA      | $1075091.21    | 0.02%             | 2062-12-16      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2020-194                                                                                          | CUSIP: 38380RMP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8046404 | PA      | $580935.85     | 0.01%             | 2062-06-16      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-17                                                                                           | CUSIP: 38380RNX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12597002 | PA      | $1007745.03    | 0.02%             | 2061-01-16      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-62, Class SA                                                                                 | CUSIP: 38380RP61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3173165 | PA      | $109610.63     | 0.00%             | 2063-02-16      | Floating      | 3.37%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-3                                                                                            | CUSIP: 38380RQC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13993932 | PA      | $898295.71     | 0.01%             | 2062-09-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-61                                                                                           | CUSIP: 38380RR44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1315677 | PA      | $99789.49      | 0.00%             | 2063-08-16      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-11                                                                                           | CUSIP: 38380RRL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8307754 | PA      | $613487.79     | 0.01%             | 2062-12-16      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-11, Class IX                                                                                 | CUSIP: 38380RRQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31652545 | PA      | $2636831.05    | 0.04%             | 2062-12-16      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-22                                                                                           | CUSIP: 38380RUJ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7452086 | PA      | $523146.86     | 0.01%             | 2063-05-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-71                                                                                           | CUSIP: 38380RV49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  123598917 | PA      | $7945890.09    | 0.13%             | 2062-10-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-33                                                                                           | CUSIP: 38380RVE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   51727578 | PA      | $3338384.07    | 0.05%             | 2062-10-16      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-35                                                                                           | CUSIP: 38380RWA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3078646 | PA      | $224627.28     | 0.00%             | 2062-12-16      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-28                                                                                           | CUSIP: 38380RXW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   97127627 | PA      | $7396443.62    | 0.12%             | 2062-10-16      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-48, Class FT                                                                                 | CUSIP: 38380RZA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13238522 | PA      | $11923206.32   | 0.19%             | 2062-12-16      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-168                                                                                          | CUSIP: 38381D4F4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12829406 | PA      | $792743.09     | 0.01%             | 2063-05-16      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-178, Class SA                                                                                | CUSIP: 38381D5B2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     942663 | PA      | $40545.93      | 0.00%             | 2061-10-16      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-180                                                                                          | CUSIP: 38381D6B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14154741 | PA      | $992908.40     | 0.02%             | 2063-11-16      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-141, Class SA                                                                                | CUSIP: 38381DA83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1660491 | PA      | $61849.62      | 0.00%             | 2063-06-16      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-82, Class TA                                                                                 | CUSIP: 38381DCE8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10025549 | PA      | $247601.98     | 0.00%             | 2061-04-16      | Floating      | 3.64%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-92                                                                                           | CUSIP: 38381DCM0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   40271282 | PA      | $2468484.59    | 0.04%             | 2063-09-16      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-150                                                                                          | CUSIP: 38381DD56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12219936 | PA      | $933510.21     | 0.01%             | 2063-11-16      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-80                                                                                           | CUSIP: 38381DDS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5194480 | PA      | $359796.70     | 0.01%             | 2062-12-16      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-147                                                                                          | CUSIP: 38381DF96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7450265 | PA      | $544465.33     | 0.01%             | 2061-06-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-90                                                                                           | CUSIP: 38381DJK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   16666899 | PA      | $1007677.37    | 0.02%             | 2061-05-16      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-151                                                                                          | CUSIP: 38381DM23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7481931 | PA      | $523438.15     | 0.01%             | 2063-04-16      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-106                                                                                          | CUSIP: 38381DMB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   68151597 | PA      | $4526308.77    | 0.07%             | 2063-04-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-110                                                                                          | CUSIP: 38381DND8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10066901 | PA      | $684460.71     | 0.01%             | 2063-11-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-144                                                                                          | CUSIP: 38381DP87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   70435936 | PA      | $4341776.73    | 0.07%             | 2063-04-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-108                                                                                          | CUSIP: 38381DPK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   15662797 | PA      | $1126401.03    | 0.02%             | 2061-06-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-153, Class SA                                                                                | CUSIP: 38381DR93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6455822 | PA      | $232587.11     | 0.00%             | 2061-08-16      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-164                                                                                          | CUSIP: 38381DT91<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30019150 | PA      | $2101544.61    | 0.03%             | 2063-10-16      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-126                                                                                          | CUSIP: 38381DTB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9371767 | PA      | $629735.89     | 0.01%             | 2063-05-16      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-170                                                                                          | CUSIP: 38381DW22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13115967 | PA      | $974052.07     | 0.02%             | 2063-05-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-133                                                                                          | CUSIP: 38381DXB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31631954 | PA      | $2113340.37    | 0.03%             | 2063-07-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-120                                                                                          | CUSIP: 38381DXT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6139238 | PA      | $459108.80     | 0.01%             | 2063-02-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-80                                                                                           | CUSIP: 38381E5K0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47612976 | PA      | $2300754.22    | 0.04%             | 2064-06-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-67                                                                                           | CUSIP: 38381E5T1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18217485 | PA      | $1360152.02    | 0.02%             | 2063-08-16      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-185                                                                                          | CUSIP: 38381EAC2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1381063 | PA      | $122350.70     | 0.00%             | 2063-11-16      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-195, Class IX                                                                                | CUSIP: 38381ECK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  100372118 | PA      | $9179441.73    | 0.14%             | 2063-08-16      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-26                                                                                           | CUSIP: 38381EJ90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6709609 | PA      | $377937.54     | 0.01%             | 2064-02-16      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-218                                                                                          | CUSIP: 38381EKC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17293415 | PA      | $1284449.41    | 0.02%             | 2061-10-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-220                                                                                          | CUSIP: 38381ELU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10728145 | PA      | $669498.48     | 0.01%             | 2063-12-16      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-224                                                                                          | CUSIP: 38381EMC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1877236 | PA      | $120995.56     | 0.00%             | 2064-04-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-7, Class SA                                                                                  | CUSIP: 38381EPC6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6845331 | PA      | $246574.30     | 0.00%             | 2064-02-16      | Floating      | 3.37%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-4                                                                                            | CUSIP: 38381EQB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   45644923 | PA      | $2959457.05    | 0.05%             | 2064-03-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-62                                                                                           | CUSIP: 38381ET24<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9866654 | PA      | $499235.91     | 0.01%             | 2064-06-16      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-52                                                                                           | CUSIP: 38381EU55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9393402 | PA      | $459124.11     | 0.01%             | 2064-06-16      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-41                                                                                           | CUSIP: 38381EXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   40925110 | PA      | $2156945.63    | 0.03%             | 2063-04-16      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-51                                                                                           | CUSIP: 38381H5L1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   11346320 | PA      | $887707.69     | 0.01%             | 2065-05-16      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-46                                                                                           | CUSIP: 38381H5Y3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4413362 | PA      | $340532.79     | 0.01%             | 2065-07-16      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-113                                                                                          | CUSIP: 38381HGH8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30688960 | PA      | $1044928.39    | 0.02%             | 2061-09-16      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-106                                                                                          | CUSIP: 38381HJG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2739777 | PA      | $147375.88     | 0.00%             | 2064-02-16      | Variable      | 0.69%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-109                                                                                          | CUSIP: 38381HJU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   52387926 | PA      | $2772342.85    | 0.04%             | 2064-08-16      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-210                                                                                          | CUSIP: 38381HL25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4882661 | PA      | $270181.56     | 0.00%             | 2064-07-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-134                                                                                          | CUSIP: 38381HLT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2861239 | PA      | $114631.53     | 0.00%             | 2064-06-16      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-147                                                                                          | CUSIP: 38381HMW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   23956861 | PA      | $1083707.79    | 0.02%             | 2064-09-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-149                                                                                          | CUSIP: 38381HNW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12884077 | PA      | $489821.68     | 0.01%             | 2064-06-16      | Variable      | 0.46%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-141                                                                                          | CUSIP: 38381HQB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2888485 | PA      | $184367.08     | 0.00%             | 2064-06-16      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-157                                                                                          | CUSIP: 38381HRY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30832432 | PA      | $1644725.23    | 0.03%             | 2064-03-16      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-165                                                                                          | CUSIP: 38381HSL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9283114 | PA      | $448387.42     | 0.01%             | 2064-06-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-15                                                                                           | CUSIP: 38381HU41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1727155 | PA      | $118454.35     | 0.00%             | 2064-08-16      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-166                                                                                          | CUSIP: 38381HUT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17287122 | PA      | $1086466.23    | 0.02%             | 2065-04-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-15, Class AB                                                                                 | CUSIP: 38381HV32<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     713660 | PA      | $691976.84     | 0.01%             | 2063-08-16      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-28                                                                                           | CUSIP: 38381HX48<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7725655 | PA      | $514962.82     | 0.01%             | 2065-02-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-199                                                                                          | CUSIP: 38381HZU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17458251 | PA      | $1067343.32    | 0.02%             | 2064-07-16      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-32                                                                                           | CUSIP: 38381J2J5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   45580167 | PA      | $2351681.39    | 0.04%             | 2063-06-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-31                                                                                           | CUSIP: 38381J7Z4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9822866 | PA      | $838083.00     | 0.01%             | 2066-02-16      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-52, Class A                                                                                  | CUSIP: 38381J8E0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1470874 | PA      | $1463136.81    | 0.02%             | 2056-03-16      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-26                                                                                           | CUSIP: 38381JBM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4853310 | PA      | $314352.29     | 0.00%             | 2065-04-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-108                                                                                          | CUSIP: 38381JMN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   11347212 | PA      | $414771.25     | 0.01%             | 2059-08-16      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-127                                                                                          | CUSIP: 38381JMQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   82473586 | PA      | $1441762.00    | 0.02%             | 2057-07-16      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-126                                                                                          | CUSIP: 38381JQB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8000032 | PA      | $543922.15     | 0.01%             | 2065-07-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-144, Class IB                                                                                | CUSIP: 38381JTQ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4698099 | PA      | $267591.06     | 0.00%             | 2064-12-16      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-17                                                                                           | CUSIP: 38381JU96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12547073 | PA      | $906951.40     | 0.01%             | 2065-06-16      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-179                                                                                          | CUSIP: 38381JZQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  125718907 | PA      | $5463856.83    | 0.09%             | 2063-09-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-21                                                                                           | CUSIP: 38381L5V0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  109082729 | PA      | $7642826.85    | 0.12%             | 2065-04-16      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-38                                                                                           | CUSIP: 38381L8C9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   45639846 | PA      | $1839527.70    | 0.03%             | 2062-01-16      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-161                                                                                          | CUSIP: 38381LA77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   24281769 | PA      | $1389502.38    | 0.02%             | 2064-06-16      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-56                                                                                           | CUSIP: 38381LCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7252144 | PA      | $526660.82     | 0.01%             | 2065-11-16      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-70                                                                                           | CUSIP: 38381LDH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28960501 | PA      | $1719712.20    | 0.03%             | 2060-02-16      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-90                                                                                           | CUSIP: 38381LFZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5782972 | PA      | $385022.75     | 0.01%             | 2066-07-16      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-124                                                                                          | CUSIP: 38381LKT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   37587078 | PA      | $2648968.13    | 0.04%             | 2065-07-17      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-121                                                                                          | CUSIP: 38381LLB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1664886 | PA      | $155426.63     | 0.00%             | 2066-07-01      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-138, Class IA                                                                                | CUSIP: 38381LPR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19290439 | PA      | $1821144.77    | 0.03%             | 2066-02-16      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-195                                                                                          | CUSIP: 38381LR46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   71015644 | PA      | $2775277.16    | 0.04%             | 2061-07-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-42                                                                                           | CUSIP: 38381MBQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   82332986 | PA      | $3938184.33    | 0.06%             | 2065-11-16      | Variable      | 0.54%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-138, Class A                                                                                 | CUSIP: 38381ME63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14553905 | PA      | $14488986.99   | 0.23%             | 2056-05-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-93, Class AM                                                                                 | CUSIP: 38381MPH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8700000 | PA      | $8631037.71    | 0.14%             | 2054-12-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-78                                                                                           | CUSIP: 38381MPY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  126501299 | PA      | $9236201.40    | 0.15%             | 2063-11-16      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-144, Class A                                                                                 | CUSIP: 38381MS27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10047173 | PA      | $10059696.57   | 0.16%             | 2054-07-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-112                                                                                          | CUSIP: 38381MUH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   55373243 | PA      | $2821371.95    | 0.04%             | 2066-03-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-106, Class A                                                                                 | CUSIP: 38381MVS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3084052 | PA      | $3107631.86    | 0.05%             | 2055-07-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-128, Class AD                                                                                | CUSIP: 38381MZA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     851708 | PA      | $858434.99     | 0.01%             | 2056-10-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-128, Class AW                                                                                | CUSIP: 38381MZC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14731846 | PA      | $14717420.08   | 0.23%             | 2054-03-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-120, Class SJ                                                                                | CUSIP: 38381N7M4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4124719 | PA      | $4314587.52    | 0.07%             | 2055-07-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-120, Class SH                                                                                | CUSIP: 38381N7N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4154393 | PA      | $4334414.17    | 0.07%             | 2055-07-20      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-105, Class PA                                                                                | CUSIP: 38381NAN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3704800 | PA      | $3852878.14    | 0.06%             | 2055-04-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-105, Class UZ                                                                                | CUSIP: 38381NAP3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4215435 | PA      | $4233748.76    | 0.07%             | 2055-06-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-105, Class PZ                                                                                | CUSIP: 38381NAY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2339129 | PA      | $2228609.42    | 0.04%             | 2055-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-105, Class SD                                                                                | CUSIP: 38381NBC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   59246048 | PA      | $3919611.88    | 0.06%             | 2055-06-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-124, Class CS                                                                                | CUSIP: 38381PEY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8034836 | PA      | $377283.75     | 0.01%             | 2055-07-20      | Floating      | 1.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-124, Class SE                                                                                | CUSIP: 38381PFN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   63490708 | PA      | $4228760.49    | 0.07%             | 2055-07-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-127, Class PZ                                                                                | CUSIP: 38381PP49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8263219 | PA      | $8208166.19    | 0.13%             | 2055-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-127, Class SH                                                                                | CUSIP: 38381PR54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8814858 | PA      | $769739.84     | 0.01%             | 2055-07-20      | Floating      | 2.44%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-132, Class MZ                                                                                | CUSIP: 38381PZ55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1316318 | PA      | $1238529.60    | 0.02%             | 2055-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-141, Class ZJ                                                                                | CUSIP: 38381Q3X7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6533657 | PA      | $6415423.33    | 0.10%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-139, Class ZB                                                                                | CUSIP: 38381QA43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1520722 | PA      | $1422640.39    | 0.02%             | 2055-05-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-139, Class B                                                                                 | CUSIP: 38381QA50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5500000 | PA      | $5538437.30    | 0.09%             | 2055-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-135, Class SE                                                                                | CUSIP: 38381QFM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7677195 | PA      | $8314216.13    | 0.13%             | 2055-08-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-139, Class UC                                                                                | CUSIP: 38381QQ53<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1964568 | PA      | $1961477.73    | 0.03%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-139, Class SU                                                                                | CUSIP: 38381QXU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   49776096 | PA      | $2567381.34    | 0.04%             | 2055-08-20      | Floating      | 1.20%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-139, Class JS                                                                                | CUSIP: 38381QZB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   22353126 | PA      | $2097995.15    | 0.03%             | 2055-08-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-152, Class SA                                                                                | CUSIP: 38381UNN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   21412126 | PA      | $1366551.85    | 0.02%             | 2055-09-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-152, Class SH                                                                                | CUSIP: 38381UQE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   26702907 | PA      | $1919487.72    | 0.03%             | 2055-09-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-78, Class IB                                                                                 | CUSIP: 38382QK90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     788003 | PA      | $133004.28     | 0.00%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-107, Class XI                                                                                | CUSIP: 38382UFA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1146813 | PA      | $189500.26     | 0.00%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-142, Class XI                                                                                | CUSIP: 38382XTB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     123336 | PA      | $21971.24      | 0.00%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-160, Class IE                                                                                | CUSIP: 38383AZZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   22535295 | PA      | $3331248.44    | 0.05%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-156, Class UZ                                                                                | CUSIP: 38383BAB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1718467 | PA      | $1713874.81    | 0.03%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-156, Class Z                                                                                 | CUSIP: 38383BDE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7052598 | PA      | $6633164.90    | 0.10%             | 2054-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-156, Class BZ                                                                                | CUSIP: 38383BFT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     806011 | PA      | $748633.24     | 0.01%             | 2054-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-156, Class CZ                                                                                | CUSIP: 38383BFV9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1391524 | PA      | $1346999.65    | 0.02%             | 2055-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-156, Class PA                                                                                | CUSIP: 38383BGP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13217855 | PA      | $13508120.18   | 0.21%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-172, Class PZ                                                                                | CUSIP: 38383BYM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13680779 | PA      | $13702364.42   | 0.22%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2021-188, Class IJ                                                                                | CUSIP: 38383CUR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2487935 | PA      | $426366.69     | 0.01%             | 2051-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-153, Class ZT                                                                                | CUSIP: 38383JBZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4184655 | PA      | $3838527.05    | 0.06%             | 2067-08-16      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2022-214                                                                                          | CUSIP: 38383LPV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   22490349 | PA      | $1004065.88    | 0.02%             | 2064-09-16      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-67, Class DZ                                                                                 | CUSIP: 38384ANH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4473461 | PA      | $4555199.31    | 0.07%             | 2053-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-102, Class BG                                                                                | CUSIP: 38384BD81<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     310000 | PA      | $320063.69     | 0.01%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-117, Class ZM                                                                                | CUSIP: 38384CFG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2262826 | PA      | $2255864.14    | 0.04%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-113, Class GZ                                                                                | CUSIP: 38384CUW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1426534 | PA      | $1465433.42    | 0.02%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2023-113, Class SJ                                                                                | CUSIP: 38384CZU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5641048 | PA      | $323584.62     | 0.01%             | 2053-08-20      | Floating      | 1.