# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001786
**Filing Date:** 2026-1
**Character Count:** 854621
**Document Hash:** cc257cea984531249c0236f930e653c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001786.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001786

**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:** 26571305

**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 Active Bond ETF (Series ID: S000081828)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000244901 | JPMorgan Active Bond ETF | JBND            |

## Nport-Ex

**JPMorgan Active Bond 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 Active Bond 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($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 31.0%** | **U.S. Treasury Obligations — 31.0%** | **U.S. Treasury Obligations — 31.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 24490000 | &nbsp;&nbsp;&nbsp;&nbsp; 15844839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 564703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3089988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 15552000 | &nbsp;&nbsp;&nbsp;&nbsp; 13706415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 8650000 | &nbsp;&nbsp;&nbsp;&nbsp; 8432061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5480957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 10360000 | &nbsp;&nbsp;&nbsp;&nbsp; 8386339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2531375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4885000 | &nbsp;&nbsp;&nbsp;&nbsp; 4886908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2542868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5080000 | &nbsp;&nbsp;&nbsp;&nbsp; 3429000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 10238000 | &nbsp;&nbsp;&nbsp;&nbsp; 7780080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12315000 | &nbsp;&nbsp;&nbsp;&nbsp; 3984569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 8210000 | &nbsp;&nbsp;&nbsp;&nbsp; 6051668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 8/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 31585000 | &nbsp;&nbsp;&nbsp;&nbsp; 20383429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 28405000 | &nbsp;&nbsp;&nbsp;&nbsp; 18782806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1194000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 931211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5280500 | &nbsp;&nbsp;&nbsp;&nbsp; 5234708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8775000 | &nbsp;&nbsp;&nbsp;&nbsp; 8172061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1723969 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16740000 | &nbsp;&nbsp;&nbsp;&nbsp; 16846587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16445000 | &nbsp;&nbsp;&nbsp;&nbsp; 16633218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 23590000 | &nbsp;&nbsp;&nbsp;&nbsp; 23946614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10180000 | &nbsp;&nbsp;&nbsp;&nbsp; 10341051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8775000 | &nbsp;&nbsp;&nbsp;&nbsp; 8828473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 52000000 | &nbsp;&nbsp;&nbsp;&nbsp; 52495625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14066000 | &nbsp;&nbsp;&nbsp;&nbsp; 14386881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6585000 | &nbsp;&nbsp;&nbsp;&nbsp; 6785122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2568328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24085000 | &nbsp;&nbsp;&nbsp;&nbsp; 24431222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 47800000 | &nbsp;&nbsp;&nbsp;&nbsp; 46507906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 482051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3895000 | &nbsp;&nbsp;&nbsp;&nbsp; 3967879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5175391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8675000 | &nbsp;&nbsp;&nbsp;&nbsp; 8949821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9050000 | &nbsp;&nbsp;&nbsp;&nbsp; 9236303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2827780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16266875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2155609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9925000 | &nbsp;&nbsp;&nbsp;&nbsp; 10043635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 55862000 | &nbsp;&nbsp;&nbsp;&nbsp; 55918735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 36176000 | &nbsp;&nbsp;&nbsp;&nbsp; 36992786 |

---

------

**JPMorgan Active Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 9/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18647000 | &nbsp;&nbsp;&nbsp;&nbsp; 18664482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1373328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 6516562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4190000 | &nbsp;&nbsp;&nbsp;&nbsp; 3669196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17907000 | &nbsp;&nbsp;&nbsp;&nbsp; 17969255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5455000 | &nbsp;&nbsp;&nbsp;&nbsp; 4779518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5951000 | &nbsp;&nbsp;&nbsp;&nbsp; 6084200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6520000 | &nbsp;&nbsp;&nbsp;&nbsp; 6797100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4680000 | &nbsp;&nbsp;&nbsp;&nbsp; 4846542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 538734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 77535000 | &nbsp;&nbsp;&nbsp;&nbsp; 79225021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 27870000 | &nbsp;&nbsp;&nbsp;&nbsp; 28279341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2332434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 93778000 | &nbsp;&nbsp;&nbsp;&nbsp; 95056458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 15268000 | &nbsp;&nbsp;&nbsp;&nbsp; 14968008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 26230000 | &nbsp;&nbsp;&nbsp;&nbsp; 27374489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 74423400 | &nbsp;&nbsp;&nbsp;&nbsp; 75010647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 83197000 | &nbsp;&nbsp;&nbsp;&nbsp; 82852513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 22025000 | &nbsp;&nbsp;&nbsp;&nbsp; 22518842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9995000 | &nbsp;&nbsp;&nbsp;&nbsp; 10497483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11995000 | &nbsp;&nbsp;&nbsp;&nbsp; 12242397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 32065000 | &nbsp;&nbsp;&nbsp;&nbsp; 32686259 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury STRIPS Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 29736828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54875000 | &nbsp;&nbsp;&nbsp;&nbsp; 46147514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7925000 | &nbsp;&nbsp;&nbsp;&nbsp; 6597544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7185000 | &nbsp;&nbsp;&nbsp;&nbsp; 5918236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2479062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7640000 | &nbsp;&nbsp;&nbsp;&nbsp; 6163445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18440000 | &nbsp;&nbsp;&nbsp;&nbsp; 14706944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11285000 | &nbsp;&nbsp;&nbsp;&nbsp; 8897387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26345000 | &nbsp;&nbsp;&nbsp;&nbsp; 19171767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 2/15/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45471000 | &nbsp;&nbsp;&nbsp;&nbsp; 23614252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/15/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50787000 | &nbsp;&nbsp;&nbsp;&nbsp; 25997332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 8/15/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15766000 | &nbsp;&nbsp;&nbsp;&nbsp; 7946194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 11/15/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3583705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 2/15/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2249000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 11/15/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5310000 | &nbsp;&nbsp;&nbsp;&nbsp; 2356432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 5/15/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28680000 | &nbsp;&nbsp;&nbsp;&nbsp; 12360180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/15/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21901000 | &nbsp;&nbsp;&nbsp;&nbsp; 9297516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/15/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5597780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 2/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9435000 | &nbsp;&nbsp;&nbsp;&nbsp; 3029025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 11/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70445000 | &nbsp;&nbsp;&nbsp;&nbsp; 21777676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $1,315,279,558)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1335928432 |
| **Mortgage-Backed Securities — 19.7%** | **Mortgage-Backed Securities — 19.7%** | **Mortgage-Backed Securities — 19.7%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # U99076, 4.50%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 139992 | &nbsp;&nbsp;&nbsp;&nbsp; 141778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RE0003, 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 446761 | &nbsp;&nbsp;&nbsp;&nbsp; 428638 |

---

------

**JPMorgan Active Bond 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; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SI2041, 3.00%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1244916 | &nbsp;&nbsp;&nbsp;&nbsp; 1119086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QA9530, 2.50%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 239598 | &nbsp;&nbsp;&nbsp;&nbsp; 206908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB3756, 2.50%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2046497 | &nbsp;&nbsp;&nbsp;&nbsp; 1768374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA3653, 1.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 620083 | &nbsp;&nbsp;&nbsp;&nbsp; 484186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA3838, 3.00%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 582633 | &nbsp;&nbsp;&nbsp;&nbsp; 522104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QB4903, 2.50%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 504994 | &nbsp;&nbsp;&nbsp;&nbsp; 436463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC2061, 2.00%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 718090 | &nbsp;&nbsp;&nbsp;&nbsp; 593141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA5303, 3.50%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2071323 | &nbsp;&nbsp;&nbsp;&nbsp; 1916778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA5680, 2.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1665565 | &nbsp;&nbsp;&nbsp;&nbsp; 1364273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD0725, 3.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1698227 | &nbsp;&nbsp;&nbsp;&nbsp; 1533014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA5794, 4.00%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1826874 | &nbsp;&nbsp;&nbsp;&nbsp; 1742307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA5950, 2.50%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1803019 | &nbsp;&nbsp;&nbsp;&nbsp; 1543767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QD0295, 3.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2786525 | &nbsp;&nbsp;&nbsp;&nbsp; 2498839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD1463, 3.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5881774 | &nbsp;&nbsp;&nbsp;&nbsp; 5279595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD0809, 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1236520 | &nbsp;&nbsp;&nbsp;&nbsp; 1108239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8190, 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 879120 | &nbsp;&nbsp;&nbsp;&nbsp; 783322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA6531, 3.50%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 717558 | &nbsp;&nbsp;&nbsp;&nbsp; 668591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA6686, 4.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 10508974 | &nbsp;&nbsp;&nbsp;&nbsp; 10108920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA6815, 2.50%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3400981 | &nbsp;&nbsp;&nbsp;&nbsp; 2928803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA6808, 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1321299 | &nbsp;&nbsp;&nbsp;&nbsp; 1183880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SL0872, 2.50%, 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2350910 | &nbsp;&nbsp;&nbsp;&nbsp; 2026952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE0521, 2.50%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3813604 | &nbsp;&nbsp;&nbsp;&nbsp; 3251314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE0399, 3.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 749191 | &nbsp;&nbsp;&nbsp;&nbsp; 671833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE1075, 3.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 779854 | &nbsp;&nbsp;&nbsp;&nbsp; 698235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA7178, 3.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4036051 | &nbsp;&nbsp;&nbsp;&nbsp; 3590043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6964, 3.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7290558 | &nbsp;&nbsp;&nbsp;&nbsp; 6522214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD1373, 3.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 664564 | &nbsp;&nbsp;&nbsp;&nbsp; 596398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5754, 3.50%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1069505 | &nbsp;&nbsp;&nbsp;&nbsp; 992385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE6381, 4.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1709594 | &nbsp;&nbsp;&nbsp;&nbsp; 1638173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SL1378, 4.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11192292 | &nbsp;&nbsp;&nbsp;&nbsp; 10722056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE6440, 4.50%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3666689 | &nbsp;&nbsp;&nbsp;&nbsp; 3605463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD1189, 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1777777 | &nbsp;&nbsp;&nbsp;&nbsp; 1782928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD1589, 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 794041 | &nbsp;&nbsp;&nbsp;&nbsp; 803500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QE8520, 3.50%, 8/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 732377 | &nbsp;&nbsp;&nbsp;&nbsp; 678614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QF3294, 5.00%, 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4959749 | &nbsp;&nbsp;&nbsp;&nbsp; 4974886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8267, 5.00%, 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2951359 | &nbsp;&nbsp;&nbsp;&nbsp; 2962481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD2355, 4.50%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2599094 | &nbsp;&nbsp;&nbsp;&nbsp; 2572266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SL1477, 5.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 14651001 | &nbsp;&nbsp;&nbsp;&nbsp; 14812308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ1756, 4.50%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1847246 | &nbsp;&nbsp;&nbsp;&nbsp; 1808766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ1781, 6.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3098777 | &nbsp;&nbsp;&nbsp;&nbsp; 3213396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ2914, 5.50%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1844546 | &nbsp;&nbsp;&nbsp;&nbsp; 1875857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SL1998, 4.00%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4826371 | &nbsp;&nbsp;&nbsp;&nbsp; 4624097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ3247, 5.00%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2834050 | &nbsp;&nbsp;&nbsp;&nbsp; 2860017 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year Pool # BM4920, 4.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 600296 | &nbsp;&nbsp;&nbsp;&nbsp; 595382 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL9058, 3.50%, 9/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 255061 | &nbsp;&nbsp;&nbsp;&nbsp; 241870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL9397, 3.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 336037 | &nbsp;&nbsp;&nbsp;&nbsp; 306757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BE9590, 3.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 122704 | &nbsp;&nbsp;&nbsp;&nbsp; 115383 |

---

------

**JPMorgan Active Bond 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 # BK2113, 2.50%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 224807 | &nbsp;&nbsp;&nbsp;&nbsp; 192897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BP8608, 2.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 154653 | &nbsp;&nbsp;&nbsp;&nbsp; 133095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8670, 2.50%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1373589 | &nbsp;&nbsp;&nbsp;&nbsp; 1180128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ0795, 2.50%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3862452 | &nbsp;&nbsp;&nbsp;&nbsp; 3330661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ1367, 2.50%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 861542 | &nbsp;&nbsp;&nbsp;&nbsp; 743475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ3137, 2.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 355877 | &nbsp;&nbsp;&nbsp;&nbsp; 309620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM4947, 2.00%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1345686 | &nbsp;&nbsp;&nbsp;&nbsp; 1114745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BP7667, 2.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 366923 | &nbsp;&nbsp;&nbsp;&nbsp; 317468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8021, 2.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 423497 | &nbsp;&nbsp;&nbsp;&nbsp; 365123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8044, 2.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 346270 | &nbsp;&nbsp;&nbsp;&nbsp; 297632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB0458, 2.50%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 411133 | &nbsp;&nbsp;&nbsp;&nbsp; 352790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7293, 2.50%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 199372 | &nbsp;&nbsp;&nbsp;&nbsp; 171879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB0397, 3.00%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 236616 | &nbsp;&nbsp;&nbsp;&nbsp; 212011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB0530, 3.00%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5806497 | &nbsp;&nbsp;&nbsp;&nbsp; 5223799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7346, 3.00%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 407239 | &nbsp;&nbsp;&nbsp;&nbsp; 364891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7531, 3.00%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1054262 | &nbsp;&nbsp;&nbsp;&nbsp; 945627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BT2415, 2.50%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1445087 | &nbsp;&nbsp;&nbsp;&nbsp; 1238199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7910, 2.50%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 555959 | &nbsp;&nbsp;&nbsp;&nbsp; 485521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7957, 2.50%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 679018 | &nbsp;&nbsp;&nbsp;&nbsp; 585671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM8516, 3.50%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 10924238 | &nbsp;&nbsp;&nbsp;&nbsp; 10202255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BT7165, 3.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4929363 | &nbsp;&nbsp;&nbsp;&nbsp; 4416743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1406, 3.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 700036 | &nbsp;&nbsp;&nbsp;&nbsp; 627236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM8479, 3.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 554662 | &nbsp;&nbsp;&nbsp;&nbsp; 497989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1553, 2.50%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3569915 | &nbsp;&nbsp;&nbsp;&nbsp; 3074299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM8813, 3.50%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2882406 | &nbsp;&nbsp;&nbsp;&nbsp; 2690275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BT6823, 2.50%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4042946 | &nbsp;&nbsp;&nbsp;&nbsp; 3461624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BT9861, 2.50%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1398358 | &nbsp;&nbsp;&nbsp;&nbsp; 1205021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BT9883, 2.50%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5409409 | &nbsp;&nbsp;&nbsp;&nbsp; 4660374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM9227, 2.50%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2760170 | &nbsp;&nbsp;&nbsp;&nbsp; 2379570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS5389, 2.50%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 419415 | &nbsp;&nbsp;&nbsp;&nbsp; 360413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU3608, 3.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 121527 | &nbsp;&nbsp;&nbsp;&nbsp; 108979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2094, 3.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 886400 | &nbsp;&nbsp;&nbsp;&nbsp; 794223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM9776, 3.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1246002 | &nbsp;&nbsp;&nbsp;&nbsp; 1120100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2447, 3.50%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4480882 | &nbsp;&nbsp;&nbsp;&nbsp; 4180065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU9885, 2.50%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 499969 | &nbsp;&nbsp;&nbsp;&nbsp; 427772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2635, 2.50%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5088672 | &nbsp;&nbsp;&nbsp;&nbsp; 4372702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS3826, 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8411270 | &nbsp;&nbsp;&nbsp;&nbsp; 7481775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8807, 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2202224 | &nbsp;&nbsp;&nbsp;&nbsp; 1980296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2750, 2.50%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1790481 | &nbsp;&nbsp;&nbsp;&nbsp; 1533073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2855, 2.50%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 655427 | &nbsp;&nbsp;&nbsp;&nbsp; 569456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS3381, 2.50%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 971554 | &nbsp;&nbsp;&nbsp;&nbsp; 831120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2899, 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2434257 | &nbsp;&nbsp;&nbsp;&nbsp; 2177479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS0488, 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1232421 | &nbsp;&nbsp;&nbsp;&nbsp; 1108963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV4133, 2.50%, 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1163971 | &nbsp;&nbsp;&nbsp;&nbsp; 992267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3031, 2.50%, 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1106489 | &nbsp;&nbsp;&nbsp;&nbsp; 946926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8041, 2.50%, 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3526179 | &nbsp;&nbsp;&nbsp;&nbsp; 3039599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8196, 2.50%, 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6341236 | &nbsp;&nbsp;&nbsp;&nbsp; 5449076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3167, 3.00%, 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2031971 | &nbsp;&nbsp;&nbsp;&nbsp; 1818835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3265, 3.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5689233 | &nbsp;&nbsp;&nbsp;&nbsp; 5062410 |