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-1, Class MS                                                                                  | CUSIP: 38384H5Q7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10109616 | PA      | $675550.83     | 0.01%             | 2054-01-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-27, Class GB                                                                                 | CUSIP: 38384JEA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     250000 | PA      | $245121.35     | 0.00%             | 2054-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-30, Class SC                                                                                 | CUSIP: 38384JKR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4043593 | PA      | $363188.67     | 0.01%             | 2054-02-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-64, Class SV                                                                                 | CUSIP: 38384MTC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6876043 | PA      | $361162.81     | 0.01%             | 2054-04-20      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-79, Class BS                                                                                 | CUSIP: 38384PBS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5142778 | PA      | $553171.62     | 0.01%             | 2054-05-20      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-79, Class CS                                                                                 | CUSIP: 38384PCD0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10555552 | PA      | $515913.18     | 0.01%             | 2054-05-20      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-110, Class SC                                                                                | CUSIP: 38384QTR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4244385 | PA      | $299975.29     | 0.00%             | 2054-07-20      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-110, Class AS                                                                                | CUSIP: 38384QUB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3508630 | PA      | $318195.23     | 0.01%             | 2054-07-20      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-200, Class PA                                                                                | CUSIP: 38384TEQ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8000000 | PA      | $7882007.20    | 0.12%             | 2068-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-112, Class SA                                                                                | CUSIP: 38384UAU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4009569 | PA      | $301498.30     | 0.00%             | 2054-07-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-128, Class SA                                                                                | CUSIP: 38384UML0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6536556 | PA      | $646287.56     | 0.01%             | 2054-08-20      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-127, Class SE                                                                                | CUSIP: 38384URZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5271104 | PA      | $374097.11     | 0.01%             | 2054-08-20      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-126, Class JS                                                                                | CUSIP: 38384UUY3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14006880 | PA      | $712102.79     | 0.01%             | 2054-08-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-126, Class HS                                                                                | CUSIP: 38384UVQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4062110 | PA      | $282374.74     | 0.00%             | 2054-08-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-126, Class AS                                                                                | CUSIP: 38384UVX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4429114 | PA      | $403533.01     | 0.01%             | 2054-08-20      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-134, Class SE                                                                                | CUSIP: 38384VBE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9537263 | PA      | $664619.43     | 0.01%             | 2054-08-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-151, Class JS                                                                                | CUSIP: 38384WET8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4187832 | PA      | $374124.20     | 0.01%             | 2054-09-20      | Floating      | 2.51%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-159, Class AS                                                                                | CUSIP: 38384YAD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3354598 | PA      | $261303.71     | 0.00%             | 2054-10-20      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-190, Class CS                                                                                | CUSIP: 38385AFC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4683979 | PA      | $335306.83     | 0.01%             | 2054-11-20      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-7, Class QS                                                                                  | CUSIP: 38385BG61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3647687 | PA      | $261855.45     | 0.00%             | 2055-01-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-7, Class SG                                                                                  | CUSIP: 38385BH37<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17905290 | PA      | $1092550.38    | 0.02%             | 2055-01-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-7, Class SL                                                                                  | CUSIP: 38385BJ27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4791722 | PA      | $350959.16     | 0.01%             | 2055-01-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2024-204, Class SB                                                                                | CUSIP: 38385BRT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7951600 | PA      | $607498.27     | 0.01%             | 2054-12-20      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-30, Class SC                                                                                 | CUSIP: 38385C7C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10884524 | PA      | $826458.63     | 0.01%             | 2055-02-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-1, Class KS                                                                                  | CUSIP: 38385CEB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9254808 | PA      | $495168.32     | 0.01%             | 2055-01-20      | Floating      | 1.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-1, Class SU                                                                                  | CUSIP: 38385CEC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9078545 | PA      | $400550.84     | 0.01%             | 2055-01-20      | Floating      | 1.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-1, Class BL                                                                                  | CUSIP: 38385CFX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1400000 | PA      | $1470217.00    | 0.02%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-1, Class SL                                                                                  | CUSIP: 38385CGD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4261091 | PA      | $382453.39     | 0.01%             | 2055-01-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-1, Class SV                                                                                  | CUSIP: 38385CJT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9243233 | PA      | $561440.45     | 0.01%             | 2055-01-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-22, Class GS                                                                                 | CUSIP: 38385CS82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10526334 | PA      | $873381.54     | 0.01%             | 2055-02-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-22, Class AS                                                                                 | CUSIP: 38385CX29<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14804354 | PA      | $921491.12     | 0.01%             | 2055-02-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-25, Class BS                                                                                 | CUSIP: 38385DAV8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19098772 | PA      | $1650941.77    | 0.03%             | 2055-02-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-25, Class HS                                                                                 | CUSIP: 38385DBA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   15734224 | PA      | $988801.58     | 0.02%             | 2055-02-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-25, Class SB                                                                                 | CUSIP: 38385DBD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19492477 | PA      | $1511208.83    | 0.02%             | 2055-02-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-25, Class ZN                                                                                 | CUSIP: 38385DES1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1145742 | PA      | $1261036.48    | 0.02%             | 2055-02-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-51, Class SA                                                                                 | CUSIP: 38385DT97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   46341588 | PA      | $3247942.90    | 0.05%             | 2055-03-20      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-23, Class SL                                                                                 | CUSIP: 38385DYZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10684363 | PA      | $670989.77     | 0.01%             | 2055-02-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-51, Class SH                                                                                 | CUSIP: 38385DZ74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13855842 | PA      | $857381.48     | 0.01%             | 2055-03-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-23, Class SE                                                                                 | CUSIP: 38385DZN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6806177 | PA      | $425049.86     | 0.01%             | 2055-02-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-44, Class GZ                                                                                 | CUSIP: 38385EBS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5619818 | PA      | $5919848.89    | 0.09%             | 2054-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-41, Class AS                                                                                 | CUSIP: 38385EKL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17250929 | PA      | $934298.22     | 0.01%             | 2055-03-20      | Floating      | 1.20%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-41, Class BS                                                                                 | CUSIP: 38385EKP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47346337 | PA      | $2026191.21    | 0.03%             | 2055-03-20      | Floating      | 1.20%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-41, Class ES                                                                                 | CUSIP: 38385EMK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5153623 | PA      | $510138.56     | 0.01%             | 2055-03-20      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-41, Class SE                                                                                 | CUSIP: 38385EMP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6963322 | PA      | $730448.97     | 0.01%             | 2055-03-20      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-69, Class AZ                                                                                 | CUSIP: 38385FAN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2597514 | PA      | $2504315.49    | 0.04%             | 2055-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-69, Class SW                                                                                 | CUSIP: 38385FAU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12442580 | PA      | $549033.80     | 0.01%             | 2055-04-20      | Floating      | 1.03%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-69, Class SX                                                                                 | CUSIP: 38385FAV3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31464684 | PA      | $1408563.76    | 0.02%             | 2055-04-20      | Floating      | 1.03%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-69, Class SK                                                                                 | CUSIP: 38385FMY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28782379 | PA      | $2205645.48    | 0.03%             | 2055-04-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-70, Class EZ                                                                                 | CUSIP: 38385FSG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4405976 | PA      | $4250712.38    | 0.07%             | 2055-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-65, Class SL                                                                                 | CUSIP: 38385FTV3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   70917692 | PA      | $4701913.87    | 0.07%             | 2055-04-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-97, Class SE                                                                                 | CUSIP: 38385G5X3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   27711753 | PA      | $1987448.10    | 0.03%             | 2055-06-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-84, Class SQ                                                                                 | CUSIP: 38385GAV1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31448743 | PA      | $1465640.36    | 0.02%             | 2055-05-20      | Floating      | 1.05%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-89, Class SC                                                                                 | CUSIP: 38385GEN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9850514 | PA      | $881086.08     | 0.01%             | 2055-05-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-89, Class SP                                                                                 | CUSIP: 38385GEP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   24694216 | PA      | $1107641.79    | 0.02%             | 2055-05-20      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-89, Class SE                                                                                 | CUSIP: 38385GGB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   20291823 | PA      | $1715123.75    | 0.03%             | 2055-05-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-89, Class DY                                                                                 | CUSIP: 38385GMT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2408529 | PA      | $2397582.24    | 0.04%             | 2055-01-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-89, Class JY                                                                                 | CUSIP: 38385GNA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1700000 | PA      | $1665889.84    | 0.03%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-100, Class SA                                                                                | CUSIP: 38385GR27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   34837963 | PA      | $2336007.35    | 0.04%             | 2055-06-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-79, Class HS                                                                                 | CUSIP: 38385GVT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6091567 | PA      | $506084.96     | 0.01%             | 2055-05-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-175, Class AZ                                                                                | CUSIP: 38385HDB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6517924 | PA      | $6514591.71    | 0.10%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-175, Class BZ                                                                                | CUSIP: 38385HEW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7312473 | PA      | $7307268.31    | 0.12%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-171, Class MT                                                                                | CUSIP: 38385HWA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4000000 | PA      | $4032479.20    | 0.06%             | 2052-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-196, Class LZ                                                                                | CUSIP: 38385JEP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9200000 | PA      | $9070625.00    | 0.14%             | 2055-11-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-192, Class ZU                                                                                | CUSIP: 38385JXW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6318634 | PA      | $6002702.30    | 0.09%             | 2055-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2025-192, Class QP                                                                                | CUSIP: 38385JZA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9300000 | PA      | $9437258.70    | 0.15%             | 2055-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                                               | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    2413000 | PA      | $1814707.75    | 0.03%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                                               | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    2169000 | PA      | $1673723.60    | 0.03%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                                               | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    3429000 | PA      | $3695460.73    | 0.06%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                                               | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    1499000 | PA      | $1501593.27    | 0.02%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                                             | Griffon Corp.                                                                                                  | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |      85000 | PA      | $85103.70      | 0.00%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                                           | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $48429.51      | 0.00%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Grupo Nutresa SA                                                          | Grupo Nutresa SA                                                                                               | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    1500000 | PA      | $1690312.50    | 0.03%             | 2035-05-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                                                          | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     700000 | PA      | $748475.00     | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                                                          | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     200000 | PA      | $212688.00     | 0.00%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                                                          | CUSIP: 401494BA6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    1221000 | PA      | $1270145.25    | 0.02%             | 2036-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                           | Gulfport Energy Operating Corp.                                                                                | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    1215000 | PA      | $1254237.49    | 0.02%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HGI CRE CLO Ltd.                                                          | HGI CRE CLO Ltd., Series 2022-FL3, Class E                                                                     | CUSIP: 403950AJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     195500 | PA      | $194596.20     | 0.00%             | 2037-04-20      | Floating      | 8.44%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                                              | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    4088000 | PA      | $3877952.84    | 0.06%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                                              | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     290000 | PA      | $306929.23     | 0.00%             | 2028-11-03      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                                              | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    1410000 | PA      | $1464513.81    | 0.02%             | 2030-03-04      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| HINNT LLC                                                                 | HINNT LLC, Series 2022-A, Class D                                                                              | CUSIP: 40486JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     231533 | PA      | $230272.33     | 0.00%             | 2041-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Harriman Park CLO Ltd.                                                    | Harriman Park CLO Ltd., Series 2020-1A, Class CRR                                                              | CUSIP: 413717BG3<br>LEI: 549300BI9STOGTECXV18 | Long             | ABS-CBDO         | CORP              | KY        |    1680000 | PA      | $1677807.60    | 0.03%             | 2038-07-20      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Harvest Commercial Capital Loan Trust                                     | Harvest Commercial Capital Loan Trust, Series 2025-1, Class A                                                  | CUSIP: 41757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9522396 | PA      | $9888283.61    | 0.16%             | 2057-06-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Harvest Commercial Capital Loan Trust                                     | Harvest Commercial Capital Loan Trust, Series 2024-1, Class A                                                  | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3319800 | PA      | $3422248.41    | 0.05%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                                                    | CUSIP: 418097AP6<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    4761000 | PA      | $4683633.75    | 0.07%             | 2032-11-12      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                                       | Herc Holdings, Inc.                                                                                            | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    2680000 | PA      | $2679647.85    | 0.04%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                                       | Herc Holdings, Inc.                                                                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     640000 | PA      | $671828.48     | 0.01%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The)                                                                                              | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     205000 | PA      | $199652.72     | 0.00%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The)                                                                                              | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    3245000 | PA      | $2233327.44    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The)                                                                                              | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    1659000 | PA      | $1657484.01    | 0.03%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                               | Hertz Vehicle Financing LLC, Series 2022-2A, Class D                                                           | CUSIP: 42806MAR0<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   14000000 | PA      | $13690532.80   | 0.22%             | 2028-06-26      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                               | Hertz Vehicle Financing LLC, Series 2022-5A, Class D                                                           | CUSIP: 42806MBQ1<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $1991849.20    | 0.03%             | 2028-09-25      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2023-1A, Class C                                                           | CUSIP: 42806MBU2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     292000 | PA      | $293785.96     | 0.00%             | 2027-06-25      | Fixed         | 6.91%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2023-2A, Class D                                                           | CUSIP: 42806MBZ1<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    4200000 | PA      | $4376793.96    | 0.07%             | 2029-09-25      | Fixed         | 9.40%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2023-3A, Class A                                                           | CUSIP: 42806MCA5<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     595000 | PA      | $603931.31     | 0.01%             | 2028-02-25      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2023-3A, Class D                                                           | CUSIP: 42806MCD9<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    8185000 | PA      | $8396720.58    | 0.13%             | 2028-02-25      | Fixed         | 9.43%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2023-4A, Class D                                                           | CUSIP: 42806MCH0<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    1500000 | PA      | $1573922.70    | 0.02%             | 2030-03-25      | Fixed         | 9.44%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2024-1A, Class D                                                           | CUSIP: 42806MCS6<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    2500000 | PA      | $2589521.75    | 0.04%             | 2029-01-25      | Fixed         | 9.22%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                           | Hertz Vehicle Financing LLC, Series 2025-4A, Class B                                                           | CUSIP: 42806MDG1<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    2245000 | PA      | $2294555.01    | 0.04%             | 2031-12-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                              | Hess Midstream Operations LP                                                                                   | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1140000 | PA      | $1111874.15    | 0.02%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                              | Hess Midstream Operations LP                                                                                   | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     357000 | PA      | $363007.60     | 0.01%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                              | Hess Midstream Operations LP                                                                                   | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     265000 | PA      | $265051.68     | 0.00%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                       | Hilcorp Energy I LP                                                                                            | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     894000 | PA      | $841323.37     | 0.01%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                       | Hilton Domestic Operating Co., Inc.                                                                            | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     390000 | PA      | $391114.23     | 0.01%             | 2028-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                       | Hilton Domestic Operating Co., Inc.                                                                            | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    2225000 | PA      | $2158721.92    | 0.03%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                       | Hilton Domestic Operating Co., Inc.                                                                            | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    1829000 | PA      | $1885964.21    | 0.03%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                       | Hilton Domestic Operating Co., Inc.                                                                            | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    1358000 | PA      | $1391936.42    | 0.02%             | 2033-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                              | Hilton Grand Vacations Trust, Series 2022-1D, Class D                                                          | CUSIP: 43283BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100075 | PA      | $99868.71      | 0.00%             | 2034-06-20      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                                              | Hilton Worldwide Finance LLC                                                                                   | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2140000 | PA      | $2139687.35    | 0.03%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                             | Hologic, Inc.                                                                                                  | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45038.03      | 0.00%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                                             | Hologic, Inc.                                                                                                  | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    1869000 | PA      | $1846507.33    | 0.03%             | 2029-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Homeward Opportunities Fund Trust                                         | Homeward Opportunities Fund Trust, Series 2024-RTL1, Class A1                                                  | CUSIP: 43789FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3780000 | PA      | $3783905.12    | 0.06%             | 2029-07-25      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Honduras                                                      | Republic of Honduras                                                                                           | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    4250000 | PA      | $4664375.00    | 0.07%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                                      | Howard Midstream Energy Partners LLC                                                                           | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     425000 | PA      | $448582.13     | 0.01%             | 2032-07-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                                      | Howard Midstream Energy Partners LLC                                                                           | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     577000 | PA      | $591510.92     | 0.01%             | 2034-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes                                  | Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1                                              | CUSIP: 44644NAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1897375 | PA      | $1917151.83    | 0.03%             | 2032-10-20      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                                           | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    1381000 | PA      | $1439007.52    | 0.02%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                                           | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $208353.60     | 0.00%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                                                              | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    1150000 | PA      | $1078186.64    | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                                                              | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    2110000 | PA      | $1893754.12    | 0.03%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                                                    | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     700000 | PA      | $699536.60     | 0.01%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IRV Trust                                                                 | IRV Trust, Series 2025-200P, Class A                                                                           | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14700000 | PA      | $15176690.13   | 0.24%             | 2047-03-14      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| IRV Trust                                                                 | IRV Trust, Series 2025-200P, Class B                                                                           | CUSIP: 45006HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10050000 | PA      | $10227274.97   | 0.16%             | 2047-03-14      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| IRV Trust                                                                 | IRV Trust, Series 2025-200P, Class C                                                                           | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3400000 | PA      | $3459108.66    | 0.05%             | 2047-03-14      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| IRV Trust                                                                 | IRV Trust, Series 2025-200P, Class D                                                                           | CUSIP: 45006HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1024018.00    | 0.02%             | 2047-03-14      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                                      | Icahn Enterprises LP                                                                                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     248000 | PA      | $247762.61     | 0.00%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                | iHeartCommunications, Inc.                                                                                     | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    2333000 | PA      | $2158771.56    | 0.03%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                | iHeartCommunications, Inc.                                                                                     | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    1936050 | PA      | $1652837.31    | 0.03%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Identity Digital Ltd.                                                     | Identity Digital Ltd.                                                                                          | CUSIP: N/A<br>LEI: 5493005BN677T7KORE19       | Long             | DBT              | CORP              | IE        |    2500000 | PA      | $2536750.00    | 0.04%             | 2065-03-20      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| Imola Merger Corp.                                                        | Imola Merger Corp.                                                                                             | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6750000 | PA      | $6667288.20    | 0.11%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                               | Crescent Energy Finance LLC                                                                                    | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    1997000 | PA      | $2065019.82    | 0.03%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                               | Crescent Energy Finance LLC                                                                                    | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     725000 | PA      | $686957.00     | 0.01%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                               | Crescent Energy Finance LLC                                                                                    | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     634000 | PA      | $625250.80     | 0.01%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                                                    | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $170100.00     | 0.00%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                                                        | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |     800000 | PA      | $840000.00     | 0.01%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ION Platform Finance US, Inc.                                             | ION Platform Finance US, Inc.                                                                                  | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |     782000 | PA      | $745102.82     | 0.01%             | 2032-09-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                                                    | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    3550000 | PA      | $3545975.01    | 0.06%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                                                    | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    1916000 | PA      | $2004068.94    | 0.03%             | 2032-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                                            | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     465000 | PA      | $462628.59     | 0.01%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                                            | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     860000 | PA      | $852504.76     | 0.01%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                                            | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     108000 | PA      | $110428.17     | 0.00%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                                                             | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    1067000 | PA      | $1168172.94    | 0.02%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class C                                  | CUSIP: 46590KAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4750000 | PA      | $4279409.90    | 0.07%             | 2049-01-15      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust                                | JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class B                                            | CUSIP: 46590LAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $903074.10     | 0.01%             | 2049-06-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4                                 | CUSIP: 46590MAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1387613.50    | 0.02%             | 2049-08-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                    | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class B                               | CUSIP: 46590RAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3745985.60    | 0.06%             | 2049-08-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class C                                  | CUSIP: 46590RAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12390000 | PA      | $10012599.37   | 0.16%             | 2049-08-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings, Inc.                                           | JH North America Holdings, Inc.                                                                                | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     289000 | PA      | $292894.56     | 0.00%             | 2031-01-31      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| JH North America Holdings, Inc.                                           | JH North America Holdings, Inc.                                                                                | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     432000 | PA      | $442835.42     | 0.01%             | 2032-07-31      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                          | JPMorgan Prime Money Market Fund, Class IM                                                                     | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |   40379234 | NS      | $40395386.10   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class D                                  | CUSIP: 46641BAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1073355 | PA      | $1019730.49    | 0.02%             | 2046-12-15      | Variable      | 5.05%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2014-C26, Class D                                           | CUSIP: 46643TAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2250000 | PA      | $1968705.00    | 0.03%             | 2048-01-15      | Variable      | 3.71%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class D                                           | CUSIP: 46644FAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9700000 | PA      | $8856585.00    | 0.14%             | 2048-10-15      | Variable      | 3.93%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class AS                                          | CUSIP: 46644UBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     936550 | PA      | $913145.97     | 0.01%             | 2048-07-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class B                                           | CUSIP: 46644UBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3680000.00    | 0.06%             | 2048-07-15      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C                                           | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8150000 | PA      | $6479250.00    | 0.10%             | 2048-07-15      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class B                                           | CUSIP: 46644YBA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1418235.00    | 0.02%             | 2048-08-15      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class C                                           | CUSIP: 46645JAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $143080.50     | 0.00%             | 2048-12-15      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class D1                                           | CUSIP: 46645LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2300000 | PA      | $2018075.66    | 0.03%             | 2049-03-17      | Variable      | 4.34%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class C                                  | CUSIP: 46645UAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2175000 | PA      | $1850550.90    | 0.03%             | 2049-12-15      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                                | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class B                                           | CUSIP: 46647TAY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $812860.02     | 0.01%             | 2050-03-15      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                                | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class C                                           | CUSIP: 46647TAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1050000 | PA      | $950963.48     | 0.01%             | 2050-03-15      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                                            | JELD-WEN, Inc.                                                                                                 | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     200000 | PA      | $171761.36     | 0.00%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                                     | JetBlue Airways Corp.                                                                                          | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2372000 | PA      | $2342942.19    | 0.04%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Jonah Energy Abs I LLC                                                    | Jonah Energy ABS LLC, Series 2022-1, Class C                                                                   | CUSIP: 47987EAE7<br>LEI: 2549003KXV9PPFRCPA79 | Long             | ABS-O            | CORP              | US        |    3500000 | PA      | $3549350.00    | 0.06%             | 2039-08-10      | Fixed         | 12.66%                | Yes           |                  3 | On Loan: No      |
| Jonah Energy ABS II LLC                                                   | Jonah Energy ABS LLC, Series 2025-1A, Class B                                                                  | CUSIP: 479913AF2<br>LEI: 254900MMTK6TS4MGMV20 | Long             | ABS-O            | CORP              | US        |    4769380 | PA      | $4759841.73    | 0.08%             | 2040-12-10      | Fixed         | 11.25%                | Yes           |                  3 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust                                | JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class D                                          | CUSIP: 48129RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $502743.80     | 0.01%             | 2052-11-13      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO Ltd.                                                              | KKR CLO Ltd., Series 22A, Class B                                                                              | CUSIP: 48252WAC7<br>LEI: 549300GKHET0CQ690V42 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250285.00     | 0.00%             | 2031-07-20      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 40 Ltd.                                                           | KKR CLO Ltd., Series 40A, Class BR                                                                             | CUSIP: 48254UAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2000424.00    | 0.03%             | 2034-10-20      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 52 Ltd.                                                           | KKR CLO Ltd., Series 2023-52A, Class CR                                                                        | CUSIP: 48255XAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1850000 | PA      | $1847585.75    | 0.03%             | 2038-07-16      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1428587.90   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                                              | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    1635000 | PA      | $1743318.75    | 0.03%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                                              | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    4427000 | PA      | $4480124.00    | 0.07%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                                              | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     900000 | PA      | $862875.00     | 0.01%             | 2033-10-09      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                                              | CUSIP: 491798AQ7<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    2265000 | PA      | $2190685.35    | 0.03%             | 2038-10-09      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| Kinetik Holdings LP                                                       | Kinetik Holdings LP                                                                                            | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    2985000 | PA      | $3008793.44    | 0.05%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                     | Kioxia Holdings Corp.                                                                                          | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    1589000 | PA      | $1635098.48    | 0.03%             | 2030-07-24      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                     | Kioxia Holdings Corp.                                                                                          | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |     565000 | PA      | $587630.51     | 0.01%             | 2033-07-24      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                                         | Knife River Corp.                                                                                              | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     750000 | PA      | $788799.75     | 0.01%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria Spain SA                                                    | AI Candelaria Spain SA                                                                                         | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     500000 | PA      | $450000.00     | 0.01%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                                   | Kodiak Gas Services LLC                                                                                        | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     315000 | PA      | $321317.01     | 0.01%             | 2033-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                                   | Bath & Body Works, Inc.                                                                                        | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     265000 | PA      | $269587.23     | 0.00%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2024-RTL1, Class A1                                                               | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     750000 | PA      | $753597.08     | 0.01%             | 2029-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2024-RTL3, Class A1                                                               | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2360000 | PA      | $2381574.65    | 0.04%             | 2029-05-25      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2024-RTL2, Class A1                                                               | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1600000 | PA      | $1612412.16    | 0.03%             | 2029-03-25      | Variable      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2024-RTL4, Class A1                                                               | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2516000 | PA      | $2527515.23    | 0.04%             | 2039-07-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2024-RTL4, Class A2                                                               | CUSIP: 50205PAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1017294 | PA      | $1024897.36    | 0.02%             | 2039-07-25      | Variable      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2023-RTL3, Class A1                                                               | CUSIP: 50205TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1186442 | PA      | $1188496.95    | 0.02%             | 2028-08-25      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2025-RTL1, Class A1                                                               | CUSIP: 50205UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2221000 | PA      | $2234341.55    | 0.04%             | 2040-01-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2024-RTL5, Class A1                                                               | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |    1263000 | PA      | $1264327.67    | 0.02%             | 2039-09-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                      | LHOME Mortgage Trust, Series 2025-RTL2, Class A1                                                               | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1006383.30    | 0.02%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-147740.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                         | Lamar Media Corp.                                                                                              | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1880000 | PA      | $1876179.84    | 0.03%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                                                | Lamb Weston Holdings, Inc.                                                                                     | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    3625000 | PA      | $3516716.18    | 0.06%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                                        | Vital Energy, Inc.                                                                                             | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     300000 | PA      | $311624.40     | 0.00%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Vital Energy, Inc.                                                        | Vital Energy, Inc.                                                                                             | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     281000 | PA      | $272320.72     | 0.00%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2024-2A, Class A                                                                | CUSIP: 52590AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     915000 | PA      | $916086.93     | 0.01%             | 2034-02-21      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2024-2A, Class D                                                                | CUSIP: 52590AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     450000 | PA      | $451226.84     | 0.01%             | 2034-02-21      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2024-2A, Class E                                                                | CUSIP: 52590AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $821823.04     | 0.01%             | 2034-02-21      | Fixed         | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                                   | Lendingpoint Asset Securitization Trust, Series 2022-C, Class C                                                | CUSIP: 525919AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      70557 | PA      | $70290.12      | 0.00%             | 2030-02-15      | Fixed         | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2025-3A, Class C                                                                | CUSIP: 525951AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3820000 | PA      | $3813000.61    | 0.06%             | 2035-05-20      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2025-3A, Class D                                                                | CUSIP: 525951AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5750000 | PA      | $5739435.53    | 0.09%             | 2035-05-20      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2024-1A, Class A                                                                | CUSIP: 52603DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1950000 | PA      | $1976449.02    | 0.03%             | 2032-06-21      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2025-2A, Class A                                                                | CUSIP: 52603GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5700000 | PA      | $5751922.44    | 0.09%             | 2034-10-20      | Fixed         | 4.78%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2025-2A, Class C                                                                | CUSIP: 52603GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4000000 | PA      | $4047231.20    | 0.06%             | 2034-10-20      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                                 | LendingClub Loan Certificate Issuer Trust, Series 2022-P1, Class CERT                                          | CUSIP: 52604KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      50000 | PA      | $101578.21     | 0.00%             | 2037-03-16      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2025-1A, Class A                                                                | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2100000 | PA      | $2125219.95    | 0.03%             | 2034-09-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust, Series 2025-1A, Class D                                                                | CUSIP: 52604QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $3065968.20    | 0.05%             | 2034-09-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                                 | LendingClub Loan Certificate Issuer Trust, Series 2022-P2, Class CERT                                          | CUSIP: 52604WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      50000 | PA      | $116038.95     | 0.00%             | 2037-04-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                                   | Lendingpoint Asset Securitization Trust, Series 2022-A, Class D                                                | CUSIP: 52605AAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     985460 | PA      | $541532.33     | 0.01%             | 2029-06-15      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                                 | LendingClub Loan Certificate Issuer Trust, Series 2022-NP1, Class CERT                                         | CUSIP: 52606QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      50000 | PA      | $165039.41     | 0.00%             | 2037-03-16      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Level 3 Financing, Inc.                                                   | Level 3 Financing, Inc.                                                                                        | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     498888 | PA      | $459600.57     | 0.01%             | 2030-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                   | Level 3 Financing, Inc.                                                                                        | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     971000 | PA      | $988853.78     | 0.02%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                   | Level 3 Financing, Inc.                                                                                        | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    1139581 | PA      | $1167204.44    | 0.02%             | 2034-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                       | Lithia Motors, Inc.                                                                                            | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    2945000 | PA      | $2837254.82    | 0.04%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                       | Lithia Motors, Inc.                                                                                            | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     372000 | PA      | $373858.98     | 0.01%             | 2030-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                           | Live Nation Entertainment, Inc.                                                                                | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    6490000 | PA      | $6478962.46    | 0.10%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                           | Live Nation Entertainment, Inc.                                                                                | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    2870000 | PA      | $2898628.25    | 0.05%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                           | Live Nation Entertainment, Inc.                                                                                | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     210000 | PA      | $206298.94     | 0.00%             | 2028-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                                  | Lloyds Banking Group plc                                                                                       | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    4287000 | PA      | $4420870.15    | 0.07%             | 2031-09-27      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| LOANDEPOT GMSR Master Trust                                               | LOANDEPOT GMSR Master Trust, Series 2025-GT2, Class A                                                          | CUSIP: 53946TAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4024989.60    | 0.06%             | 2030-07-16      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                                       | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     835788 | PA      | $826385.39     | 0.01%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                                       | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     835872 | PA      | $828725.29     | 0.01%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                                       | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      55632 | PA      | $55156.59      | 0.00%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                                       | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     500000 | PA      | $503675.00     | 0.01%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| MFA Trust                                                                 | MFA Trust, Series 2021-NQM1, Class A1                                                                          | CUSIP: 55283FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      77108 | PA      | $72852.55      | 0.00%             | 2065-04-25      | Variable      | 1.15%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                                      | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     320000 | PA      | $319560.96     | 0.01%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                                      | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     285000 | PA      | $286992.72     | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                                      | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    1210000 | PA      | $1241976.67    | 0.02%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                                      | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    1264000 | PA      | $1292140.43    | 0.02%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                                        | MIWD Holdco II LLC                                                                                             | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     430000 | PA      | $406059.62     | 0.01%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                                                  | MRCD MARK Mortgage Trust, Series 2019-PARK, Class E                                                            | CUSIP: 55348UAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $273364.00     | 0.00%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                                            | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5                                                        | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10750000 | PA      | $11702619.85   | 0.18%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDS                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |    2200000 | PA      | $-46076.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDS                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |    5000000 | PA      | $-87867.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                           | Madison IAQ LLC                                                                                                | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    5375000 | PA      | $5272919.61    | 0.08%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                                           | Madison IAQ LLC                                                                                                | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     585000 | PA      | $578543.53     | 0.01%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                                 | Madison Park Funding Ltd., Series 2020-45A, Class BRR                                                          | CUSIP: 55820BAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3530000 | PA      | $3532361.57    | 0.06%             | 2034-07-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                                 | Madison Park Funding Ltd., Series 2020-45A, Class CRR                                                          | CUSIP: 55820BAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1075000 | PA      | $1073597.13    | 0.02%             | 2034-07-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLIX Ltd.                                            | Madison Park Funding Ltd., Series 2021-49A, Class B1R                                                          | CUSIP: 55820VAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8050000 | PA      | $8035791.75    | 0.13%             | 2034-10-19      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding LII Ltd.                                             | Madison Park Funding Ltd., Series 2021-52A, Class BR                                                           | CUSIP: 55822BAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4700000 | PA      | $4701588.60    | 0.07%             | 2035-01-22      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                                                | Warnermedia Holdings, Inc.                                                                                     | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     228000 | PA      | $225572.94     | 0.00%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                                                | Warnermedia Holdings, Inc.                                                                                     | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     940000 | PA      | $858925.00     | 0.01%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Magnetite Ltd.                                                            | Magnetite Ltd., Series 2016-17A, Class BR2                                                                     | CUSIP: 55954EBA6<br>LEI: 5493003SVWF9GG13MZ22 | Long             | ABS-CBDO         | CORP              | KY        |    2208000 | PA      | $2211062.50    | 0.03%             | 2037-04-20      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XL Ltd.                                                         | Magnetite Ltd., Series 2024-40A, Class B1                                                                      | CUSIP: 55955RAE9<br>LEI: 5299008V4F49IY3SSP69 | Long             | ABS-CBDO         | CORP              | KY        |    2900000 | PA      | $2901771.90    | 0.05%             | 2037-07-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXXIX Ltd.                                                      | Magnetite Ltd., Series 2023-39A, Class BR                                                                      | CUSIP: 559924AL9<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |    1200000 | PA      | $1199948.40    | 0.02%             | 2037-01-25      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                                            | Mariner Finance issuance Trust, Series 2024-BA, Class A                                                        | CUSIP: 56847GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2036376.00    | 0.03%             | 2038-11-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                                            | Mariner Finance issuance Trust, Series 2024-BA, Class C                                                        | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     635000 | PA      | $654295.62     | 0.01%             | 2038-11-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                    | Marlette Funding Trust, Series 2023-1A, Class C                                                                | CUSIP: 57110PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     161156 | PA      | $161846.29     | 0.00%             | 2033-04-15      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Masterbrand, Inc.                                                         | Masterbrand, Inc.                                                                                              | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    1450000 | PA      | $1495899.75    | 0.02%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                                     | Matador Resources Co.                                                                                          | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    2182000 | PA      | $2179062.81    | 0.03%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                    | Mauser Packaging Solutions Holding Co.                                                                         | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    4635000 | PA      | $4468954.83    | 0.07%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                    | Mauser Packaging Solutions Holding Co.                                                                         | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     415000 | PA      | $390100.24     | 0.01%             | 2030-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                                                 | MFA Trust, Series 2024-NPL1, Class A1                                                                          | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6086309 | PA      | $6095074.40    | 0.10%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP                                                                                            | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     623000 | PA      | $644381.36     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   16459000 | PA      | $-154924.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   16460000 | PA      | $-152596.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   12345000 | PA      | $-113250.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   11043000 | PA      | $-104250.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MFA Trust                                                                 | MFA Trust, Series 2024-RTL3, Class A1                                                                          | CUSIP: 59319PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6845000 | PA      | $6918329.12    | 0.11%             | 2039-11-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                                       | Stagwell Global LLC                                                                                            | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    2760000 | PA      | $2682016.48    | 0.04%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                                               | Midcontinent Communications                                                                                    | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     418000 | PA      | $421595.22     | 0.01%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                                        | Millicom International Cellular SA                                                                             | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |     400000 | PA      | $371100.00     | 0.01%             | 2031-04-27      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties, Inc.                                                 | Millrose Properties, Inc.                                                                                      | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     993000 | PA      | $1012987.10    | 0.02%             | 2030-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties, Inc.                                                 | Millrose Properties, Inc.                                                                                      | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     483000 | PA      | $488455.97     | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Minerva Luxembourg SA                                                     | Minerva Luxembourg SA                                                                                          | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    1000000 | PA      | $1093130.00    | 0.02%             | 2033-09-13      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                                  | AthenaHealth Group, Inc.                                                                                       | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    2595000 | PA      | $2577217.50    | 0.04%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.                                     | Miter Brands Acquisition Holdco, Inc.                                                                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1045000 | PA      | $1067522.89    | 0.02%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                   | Molina Healthcare, Inc.                                                                                        | CUSIP: 60855RAN0<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     623000 | PA      | $636403.40     | 0.01%             | 2031-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                                                              | CUSIP: 60937LAG0<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     500000 | PA      | $531500.00     | 0.01%             | 2028-01-19      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                                                              | CUSIP: 60937LAJ4<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     400000 | PA      | $411000.00     | 0.01%             | 2030-02-25      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class D                                   | CUSIP: 61690QAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2200000 | PA      | $2134000.00    | 0.03%             | 2050-07-15      | Variable      | 4.34%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class D                                   | CUSIP: 61690VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5500000 | PA      | $5275050.00    | 0.08%             | 2048-10-15      | Fixed         | 3.06%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2017-H1, Class D                                                        | CUSIP: 61691JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3771000 | PA      | $3187591.61    | 0.05%             | 2050-06-15      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class D                                   | CUSIP: 61764PAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2227006 | PA      | $2126812.88    | 0.03%             | 2047-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2016-UBS9, Class B                                                      | CUSIP: 61766CAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4850616.00    | 0.08%             | 2049-03-15      | Variable      | 4.66%                 | 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 C                                   | CUSIP: 61766RBE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2100000 | PA      | $1890037.80    | 0.03%             | 2049-11-15      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class C                                   | CUSIP: 61767EAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     595000 | PA      | $531523.67     | 0.01%             | 2052-11-15      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class D                                   | CUSIP: 61767EAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1489000 | PA      | $1097132.43    | 0.02%             | 2052-11-15      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2020-L4, Class D                                                        | CUSIP: 61770KAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $378531.90     | 0.01%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP                                                                                            | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    5670000 | PA      | $5504211.47    | 0.09%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP                                                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    2805000 | PA      | $2811552.48    | 0.04%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                          | Multi-Family Connecticut Avenue Securities Trust, Series 2019-01, Class M10                                    | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   19675230 | PA      | $19963564.73   | 0.31%             | 2049-10-25      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                          | Multi-Family Connecticut Avenue Securities Trust, Series 2023-01, Class M7                                     | CUSIP: 62548NAA6<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    2441451 | PA      | $2538432.04    | 0.04%             | 2053-11-25      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                          | Multi-Family Connecticut Avenue Securities Trust, Series 2023-01, Class M10                                    | CUSIP: 62548NAB4<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    3125000 | PA      | $3542003.44    | 0.06%             | 2053-11-25      | Floating      | 10.57%                | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                          | Multi-Family Connecticut Avenue Securities Trust, Series 2020-01, Class M10                                    | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   25324661 | PA      | $25744032.05   | 0.41%             | 2050-03-25      | Floating      | 7.94%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                          | Multi-Family Connecticut Avenue Securities Trust, Series 2024-01, Class M7                                     | CUSIP: 62548RAA7<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |     332504 | PA      | $336606.75     | 0.01%             | 2054-07-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                          | Multi-Family Connecticut Avenue Securities Trust, Series 2024-01, Class M10                                    | CUSIP: 62548RAB5<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $311525.19     | 0.00%             | 2054-07-25      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                           | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class M1                                     | CUSIP: 62549CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8996089 | PA      | $8982860.52    | 0.14%             | 2055-05-25      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                           | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class M2                                     | CUSIP: 62549CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3600000 | PA      | $3649204.08    | 0.06%             | 2055-05-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                           | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class B1                                     | CUSIP: 62549CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $722678.74     | 0.01%             | 2055-05-25      | Floating      | 9.27%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                           | NCR Voyix Corp.                                                                                                | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    2699000 | PA      | $2673814.82    | 0.04%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                            | NCL Corp. Ltd.                                                                                                 | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     562000 | PA      | $554608.69     | 0.01%             | 2031-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                                  | NGL Energy Operating LLC                                                                                       | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1021000 | PA      | $1050325.16    | 0.02%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                                  | NGL Energy Operating LLC                                                                                       | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     734000 | PA      | $760945.87     | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                                               | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    4275000 | PA      | $4286854.58    | 0.07%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                                               | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     405000 | PA      | $406707.38     | 0.01%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                                               | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    1505000 | PA      | $1408452.90    | 0.02%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                                               | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     876000 | PA      | $894568.57     | 0.01%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                                               | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     734000 | PA      | $739884.48     | 0.01%             | 2034-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                                               | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     734000 | PA      | $745444.53     | 0.01%             | 2036-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                                    | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A                                              | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     155644 | PA      | $153400.18     | 0.00%             | 2026-07-25      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                                                       | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                                                 | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8672244 | PA      | $8830814.28    | 0.14%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                              | Nasdaq, Inc.                                                                                                   | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    1022000 | PA      | $1054194.45    | 0.02%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                          | NCR Atleos Corp.                                                                                               | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    2489000 | PA      | $2690156.00    | 0.04%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                                                              | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    1710000 | PA      | $1913919.21    | 0.03%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO Ltd.                                   | Neuberger Berman Loan Advisers CLO Ltd., Series 2019-34A, Class BR2                                            | CUSIP: 64132YBJ0<br>LEI: 5493009EGZQAPYYVLD80 | Long             | ABS-CBDO         | CORP              | KY        |    3300000 | PA      | $3309012.30    | 0.05%             | 2039-07-20      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                                | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-38A, Class BR2                                            | CUSIP: 64133RAW6<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |    4700000 | PA      | $4691864.30    | 0.07%             | 2036-10-20      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                                | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-38A, Class CR2                                            | CUSIP: 64133RAY2<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |    2500000 | PA      | $2496742.50    | 0.04%             | 2036-10-20      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                                | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class BR                                             | CUSIP: 64133WAQ8<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |    2260000 | PA      | $2259611.28    | 0.04%             | 2036-07-16      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                                | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class CR                                             | CUSIP: 64133WAS4<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |    4400000 | PA      | $4406204.00    | 0.07%             | 2036-07-16      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                                         | Petco Health & Wellness Co., Inc., 1st Lien Term Loan                                                          | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |     665000 | PA      | $653269.40     | 0.01%             | 2028-03-03      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2018-3A, Class A1C                                                 | CUSIP: 64830KAE7<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |     196178 | PA      | $183337.29     | 0.00%             | 2058-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2019-NQM5, Class A1                                                | CUSIP: 64830PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     135398 | PA      | $129437.29     | 0.00%             | 2059-11-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F                                                 | CUSIP: 64830RAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $4843719.50    | 0.08%             | 2039-09-04      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class E1                                                | CUSIP: 64831KAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     168000 | PA      | $163670.47     | 0.00%             | 2039-02-17      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F                                                 | CUSIP: 64831KAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2850000 | PA      | $2797566.27    | 0.04%             | 2039-02-17      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                                                 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                                                           | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6614537 | PA      | $6691965.08    | 0.11%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2025-NQM4, Class A1                                                | CUSIP: 64832FAC0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |    5633165 | PA      | $5673553.80    | 0.09%             | 2065-07-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust, Series 2025-NQM5, Class A1                                                | CUSIP: 64832GAC8<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-MBS          | CORP              | US        |    6249551 | PA      | $6267548.29    | 0.10%             | 2065-08-25      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| NRZT                                                                      | NRZT, Series 2025-NQM6, Class A1                                                                               | CUSIP: 64832KAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5225000 | PA      | $5228627.20    | 0.08%             | 2065-10-25      | Variable      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                   | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024, Class A  | CUSIP: 64966TGS7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    5566000 | PA      | $5712253.89    | 0.09%             | 2031-12-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                   | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024, Class B  | CUSIP: 64966TGT5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |     650000 | PA      | $672566.77     | 0.01%             | 2031-12-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                                            | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     250000 | PA      | $232078.70     | 0.00%             | 2036-04-01      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                                            | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    1027000 | PA      | $967066.74     | 0.02%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                                            | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    2070000 | PA      | $1989214.52    | 0.03%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                                            | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     727000 | PA      | $756789.55     | 0.01%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                                    | NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A                                              | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      53897 | PA      | $52878.40      | 0.00%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                       | Nexstar Media, Inc.                                                                                            | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    1030000 | PA      | $1021449.25    | 0.02%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                                          | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     680000 | PA      | $706651.24     | 0.01%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                                          | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    1344000 | PA      | $1394973.89    | 0.02%             | 2055-08-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                       | Nexstar Media, Inc.                                                                                            | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    6820000 | PA      | $6825312.78    | 0.11%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    1400000 | PA      | $1620850.00    | 0.03%             | 2034-12-09      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: 65412AFG2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    2530000 | PA      | $2683065.00    | 0.04%             | 2046-01-13      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    1000000 | PA      | $990555.00     | 0.02%             | 2028-09-28      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| NiSource, Inc.                                                            | NiSource, Inc.                                                                                                 | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    1590000 | PA      | $1656514.47    | 0.03%             | 2054-11-30      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                           | Nordstrom, Inc.                                                                                                | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     380000 | PA      | $348652.93     | 0.01%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                           | Madison IAQ LLC, 1st Lien Term Loan                                                                            | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |     496124 | PA      | $497642.17     | 0.01%             | 2028-06-21      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                                           | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    5250000 | PA      | $5269241.25    | 0.08%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                                           | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $193718.04     | 0.00%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                                           | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     710000 | PA      | $743720.74     | 0.01%             | 2028-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                                           | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     681000 | PA      | $728628.24     | 0.01%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                                | AMSR Trust, Series 2022-SFR3, Class F                                                                          | CUSIP: 66981YAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4200000 | PA      | $4037403.30    | 0.06%             | 2039-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                             | Novelis Corp.                                                                                                  | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    4219000 | PA      | $4056884.93    | 0.06%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                             | Novelis Corp.                                                                                                  | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    1081000 | PA      | $986197.81     | 0.02%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                             | Novelis Corp.                                                                                                  | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     388000 | PA      | $402052.97     | 0.01%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                             | Novelis Corp.                                                                                                  | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     492000 | PA      | $496471.79     | 0.01%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                                       | NuStar Logistics LP                                                                                            | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    1180000 | PA      | $1192064.32    | 0.02%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                                       | NuStar Logistics LP                                                                                            | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     225000 | PA      | $225596.70     | 0.00%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                                       | NuStar Logistics LP                                                                                            | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    1505000 | PA      | $1576609.41    | 0.02%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                                                         | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    1500000 | PA      | $1659195.00    | 0.03%             | 2054-05-02      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                                                         | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    1260000 | PA      | $1343790.00    | 0.02%             | 2036-03-01      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                                  | OnDeck Asset Securitization Trust LLC, Series 2023-1A, Class A                                                 | CUSIP: 67108SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     468000 | PA      | $473182.12     | 0.01%             | 2030-08-19      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                                  | OnDeck Asset Securitization Trust LLC, Series 2024-2A, Class A                                                 | CUSIP: 67108SAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     600000 | PA      | $602396.76     | 0.01%             | 2031-10-17      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                                  | OnDeck Asset Securitization Trust LLC, Series 2024-2A, Class B                                                 | CUSIP: 67108SAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     400000 | PA      | $400953.84     | 0.01%             | 2031-10-17      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                              | OCP CLO Ltd., Series 2022-25A, Class B1R                                                                       | CUSIP: 67115CAQ7<br>LEI: 254900V271655KJK1382 | Long             | ABS-CBDO         | CORP              | KY        |    1400000 | PA      | $1400880.60    | 0.02%             | 2037-07-20      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                                 | OBX Trust, Series 2023-NQM3, Class A1                                                                          | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     397464 | PA      | $397591.70     | 0.01%             | 2063-02-25      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                                 | OBX Trust, Series 2023-NQM6, Class A1                                                                          | CUSIP: 67117VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     214484 | PA      | $215635.08     | 0.00%             | 2063-07-25      | Variable      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                                 | OBX Trust, Series 2023-NQM7, Class A1                                                                          | CUSIP: 67117XAA4<br>LEI: 254900K7TTKPUWNMSZ83 | Long             | ABS-MBS          | CORP              | US        |     434745 | PA      | $439920.26     | 0.01%             | 2063-04-25      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| NYMT Loan Trust                                                           | NYMT Loan Trust, Series 2024-BPL3, Class A1                                                                    | CUSIP: 67119RAA5<br>LEI: 254900Q6RDCV3HGA6340 | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $701102.15     | 0.01%             | 2039-09-25      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                                 | OBX Trust, Series 2025-NQM2, Class A1                                                                          | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    6208290 | PA      | $6252340.12    | 0.10%             | 2064-11-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                                 | OBX Trust, Series 2025-NQM10, Class A1                                                                         | CUSIP: 67121LAA4<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-MBS          | CORP              | US        |    3210265 | PA      | $3244340.04    | 0.05%             | 2065-05-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                                                        | Chord Energy Corp.                                                                                             | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     680000 | PA      | $701931.36     | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                                                        | Chord Energy Corp.                                                                                             | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    1054000 | PA      | $1062736.61    | 0.02%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 43 Ltd.                                       | Octagon Investment Partners Ltd., Series 2019-1A, Class BR                                                     | CUSIP: 67573LAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2509000 | PA      | $2507745.50    | 0.04%             | 2032-10-25      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 43 Ltd.                                       | Octagon Investment Partners Ltd., Series 2019-1A, Class CR                                                     | CUSIP: 67573LAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1498125.00    | 0.02%             | 2032-10-25      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| Octagon 64 Ltd.                                                           | Octagon Ltd., Series 2022-1A, Class DR                                                                         | CUSIP: 67579ABE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   16800000 | PA      | $16683324.00   | 0.26%             | 2037-07-21      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 36 Ltd.                                       | Octagon Investment Partners Ltd., Series 2018-1A, Class C                                                      | CUSIP: 67591UAJ6<br>LEI: 549300S890TBOLY1D042 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2000398.00    | 0.03%             | 2031-04-15      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd.                                                        | OCP Aegis CLO Ltd., Series 2025-41A, Class B1                                                                  | CUSIP: 675953AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4300000 | PA      | $4304489.20    | 0.07%             | 2037-04-21      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                                    | ON Semiconductor Corp.                                                                                         | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    1690000 | PA      | $1647469.63    | 0.03%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                                            | 1011778 BC ULC                                                                                                 | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    1575000 | PA      | $1555934.15    | 0.02%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                                            | 1011778 BC ULC                                                                                                 | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    1030000 | PA      | $981473.40     | 0.02%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                                     | OneMain Direct Auto Receivables Trust, Series 2025-1A, Class D                                                 | CUSIP: 682684AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1522000 | PA      | $1571787.51    | 0.02%             | 2037-07-14      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                     | OneMain Finance Corp.                                                                                          | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    2230000 | PA      | $2164153.01    | 0.03%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Onemain Financial Issuance Trust                                          | Onemain Financial Issuance Trust, Series 2025-1A, Class D                                                      | CUSIP: 68270DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1500000 | PA      | $1522899.00    | 0.02%             | 2038-07-14      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                         | Altar Bidco, Inc., 1st Lien Term Loan B                                                                        | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     772976 | PA      | $760778.15     | 0.01%             | 2029-02-01      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                                           | 1261229 BC Ltd.                                                                                                | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    2241000 | PA      | $2316779.42    | 0.04%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Oportun Funding Trust                                                     | Oportun Funding Trust, Series 2024-3, Class B                                                                  | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     628000 | PA      | $629307.37     | 0.01%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                                                   | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $187690.86     | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                             | Organon & Co.                                                                                                  | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3795000 | PA      | $3698479.11    | 0.06%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                             | Organon & Co.                                                                                                  | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     980000 | PA      | $820705.70     | 0.01%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                                | Outfront Media Capital LLC                                                                                     | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2910000 | PA      | $2827310.90    | 0.04%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                                | Outfront Media Capital LLC                                                                                     | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     370000 | PA      | $392109.72     | 0.01%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                                       | Owens & Minor, Inc.                                                                                            | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    1065000 | PA      | $753164.63     | 0.01%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                                      | Owens-Brockway Glass Container, Inc.                                                                           | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    1085000 | PA      | $1087075.61    | 0.02%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                                  | AthenaHealth Group, Inc., 1st Lien Term Loan                                                                   | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    1242223 | PA      | $1239639.32    | 0.02%             | 2029-02-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                              | Performance Food Group, Inc.                                                                                   | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    2950000 | PA      | $2949819.46    | 0.05%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                                  | PRPM LLC, Series 2025-4, Class A1                                                                              | CUSIP: 69382KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1833811 | PA      | $1837956.47    | 0.03%             | 2030-06-25      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                            | PMT Loan Trust, Series 2025-INV6, Class A2                                                                     | CUSIP: 69382MAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7477413 | PA      | $7589469.35    | 0.12%             | 2056-06-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                            | PMT Loan Trust, Series 2025-INV10, Class A2                                                                    | CUSIP: 69383EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10056520 | PA      | $10146082.98   | 0.16%             | 2056-10-01      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                  | PRET LLC, Series 2024-NPL8, Class A1                                                                           | CUSIP: 69392DAA0<br>LEI: 254900IGILCZGVE9SS90 | Long             | ABS-MBS          | CORP              | US        |    1594477 | PA      | $1595449.70    | 0.03%             | 2054-11-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Pret LLC                                                                  | PRET LLC, Series 2025-NPL2, Class A1                                                                           | CUSIP: 69392JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7709149 | PA      | $7735293.54    | 0.12%             | 2055-03-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                                  | PRPM LLC, Series 2025-RPL2, Class A1                                                                           | CUSIP: 69392MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1709309 | PA      | $1669457.11    | 0.03%             | 2055-04-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| PRM5 Trust                                                                | PRM5 Trust, Series 2025-PRM5, Class C                                                                          | CUSIP: 693980AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1590000 | PA      | $1587579.38    | 0.03%             | 2033-03-10      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| PRM5 Trust                                                                | PRM5 Trust, Series 2025-PRM5, Class D                                                                          | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1530000 | PA      | $1528904.52    | 0.02%             | 2033-03-10      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                                            | Pagaya AI Debt Selection Trust, Series 2021-3, Class C                                                         | CUSIP: 69546RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     233109 | PA      | $229914.01     | 0.00%             | 2029-05-15      | Fixed         | 3.27%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                                                   | CUSIP: 695847AS2<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    1100000 | PA      | $1094500.00    | 0.02%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                           | Palmer Square Loan Funding Ltd., Series 2024-3A, Class B                                                       | CUSIP: 69690EAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2000342.00    | 0.03%             | 2032-08-08      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                                    | Palmer Square CLO Ltd., Series 2021-2A, Class BR                                                               | CUSIP: 69701XAN4<br>LEI: 254900HTQ89UZTKY6247 | Long             | ABS-CBDO         | CORP              | KY        |    4300000 | PA      | $4303091.70    | 0.07%             | 2038-02-15      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                                                             | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     800000 | PA      | $834248.00     | 0.01%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                                                             | CUSIP: 698299BZ6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    1900000 | PA      | $2200378.22    | 0.03%             | 2057-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                                                           | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    4100000 | PA      | $3788400.00    | 0.06%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                                        | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     110000 | PA      | $108417.82     | 0.00%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Peace Park CLO Ltd.                                                       | Peace Park CLO Ltd., Series 2021-1A, Class BR                                                                  | CUSIP: 70470MAS4<br>LEI: 549300XHXTUZ93V6SK42 | Long             | ABS-CBDO         | CORP              | KY        |    5400000 | PA      | $5400637.20    | 0.09%             | 2038-10-20      | Floating      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                                             | Penske Automotive Group, Inc.                                                                                  | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |     349000 | PA      | $337431.73     | 0.01%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                              | Performance Food Group, Inc.                                                                                   | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    2555000 | PA      | $2508588.94    | 0.04%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                           | Permian Resources Operating LLC                                                                                | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     816000 | PA      | $836337.17     | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    7690000 | PA      | $7619636.50    | 0.12%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     410000 | PA      | $325335.00     | 0.01%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   14950000 | PA      | $13330915.00   | 0.21%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    1000000 | PA      | $964060.00     | 0.02%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    2000000 | PA      | $1615620.00    | 0.03%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    2000000 | PA      | $2140000.00    | 0.03%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    4650000 | PA      | $5366565.00    | 0.08%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                     | Petroleos del Peru SA                                                                                          | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | NUSS              | PE        |    1600000 | PA      | $1128752.00    | 0.02%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PetSmart LLC                                                              | PetSmart LLC                                                                                                   | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1825000 | PA      | $1838975.85    | 0.03%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                                                | Pike Corp.                                                                                                     | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     410000 | PA      | $433454.16     | 0.01%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                            | PMT Loan Trust, Series 2025-INV5, Class A2                                                                     | CUSIP: 729907AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4200393 | PA      | $4265860.33    | 0.07%             | 2056-05-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                            | PMT Loan Trust, Series 2025-J1, Class A1                                                                       | CUSIP: 729910AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15154709 | PA      | $15381817.05   | 0.24%             | 2055-04-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                       | Post Holdings, Inc.                                                                                            | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     512000 | PA      | $512088.67     | 0.01%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                       | Post Holdings, Inc.                                                                                            | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    4770000 | PA      | $4646048.69    | 0.07%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                       | Post Holdings, Inc.                                                                                            | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    1561000 | PA      | $1611837.09    | 0.03%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                                                  | Precision Drilling Corp.                                                                                       | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     225000 | PA      | $226344.15     | 0.00%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                                     | Prestige Brands, Inc.                                                                                          | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     990000 | PA      | $989114.94     | 0.02%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                  | PRET LLC, Series 2024-NPL7, Class A1                                                                           | CUSIP: 74136TAA6<br>LEI: 254900640HC5OZKI7J87 | Long             | ABS-MBS          | CORP              | US        |    2143564 | PA      | $2144811.06    | 0.03%             | 2054-10-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                  | PRET LLC, Series 2025-NPL4, Class A1                                                                           | CUSIP: 74136UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5225259 | PA      | $5254526.00    | 0.08%             | 2055-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                  | PRET LLC, Series 2025-NPL3, Class A1                                                                           | CUSIP: 74143HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6753251 | PA      | $6800759.82    | 0.11%             | 2055-04-25      | Variable      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                  | PRET LLC, Series 2025-NPL5, Class A1                                                                           | CUSIP: 74143LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5393405 | PA      | $5425581.89    | 0.09%             | 2055-05-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                  | PRET LLC, Series 2024-NPL9, Class A1                                                                           | CUSIP: 74143TAA7<br>LEI: 25490072TKR6YZ7BOH19 | Long             | ABS-MBS          | CORP              | US        |    1828849 | PA      | $1829797.82    | 0.03%             | 2054-12-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| PRET Trust                                                                | PRET Trust, Series 2025-NPL1, Class A1                                                                         | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13093329 | PA      | $13129050.57   | 0.21%             | 2055-02-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                                      | Prime Security Services Borrower LLC                                                                           | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     218000 | PA      | $218605.17     | 0.00%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                                      | Prime Security Services Borrower LLC                                                                           | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3345000 | PA      | $3265462.92    | 0.05%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                                | Progress Residential Trust, Series 2023-SFR1, Class E1                                                         | CUSIP: 74334FAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     736000 | PA      | $737633.99     | 0.01%             | 2040-03-17      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                                          | Provident Funding Mortgage Trust, Series 2025-3, Class A1                                                      | CUSIP: 74388PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24219955 | PA      | $24488457.38   | 0.39%             | 2055-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                                          | Provident Funding Mortgage Trust, Series 2025-2, Class A1                                                      | CUSIP: 74389DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3380006 | PA      | $3430658.71    | 0.05%             | 2055-06-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                                  | PRPM LLC, Series 2024-8, Class A2                                                                              | CUSIP: 74448KAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2005621.60    | 0.03%             | 2029-12-25      | Variable      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                                  | PRPM LLC, Series 2024-7, Class A1                                                                              | CUSIP: 74448LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1628762 | PA      | $1629532.55    | 0.03%             | 2029-11-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| PRPM                                                                      | PRPM, Series 2025-3, Class A1                                                                                  | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1813337 | PA      | $1816696.98    | 0.03%             | 2030-05-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Purewest ABS Issuer LLC                                                   | Purewest ABS Issuer LLC, Series 2025-1, Class A2                                                               | CUSIP: 74628AAB0<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |    1985400 | PA      | $2024909.67    | 0.03%             | 2040-04-05      | Fixed         | 6.53%                 | Yes           |                  3 | On Loan: No      |
| Purewest ABS Issuer LLC                                                   | Purewest ABS Issuer LLC, Series 2025-1, Class B                                                                | CUSIP: 74628AAC8<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |    4754569 | PA      | $4754568.94    | 0.07%             | 2040-04-05      | Fixed         | 10.28%                | Yes           |                  3 | On Loan: No      |
| Qnity Electronics, Inc.                                                   | Qnity Electronics, Inc.                                                                                        | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    1382000 | PA      | $1418375.62    | 0.02%             | 2032-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                                                   | Qnity Electronics, Inc.                                                                                        | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     830000 | PA      | $860155.56     | 0.01%             | 2033-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| QXO Building Products, Inc.                                               | QXO Building Products, Inc.                                                                                    | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    1472000 | PA      | $1537233.15    | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                       | Rocket Mortgage LLC                                                                                            | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3118000 | PA      | $3011616.96    | 0.05%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                   | Quikrete Holdings, Inc.                                                                                        | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    3541000 | PA      | $3676956.70    | 0.06%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                                        | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4250000 | PA      | $4240173.58    | 0.07%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                                        | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     310000 | PA      | $305804.40     | 0.00%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                                        | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1075000 | PA      | $1109023.75    | 0.02%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                                        | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1140000 | PA      | $1181503.98    | 0.02%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                                        | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     568000 | PA      | $590247.42     | 0.01%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                                | ROCK Trust, Series 2024-CNTR, Class A                                                                          | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5486012 | PA      | $5658167.99    | 0.09%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                                | ROCK Trust, Series 2024-CNTR, Class D                                                                          | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11115000 | PA      | $11651948.98   | 0.18%             | 2041-11-13      | Fixed         | 7.11%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                                | ROCK Trust, Series 2024-CNTR, Class E                                                                          | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20400000 | PA      | $21534142.08   | 0.34%             | 2041-11-13      | Fixed         | 8.82%                 | Yes           |                  2 | On Loan: No      |
| RR 12 Ltd.                                                                | RR Ltd., Series 2020-12A, Class A2R3                                                                           | CUSIP: 74989HAQ5<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |    2796000 | PA      | $2794465.00    | 0.04%             | 2036-01-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                                                  | Radiology Partners, Inc.                                                                                       | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    2002000 | PA      | $2079577.50    | 0.03%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                                     | Range Resources Corp.                                                                                          | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    1668000 | PA      | $1701313.30    | 0.03%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                                                     | Range Resources Corp.                                                                                          | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     498000 | PA      | $491365.15     | 0.01%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                            | Raven Acquisition Holdings LLC                                                                                 | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     891000 | PA      | $915940.87     | 0.01%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RCO X Mortgage LLC                                                        | RCO X Mortgage LLC, Series 2025-1, Class A1                                                                    | CUSIP: 75523XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3460314 | PA      | $3464742.15    | 0.05%             | 2030-01-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                                     | ReadyCap Holdings LLC, Series QIB                                                                              | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5070721.85    | 0.08%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                            | Anywhere Real Estate Group LLC                                                                                 | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     613000 | PA      | $589537.24     | 0.01%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                            | Anywhere Real Estate Group LLC                                                                                 | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     710000 | PA      | $661729.51     | 0.01%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                            | Anywhere Real Estate Group LLC                                                                                 | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     823000 | PA      | $894070.17     | 0.01%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                       | Regal Rexnord Corp.                                                                                            | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      97000 | PA      | $104600.52     | 0.00%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                           | Republic Finance Issuance Trust, Series 2024-A, Class A                                                        | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2563000 | PA      | $2591197.87    | 0.04%             | 2032-08-20      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                           | Republic Finance Issuance Trust, Series 2024-B, Class A                                                        | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3631000 | PA      | $3703261.26    | 0.06%             | 2037-11-20      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                           | Republic Finance Issuance Trust, Series 2021-A, Class D                                                        | CUSIP: 76042UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $791877.76     | 0.01%             | 2031-12-22      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| RFT TRUST                                                                 | RFT TRUST, Series 2024-2, Class A1                                                                             | CUSIP: 76201AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2933379 | PA      | $2936154.37    | 0.05%             | 2028-09-27      | Variable      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| RFT TRUST                                                                 | RFT TRUST, Series 2024-2, Class A2                                                                             | CUSIP: 76201AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2933379 | PA      | $2936136.77    | 0.05%             | 2028-09-27      | Variable      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| MH Sub I LLC                                                              | MH Sub I LLC, 1st Lien Term Loan                                                                               | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     446168 | PA      | $402260.71     | 0.01%             | 2028-05-03      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| RingCentral, Inc.                                                         | RingCentral, Inc.                                                                                              | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     545000 | PA      | $579918.70     | 0.01%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                                  | RB Global Holdings, Inc.                                                                                       | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     690000 | PA      | $706432.35     | 0.01%             | 2028-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp.                                                                                                 | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      38580 | PA      | $0.00          | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp., Series A                                                                                       | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     112025 | PA      | $0.00          | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp., Series B                                                                                       | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      52563 | PA      | $0.00          | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp.                                                                                                 | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     248000 | PA      | $0.00          | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp.                                                                                                 | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     121000 | PA      | $0.00          | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp., Escrow                                                                                         | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     104124 | PA      | $0.00          | 0.00%             | 2025-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Rocket Cos., Inc.                                                         | Rocket Cos., Inc.                                                                                              | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1315000 | PA      | $1365051.53    | 0.02%             | 2030-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                         | Rocket Cos., Inc.                                                                                              | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     708000 | PA      | $741394.94     | 0.01%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                       | Rocket Mortgage LLC                                                                                            | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     565000 | PA      | $555846.29     | 0.01%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                              | Rockies Express Pipeline LLC                                                                                   | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     843000 | PA      | $884463.80     | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                                                        | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    2400000 | PA      | $2632128.00    | 0.04%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                              | Royal Caribbean Cruises Ltd.                                                                                   | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    2022000 | PA      | $2092262.62    | 0.03%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                              | Royal Caribbean Cruises Ltd.                                                                                   | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     560000 | PA      | $576585.39     | 0.01%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                              | Royal Caribbean Cruises Ltd.                                                                                   | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     695000 | PA      | $710332.10     | 0.01%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Rwanda                                                        | Republic of Rwanda                                                                                             | CUSIP: 78347YAL7<br>LEI: 213800DQC28OBRZDYJ87 | Long             | DBT              | NUSS              | RW        |    2000000 | PA      | $1829380.00    | 0.03%             | 2031-08-09      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SHR Trust                                                                 | SHR Trust, Series 2024-LXRY, Class B                                                                           | CUSIP: 784234AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2002099.20    | 0.03%             | 2041-10-15      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                                                 | SCF Equipment Leasing LLC, Series 2025-2A, Class D                                                             | CUSIP: 78439XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2770000 | PA      | $2768545.75    | 0.04%             | 2036-06-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                                                 | SCF Equipment Leasing LLC, Series 2025-2A, Class E                                                             | CUSIP: 78439XAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3920000 | PA      | $3940776.00    | 0.06%             | 2036-06-20      | Fixed         | 6.21%                 | Yes           |                  2 | On Loan: No      |
| SLG Office Trust                                                          | SLG Office Trust, Series 2021-OVA, Class A                                                                     | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6300000 | PA      | $5674922.82    | 0.09%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                                                  | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     960000 | PA      | $961037.76     | 0.02%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                                                  | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    1450000 | PA      | $1451674.75    | 0.02%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                                                  | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     220000 | PA      | $222520.98     | 0.00%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                                                  | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     848000 | PA      | $846927.87     | 0.01%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                                                  | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     719000 | PA      | $703464.93     | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                   | SS&C Technologies, Inc.                                                                                        | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    5193000 | PA      | $5192167.04    | 0.08%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                   | SS&C Technologies, Inc.                                                                                        | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     460000 | PA      | $478717.86     | 0.01%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SREIT Trust                                                               | SREIT Trust, Series 2021-MFP, Class G                                                                          | CUSIP: 78472UAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1677683 | PA      | $1675637.58    | 0.03%             | 2038-11-15      | Floating      | 7.05%                 | Yes           |                  2 | On Loan: No      |
| SRT Issuer I LLC                                                          | SRT Issuer I LLC                                                                                               | CUSIP: 78475KAC1<br>LEI: 2549007PUYUQCDX9UC96 | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7506911.10    | 0.12%             | 2031-07-07      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Saavi Energia Sarl                                                        | Saavi Energia SARL                                                                                             | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |    1763000 | PA      | $1887520.69    | 0.03%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Rocket Software, Inc.                                                     | Rocket Software, Inc., 1st Lien Term Loan                                                                      | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |     591524 | PA      | $589624.98     | 0.01%             | 2028-11-28      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                               | Saks Global Enterprises LLC                                                                                    | CUSIP: 79380MAB1<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     402300 | PA      | $139398.24     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                                                     | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     400000 | PA      | $391062.52     | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                                                | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     720000 | PA      | $753184.14     | 0.01%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2022-7, Class C                                                 | CUSIP: 80287FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     174000 | PA      | $177593.73     | 0.00%             | 2031-03-17      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2024-3, Class D                                                 | CUSIP: 80287LAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1906000 | PA      | $1948591.29    | 0.03%             | 2031-10-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2025-2, Class D                                                 | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2400000 | PA      | $2436352.56    | 0.04%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2025-3, Class D                                                 | CUSIP: 80288JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5730000 | PA      | $5759710.05    | 0.09%             | 2031-09-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                                   | Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class E                                                | CUSIP: 80290CCE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1209873 | PA      | $1232946.83    | 0.02%             | 2033-12-15      | Fixed         | 8.41%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2024-4, Class D                                                 | CUSIP: 802919AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1958000 | PA      | $1977869.59    | 0.03%             | 2031-12-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2024-5, Class D                                                 | CUSIP: 802920AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1247000 | PA      | $1256280.67    | 0.02%             | 2032-02-17      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2025-4, Class D                                                 | CUSIP: 802923AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3123000 | PA      | $3135119.74    | 0.05%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2023-4, Class B                                                 | CUSIP: 802927AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     428000 | PA      | $432190.33     | 0.01%             | 2028-12-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                           | TransDigm, Inc., 1st Lien Term Loan J                                                                          | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     148869 | PA      | $149079.25     | 0.00%             | 2031-02-28      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Science Applications International Corp.                                  | Science Applications International Corp.                                                                       | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     330000 | PA      | $328723.63     | 0.01%             | 2033-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                                                   | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    5485000 | PA      | $5370773.78    | 0.08%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                                                   | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     575000 | PA      | $537519.66     | 0.01%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                             | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A                                                       | CUSIP: 811304AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2125000 | PA      | $2125381.86    | 0.03%             | 2039-05-15      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                             | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                                                       | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4575000 | PA      | $4563577.14    | 0.07%             | 2039-05-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                 | Seagate Data Storage Technology Pte. Ltd.                                                                      | CUSIP: 81180LAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     800000 | PA      | $780409.92     | 0.01%             | 2029-06-01      | Fixed         | 4.09%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                 | Seagate Data Storage Technology Pte. Ltd.                                                                      | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     780000 | PA      | $828633.00     | 0.01%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                 | Seagate Data Storage Technology Pte. Ltd.                                                                      | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     497000 | PA      | $529436.21     | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| WEC US Holdings, Inc.                                                     | WEC US Holdings, Inc., 1st Lien Term Loan                                                                      | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |     494987 | PA      | $495423.06     | 0.01%             | 2031-01-27      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Adient US LLC                                                             | Adient US LLC, 1st Lien Term Loan B-2                                                                          | CUSIP: 00687MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     631093 | PA      | $632752.74     | 0.01%             | 2031-01-31      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| UKG, Inc.                                                                 | UKG, Inc., 1st Lien Term Loan                                                                                  | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    1642600 | PA      | $1641204.02    | 0.03%             | 2031-02-10      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                    | Sempra                                                                                                         | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    1526000 | PA      | $1554523.73    | 0.02%             | 2056-04-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                | Sensata Technologies, Inc.                                                                                     | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    6620000 | PA      | $6190718.82    | 0.10%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                | Sensata Technologies, Inc.                                                                                     | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1045378.00    | 0.02%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                                                             | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     400000 | PA      | $431613.00     | 0.01%             | 2033-09-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                                                             | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     800000 | PA      | $831200.64     | 0.01%             | 2034-06-12      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                    | Sequoia Mortgage Trust, Series 2025-7, Class A1                                                                | CUSIP: 81749VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7551081 | PA      | $7664241.08    | 0.12%             | 2055-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                                               | Service Corp. International                                                                                    | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    4180000 | PA      | $3917044.14    | 0.06%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                                  | SGUS LLC                                                                                                       | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     171644 | PA      | $139092.74     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Shackleton CLO Ltd.                                                       | Shackleton CLO Ltd., Series 2019-15A, Class BR                                                                 | CUSIP: 81883MAN3<br>LEI: 549300O6RVX5OXLL7335 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2001610.00    | 0.03%             | 2032-01-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                                                       | Shift4 Payments LLC                                                                                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2137000 | PA      | $2221223.44    | 0.04%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                    | Shutterfly Finance LLC                                                                                         | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     205391 | PA      | $195634.93     | 0.00%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                    | Shutterfly Finance LLC                                                                                         | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      22913 | PA      | $22913.00      | 0.00%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                                        | MIWD Holdco II LLC, 1st Lien Term Loan                                                                         | CUSIP: 55336CAK8<br>LEI: 254900X3SPV5RVFJEY72 | Long             | LON              | CORP              | US        |     992494 | PA      | $990369.77     | 0.02%             | 2031-03-28      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                           | Sinclair Television Group, Inc.                                                                                | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    1590000 | PA      | $1656414.30    | 0.03%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                       | Sirius XM Radio LLC                                                                                            | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    2700000 | PA      | $2700604.80    | 0.04%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                       | Sirius XM Radio LLC                                                                                            | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    4075000 | PA      | $4095965.88    | 0.06%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                       | Sirius XM Radio LLC                                                                                            | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    4660000 | PA      | $4542722.25    | 0.07%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                             | Six Flags Entertainment Corp.                                                                                  | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    2090000 | PA      | $2063233.85    | 0.03%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                             | Six Flags Entertainment Corp.                                                                                  | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1499000 | PA      | $1495338.80    | 0.02%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                 | South Bow USA Infrastructure Holdings LLC                                                                      | CUSIP: 83007CAB8<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     595000 | PA      | $599537.11     | 0.01%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                                                   | Genesee & Wyoming, Inc., 1st Lien Term Loan                                                                    | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    1822692 | PA      | $1819465.94    | 0.03%             | 2031-04-10      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certificates                  | Small Business Administration Participation Certificates, Series 2025-25J, Class 1                             | CUSIP: 83162C2X0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4740000 | PA      | $4809835.84    | 0.08%             | 2050-10-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                        | SBA Small Business Investment Cos., Series 2023-10A, Class 1                                                   | CUSIP: 83162CS79<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1410648 | PA      | $1439638.37    | 0.02%             | 2033-03-10      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                        | SBA Small Business Investment Cos., Series 2023-10B, Class 1                                                   | CUSIP: 831641FW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1690562 | PA      | $1751128.94    | 0.03%             | 2033-09-10      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                        | SBA Small Business Investment Cos., Series 2024-10A, Class 1                                                   | CUSIP: 831641FX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6421041 | PA      | $6554342.19    | 0.10%             | 2034-03-10      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                             | Smyrna Ready Mix Concrete LLC                                                                                  | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    2440000 | PA      | $2589703.76    | 0.04%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                                                | Snap, Inc.                                                                                                     | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    1023000 | PA      | $1053828.11    | 0.02%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                                                            | CUSIP: 83368RBQ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     315000 | PA      | $315647.91     | 0.00%             | 2027-01-12      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Solstice Advanced Materials, Inc.                                         | Solstice Advanced Materials, Inc.                                                                              | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     789000 | PA      | $793317.41     | 0.01%             | 2033-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                                    | Sonic Automotive, Inc.                                                                                         | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    5178000 | PA      | $5062726.33    | 0.08%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                                       | CUSIP: 836205AZ7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     500000 | PA      | $456695.00     | 0.01%             | 2048-06-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                                       | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     900000 | PA      | $760050.00     | 0.01%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                                       | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     200000 | PA      | $201514.00     | 0.00%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                                       | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1800000 | PA      | $1938150.00    | 0.03%             | 2036-11-19      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                                       | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    3542000 | PA      | $3797024.00    | 0.06%             | 2054-11-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Central Parent LLC                                                        | Central Parent LLC, 1st Lien Term Loan                                                                         | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     445500 | PA      | $369346.23     | 0.01%             | 2029-07-06      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                                             | White Cap Supply Holdings LLC, 1st Lien Term Loan C                                                            | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     371250 | PA      | $372192.98     | 0.01%             | 2029-10-19      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP, 1st Lien Term Loan                                                                          | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    1361043 | PA      | $1360961.54    | 0.02%             | 2031-08-04      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                                                            | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     695000 | PA      | $704721.22     | 0.01%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                                                     | Spectrum Brands, Inc.                                                                                          | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |     129000 | PA      | $105133.44     | 0.00%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                     | OneMain Finance Corp.                                                                                          | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     485000 | PA      | $488092.85     | 0.01%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                                  | Spirit AeroSystems, Inc.                                                                                       | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    1102000 | PA      | $1157288.31    | 0.02%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                                               | Block, Inc.                                                                                                    | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    2891000 | PA      | $3021306.04    | 0.05%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                               | Block, Inc.                                                                                                    | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    1872000 | PA      | $1907444.45    | 0.03%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                                               | Block, Inc.                                                                                                    | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     281000 | PA      | $288799.54     | 0.00%             | 2033-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                                         | Standard Building Solutions, Inc.                                                                              | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    1259000 | PA      | $1291287.06    | 0.02%             | 2033-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                                 | Standard Industries, Inc.                                                                                      | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6115000 | PA      | $6098146.45    | 0.10%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                                 | Standard Industries, Inc.                                                                                      | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1260000 | PA      | $1221737.58    | 0.02%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                                     | Ahead DB Holdings LLC, 1st Lien Term Loan B-3                                                                  | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |    1352773 | PA      | $1344223.13    | 0.02%             | 2031-02-03      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                             | Staples, Inc.                                                                                                  | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    2610000 | PA      | $2565214.75    | 0.04%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                       | Starwood Mortgage Residential Trust, Series 2020-INV1, Class B2                                                | CUSIP: 85573EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $217366.70     | 0.00%             | 2055-11-25      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| Republic of Montenegro                                                    | Republic of Montenegro                                                                                         | CUSIP: 857305AA4<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |    1950000 | PA      | $2090263.50    | 0.03%             | 2031-03-12      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                        | State Street Corp., Series I                                                                                   | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    1130000 | PA      | $1172767.11    | 0.02%             | 2029-03-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                                       | Station Casinos LLC                                                                                            | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    2240000 | PA      | $2215658.14    | 0.03%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Stifel SBA IO Trust                                                       | Stifel SBA Trust, Series 2025-2A, Class A1                                                                     | CUSIP: 86063EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   58207014 | PA      | $3527345.06    | 0.06%             | 2036-08-25      | Variable      | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Stifel SBA IO Trust                                                       | Stifel SBA IO Trust, Series 2024-1A, Class A2                                                                  | CUSIP: 86063NAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   48747624 | PA      | $1774718.19    | 0.03%             | 2050-06-25      | Variable      | 1.27%                 | Yes           |                  3 | On Loan: No      |
| Jetblue Airways Corp.                                                     | Jetblue Airways Corp., 1st Lien Term Loan                                                                      | CUSIP: G5112TAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     928137 | PA      | $854350.50     | 0.01%             | 2029-08-13      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Street Capital Group, Inc.                                                | Street Capital Group, Inc.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |    1803546 | PA      | $1803545.79    | 0.03%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| STReAM 2008 BV                                                            | STReAM 2008 BV                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |    1803628 | PA      | $1803627.51    | 0.03%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Subway Funding LLC                                                        | Subway Funding LLC, Series 2024-1A, Class A23                                                                  | CUSIP: 864300AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9324810 | PA      | $9660277.50    | 0.15%             | 2054-07-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BCPE Pequod Buyer, Inc.                                                   | BCPE Pequod Buyer, Inc., 1st Lien Term Loan                                                                    | CUSIP: 05624AAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     714210 | PA      | $715995.53     | 0.01%             | 2031-11-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                 | Sunoco LP                                                                                                      | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     565000 | PA      | $588126.03     | 0.01%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                                 | Sunoco LP                                                                                                      | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1780000 | PA      | $1744549.16    | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                 | Sunoco LP                                                                                                      | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1490000 | PA      | $1450769.07    | 0.02%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Superior Plus LP                                                          | Superior Plus LP                                                                                               | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     150000 | PA      | $145080.65     | 0.00%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                                                         | CUSIP: 86886PAE2<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    2151000 | PA      | $2209614.75    | 0.03%             | 2030-11-06      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                                                         | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    5338000 | PA      | $5746677.28    | 0.09%             | 2035-11-06      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd.                                                         | Symphony CLO Ltd., Series 2016-18A, Class CR4                                                                  | CUSIP: 87154GFQ3<br>LEI: 549300JQYSBIW1AM8R32 | Long             | ABS-CBDO         | CORP              | KY        |    8180000 | PA      | $8182560.34    | 0.13%             | 2037-10-23      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd.                                                         | Symphony CLO Ltd., Series 2018-19A, Class B                                                                    | CUSIP: 87165YAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1900000 | PA      | $1900912.00    | 0.03%             | 2031-04-16      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XIX Ltd.                                                     | Symphony CLO Ltd., Series 2018-19A, Class C                                                                    | CUSIP: 87165YAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     940000 | PA      | $939985.90     | 0.01%             | 2031-04-16      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XXI Ltd.                                                     | Symphony CLO Ltd., Series 2019-21A, Class CR2                                                                  | CUSIP: 87166RGJ0<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |    3000000 | PA      | $2996094.00    | 0.05%             | 2032-07-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XXIII Ltd.                                                   | Symphony CLO Ltd., Series 2020-23A, Class CR2                                                                  | CUSIP: 87167NDQ5<br>LEI: 54930001DQI1CFLYVB48 | Long             | ABS-CBDO         | CORP              | KY        |    3600000 | PA      | $3595312.80    | 0.06%             | 2034-01-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd.                                                         | Symphony CLO Ltd., Series 2021-29A, Class BR                                                                   | CUSIP: 87168GAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6455000 | PA      | $6463159.12    | 0.10%             | 2035-10-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd.                                                         | Symphony CLO Ltd., Series 2022-32A, Class BR                                                                   | CUSIP: 87168NAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4225000 | PA      | $4226275.95    | 0.07%             | 2035-10-23      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| TPG Trust                                                                 | TPG Trust, Series 2024-WLSC, Class A                                                                           | CUSIP: 872973AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2000530.60    | 0.03%             | 2029-11-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                   | Talen Energy Supply LLC                                                                                        | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    2471000 | PA      | $2517761.20    | 0.04%             | 2034-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                                                   | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2015000 | PA      | $2013853.87    | 0.03%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                                                   | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1620000 | PA      | $1614599.89    | 0.03%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                                                   | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     485000 | PA      | $479347.81     | 0.01%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                                                   | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     970000 | PA      | $971146.54     | 0.02%             | 2034-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                            | Raven Acquisition Holdings LLC, 1st Lien Term Loan                                                             | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     397559 | PA      | $398552.78     | 0.01%             | 2031-11-19      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| TEGNA, Inc.                                                               | TEGNA, Inc.                                                                                                    | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    3530000 | PA      | $3497382.09    | 0.06%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                            | Somnigroup International, Inc.                                                                                 | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    6310000 | PA      | $6144057.73    | 0.10%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                                         | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    6520000 | PA      | $6520632.44    | 0.10%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                                         | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    6210000 | PA      | $6212626.83    | 0.10%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                                         | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     993000 | PA      | $1014986.01    | 0.02%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                                         | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    1259000 | PA      | $1311729.44    | 0.02%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                               | Terex Corp.                                                                                                    | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     550000 | PA      | $546415.27     | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                                               | Terex Corp.                                                                                                    | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     845000 | PA      | $862713.74     | 0.01%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Termocandelaria Power SA                                                  | Termocandelaria Power SA                                                                                       | CUSIP: 88087AAA6<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | ES        |     650000 | PA      | $669181.50     | 0.01%             | 2031-09-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                                                     | Theorem Funding Trust, Series 2022-2A, Class B                                                                 | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     305649 | PA      | $306150.35     | 0.00%             | 2028-12-15      | Fixed         | 9.27%                 | Yes           |                  2 | On Loan: No      |
| MH Sub I LLC                                                              | MH Sub I LLC, 1st Lien Term Loan                                                                               | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     301986 | PA      | $245490.16     | 0.00%             | 2031-12-31      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Trust                                                     | Toorak Mortgage Trust, Series 2024-RRTL1, Class A1                                                             | CUSIP: 89054YAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2150000 | PA      | $2157388.26    | 0.03%             | 2039-02-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| TopBuild Corp.                                                            | TopBuild Corp.                                                                                                 | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |     579000 | PA      | $586904.19     | 0.01%             | 2034-01-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Trust                                                     | Toorak Mortgage Trust, Series 2024-2, Class A1                                                                 | CUSIP: 89055KAA0<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |    2800000 | PA      | $2812519.08    | 0.04%             | 2031-10-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                               | Toronto-Dominion Bank (The)                                                                                    | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     950000 | PA      | $998471.85     | 0.02%             | 2082-10-31      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                | iHeartCommunications, Inc., 1st Lien Term Loan B                                                               | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2200000 | PA      | $1957604.00    | 0.03%             | 2029-05-01      | Variable      | 9.81%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                                        | Wand NewCo 3, Inc., 1st Lien Term Loan                                                                         | CUSIP: 93369PAM6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1025789 | PA      | $1025686.91    | 0.02%             | 2031-01-30      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                                                       | Phoenix Newco, Inc., 1st Lien Term Loan                                                                        | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |     571177 | PA      | $573295.84     | 0.01%             | 2028-11-15      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                                         | Transcanada Trust                                                                                              | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    1696000 | PA      | $1681321.12    | 0.03%             | 2079-09-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                                         | Transcanada Trust                                                                                              | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    3396000 | PA      | $3343712.47    | 0.05%             | 2082-03-07      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                                  | Boost Newco Borrower LLC, 1st Lien Term Loan B-2                                                               | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |     372192 | PA      | $372750.48     | 0.01%             | 2031-01-31      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                           | TransDigm, Inc.                                                                                                | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    5924000 | PA      | $6101524.51    | 0.10%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                           | TransDigm, Inc.                                                                                                | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    1831000 | PA      | $1903091.96    | 0.03%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                           | TransDigm, Inc.                                                                                                | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     360000 | PA      | $373262.04     | 0.01%             | 2034-01-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                                             | Transocean International Ltd.                                                                                  | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     337500 | PA      | $351879.53     | 0.01%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                                             | Transocean International Ltd.                                                                                  | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     631000 | PA      | $641863.93     | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                                    | HUB International Ltd., 1st Lien Term Loan                                                                     | CUSIP: 44332EAZ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1373153 | PA      | $1377876.44    | 0.02%             | 2030-06-20      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                   | Quikrete Holdings, Inc., 1st Lien Term Loan B-3                                                                | CUSIP: 74839XAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1542250 | PA      | $1543638.03    | 0.02%             | 2032-02-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Triad Properties Corp.                                                    | Triad Properties Corp.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    3624831 | PA      | $3624831.32    | 0.06%             | 2052-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Tricon Residential Trust                                                  | Tricon Residential Trust, Series 2022-SFR1, Class E2                                                           | CUSIP: 89616QAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     101000 | PA      | $100522.32     | 0.00%             | 2039-04-17      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Trinidad Generation UnLtd                                                 | Trinidad Generation UnLtd                                                                                      | CUSIP: 89636DAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     596000 | PA      | $613731.00     | 0.01%             | 2033-06-16      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Trinseo Luxco Finance SPV SARL                                            | Trinseo Luxco Finance SPV SARL                                                                                 | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     189701 | PA      | $32249.17      | 0.00%             | 2029-05-03      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| TRTX Issuer Ltd.                                                          | TRTX Issuer Ltd., Series 2025-FL6, Class A                                                                     | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3050000 | PA      | $3056630.70    | 0.05%             | 2042-09-18      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                                                      | CUSIP: 900123DG2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1200000 | PA      | $1408800.00    | 0.02%             | 2033-01-19      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                                                      | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1164000 | PA      | $1250392.08    | 0.02%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TC Ziraat Bankasi A/S                                                     | TC Ziraat Bankasi A/S                                                                                          | CUSIP: 90015JAC6<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    2950000 | PA      | $2968437.50    | 0.05%             | 2030-11-05      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Ihracat Kredi Bankasi A/S                                         | Turkiye Ihracat Kredi Bankasi A/S                                                                              | CUSIP: 90015LAH0<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |     400000 | PA      | $420250.00     | 0.01%             | 2027-01-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Trust                                         | 1211 Avenue of the Americas Trust, Series 2015-1211, Class C                                                   | CUSIP: 90117PAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     935000 | PA      | $871887.50     | 0.01%             | 2035-08-10      | Variable      | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Coherent Corp.                                                            | Coherent Corp.                                                                                                 | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    3612000 | PA      | $3579606.14    | 0.06%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                                                   | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    3895000 | PA      | $4267899.51    | 0.07%             | 2028-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust, Series 2018-C10, Class D                                                        | CUSIP: 90276FAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $818978.70     | 0.01%             | 2051-05-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust, Series 2017-C5, Class C                                                         | CUSIP: 90276TAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1200000 | PA      | $1109973.72    | 0.02%             | 2050-11-15      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust, Series 2018-C11, Class C                                                        | CUSIP: 90276XBA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2143000 | PA      | $1995300.37    | 0.03%             | 2051-06-15      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                                            | US Foods, Inc.                                                                                                 | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    2819000 | PA      | $2805870.23    | 0.04%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                            | US Foods, Inc.                                                                                                 | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     726000 | PA      | $716456.51     | 0.01%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                            | US Foods, Inc.                                                                                                 | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     410000 | PA      | $424062.59     | 0.01%             | 2028-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd.                                                | AAdvantage Loyalty IP Ltd., 1st Lien Term Loan                                                                 | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     380441 | PA      | $380106.39     | 0.01%             | 2028-04-20      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                     | Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B                                                    | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     922023 | PA      | $915457.70     | 0.01%             | 2032-04-01      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                                           | 1261229 BC Ltd., 1st Lien Term Loan                                                                            | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    1192012 | PA      | $1175920.33    | 0.02%             | 2030-10-08      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                                                     | United Airlines, Inc.                                                                                          | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    1505000 | PA      | $1503102.50    | 0.02%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                        | United Airlines Pass-Through Trust, Series 2016-1, Class B                                                     | CUSIP: 90933HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      17882 | PA      | $17855.34      | 0.00%             | 2026-01-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                        | United Rentals North America, Inc.                                                                             | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    3756000 | PA      | $3755480.92    | 0.06%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                        | United Rentals North America, Inc.                                                                             | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    1035000 | PA      | $1080954.00    | 0.02%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                        | United Rentals North America, Inc.                                                                             | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     426000 | PA      | $426978.32     | 0.01%             | 2033-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                            | Univision Communications, Inc.                                                                                 | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     665000 | PA      | $674599.28     | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                            | Univision Communications, Inc.                                                                                 | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    3925000 | PA      | $4050533.28    | 0.06%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                            | Univision Communications, Inc.                                                                                 | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     547000 | PA      | $580674.41     | 0.01%             | 2032-08-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                                | Upstart Pass-Through Trust, Series 2022-PT2, Class A                                                           | CUSIP: 91679YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      77096 | PA      | $77096.18      | 0.00%             | 2030-02-20      | Variable      | 19.73%                | Yes           |                  3 | On Loan: No      |