---

------

**JPMorgan Active Bond 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 # CB3360, 3.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 914765 | &nbsp;&nbsp;&nbsp;&nbsp; 814267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV0242, 3.50%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1775472 | &nbsp;&nbsp;&nbsp;&nbsp; 1652207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4580, 3.50%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4281884 | &nbsp;&nbsp;&nbsp;&nbsp; 3967571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV7232, 4.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1992131 | &nbsp;&nbsp;&nbsp;&nbsp; 1907492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3384, 4.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 309039 | &nbsp;&nbsp;&nbsp;&nbsp; 296151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BV5631, 3.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 947599 | &nbsp;&nbsp;&nbsp;&nbsp; 850349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3891, 3.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 13990469 | &nbsp;&nbsp;&nbsp;&nbsp; 12552878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA1709, 3.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 9502430 | &nbsp;&nbsp;&nbsp;&nbsp; 8539284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8114, 3.50%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1035912 | &nbsp;&nbsp;&nbsp;&nbsp; 961738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3775, 4.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 304627 | &nbsp;&nbsp;&nbsp;&nbsp; 292049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1949, 4.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2724969 | &nbsp;&nbsp;&nbsp;&nbsp; 2611614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BW0393, 5.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 772857 | &nbsp;&nbsp;&nbsp;&nbsp; 776324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4160, 4.50%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2468326 | &nbsp;&nbsp;&nbsp;&nbsp; 2427876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4037, 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7562253 | &nbsp;&nbsp;&nbsp;&nbsp; 7604827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS3045, 5.00%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3713777 | &nbsp;&nbsp;&nbsp;&nbsp; 3748782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2995, 5.50%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1138184 | &nbsp;&nbsp;&nbsp;&nbsp; 1160224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4927, 6.00%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1231099 | &nbsp;&nbsp;&nbsp;&nbsp; 1276628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB5129, 5.00%, 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8047722 | &nbsp;&nbsp;&nbsp;&nbsp; 8068963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS3836, 4.50%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 371517 | &nbsp;&nbsp;&nbsp;&nbsp; 367346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS7276, 5.00%, 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1200487 | &nbsp;&nbsp;&nbsp;&nbsp; 1207306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BY9849, 6.00%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 550380 | &nbsp;&nbsp;&nbsp;&nbsp; 569559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB0320, 5.50%, 3/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3716302 | &nbsp;&nbsp;&nbsp;&nbsp; 3797307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8526, 5.00%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3502296 | &nbsp;&nbsp;&nbsp;&nbsp; 3528066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6900, 7.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 792648 | &nbsp;&nbsp;&nbsp;&nbsp; 836990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU5072, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1491313 | &nbsp;&nbsp;&nbsp;&nbsp; 1534979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6899, 6.50%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 862930 | &nbsp;&nbsp;&nbsp;&nbsp; 900908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1954, 5.00%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2064469 | &nbsp;&nbsp;&nbsp;&nbsp; 2061884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB4826, 5.50%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3947705 | &nbsp;&nbsp;&nbsp;&nbsp; 4000405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB4866, 5.50%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1092586 | &nbsp;&nbsp;&nbsp;&nbsp; 1117913 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS2870, 1.27%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 337159 | &nbsp;&nbsp;&nbsp;&nbsp; 315156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL6257, 2.13%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1167500 | &nbsp;&nbsp;&nbsp;&nbsp; 1108828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5507, 3.23%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 518763 | &nbsp;&nbsp;&nbsp;&nbsp; 509286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS4928, 2.15%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2646000 | &nbsp;&nbsp;&nbsp;&nbsp; 2514833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL5459, 2.37%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 947694 | &nbsp;&nbsp;&nbsp;&nbsp; 898483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5162, 2.73%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1118235 | &nbsp;&nbsp;&nbsp;&nbsp; 1070098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1679, 4.49%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1238021 | &nbsp;&nbsp;&nbsp;&nbsp; 1262912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS7010, 4.81%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL4429, 2.25%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 287948 | &nbsp;&nbsp;&nbsp;&nbsp; 271110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM6835, 3.58%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1114474 | &nbsp;&nbsp;&nbsp;&nbsp; 1094848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL4592, 2.28%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6583291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL4333, 2.52%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 362816 | &nbsp;&nbsp;&nbsp;&nbsp; 344045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1760, 4.82%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1486733 | &nbsp;&nbsp;&nbsp;&nbsp; 1529850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6161, 4.47%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 484292 | &nbsp;&nbsp;&nbsp;&nbsp; 490507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2136, 4.59%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 991010 | &nbsp;&nbsp;&nbsp;&nbsp; 1015658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5395, 4.76%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2059691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5795, 4.78%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0392, 4.82%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 787921 | &nbsp;&nbsp;&nbsp;&nbsp; 814390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5797, 4.89%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3280000 | &nbsp;&nbsp;&nbsp;&nbsp; 3365203 |

---

------

**JPMorgan Active Bond 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 # BZ2621, 4.98%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2768322 | &nbsp;&nbsp;&nbsp;&nbsp; 2874804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1791, 4.61%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4826, 5.04%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5210417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1524, 5.08%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 669529 | &nbsp;&nbsp;&nbsp;&nbsp; 698681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5671, 4.53%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3931000 | &nbsp;&nbsp;&nbsp;&nbsp; 4008437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3004, 5.29%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2388832 | &nbsp;&nbsp;&nbsp;&nbsp; 2517560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS3524, 1.97%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6873313 | &nbsp;&nbsp;&nbsp;&nbsp; 6129058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM6857, 1.83%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1483725 | &nbsp;&nbsp;&nbsp;&nbsp; 1307243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1749, 4.24%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1213764 | &nbsp;&nbsp;&nbsp;&nbsp; 1217038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2889, 4.37%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2472664 | &nbsp;&nbsp;&nbsp;&nbsp; 2498363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1849, 4.74%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1712352 | &nbsp;&nbsp;&nbsp;&nbsp; 1761221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM6898, 2.15%, 2/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1972566 | &nbsp;&nbsp;&nbsp;&nbsp; 1764445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5337, 3.01%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 416273 | &nbsp;&nbsp;&nbsp;&nbsp; 388405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1869, 4.76%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1133037 | &nbsp;&nbsp;&nbsp;&nbsp; 1165849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3926, 4.48%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1838000 | &nbsp;&nbsp;&nbsp;&nbsp; 1863560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5659, 3.66%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 767718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3977, 4.42%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2525026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5943, 4.78%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4485000 | &nbsp;&nbsp;&nbsp;&nbsp; 4585714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL7538, 1.52%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6785952 | &nbsp;&nbsp;&nbsp;&nbsp; 5844915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN5759, 3.29%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1103358 | &nbsp;&nbsp;&nbsp;&nbsp; 1049620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5530, 3.30%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 826000 | &nbsp;&nbsp;&nbsp;&nbsp; 784241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6132, 3.86%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 407876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2863, 4.61%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3063143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4495, 4.86%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2161000 | &nbsp;&nbsp;&nbsp;&nbsp; 2236607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9512, 5.13%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6276, 3.97%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 667587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5961, 4.37%, 8/1/2032 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2402000 | &nbsp;&nbsp;&nbsp;&nbsp; 2408715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM0762, 3.29%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 806415 | &nbsp;&nbsp;&nbsp;&nbsp; 771062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5718, 3.46%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 857418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6689, 3.83%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 381852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM6466, 1.33%, 10/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7015242 | &nbsp;&nbsp;&nbsp;&nbsp; 5873247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6417, 3.83%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 483985 | &nbsp;&nbsp;&nbsp;&nbsp; 472362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6951, 3.90%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6619, 3.91%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 584831 | &nbsp;&nbsp;&nbsp;&nbsp; 568279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5162, 4.09%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5790000 | &nbsp;&nbsp;&nbsp;&nbsp; 5730706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4871, 4.23%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4073322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5063, 4.47%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2537655 | &nbsp;&nbsp;&nbsp;&nbsp; 2557841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5375, 4.48%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6681485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM6491, 1.46%, 11/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2149879 | &nbsp;&nbsp;&nbsp;&nbsp; 1815204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS6731, 3.78%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 130332 | &nbsp;&nbsp;&nbsp;&nbsp; 127006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5646, 4.48%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3035867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5864, 3.75%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5827, 4.27%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5050978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2843, 4.60%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1976000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1498, 4.92%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM6552, 1.56%, 1/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7589917 | &nbsp;&nbsp;&nbsp;&nbsp; 6435469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL9952, 1.60%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1693669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5699, 4.47%, 1/1/2033 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5046366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5455, 4.50%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3830194 |

---

------

**JPMorgan Active Bond 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 # BZ5572, 4.54%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2224216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5273, 4.59%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3394836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0159, 4.98%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 508849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1867, 4.74%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1824264 | &nbsp;&nbsp;&nbsp;&nbsp; 1860962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS1636, 2.25%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 663815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS1899, 2.17%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 528879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3536, 4.90%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3542922 | &nbsp;&nbsp;&nbsp;&nbsp; 3645436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4028, 5.17%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3194326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS2496, 1.88%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3379718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4501, 4.44%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp;&nbsp; 3590940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9616, 4.79%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 307927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5590, 4.64%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2836000 | &nbsp;&nbsp;&nbsp;&nbsp; 2872539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5014, 4.96%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1173366 | &nbsp;&nbsp;&nbsp;&nbsp; 1211507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4848, 4.95%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1179000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4849, 4.95%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1257000 | &nbsp;&nbsp;&nbsp;&nbsp; 1296821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0419, 4.25%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 601839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4491, 4.84%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4102431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3975, 4.96%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0430, 4.32%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 325831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2852, 5.03%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2021000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0401, 4.52%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL2213, 3.34%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 975570 | &nbsp;&nbsp;&nbsp;&nbsp; 915918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0567, 4.94%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4142240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ0565, 5.04%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2861, 5.03%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2831000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1884, 4.23%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4955009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL3772, 2.92%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 106224 | &nbsp;&nbsp;&nbsp;&nbsp; 96816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2256, 4.71%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1974759 | &nbsp;&nbsp;&nbsp;&nbsp; 2017396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3962, 4.53%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3590000 | &nbsp;&nbsp;&nbsp;&nbsp; 3619808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL7071, 1.91%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 383000 | &nbsp;&nbsp;&nbsp;&nbsp; 310484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8613, 4.55%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4143, 5.12%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1649000 | &nbsp;&nbsp;&nbsp;&nbsp; 1730616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4282, 4.85%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2618000 | &nbsp;&nbsp;&nbsp;&nbsp; 2692446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4467, 5.12%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3535000 | &nbsp;&nbsp;&nbsp;&nbsp; 3704114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5077, 4.85%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ5116, 4.96%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4138859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ4027, 5.33%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3973, 5.01%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1892998 | &nbsp;&nbsp;&nbsp;&nbsp; 1958627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN4430, 3.61%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 377353 | &nbsp;&nbsp;&nbsp;&nbsp; 366825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5761, 3.87%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1177, 3.50%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 43341 | &nbsp;&nbsp;&nbsp;&nbsp; 41397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA4632, 4.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 523082 | &nbsp;&nbsp;&nbsp;&nbsp; 512690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0454, 3.00%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 548405 | &nbsp;&nbsp;&nbsp;&nbsp; 500617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0078, 4.00%, 4/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2973886 | &nbsp;&nbsp;&nbsp;&nbsp; 2838887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0189, 3.00%, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 614491 | &nbsp;&nbsp;&nbsp;&nbsp; 547571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0191, 4.00%, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 5876445 | &nbsp;&nbsp;&nbsp;&nbsp; 5609628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0262, 3.00%, 5/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 3490653 | &nbsp;&nbsp;&nbsp;&nbsp; 3084556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0396, 2.50%, 8/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 5419146 | &nbsp;&nbsp;&nbsp;&nbsp; 4586934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0440, 3.00%, 1/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 366520 | &nbsp;&nbsp;&nbsp;&nbsp; 325007 |

---

------

**JPMorgan Active Bond 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 # BF0503, 3.00%, 9/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 2860401 | &nbsp;&nbsp;&nbsp;&nbsp; 2527231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0546, 2.50%, 7/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 939901 | &nbsp;&nbsp;&nbsp;&nbsp; 778993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0560, 2.50%, 9/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 8275914 | &nbsp;&nbsp;&nbsp;&nbsp; 6859059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0561, 3.00%, 9/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 2785797 | &nbsp;&nbsp;&nbsp;&nbsp; 2416426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0586, 5.00%, 12/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 869847 | &nbsp;&nbsp;&nbsp;&nbsp; 872354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0646, 2.50%, 6/1/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 875776 | &nbsp;&nbsp;&nbsp;&nbsp; 738882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0720, 4.00%, 3/1/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 3344969 | &nbsp;&nbsp;&nbsp;&nbsp; 3124837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0770, 4.50%, 9/1/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4443976 | &nbsp;&nbsp;&nbsp;&nbsp; 4349986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0802, 2.50%, 4/1/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 3767406 | &nbsp;&nbsp;&nbsp;&nbsp; 3150407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0804, 3.00%, 4/1/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 3734681 | &nbsp;&nbsp;&nbsp;&nbsp; 3281124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0809, 4.00%, 4/1/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 4558897 | &nbsp;&nbsp;&nbsp;&nbsp; 4334749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0812, 4.50%, 4/1/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 2520414 | &nbsp;&nbsp;&nbsp;&nbsp; 2467101 |
| &nbsp;&nbsp;&nbsp; FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 5.50%, 12/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17214302 |
| &nbsp;&nbsp;&nbsp; GNMA I, 30 Year Pool # CU0301, 6.50%, 5/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1074399 | &nbsp;&nbsp;&nbsp;&nbsp; 1117480 |
| &nbsp;&nbsp;&nbsp; GNMA II Pool # CK7234, ARM, 5.17%, 2/20/2072 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 431688 | &nbsp;&nbsp;&nbsp;&nbsp; 448640 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AQ6679, 3.50%, 10/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 118123 | &nbsp;&nbsp;&nbsp;&nbsp; 108858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AK8802, 3.75%, 3/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 283370 | &nbsp;&nbsp;&nbsp;&nbsp; 266630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 785445, 2.50%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5077294 | &nbsp;&nbsp;&nbsp;&nbsp; 4345526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA7705, 2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 14073695 | &nbsp;&nbsp;&nbsp;&nbsp; 12219190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 788051, 3.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4533815 | &nbsp;&nbsp;&nbsp;&nbsp; 4105971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787457, 4.00%, 3/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1379915 | &nbsp;&nbsp;&nbsp;&nbsp; 1335112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 788236, 4.50%, 3/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6923129 | &nbsp;&nbsp;&nbsp;&nbsp; 6804217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787010, 3.50%, 4/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4705665 | &nbsp;&nbsp;&nbsp;&nbsp; 4350814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8097, 2.50%, 6/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2344010 | &nbsp;&nbsp;&nbsp;&nbsp; 2035128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8197, 2.50%, 8/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7926303 | &nbsp;&nbsp;&nbsp;&nbsp; 6913644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8342, 2.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3859717 | &nbsp;&nbsp;&nbsp;&nbsp; 3217975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8343, 2.50%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2555387 | &nbsp;&nbsp;&nbsp;&nbsp; 2221079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8422, 2.00%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1595945 | &nbsp;&nbsp;&nbsp;&nbsp; 1330939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8485, 2.50%, 12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3660102 | &nbsp;&nbsp;&nbsp;&nbsp; 3182239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CO8957, 5.00%, 12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 724660 | &nbsp;&nbsp;&nbsp;&nbsp; 718800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8563, 2.00%, 1/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1640759 | &nbsp;&nbsp;&nbsp;&nbsp; 1375778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8642, 2.50%, 2/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5993127 | &nbsp;&nbsp;&nbsp;&nbsp; 5218279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8644, 3.50%, 2/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 497215 | &nbsp;&nbsp;&nbsp;&nbsp; 459765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8720, 2.50%, 3/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1870672 | &nbsp;&nbsp;&nbsp;&nbsp; 1631128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8795, 2.50%, 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3068785 | &nbsp;&nbsp;&nbsp;&nbsp; 2670917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8797, 3.50%, 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7753051 | &nbsp;&nbsp;&nbsp;&nbsp; 7177206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 786842, 4.00%, 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1444590 | &nbsp;&nbsp;&nbsp;&nbsp; 1354982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8873, 2.50%, 5/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5627150 | &nbsp;&nbsp;&nbsp;&nbsp; 4892988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8944, 3.50%, 6/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3279740 | &nbsp;&nbsp;&nbsp;&nbsp; 3033565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9011, 2.50%, 7/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5549156 | &nbsp;&nbsp;&nbsp;&nbsp; 4826868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9100, 2.50%, 8/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3952687 | &nbsp;&nbsp;&nbsp;&nbsp; 3441266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9101, 3.00%, 8/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3058535 | &nbsp;&nbsp;&nbsp;&nbsp; 2777647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9165, 2.50%, 9/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6166626 | &nbsp;&nbsp;&nbsp;&nbsp; 5361713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9299, 2.50%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3959042 | &nbsp;&nbsp;&nbsp;&nbsp; 3444998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CX2674, 6.00%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 223343 | &nbsp;&nbsp;&nbsp;&nbsp; 230501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9419, 3.50%, 1/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2308605 | &nbsp;&nbsp;&nbsp;&nbsp; 2150207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9483, 3.00%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4026403 | &nbsp;&nbsp;&nbsp;&nbsp; 3659329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9484, 3.50%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2350353 | &nbsp;&nbsp;&nbsp;&nbsp; 2158696 |