| Upstart Pass-Through Trust                                                | Upstart Pass-Through Trust, Series 2022-PT3, Class A                                                           | CUSIP: 91681DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      52316 | PA      | $51949.83      | 0.00%             | 2030-04-20      | Variable      | 22.19%                | Yes           |                  3 | On Loan: No      |
| Republic of Uzbekistan International Bond                                 | Republic of Uzbekistan International Bond                                                                      | CUSIP: 91822Q2J5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     500000 | PA      | $537000.00     | 0.01%             | 2032-05-25      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                 | Republic of Uzbekistan International Bond                                                                      | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     200000 | PA      | $213500.00     | 0.00%             | 2028-10-12      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                                         | Uzbekneftegaz JSC                                                                                              | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |     900000 | PA      | $852187.50     | 0.01%             | 2028-11-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                   | VZ Secured Financing BV                                                                                        | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $181718.64     | 0.00%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                        | Vail Resorts, Inc.                                                                                             | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    1748000 | PA      | $1817052.99    | 0.03%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VCAT LLC                                                                  | VCAT LLC, Series 2025-NPL3, Class A1                                                                           | CUSIP: 92243QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1202641 | PA      | $1204448.72    | 0.02%             | 2055-02-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2018-1, Class A                                                 | CUSIP: 92257AAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      43711 | PA      | $43133.09      | 0.00%             | 2048-04-25      | Fixed         | 3.59%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2022-3, Class A                                                 | CUSIP: 92257BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     193854 | PA      | $192284.95     | 0.00%             | 2052-06-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2022-4, Class A                                                 | CUSIP: 92259KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     371291 | PA      | $373746.43     | 0.01%             | 2052-08-25      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                        | Venture Global Plaquemines LNG LLC                                                                             | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    2227000 | PA      | $2303392.78    | 0.04%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                        | Venture Global Plaquemines LNG LLC                                                                             | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     885000 | PA      | $927606.06     | 0.01%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                         | Venture Global Calcasieu Pass LLC                                                                              | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     665000 | PA      | $609249.26     | 0.01%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                         | Venture Global Calcasieu Pass LLC                                                                              | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    1285000 | PA      | $1125043.91    | 0.02%             | 2033-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                                       | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    2432000 | PA      | $2491034.37    | 0.04%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                                       | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     665000 | PA      | $701352.56     | 0.01%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                                       | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    3060000 | PA      | $3185863.92    | 0.05%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                                       | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     436000 | PA      | $427713.89     | 0.01%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Asurion LLC                                                               | Asurion LLC, 1st Lien Term Loan B-13                                                                           | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     532000 | PA      | $521626.00     | 0.01%             | 2030-09-19      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                | Verus Securitization Trust, Series 2023-1, Class A1                                                            | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     561052 | PA      | $559765.44     | 0.01%             | 2067-12-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                                | Verus Securitization Trust, Series 2023-2, Class A1                                                            | CUSIP: 92539DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     354820 | PA      | $354945.88     | 0.01%             | 2068-03-25      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                                | Verus Securitization Trust, Series 2023-4, Class A1                                                            | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |     469102 | PA      | $469382.11     | 0.01%             | 2068-05-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                                       | Viking Cruises Ltd.                                                                                            | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    1381000 | PA      | $1403388.84    | 0.02%             | 2033-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                                                            | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    2820000 | PA      | $2840511.98    | 0.04%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                                      | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    1855000 | PA      | $1857242.70    | 0.03%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                                      | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    4408000 | PA      | $4422114.42    | 0.07%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                                      | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     500000 | PA      | $531095.50     | 0.01%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                                      | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     890000 | PA      | $936056.61     | 0.01%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Pass Through Trust                                               | VistaJet Pass Through Trust, Series 2021-1C                                                                    | CUSIP: 92841QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1560000 | PA      | $1577471.14    | 0.02%             | 2031-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| VoltaGrid LLC                                                             | VoltaGrid LLC                                                                                                  | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |     608000 | PA      | $606350.25     | 0.01%             | 2030-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                           | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class B                                                      | CUSIP: 92890KBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $91000.00      | 0.00%             | 2057-09-15      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                           | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class C                                                      | CUSIP: 92890KBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     420000 | PA      | $357000.00     | 0.01%             | 2057-09-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd.                                                             | Voya CLO Ltd., Series 2019-4A, Class BR                                                                        | CUSIP: 92918BAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2001668.00    | 0.03%             | 2035-01-15      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                           | WFRBS Commercial Mortgage Trust, Series 2014-C21, Class D                                                      | CUSIP: 92939FAE9<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $3578032.50    | 0.06%             | 2047-08-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                           | WFRBS Commercial Mortgage Trust, Series 2014-C21, Class C                                                      | CUSIP: 92939FAY5<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-MBS          | CORP              | US        |    2150000 | PA      | $2020978.50    | 0.03%             | 2047-08-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                     | WR Grace Holdings LLC                                                                                          | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    3485000 | PA      | $3280740.87    | 0.05%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                     | WR Grace Holdings LLC                                                                                          | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    2085000 | PA      | $2065916.41    | 0.03%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                     | WR Grace Holdings LLC                                                                                          | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    1181000 | PA      | $1172310.32    | 0.02%             | 2032-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                                           | WHARF Commercial Mortgage Trust, Series 2025-DC, Class A                                                       | CUSIP: 92987LAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1776000 | PA      | $1837854.53    | 0.03%             | 2040-07-15      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| EPIC Crude Services LP                                                    | EPIC Crude Services LP, 1st Lien Term Loan                                                                     | CUSIP: 29428XAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     343547 | PA      | $344406.18     | 0.01%             | 2031-10-15      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                                       | LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan                                                        | CUSIP: 50221UAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     783117 | PA      | $783116.76     | 0.01%             | 2031-12-02      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                                   | Belron Finance 2019 LLC, 1st Lien Term Loan                                                                    | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     286900 | PA      | $288334.40     | 0.00%             | 2031-10-16      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                                        | Wand NewCo 3, Inc.                                                                                             | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     919000 | PA      | $968376.03     | 0.02%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| First Advantage Holdings LLC                                              | First Advantage Holdings LLC, 1st Lien Term Loan B-3                                                           | CUSIP: 78477MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     677426 | PA      | $669676.46     | 0.01%             | 2031-10-31      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, Inc.                                                            | SPX FLOW, Inc., 1st Lien Term Loan                                                                             | CUSIP: 78470DAW8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     500000 | PA      | $502525.00     | 0.01%             | 2029-04-05      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                        | Vertiv Group Corp., 1st Lien Term Loan B-4                                                                     | CUSIP: 92537EAG3<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |     371257 | PA      | $372396.79     | 0.01%             | 2032-08-12      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                               | Terex Corp., 1st Lien Term Loan                                                                                | CUSIP: 88078FBQ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     447753 | PA      | $448984.13     | 0.01%             | 2031-10-08      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                                              | PetSmart LLC, 1st Lien Term Loan                                                                               | CUSIP: 71677HAN5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1632990 | PA      | $1618015.17    | 0.03%             | 2032-08-18      | Variable      | 7.96%                 | No            |                  2 | On Loan: No      |
| ICON PARENT I, Inc.                                                       | Icon Parent I, Inc., 1st Lien Term Loan                                                                        | CUSIP: 45115DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1172062 | PA      | $1174101.89    | 0.02%             | 2031-11-13      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                               | Wayfair LLC                                                                                                    | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     490000 | PA      | $509721.03     | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                               | Wayfair LLC                                                                                                    | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    1168000 | PA      | $1244826.37    | 0.02%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VARSITY BRANDS, Inc.                                                      | Varsity Brands, Inc., 1st Lien Term Loan                                                                       | CUSIP: 92227QAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1492260 | PA      | $1495990.65    | 0.02%             | 2031-08-26      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC                                                         | Weekley Homes LLC                                                                                              | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     150000 | PA      | $147598.92     | 0.00%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class D                                                | CUSIP: 94989KBC6<br>LEI: 549300NYO16WLNMVJJ46 | Long             | ABS-MBS          | CORP              | US        |    3112026 | PA      | $3016175.42    | 0.05%             | 2048-06-15      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class B                                               | CUSIP: 94989MAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $3353153.30    | 0.05%             | 2058-07-15      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class D                                                | CUSIP: 95000FAC0<br>LEI: 549300MZIB10PDVAE312 | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2364354.25    | 0.04%             | 2048-07-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                                              | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    4620000 | PA      | $4718350.47    | 0.07%             | 2028-04-22      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2017-C39, Class A5                                               | CUSIP: 95000XAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4330000 | PA      | $4247313.89    | 0.07%             | 2050-09-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class D                                                | CUSIP: 95001JAC1<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $178075.55     | 0.00%             | 2051-05-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A5                                               | CUSIP: 95001JAX5<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $998729.40     | 0.02%             | 2051-05-15      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class AS                                               | CUSIP: 95001JBA4<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $993038.70     | 0.02%             | 2051-05-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class D                                                | CUSIP: 95001MAP5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $3813733.50    | 0.06%             | 2050-07-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class D                                                | CUSIP: 95001NAC2<br>LEI: 5493006021R83VCLAO08 | Long             | ABS-MBS          | CORP              | US        |    2750000 | PA      | $2357831.03    | 0.04%             | 2051-06-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class D                                                | CUSIP: 95001QAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1259956.80    | 0.02%             | 2051-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                                              | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    9807000 | PA      | $10272793.27   | 0.16%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class C                                                | CUSIP: 95003MBX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $85636.04      | 0.00%             | 2055-04-15      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A                                               | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1008679.20    | 0.02%             | 2035-07-15      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class B                                               | CUSIP: 95003PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $504233.90     | 0.01%             | 2035-07-15      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class A3                                               | CUSIP: 95003VAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1800000 | PA      | $1890194.94    | 0.03%             | 2057-07-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Dawn Bidco LLC                                                            | Dawn Bidco LLC, 1st Lien Term Loan                                                                             | CUSIP: 23923YAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1110092 | PA      | $1106683.76    | 0.02%             | 2032-10-07      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                                       | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    1445000 | PA      | $1466686.56    | 0.02%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                                       | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    1388000 | PA      | $1434049.68    | 0.02%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                                       | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     855000 | PA      | $896800.95     | 0.01%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                                       | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     578000 | PA      | $604510.55     | 0.01%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| QXO Building Products, Inc.                                               | QXO Building Products, Inc., 1st Lien Term Loan B                                                              | CUSIP: 07368RAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     143556 | PA      | $143894.35     | 0.00%             | 2032-04-30      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Western Funding Auto Loan Trust                                           | Western Funding Auto Loan Trust, Series 2025-1, Class A                                                        | CUSIP: 958250AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4615000 | PA      | $4647661.74    | 0.07%             | 2035-07-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Western Funding Auto Loan Trust                                           | Western Funding Auto Loan Trust, Series 2025-1, Class D                                                        | CUSIP: 958250AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2540000 | PA      | $2575011.61    | 0.04%             | 2036-01-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                     | Westlake Automobile Receivables Trust, Series 2023-3A, Class D                                                 | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     632000 | PA      | $646709.80     | 0.01%             | 2029-03-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                     | Westlake Automobile Receivables Trust, Series 2023-1A, Class D                                                 | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     437000 | PA      | $446958.40     | 0.01%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                     | Westlake Automobile Receivables Trust, Series 2024-3A, Class D                                                 | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3900000 | PA      | $3948133.02    | 0.06%             | 2030-04-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                     | Westlake Automobile Receivables Trust, Series 2024-1A, Class D                                                 | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     576000 | PA      | $586254.64     | 0.01%             | 2029-10-15      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                   | Williams Scotsman, Inc.                                                                                        | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     220000 | PA      | $229187.20     | 0.00%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                   | Williams Scotsman, Inc.                                                                                        | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     389000 | PA      | $401677.90     | 0.01%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WULF Compute LLC                                                          | WULF Compute LLC                                                                                               | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2210000 | PA      | $2284964.22    | 0.04%             | 2030-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                                  | Wynn Resorts Finance LLC                                                                                       | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7275000 | PA      | $7311505.95    | 0.12%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                                  | Wynn Resorts Finance LLC                                                                                       | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     776000 | PA      | $793498.80     | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RXO, Inc.                                                                 | RXO, Inc.                                                                                                      | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |     350000 | PA      | $356562.50     | 0.01%             | 2027-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                                                 | XPO, Inc.                                                                                                      | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     425000 | PA      | $433688.70     | 0.01%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                                               | Xerox Corp.                                                                                                    | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     505000 | PA      | $517774.99     | 0.01%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                      | Xerox Holdings Corp.                                                                                           | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     930000 | PA      | $395533.93     | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                      | Xerox Holdings Corp.                                                                                           | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     648000 | PA      | $237807.51     | 0.00%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                              | Yinson Boronia Production BV                                                                                   | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    1402959 | PA      | $1524988.05    | 0.02%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Yinson Bergenia Production BV                                             | Yinson Bergenia Production BV                                                                                  | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |    1321000 | PA      | $1382426.50    | 0.02%             | 2045-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                            | ZF North America Capital, Inc.                                                                                 | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    1548000 | PA      | $1503803.36    | 0.02%             | 2030-04-23      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                                                             | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    1131296 | PA      | $1086468.40    | 0.02%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP, 1st Lien Term Loan                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     578798 | PA      | $579539.06     | 0.01%             | 2028-10-23      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Upstart Frn                                                               | Upstart Frn                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    4000000 | PA      | $4000000.00    | 0.06%             | 2027-09-15      | Floating      | 6.80%                 | No            |                  3 | On Loan: No      |
| ENVY MAC                                                                  | ENVY MAC                                                                                                       | CUSIP: N/A<br>LEI: 549300BSSOQO1ZWDUJ97       | Long             | ABS-O            | CORP              | US        |    1500000 | PA      | $1500000.00    | 0.02%             | 2027-09-23      | Floating      | 6.85%                 | No            |                  3 | On Loan: No      |
| Ista Jet Seri                                                             | Ista Jet Seri                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5000000.00    | 0.08%             | 2032-04-05      | Fixed         | 6.97%                 | No            |                  3 | On Loan: No      |
| Mpire                                                                     | Mpire                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    2500000 | PA      | $2507072.50    | 0.04%             | 2030-09-13      | Floating      | 8.29%                 | No            |                  3 | On Loan: No      |
| Mpire                                                                     | Mpire                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1002829.00    | 0.02%             | 2030-09-19      | Fixed         | 11.16%                | No            |                  3 | On Loan: No      |
| Gnr Frn                                                                   | Gnr Frn                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |  143250000 | PA      | $8505468.75    | 0.13%             | 2035-11-22      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA                                                                                                           | CUSIP: N/A<br>LEI: 549300M8ZYFG0OCMTT87       | Long             | ABS-MBS          | CORP              | US        |    5120492 | PA      | $5046884.93    | 0.08%             | 2035-11-22      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Oneslt                                                                    | Oneslt                                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    3465922 | PA      | $3465922.20    | 0.05%             | 2030-12-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Altice France Sa                                                          | Altice France Sa                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |       1131 | NS      | $19012.75      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rite Aid                                                                  | Rite Aid                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        364 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Escrow Rite Aid                                                           | Escrow Rite Aid                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      36352 | PA      | $0.00          | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Nautical Solutions                                                        | Nautical Solutions                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    4509176 | PA      | $4509175.95    | 0.07%             | 2031-08-01      | Fixed         | 9.20%                 | No            |                  3 | On Loan: No      |