---

------

**JPMorgan Active Bond 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 # MA9663, 3.00%, 4/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6791393 | &nbsp;&nbsp;&nbsp;&nbsp; 6161777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9719, 2.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5711213 | &nbsp;&nbsp;&nbsp;&nbsp; 4970467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD2409, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 465625 | &nbsp;&nbsp;&nbsp;&nbsp; 479255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0108, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1380332 | &nbsp;&nbsp;&nbsp;&nbsp; 1454006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0109, 7.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 712460 | &nbsp;&nbsp;&nbsp;&nbsp; 753248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9846, 3.00%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7072296 | &nbsp;&nbsp;&nbsp;&nbsp; 6412247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0094, 7.00%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1023571 | &nbsp;&nbsp;&nbsp;&nbsp; 1082171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA9960, 3.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6116858 | &nbsp;&nbsp;&nbsp;&nbsp; 5543353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE2936, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 989160 | &nbsp;&nbsp;&nbsp;&nbsp; 1018744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF2932, 6.50%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1980245 | &nbsp;&nbsp;&nbsp;&nbsp; 2085940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF2931, 7.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1983127 | &nbsp;&nbsp;&nbsp;&nbsp; 2096664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0142, 3.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3774223 | &nbsp;&nbsp;&nbsp;&nbsp; 3407467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE2954, 6.50%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 509658 | &nbsp;&nbsp;&nbsp;&nbsp; 532503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH0806, 7.00%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5172940 | &nbsp;&nbsp;&nbsp;&nbsp; 5469102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH0808, 7.50%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3003556 | &nbsp;&nbsp;&nbsp;&nbsp; 3202124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH0816, 6.50%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2839297 | &nbsp;&nbsp;&nbsp;&nbsp; 2990847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DJ6101, 7.00%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2090552 | &nbsp;&nbsp;&nbsp;&nbsp; 2210242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH0822, 7.50%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1480335 | &nbsp;&nbsp;&nbsp;&nbsp; 1578202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DJ6103, 6.50%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1725808 | &nbsp;&nbsp;&nbsp;&nbsp; 1817926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DJ6116, 7.00%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1491934 | &nbsp;&nbsp;&nbsp;&nbsp; 1577352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DJ6126, 6.50%, 6/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3225892 | &nbsp;&nbsp;&nbsp;&nbsp; 3398080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DI4920, 5.50%, 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2985523 | &nbsp;&nbsp;&nbsp;&nbsp; 3035603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0617, 2.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6357100 | &nbsp;&nbsp;&nbsp;&nbsp; 5532578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DI4702, 5.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5480209 | &nbsp;&nbsp;&nbsp;&nbsp; 5626034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DI1028, 6.00%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1005620 | &nbsp;&nbsp;&nbsp;&nbsp; 1039081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DI4701, 6.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4032416 | &nbsp;&nbsp;&nbsp;&nbsp; 4252577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DK7875, 6.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2814676 | &nbsp;&nbsp;&nbsp;&nbsp; 2909909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DL8785, 6.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4987151 | &nbsp;&nbsp;&nbsp;&nbsp; 5198538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DM2050, 6.50%, 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1447238 | &nbsp;&nbsp;&nbsp;&nbsp; 1512114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0618, 3.00%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9050011 | &nbsp;&nbsp;&nbsp;&nbsp; 8175749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DL2983, 6.00%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4988893 | &nbsp;&nbsp;&nbsp;&nbsp; 5179324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DL2981, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1812459 | &nbsp;&nbsp;&nbsp;&nbsp; 1926913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DL2982, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4986011 | &nbsp;&nbsp;&nbsp;&nbsp; 5270410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DM9161, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5106300 | &nbsp;&nbsp;&nbsp;&nbsp; 5403797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DM9168, 6.50%, 9/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4990811 | &nbsp;&nbsp;&nbsp;&nbsp; 5281580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DM2067, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2405177 | &nbsp;&nbsp;&nbsp;&nbsp; 2439239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN0965, 5.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2484066 | &nbsp;&nbsp;&nbsp;&nbsp; 2537949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DM2070, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3343072 | &nbsp;&nbsp;&nbsp;&nbsp; 3443064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN0966, 6.00%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2946434 | &nbsp;&nbsp;&nbsp;&nbsp; 3048990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DN6001, 6.50%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3496174 | &nbsp;&nbsp;&nbsp;&nbsp; 3699871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0740, 2.50%, 11/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7694530 | &nbsp;&nbsp;&nbsp;&nbsp; 6685741 |
| &nbsp;&nbsp;&nbsp; GNMA II, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AD0019, 3.50%, 2/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 624684 | &nbsp;&nbsp;&nbsp;&nbsp; 611169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787496, 6.00%, 7/20/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 397347 | &nbsp;&nbsp;&nbsp;&nbsp; 405468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787826, 4.00%, 1/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1763845 | &nbsp;&nbsp;&nbsp;&nbsp; 1665257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $830,816,525)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 846752105 |
| **Asset-Backed Securities — 17.5%** | **Asset-Backed Securities — 17.5%** | **Asset-Backed Securities — 17.5%** |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2016-1, Class A, 4.10%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6290042 | &nbsp;&nbsp;&nbsp;&nbsp; 6209789 |

---

------

**JPMorgan Active Bond 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; American Credit Acceptance Receivables Trust Series 2023-4, Class C, 6.99%, 9/12/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 314971 | &nbsp;&nbsp;&nbsp;&nbsp; 317537 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class D, 2.60%, 6/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 943626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class A, 1.53%, 8/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 99606 | &nbsp;&nbsp;&nbsp;&nbsp; 97576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class B, 1.78%, 8/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 711112 | &nbsp;&nbsp;&nbsp;&nbsp; 695833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class C, 1.80%, 10/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 686393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.33%, 10/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 763867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E2, 2.43%, 10/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR4, Class E2, 3.01%, 12/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3399543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class E2, 4.00%, 10/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class E1, 4.00%, 4/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 505821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class E2, 4.00%, 4/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2908712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class E1, 3.95%, 6/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 671957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class E2, 3.95%, 6/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class D, 4.15%, 11/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1097000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class D, 3.66%, 6/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class E1, 3.66%, 6/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class D, 4.28%, 11/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3417000 | &nbsp;&nbsp;&nbsp;&nbsp; 3294814 |
| &nbsp;&nbsp;&nbsp; Ansley Park Capital LLC Series 2025-A, Class D, 5.33%, 4/20/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3668884 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 5.81%, 12/19/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1884995 | &nbsp;&nbsp;&nbsp;&nbsp; 1913161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 5.04%, 5/17/2051 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2475000 | &nbsp;&nbsp;&nbsp;&nbsp; 2505374 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class B, 3.47%, 7/16/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3352305 | &nbsp;&nbsp;&nbsp;&nbsp; 3281841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C, 4.01%, 7/16/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 429514 | &nbsp;&nbsp;&nbsp;&nbsp; 421688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.40%, 7/17/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.14%, 7/17/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6014452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class C, 3.97%, 7/17/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 217656 | &nbsp;&nbsp;&nbsp;&nbsp; 211162 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.87%, 8/20/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 4.95%, 2/20/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 6.24%, 8/20/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3643680 |
| &nbsp;&nbsp;&nbsp; BG Beta Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 7/16/2054 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 7/16/2054 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 974640 | &nbsp;&nbsp;&nbsp;&nbsp; 994815 |
| &nbsp;&nbsp;&nbsp; Blue Owl Asset Leasing Trust LLC Series 2024-1A, Class C, 6.38%, 1/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579334 |
| &nbsp;&nbsp;&nbsp; Bridge Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class C, 4.30%, 8/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 511394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class B, 4.20%, 9/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5170000 | &nbsp;&nbsp;&nbsp;&nbsp; 4979136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class C, 4.20%, 9/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class D, 4.20%, 9/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3495000 | &nbsp;&nbsp;&nbsp;&nbsp; 3290488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class E, 4.35%, 9/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2288919 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 5.70%, 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1564000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 7.10%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 355797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 6.03%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.23%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.64%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3392193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.62%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4123580 |

---

------

**JPMorgan Active Bond 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 2025-3, Class D, 5.27%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 5.41%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4889000 | &nbsp;&nbsp;&nbsp;&nbsp; 4902991 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.19%, 6/15/2037 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1203462 | &nbsp;&nbsp;&nbsp;&nbsp; 1201186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3538218 | &nbsp;&nbsp;&nbsp;&nbsp; 3572457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.75%, 9/15/2039 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1730525 | &nbsp;&nbsp;&nbsp;&nbsp; 1730622 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2022-A, Class C, 5.35%, 9/28/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 133717 | &nbsp;&nbsp;&nbsp;&nbsp; 132104 |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust Series 2025-A, Class C, 5.46%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5105349 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-N1, Class B, 5.85%, 11/10/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 108284 | &nbsp;&nbsp;&nbsp;&nbsp; 108384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class A4, 1.64%, 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 248920 | &nbsp;&nbsp;&nbsp;&nbsp; 246610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P1, Class A4, 3.52%, 2/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 221218 | &nbsp;&nbsp;&nbsp;&nbsp; 220574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, 5.82%, 9/10/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp;&nbsp; 2129490 |
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MH1, Class M, 5.99%, 11/25/2044 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5022244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3596374 | &nbsp;&nbsp;&nbsp;&nbsp; 3278771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MH1, Class M2, 3.69%, 2/25/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3007000 | &nbsp;&nbsp;&nbsp;&nbsp; 2431991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH1, Class A1, 5.69%, 11/25/2056 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1223633 | &nbsp;&nbsp;&nbsp;&nbsp; 1265527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH1, Class A2, 6.06%, 11/25/2056 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH1, Class M1, 6.26%, 11/25/2056 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH1, Class M2, 6.56%, 11/25/2056 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 340294 |
| &nbsp;&nbsp;&nbsp; Cherry Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.70%, 4/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 6.13%, 11/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522359 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class D, 5.56%, 7/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2225412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class C, 4.85%, 2/17/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4009172 |
| &nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.78%, 12/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3207752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 6.22%, 12/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 821575 |
| &nbsp;&nbsp;&nbsp; Corevest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class C, 4.70%, 5/15/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 521980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class E, 4.70%, 5/15/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2699000 | &nbsp;&nbsp;&nbsp;&nbsp; 2600884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class E, 3.38%, 12/15/2052 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3432000 | &nbsp;&nbsp;&nbsp;&nbsp; 3052433 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust Series 2017-2, Class M, 5.52%, 12/25/2027 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7173222 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust Series 2023-D, Class C, 7.17%, 1/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404691 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 5.92%, 5/16/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 207203 | &nbsp;&nbsp;&nbsp;&nbsp; 207632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.39%, 1/16/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 5099879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.71%, 7/16/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2864432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 4.87%, 1/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2955000 | &nbsp;&nbsp;&nbsp;&nbsp; 2978463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.38%, 3/17/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9935000 | &nbsp;&nbsp;&nbsp;&nbsp; 10040917 |
| &nbsp;&nbsp;&nbsp; Crossroads Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 8.99%, 4/21/2031 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3028009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class D, 6.16%, 2/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1705728 |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 12/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275821 | &nbsp;&nbsp;&nbsp;&nbsp; 279803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 1/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 223952 | &nbsp;&nbsp;&nbsp;&nbsp; 230997 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust Series 2025-CES1, Class A1A, 5.22%, 10/25/2055 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp;&nbsp; 8118581 |

---

------

**JPMorgan Active Bond 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; Diversified ABS Holdings LLC Series 2024-2A, Class A, 6.56%, 9/30/2044 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1819102 | &nbsp;&nbsp;&nbsp;&nbsp; 1834564 |
| &nbsp;&nbsp;&nbsp; DP Lion Holdco LLC Series 2023-1A, Class A, 8.24%, 11/30/2043 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 193481 | &nbsp;&nbsp;&nbsp;&nbsp; 198873 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 4.94%, 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.41%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2939778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 4.90%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4410000 | &nbsp;&nbsp;&nbsp;&nbsp; 4386578 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 6.62%, 2/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 6.45%, 5/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 10.39%, 1/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2094021 |
| &nbsp;&nbsp;&nbsp; Elara Hgv Timeshare Issuer LLC Series 2025-A, Class A, 4.54%, 1/25/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2523294 | &nbsp;&nbsp;&nbsp;&nbsp; 2528157 |
| &nbsp;&nbsp;&nbsp; Energy Assets, 8.11%, 8/25/2044 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 219715 | &nbsp;&nbsp;&nbsp;&nbsp; 225668 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.89%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5024910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.57%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2450160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class D, 5.23%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6080000 | &nbsp;&nbsp;&nbsp;&nbsp; 6114165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class C, 4.68%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3463699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class D, 5.16%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3098000 | &nbsp;&nbsp;&nbsp;&nbsp; 3116899 |
| &nbsp;&nbsp;&nbsp; Exeter Select Automobile Receivables Trust Series 2025-3, Class C, 5.00%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061714 |
| &nbsp;&nbsp;&nbsp; FHF Issuer Trust Series 2023-2A, Class B, 7.49%, 11/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 458957 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.81%, 12/17/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 349874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 4.75%, 12/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2420471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.22%, 12/15/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1755000 | &nbsp;&nbsp;&nbsp;&nbsp; 1774944 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class C, 1.89%, 8/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 440650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6355000 | &nbsp;&nbsp;&nbsp;&nbsp; 6229611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E2, 2.49%, 8/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3920168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class C, 1.71%, 9/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFRA, Class A, 3.10%, 3/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 292407 | &nbsp;&nbsp;&nbsp;&nbsp; 287654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFRA, Class E1, 4.56%, 3/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482893 |
| &nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GT1, Class A, 4.45%, 1/25/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT1, Class A, 3.62%, 7/25/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7401964 | &nbsp;&nbsp;&nbsp;&nbsp; 7139715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT1, Class B, 4.36%, 7/25/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2410380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3022400 | &nbsp;&nbsp;&nbsp;&nbsp; 2926611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT2, Class B, 4.44%, 10/25/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3542958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-GT1, Class B, 7.17%, 4/25/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502465 |
| &nbsp;&nbsp;&nbsp; Fortiva Retail Credit Master Note Business Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWO, Class A, 5.92%, 5/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6050000 | &nbsp;&nbsp;&nbsp;&nbsp; 6048631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWO, Class B, 6.90%, 5/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3999752 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.27%, 5/15/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 495873 | &nbsp;&nbsp;&nbsp;&nbsp; 472256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 9.10%, 6/15/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 434494 | &nbsp;&nbsp;&nbsp;&nbsp; 465116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.53%, 12/15/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 399950 | &nbsp;&nbsp;&nbsp;&nbsp; 411198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 8.13%, 12/15/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1999752 | &nbsp;&nbsp;&nbsp;&nbsp; 2106985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.93%, 3/15/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 509951 | &nbsp;&nbsp;&nbsp;&nbsp; 511611 |
| &nbsp;&nbsp;&nbsp; FRTKL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class B, 1.72%, 9/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2927308 |

---

------

**JPMorgan Active Bond 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 2021-SFR1, Class D, 2.17%, 9/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 883311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.37%, 9/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E2, 2.52%, 9/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121022 |
| &nbsp;&nbsp;&nbsp; FW Energy Asset Issuer LLC, 7.15%, 8/25/2044 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 447549 | &nbsp;&nbsp;&nbsp;&nbsp; 458374 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 2.48%, 10/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 520298 | &nbsp;&nbsp;&nbsp;&nbsp; 516228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.61%, 11/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2944618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.59%, 1/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3347572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.53%, 2/18/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.16%, 6/16/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2310000 | &nbsp;&nbsp;&nbsp;&nbsp; 2310836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class D, 5.13%, 8/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6031717 |
| &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A3, 6.38%, 2/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.69%, 3/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 306783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 5.64%, 8/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.43%, 1/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 306226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 4.94%, 9/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1357191 |
| &nbsp;&nbsp;&nbsp; Golden Bear LLC Series 2016-1A, Class A, 3.75%, 9/20/2047 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1913237 | &nbsp;&nbsp;&nbsp;&nbsp; 1781431 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust Series 2022-GRN2, Class D, 9.75%, 10/25/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3615442 | &nbsp;&nbsp;&nbsp;&nbsp; 3802791 |
| &nbsp;&nbsp;&nbsp; Goodgreen (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 3.93%, 10/15/2053 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 935743 | &nbsp;&nbsp;&nbsp;&nbsp; 870067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, 3.86%, 10/15/2054 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6254993 | &nbsp;&nbsp;&nbsp;&nbsp; 5784504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.76%, 4/15/2055 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7804031 | &nbsp;&nbsp;&nbsp;&nbsp; 6762170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.90%, 1/17/2061 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1206150 | &nbsp;&nbsp;&nbsp;&nbsp; 1194881 |
| &nbsp;&nbsp;&nbsp; Goodgreen Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.29%, 7/15/2056 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 415593 | &nbsp;&nbsp;&nbsp;&nbsp; 419126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 8.12%, 7/15/2056 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 415631 | &nbsp;&nbsp;&nbsp;&nbsp; 421575 |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A, 3.23%, 10/15/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1742117 | &nbsp;&nbsp;&nbsp;&nbsp; 1598486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A, 3.74%, 10/15/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1716188 | &nbsp;&nbsp;&nbsp;&nbsp; 1591099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.26%, 10/15/2053 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1466864 | &nbsp;&nbsp;&nbsp;&nbsp; 1338778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.63%, 4/15/2055 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 539688 | &nbsp;&nbsp;&nbsp;&nbsp; 451061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 3.01%, 10/15/2056 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 401287 | &nbsp;&nbsp;&nbsp;&nbsp; 302247 |
| &nbsp;&nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.38%, 2/20/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1382763 | &nbsp;&nbsp;&nbsp;&nbsp; 1404555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, 5.00%, 10/20/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6940000 | &nbsp;&nbsp;&nbsp;&nbsp; 6954687 |
| &nbsp;&nbsp;&nbsp; Granite Park Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3, 6.46%, 9/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 133945 | &nbsp;&nbsp;&nbsp;&nbsp; 134923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 7.00%, 8/22/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 358468 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-SL1, Class A1, 5.85%, 11/25/2067 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5550571 | &nbsp;&nbsp;&nbsp;&nbsp; 5596995 |
| &nbsp;&nbsp;&nbsp; HERO Funding (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, 3.19%, 9/20/2048 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1872820 | &nbsp;&nbsp;&nbsp;&nbsp; 1725288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, 4.67%, 9/20/2048 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2092595 | &nbsp;&nbsp;&nbsp;&nbsp; 2044191 |
| &nbsp;&nbsp;&nbsp; HERO Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3A, Class A, 4.28%, 9/20/2041 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 679240 | &nbsp;&nbsp;&nbsp;&nbsp; 666092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.59%, 9/20/2057 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 430627 | &nbsp;&nbsp;&nbsp;&nbsp; 375782 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, 4.74%, 1/25/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 207762 | &nbsp;&nbsp;&nbsp;&nbsp; 207503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1B, Class B, 5.99%, 9/15/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 208804 | &nbsp;&nbsp;&nbsp;&nbsp; 212392 |