| Republic of Iraq                                                          | Republic of Iraq                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |    1171875 | PA      | $1167846.68    | 0.02%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                                                        | CUSIP: N/A<br>LEI: 5493009VA6AFUB2Q0289       | Long             | DBT              | NUSS              | CR        |    1200000 | PA      | $1175076.00    | 0.02%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                                                           | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    1500000 | PA      | $1427062.50    | 0.02%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                                              | Peru LNG Srl                                                                                                   | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |    3750500 | PA      | $3618069.85    | 0.06%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     700000 | PA      | $653625.00     | 0.01%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                                                     | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      60000 | PA      | $59894.95      | 0.00%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    3600000 | PA      | $3641220.00    | 0.06%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                                  | ADT Security Corp. (The)                                                                                       | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     180000 | PA      | $174479.20     | 0.00%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                                                    | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    2000000 | PA      | $1996500.00    | 0.03%             | 2047-10-10      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                                       | Republic of Senegal                                                                                            | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    1231000 | PA      | $750910.00     | 0.01%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC                                                                                               | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     300000 | PA      | $217446.36     | 0.00%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings                                                            | Eskom Holdings                                                                                                 | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | CORP              | ZA        |    1700000 | PA      | $1820487.50    | 0.03%             | 2028-08-10      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Bapco Energies BSC Closed                                                 | Bapco Energies BSC Closed                                                                                      | CUSIP: 67778NAA6<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |     500000 | PA      | $518825.00     | 0.01%             | 2027-10-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                                                   | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     520000 | PA      | $519222.24     | 0.01%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    1100000 | PA      | $1106875.00    | 0.02%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                                        | Millicom International Cellular SA                                                                             | CUSIP: N/A<br>LEI: 549300CTHC1CP86P2G96       | Long             | DBT              | CORP              | LU        |     180000 | PA      | $179100.00     | 0.00%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                                                             | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     600000 | PA      | $629400.00     | 0.01%             | 2047-09-20      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                                                   | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    3100000 | PA      | $3102486.82    | 0.05%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                                             | Hologic, Inc.                                                                                                  | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     220000 | PA      | $220185.90     | 0.00%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                                           | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $92768.94      | 0.00%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                                                             | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    4000000 | PA      | $3981250.00    | 0.06%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                                             | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    2050000 | PA      | $2015990.50    | 0.03%             | 2049-06-05      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     700000 | PA      | $662816.00     | 0.01%             | 2049-03-01      | Fixed         | 8.70%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    1000000 | PA      | $1072500.00    | 0.02%             | 2031-01-21      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                              | Rockies Express Pipeline LLC                                                                                   | CUSIP: 77340RAT4<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     150000 | PA      | $147010.14     | 0.00%             | 2030-05-15      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                                                                 | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |     900000 | PA      | $319500.00     | 0.01%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                 | Republic of Uzbekistan                                                                                         | CUSIP: N/A<br>LEI: 213800L6VDKUM3TCM927       | Long             | DBT              | NUSS              | UZ        |     200000 | PA      | $200000.00     | 0.00%             | 2029-02-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                                         | Hillenbrand, Inc.                                                                                              | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     150000 | PA      | $150064.50     | 0.00%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series R                                                                      | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      95000 | PA      | $95362.81      | 0.00%             | 2026-02-10      | Variable      | 7.56%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                                             | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    1450000 | PA      | $1291950.00    | 0.02%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                                              | Banco Mercantil del Norte SA                                                                                   | CUSIP: N/A<br>LEI: 549300QTVYRPFHS0J362       | Long             | DBT              | CORP              | MX        |    2200000 | PA      | $2239974.00    | 0.04%             | 2029-06-27      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MV24 Capital BV                                                           | MV24 Capital BV                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |    1611104 | PA      | $1582909.68    | 0.02%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199709.45     | 0.00%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                                                | Elanco Animal Health, Inc.                                                                                     | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |     420000 | PA      | $440215.44     | 0.01%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Bioceanico Sovereign Certificate Ltd.                                     | Bioceanico Sovereign Certificate Ltd.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | KY        |     406962 | PA      | $331157.01     | 0.01%             | 2034-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                                                        | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |     350000 | PA      | $314475.00     | 0.00%             | 2050-01-20      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                                              | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |     200000 | PA      | $199062.00     | 0.00%             | 2032-05-22      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                                           | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $180300.00     | 0.00%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                                      | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     525000 | PA      | $522542.94     | 0.01%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                                                         | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |     800000 | PA      | $661080.00     | 0.01%             | 2051-06-23      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Medco Bell Pte. Ltd.                                                      | Medco Bell Pte. Ltd.                                                                                           | CUSIP: N/A<br>LEI: 2549003PNDCWIWGKC768       | Long             | DBT              | CORP              | SG        |     200000 | PA      | $199900.00     | 0.00%             | 2027-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Transcanada Trust                                                         | Transcanada Trust                                                                                              | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $99134.50      | 0.00%             | 2079-09-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                                                             | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    5000000 | PA      | $4824750.00    | 0.08%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                                            | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     630000 | PA      | $607357.80     | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CSN Inova Ventures                                                        | CSN Inova Ventures                                                                                             | CUSIP: N/A<br>LEI: 222100R8R68DM7VM3661       | Long             | DBT              | CORP              | KY        |     900000 | PA      | $801000.00     | 0.01%             | 2028-01-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                                                         | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    3595000 | PA      | $3583502.11    | 0.06%             | 2030-03-22      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                                                  | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     220000 | PA      | $222520.98     | 0.00%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                                                             | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     700000 | PA      | $748209.00     | 0.01%             | 2030-05-14      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                                                         | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |     400000 | PA      | $432000.00     | 0.01%             | 2044-04-04      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                                          | Greenko Dutch BV                                                                                               | CUSIP: N/A<br>LEI: 724500PT585P4JPVRP08       | Long             | DBT              | CORP              | NL        |     346000 | PA      | $342107.50     | 0.01%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Armenia                                                       | Republic of Armenia                                                                                            | CUSIP: N/A<br>LEI: 5299000H77JSW90G7935       | Long             | DBT              | NUSS              | AM        |    1200000 | PA      | $1089000.00    | 0.02%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    3900000 | PA      | $3775707.00    | 0.06%             | 2031-02-16      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                                                               | CUSIP: N/A<br>LEI: 549300U2I4L03BBA3485       | Long             | DBT              | CORP              | LU        |     307316 | PA      | $298167.20     | 0.00%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                                           | Synaptics, Inc.                                                                                                | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |     150000 | PA      | $144107.37     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                                   | NESCO Holdings II, Inc.                                                                                        | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     105000 | PA      | $103685.21     | 0.00%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                                                             | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     600000 | PA      | $580686.00     | 0.01%             | 2032-09-16      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                                | Axalta Coating Systems LLC                                                                                     | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     850000 | PA      | $849957.25     | 0.01%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     200000 | PA      | $197688.00     | 0.00%             | 2033-09-30      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                                              | Banco Mercantil del Norte SA                                                                                   | CUSIP: N/A<br>LEI: 549300QTVYRPFHS0J362       | Long             | DBT              | CORP              | MX        |     800000 | PA      | $849048.00     | 0.01%             | 2035-05-20      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |     200000 | PA      | $183500.00     | 0.00%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |    1200000 | PA      | $1159500.00    | 0.02%             | 2027-07-07      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Tierra Mojada Luxembourg II SARL                                          | Tierra Mojada Luxembourg II SARL                                                                               | CUSIP: N/A<br>LEI: 254900H2U8PBIY32VI94       | Long             | DBT              | CORP              | LU        |    1690557 | PA      | $1670117.91    | 0.03%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                  | Celanese US Holdings LLC                                                                                       | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     240000 | PA      | $234401.18     | 0.00%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Wabash National Corp.                                                     | Wabash National Corp.                                                                                          | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     150000 | PA      | $137301.29     | 0.00%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co., Series BB                                                                                   | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     162000 | PA      | $161249.99     | 0.00%             | 2026-03-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                             | Dornoch Debt Merger Sub, Inc.                                                                                  | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $67349.61      | 0.00%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                                               | Terex Corp.                                                                                                    | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     725000 | PA      | $720274.67     | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                                                            | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    4600000 | PA      | $4473500.00    | 0.07%             | 2030-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                                                            | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    4889403 | PA      | $4175550.16    | 0.07%             | 2035-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                                                            | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    3150000 | PA      | $2378250.00    | 0.04%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                          | Goodyear Tire & Rubber Co. (The)                                                                               | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     225000 | PA      | $212578.65     | 0.00%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                                                    | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    2100000 | PA      | $2109450.00    | 0.03%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    1200000 | PA      | $1227600.00    | 0.02%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                                    | BWX Technologies, Inc.                                                                                         | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     250000 | PA      | $245266.65     | 0.00%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     300000 | PA      | $288409.50     | 0.00%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                             | Organon & Co.                                                                                                  | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2010000 | PA      | $1683284.15    | 0.03%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| 180 Medical, Inc.                                                         | 180 Medical, Inc.                                                                                              | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |     200000 | PA      | $194416.44     | 0.00%             | 2029-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                                                    | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    1000000 | PA      | $1041880.00    | 0.02%             | 2028-01-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                                                              | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    2300000 | PA      | $2639963.00    | 0.04%             | 2051-01-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                                                        | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |     350000 | PA      | $387861.25     | 0.01%             | 2052-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    3200000 | PA      | $3169776.00    | 0.05%             | 2028-09-28      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| EnfraGen Energia Sur SA                                                   | EnfraGen Energia Sur SA                                                                                        | CUSIP: N/A<br>LEI: 2549002TO75PYMY3VY07       | Long             | DBT              | CORP              | ES        |     600000 | PA      | $557250.00     | 0.01%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                   | Williams Scotsman, Inc.                                                                                        | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     220000 | PA      | $229187.20     | 0.00%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                                      | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    3600000 | PA      | $3754800.00    | 0.06%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                                              | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $189723.72     | 0.00%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                                                   | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    1100000 | PA      | $1053250.00    | 0.02%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                                                    | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |     500000 | PA      | $511875.00     | 0.01%             | 2032-02-16      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                                              | TriMas Corp.                                                                                                   | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |      65000 | PA      | $63780.96      | 0.00%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                                              | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    2100000 | PA      | $2239125.00    | 0.04%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                                 | ATI, Inc.                                                                                                      | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24947.20      | 0.00%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                                                   | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    1700000 | PA      | $1691500.00    | 0.03%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                                                   | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    6400000 | PA      | $6284800.00    | 0.10%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                                                          | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |    2000000 | PA      | $2076340.00    | 0.03%             | 2031-08-06      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                                                             | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     400000 | PA      | $382000.00     | 0.01%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Azule Energy Finance plc                                                  | Azule Energy Finance plc                                                                                       | CUSIP: N/A<br>LEI: 2138006X6O82RJSQDB63       | Long             | DBT              | CORP              | GB        |     400000 | PA      | $402500.00     | 0.01%             | 2030-01-23      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Trinidad & Tobago                                             | Republic of Trinidad and Tobago                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | TT        |     500000 | PA      | $503125.00     | 0.01%             | 2034-06-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                                                    | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    1000000 | PA      | $1049950.00    | 0.02%             | 2029-01-13      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                                             | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     500000 | PA      | $507000.00     | 0.01%             | 2033-02-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                                                        | TriNet Group, Inc.                                                                                             | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |     150000 | PA      | $155232.15     | 0.00%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Trinity Industries, Inc.                                                  | Trinity Industries, Inc.                                                                                       | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     150000 | PA      | $156197.25     | 0.00%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                                                           | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |     600000 | PA      | $618600.00     | 0.01%             | 2044-08-11      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                          | Cooper-Standard Automotive, Inc.                                                                               | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |     719853 | PA      | $754606.78     | 0.01%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                                                              | CUSIP: 60937LAG0<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     400000 | PA      | $425200.00     | 0.01%             | 2028-01-19      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                                 | ATI, Inc.                                                                                                      | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     220000 | PA      | $232273.86     | 0.00%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Transnet                                                                  | Transnet                                                                                                       | CUSIP: N/A<br>LEI: 378900B07CD6F01EA796       | Long             | SN               | CORP              | ZA        |     800000 | PA      | $848000.00     | 0.01%             | 2028-02-06      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Transnet                                                                  | Transnet                                                                                                       | CUSIP: 89378TAD5<br>LEI: 378900B07CD6F01EA796 | Long             | DBT              | NUSS              | ZA        |    1200000 | PA      | $1272000.00    | 0.02%             | 2028-02-06      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                                       | Republic of Senegal                                                                                            | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    4200000 | PA      | $2723448.00    | 0.04%             | 2031-06-10      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                                         | Knife River Corp.                                                                                              | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     150000 | PA      | $157759.95     | 0.00%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                                       | Benin Government Bond                                                                                          | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |     950000 | PA      | $965304.50     | 0.02%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Varlik Fonu Yonetimi A/S                                          | Turkiye Varlik Fonu Yonetimi A/S                                                                               | CUSIP: N/A<br>LEI: 789000MAPAG7J8DI3112       | Long             | DBT              | NUSS              | TR        |     300000 | PA      | $320062.50     | 0.01%             | 2029-02-14      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                                                     | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |    2346960 | PA      | $1781049.27    | 0.03%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                        | Columbia Pipelines Holding Co. LLC                                                                             | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     390000 | PA      | $406092.81     | 0.01%             | 2028-08-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                                                             | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |    1700000 | PA      | $1168223.00    | 0.02%             | 2053-12-31      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Banco del Estado de Chile                                                 | Banco del Estado de Chile                                                                                      | CUSIP: N/A<br>LEI: 5493004R4EJC0W0XVQ72       | Long             | DBT              | NUSS              | CL        |     400000 | PA      | $424000.00     | 0.01%             | 2029-05-02      | Variable      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                                                             | CUSIP: N/A<br>LEI: 254900W94OCY91V32O78       | Long             | DBT              | NUSS              | RS        |     400000 | PA      | $415600.32     | 0.01%             | 2034-06-12      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Barbados                                                                  | Barbados Government Bond                                                                                       | CUSIP: N/A<br>LEI: 529900UD1KUUS4SFD905       | Long             | DBT              | NUSS              | BB        |    1000000 | PA      | $1048000.00    | 0.02%             | 2035-06-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                                       | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |    1000000 | PA      | $1072000.00    | 0.02%             | 2054-11-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Greenko Wind Projects Mauritius Ltd.                                      | Greenko Wind Projects Mauritius Ltd.                                                                           | CUSIP: N/A<br>LEI: 254900MSUXE1FF83DP82       | Long             | DBT              | CORP              | MU        |     400000 | PA      | $404125.00     | 0.01%             | 2028-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                                         | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     800000 | PA      | $866248.00     | 0.01%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                                      | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |     799000 | PA      | $807944.81     | 0.01%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                                   | Bath & Body Works, Inc.                                                                                        | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     115000 | PA      | $113767.05     | 0.00%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Republic of Honduras                                                      | Republic of Honduras                                                                                           | CUSIP: N/A<br>LEI: 5493002DW1JNBNG17615       | Long             | DBT              | NUSS              | HN        |    1350000 | PA      | $1355737.50    | 0.02%             | 2027-01-19      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico                                      | CUSIP: N/A<br>LEI: 549300WIWQK5Q9MCUN92       | Long             | DBT              | CORP              | MX        |    1100000 | PA      | $1074865.00    | 0.02%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                                      | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    2300000 | PA      | $2221225.00    | 0.04%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                                                    | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    1000000 | PA      | $1000800.00    | 0.02%             | 2027-01-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                                                        | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    1852000 | PA      | $1963120.00    | 0.03%             | 2029-02-28      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                     | Petroleos del Peru SA                                                                                          | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | NUSS              | PE        |     500000 | PA      | $420585.00     | 0.01%             | 2032-06-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Altice France Sa Bond                                                     | Altice France SA                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |        334 | NS      | $5086.68       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EURO                                                                      | EURO                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |        447 | OU      | $518.91        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       6216 | NC      | $771276.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -824 | NC      | $-114844.08    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                                              | Japanese Yen                                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |          7 | OU      | $0.04          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                                                        | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |     200000 | PA      | $210000.00     | 0.00%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Diversified Gas & Oil Corp.                                               | Diversified Gas & Oil Corp.                                                                                    | CUSIP: N/A<br>LEI: 5493008O08WU7K5XC271       | Long             | DBT              | CORP              | US        |   11250000 | PA      | $11024187.53   | 0.17%             | 2029-04-09      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust I, Series 2025-3, Class CERT                                                      | CUSIP: 17302FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6140107 | PA      | $6153001.47    | 0.10%             | 2031-06-20      | Fixed         | 25.33%                | Yes           |                  3 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust I, Series 2025-4, Class CERT                                                      | CUSIP: 17302GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9299858 | PA      | $9366816.87    | 0.15%             | 2031-07-20      | Fixed         | 25.10%                | Yes           |                  3 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust I, Series 2025-5, Class CERT                                                      | CUSIP: 17302HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11372281 | PA      | $11446200.57   | 0.18%             | 2031-08-20      | Fixed         | 25.83%                | Yes           |                  3 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust, Series 2025-6, Class CERT                                                        | CUSIP: 17291VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8048595 | PA      | $8143568.16    | 0.13%             | 2031-09-20      | Fixed         | 25.60%                | Yes           |                  3 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust, Series 2025-7, Class CERT                                                        | CUSIP: 17292DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12401642 | PA      | $12736486.00   | 0.20%             | 2031-10-20      | Fixed         | 25.54%                | Yes           |                  3 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                                                           | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |     400000 | PA      | $412400.00     | 0.01%             | 2044-08-11      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                                                             | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     600000 | PA      | $573000.00     | 0.01%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 2 Year Note                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       1100 | NC      | $-18811.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       2014 | NC      | $500362.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                                        | CUSIP: 05578AAY4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     725000 | PA      | $740334.95     | 0.01%             | 2028-01-18      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -904 | NC      | $-827839.81    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -802 | NC      | $-372048.84    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        914 | NC      | $691159.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment, Inc.                                               | Caesars Entertainment, Inc.                                                                                    | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     321000 | PA      | $326505.79     | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -1284 | NC      | $-1156710.18   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      35200 | PA      | $34320.00      | 0.00%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     765600 | PA      | $677080.03     | 0.01%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     532400 | PA      | $520421.00     | 0.01%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                                                              | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      92051 | PA      | $80084.18      | 0.00%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                                                     | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     186462 | PA      | $175507.36     | 0.00%             | 2030-01-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                                                     | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     550379 | PA      | $526712.82     | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                                                     | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     342936 | PA      | $314129.38     | 0.00%             | 2038-02-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                                                     | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     171396 | PA      | $155798.96     | 0.00%             | 2036-05-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                                                     | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     365742 | PA      | $317098.31     | 0.00%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Citi Asset Receivables Trust I                                            | Citi Asset Receivables Trust I, Series 2025-8, Class CERT                                                      | CUSIP: 17302KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15451609 | PA      | $16048040.64   | 0.25%             | 2031-11-20      | Fixed         | 25.80%                | Yes           |                  3 | On Loan: No      |
| Yeoman Capital SA                                                         | Yeoman Capital SA                                                                                              | CUSIP: 985923101<br>LEI: 549300ORV6YW6ESSNQ21 | Long             | EC               | CORP              | LU        |      48665 | NS      | $310576.38     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**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