---

------

**JPMorgan Active Bond 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 2024-3A, Class C, 5.71%, 8/27/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3417886 | &nbsp;&nbsp;&nbsp;&nbsp; 3469633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.52%, 5/27/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2301473 | &nbsp;&nbsp;&nbsp;&nbsp; 2340081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 4.73%, 5/25/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2021720 | &nbsp;&nbsp;&nbsp;&nbsp; 2033468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.12%, 5/25/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2072581 | &nbsp;&nbsp;&nbsp;&nbsp; 2093577 |
| &nbsp;&nbsp;&nbsp; HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 4.65%, 5/15/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2179138 | &nbsp;&nbsp;&nbsp;&nbsp; 2173169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 333909 | &nbsp;&nbsp;&nbsp;&nbsp; 339520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.45%, 3/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2893148 | &nbsp;&nbsp;&nbsp;&nbsp; 2929928 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class D, 2.65%, 12/17/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3118361 | &nbsp;&nbsp;&nbsp;&nbsp; 3034796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class E1, 2.85%, 12/17/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7335344 | &nbsp;&nbsp;&nbsp;&nbsp; 7138649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 4.73%, 4/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 333848 | &nbsp;&nbsp;&nbsp;&nbsp; 330707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B, 1.98%, 1/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1420973 | &nbsp;&nbsp;&nbsp;&nbsp; 1318855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2425934 | &nbsp;&nbsp;&nbsp;&nbsp; 2281268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class E, 3.08%, 1/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 472473 | &nbsp;&nbsp;&nbsp;&nbsp; 439817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class E1, 3.20%, 1/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6289458 | &nbsp;&nbsp;&nbsp;&nbsp; 5891363 |
| &nbsp;&nbsp;&nbsp; Hornbeck Offshore, 8.90%, 1/1/2044 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2988840 | &nbsp;&nbsp;&nbsp;&nbsp; 2988840 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class B1, 4.84%, 9/20/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5763033 | &nbsp;&nbsp;&nbsp;&nbsp; 5798943 |
| &nbsp;&nbsp;&nbsp; Identity Digital Capital LLC, 6.79%, 3/20/2065 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3551450 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class D, 4.25%, 9/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1568295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class E, 4.50%, 9/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659236 |
| &nbsp;&nbsp;&nbsp; Jonah Energy ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 7.20%, 12/10/2037 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2533727 | &nbsp;&nbsp;&nbsp;&nbsp; 2583421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 7.63%, 8/10/2039 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2864158 | &nbsp;&nbsp;&nbsp;&nbsp; 2897096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 7.36%, 12/10/2040 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1788378 | &nbsp;&nbsp;&nbsp;&nbsp; 1827723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1, 5.91%, 1/10/2041 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1860948 | &nbsp;&nbsp;&nbsp;&nbsp; 1863367 |
| &nbsp;&nbsp;&nbsp; Lending Funding Trust Series 2020-2A, Class C, 4.30%, 4/21/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450740 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.47%, 11/20/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 382992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 3.41%, 11/20/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1821034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.37%, 4/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1456464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 2/21/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.68%, 9/20/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2291229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 6.48%, 9/20/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1952000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.98%, 10/20/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3033233 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class B, 2.33%, 3/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 300184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class C, 2.96%, 3/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class D, 3.83%, 3/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 217968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class D, 6.77%, 9/22/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 731960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class C, 2.66%, 11/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class C, 5.69%, 5/20/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2962000 | &nbsp;&nbsp;&nbsp;&nbsp; 3011552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class D, 6.54%, 5/20/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4753254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class D, 5.84%, 11/22/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244351 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC Series 2023-1A, Class A, 7.21%, 5/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 171031 | &nbsp;&nbsp;&nbsp;&nbsp; 171881 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 6.56%, 7/20/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3580000 | &nbsp;&nbsp;&nbsp;&nbsp; 3600924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 7.43%, 7/20/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018265 |

---

------

**JPMorgan Active Bond 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 2025-1A, Class B, 6.16%, 12/22/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6999266 |
| &nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series 2025-B, Class A, 5.06%, 9/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763199 |
| &nbsp;&nbsp;&nbsp; MNR ABS Issuer I LLC, 8.95%, 12/15/2038 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 204248 | &nbsp;&nbsp;&nbsp;&nbsp; 210177 |
| &nbsp;&nbsp;&nbsp; Mpire Frn, 8.29%, 9/13/2030 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008487 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class C, 1.94%, 1/22/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 69409 | &nbsp;&nbsp;&nbsp;&nbsp; 66697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.75%, 9/22/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2973121 | &nbsp;&nbsp;&nbsp;&nbsp; 3007387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 4.72%, 10/20/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7844703 | &nbsp;&nbsp;&nbsp;&nbsp; 7873950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.97%, 10/20/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3968000 | &nbsp;&nbsp;&nbsp;&nbsp; 3984989 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class B, 2.85%, 2/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 444322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2922687 |
| &nbsp;&nbsp;&nbsp; Nexgen, Inc., 0.00, 11/16/2033‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1154712 | &nbsp;&nbsp;&nbsp;&nbsp; 1154712 |
| &nbsp;&nbsp;&nbsp; NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, 11/20/2055 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10885000 | &nbsp;&nbsp;&nbsp;&nbsp; 10931192 |
| &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 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 604367 | &nbsp;&nbsp;&nbsp;&nbsp; 595655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 214002 | &nbsp;&nbsp;&nbsp;&nbsp; 209958 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.26%, 7/14/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 696736 | &nbsp;&nbsp;&nbsp;&nbsp; 693861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.76%, 10/15/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 6.10%, 7/14/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5163559 |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 2.76%, 9/14/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3478007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.95%, 6/16/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4439664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 2.47%, 6/16/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3910000 | &nbsp;&nbsp;&nbsp;&nbsp; 3605452 |
| &nbsp;&nbsp;&nbsp; Oportun Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.48%, 8/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 931000 | &nbsp;&nbsp;&nbsp;&nbsp; 932938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 6.25%, 8/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306715 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 223543 | &nbsp;&nbsp;&nbsp;&nbsp; 219053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 5/8/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1373037 | &nbsp;&nbsp;&nbsp;&nbsp; 1347747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.65%, 5/8/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 416404 | &nbsp;&nbsp;&nbsp;&nbsp; 412185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 2.18%, 10/8/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1465890 | &nbsp;&nbsp;&nbsp;&nbsp; 1439638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 2.67%, 10/8/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 585533 | &nbsp;&nbsp;&nbsp;&nbsp; 575876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 3.61%, 10/8/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 748285 | &nbsp;&nbsp;&nbsp;&nbsp; 738969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.83%, 2/9/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 6.61%, 2/9/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2083000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class B, 5.31%, 2/8/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8105000 | &nbsp;&nbsp;&nbsp;&nbsp; 8107801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 5.89%, 2/8/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5710000 | &nbsp;&nbsp;&nbsp;&nbsp; 5711280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 5.28%, 5/9/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9250000 | &nbsp;&nbsp;&nbsp;&nbsp; 9268921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 5.52%, 5/9/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class D, 6.45%, 5/9/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2992651 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Technology in Housing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 3.60%, 10/25/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 536313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class E2, 3.60%, 10/25/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011605 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC Series 2024-1A, Class A3, 5.64%, 11/20/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025488 |
| &nbsp;&nbsp;&nbsp; Perimeter Master Note Business Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.58%, 12/16/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.12%, 12/16/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2997000 | &nbsp;&nbsp;&nbsp;&nbsp; 3022243 |

---

------

**JPMorgan Active Bond 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; PowerPay Issuance Trust Series 2025-1A, Class A, 5.23%, 11/18/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7784360 | &nbsp;&nbsp;&nbsp;&nbsp; 7810397 |
| &nbsp;&nbsp;&nbsp; Progress Residential Series 2021-SFR3, Class A, 1.64%, 5/17/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 96631 | &nbsp;&nbsp;&nbsp;&nbsp; 95986 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E1, 4.55%, 4/17/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 690701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR6, Class A, 1.52%, 7/17/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 99129 | &nbsp;&nbsp;&nbsp;&nbsp; 97593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 3.38%, 1/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR7, Class A, 1.69%, 8/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 415784 | &nbsp;&nbsp;&nbsp;&nbsp; 390596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class D, 4.50%, 10/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 443193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class B, 2.26%, 11/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4705911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class B, 2.72%, 12/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4177760 | &nbsp;&nbsp;&nbsp;&nbsp; 3979257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class E1, 3.57%, 12/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6471902 | &nbsp;&nbsp;&nbsp;&nbsp; 6236786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5776000 | &nbsp;&nbsp;&nbsp;&nbsp; 5536143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 3.93%, 2/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8650000 | &nbsp;&nbsp;&nbsp;&nbsp; 8357484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E1, 3.40%, 4/17/2041 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1954382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR4, Class A, 4.44%, 5/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 196484 | &nbsp;&nbsp;&nbsp;&nbsp; 196914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR3, Class E1, 4.00%, 6/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5690000 | &nbsp;&nbsp;&nbsp;&nbsp; 5458406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4, Class C, 3.33%, 7/17/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 233724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class D, 3.65%, 2/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4035000 | &nbsp;&nbsp;&nbsp;&nbsp; 3806176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class E1, 3.75%, 2/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3524460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class D, 3.56%, 4/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2493028 | &nbsp;&nbsp;&nbsp;&nbsp; 2336771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR3, Class B, 3.39%, 7/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2810000 | &nbsp;&nbsp;&nbsp;&nbsp; 2637697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR6, Class D, 4.00%, 9/17/2042 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4695120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR5, Class C, 4.00%, 10/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1678935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR5, Class D, 4.00%, 10/17/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4445000 | &nbsp;&nbsp;&nbsp;&nbsp; 4233197 |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.99%, 8/16/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.69%, 8/18/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5079714 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 3.71%, 3/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 298306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.46%, 3/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3666000 | &nbsp;&nbsp;&nbsp;&nbsp; 3644372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 3.23%, 8/15/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1322177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 6.58%, 4/17/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2286550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 6.01%, 11/16/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4891342 |
| &nbsp;&nbsp;&nbsp; Renew (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A, 3.67%, 9/20/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 156938 | &nbsp;&nbsp;&nbsp;&nbsp; 147513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.95%, 9/20/2053 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 624433 | &nbsp;&nbsp;&nbsp;&nbsp; 591726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.22%, 9/22/2053 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 328636 | &nbsp;&nbsp;&nbsp;&nbsp; 302530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.90%, 11/20/2058 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2338481 | &nbsp;&nbsp;&nbsp;&nbsp; 2337244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.21%, 11/20/2059 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5700728 | &nbsp;&nbsp;&nbsp;&nbsp; 5787709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class M, 6.83%, 11/20/2060 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1217767 | &nbsp;&nbsp;&nbsp;&nbsp; 1200929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 8.22%, 11/20/2060 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1334107 | &nbsp;&nbsp;&nbsp;&nbsp; 1344576 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.91%, 8/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 606601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 826120 |
| &nbsp;&nbsp;&nbsp; RFT TRUST Series 2024-2, Class A1, 7.11%, 9/27/2028 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3422276 | &nbsp;&nbsp;&nbsp;&nbsp; 3425513 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class C, 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 491730 | &nbsp;&nbsp;&nbsp;&nbsp; 493994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class D, 5.67%, 12/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class D, 5.69%, 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402861 |

---

------

**JPMorgan Active Bond 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 2024-2, Class D, 6.28%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3601468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 4.95%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2430000 | &nbsp;&nbsp;&nbsp;&nbsp; 2439430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class D, 5.14%, 2/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1392000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402360 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3, 6.17%, 5/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 154083 | &nbsp;&nbsp;&nbsp;&nbsp; 156080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.82%, 9/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 298943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 6.50%, 10/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 417358 | &nbsp;&nbsp;&nbsp;&nbsp; 417798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 7.00%, 8/22/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1799000 | &nbsp;&nbsp;&nbsp;&nbsp; 1888645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 5.11%, 11/21/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1736676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.88%, 11/20/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1557000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 6.75%, 11/20/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.82%, 6/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4266000 | &nbsp;&nbsp;&nbsp;&nbsp; 4289693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.33%, 6/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp;&nbsp; 2743559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 6.21%, 6/20/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp;&nbsp; 2779655 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.35%, 9/20/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 34933 | &nbsp;&nbsp;&nbsp;&nbsp; 34687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.95%, 9/20/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10275 | &nbsp;&nbsp;&nbsp;&nbsp; 10194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.00%, 1/20/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 173219 | &nbsp;&nbsp;&nbsp;&nbsp; 178205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, 6.36%, 6/20/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 154867 | &nbsp;&nbsp;&nbsp;&nbsp; 156388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.83%, 6/20/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 361963 | &nbsp;&nbsp;&nbsp;&nbsp; 368242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.32%, 8/20/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 836412 | &nbsp;&nbsp;&nbsp;&nbsp; 842458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.32%, 4/20/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1197982 | &nbsp;&nbsp;&nbsp;&nbsp; 1203820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 4.98%, 8/22/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1740686 | &nbsp;&nbsp;&nbsp;&nbsp; 1744312 |
| &nbsp;&nbsp;&nbsp; SRT Issuer I LLC, 0.00%, 7/7/2031 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7006450 |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.27%, 7/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 509543 | &nbsp;&nbsp;&nbsp;&nbsp; 530703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 7.89%, 7/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3286439 | &nbsp;&nbsp;&nbsp;&nbsp; 3520310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 6.34%, 2/15/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.05%, 9/15/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1614716 | &nbsp;&nbsp;&nbsp;&nbsp; 1632384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.48%, 9/15/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3347694 | &nbsp;&nbsp;&nbsp;&nbsp; 3395711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 6.12%, 9/15/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2698141 | &nbsp;&nbsp;&nbsp;&nbsp; 2750027 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class C, 2.03%, 11/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2371826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E1, 2.73%, 11/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 474057 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 5.34%, 4/17/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp;&nbsp; 270320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E, 7.51%, 7/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class C, 5.00%, 12/17/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299817 |
| &nbsp;&nbsp;&nbsp; Truist Bank Auto Credit-Linked Notes Series 2025-1, Class B, 4.73%, 9/26/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2972526 | &nbsp;&nbsp;&nbsp;&nbsp; 2975092 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2024-1, Class AA, 5.45%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 932694 | &nbsp;&nbsp;&nbsp;&nbsp; 966599 |
| &nbsp;&nbsp;&nbsp; UPG HI Issuer Trust Series 2025-2, Class A, 5.00%, 9/25/2047 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6375000 | &nbsp;&nbsp;&nbsp;&nbsp; 6387508 |
| &nbsp;&nbsp;&nbsp; Upstart Frn, 6.80%, 3/29/2029 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2025-1, Class A, 5.45%, 4/20/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1444700 | &nbsp;&nbsp;&nbsp;&nbsp; 1453390 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust Series 2025-1, Class A, 5.16%, 1/25/2047 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5334781 | &nbsp;&nbsp;&nbsp;&nbsp; 5365913 |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC Series 2025-1A, Class B, 5.37%, 5/12/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2467235 |
| &nbsp;&nbsp;&nbsp; VFI ABS LLC Series 2025-1A, Class B, 4.97%, 12/24/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1202323 |
| &nbsp;&nbsp;&nbsp; VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 29290 | &nbsp;&nbsp;&nbsp;&nbsp; 29284 |
| &nbsp;&nbsp;&nbsp; VOLT CII LLC Series 2021-NP11, Class A1, 5.87%, 8/25/2051 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 123002 | &nbsp;&nbsp;&nbsp;&nbsp; 122979 |
| &nbsp;&nbsp;&nbsp; Western Funding Auto Loan Trust Series 2025-1, Class D, 5.79%, 1/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4508000 | &nbsp;&nbsp;&nbsp;&nbsp; 4570139 |

---

------

**JPMorgan Active Bond 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; Westgate Resorts LLC Series 2024-1A, Class B, 6.56%, 1/20/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 420950 | &nbsp;&nbsp;&nbsp;&nbsp; 427731 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 7.19%, 7/16/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 362244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 4.68%, 7/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2502000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509084 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.28%, 9/20/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1242000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.33%, 9/20/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 4.76%, 9/20/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003630 |
| &nbsp;&nbsp;&nbsp; Wolf Energy Asset Issuer LLC, 5.70%, 7/25/2050 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2834377 | &nbsp;&nbsp;&nbsp;&nbsp; 2834377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $745,611,700)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 754469728 |
| **Corporate Bonds — 14.8%** | **Corporate Bonds — 14.8%** | **Corporate Bonds — 14.8%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  | &nbsp;&nbsp;&nbsp; Boeing Co. (The)  | &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 4660000 | &nbsp;&nbsp;&nbsp;&nbsp; 3333443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3620000 | &nbsp;&nbsp;&nbsp;&nbsp; 3604986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 3/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 705269 |
| &nbsp;&nbsp;&nbsp; Leidos, Inc. 2.30%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125576 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. 5.50%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11071911 |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 520277 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.32%, 5/15/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.91%), 5.87%, 3/28/2035 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 8688943 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) 5.13%, 11/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3226019 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.57%, 10/20/2032 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 453684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 5.02%, 7/22/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.47%, 1/23/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 11030000 | &nbsp;&nbsp;&nbsp;&nbsp; 11600714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, 1/24/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp;&nbsp; 5963187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1914755 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) (SOFR + 1.62%), 5.60%, 3/20/2030 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 463432 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) (SOFRINDX + 1.08%), 4.35%, 9/22/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2123371 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) 5.54%, 1/22/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 872169 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.34%, 9/10/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.79%, 2/25/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060909 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%), 5.18%, 1/9/2030 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 5.28%, 11/19/2030 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2810000 | &nbsp;&nbsp;&nbsp;&nbsp; 2894654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.79%, 1/13/2033 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4383000 | &nbsp;&nbsp;&nbsp;&nbsp; 4623313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.91%, 11/19/2035 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6275804 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.88%, 1/14/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 685940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.39%, 5/28/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221288 |

---

------

**JPMorgan Active Bond 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; (SOFR + 2.59%), 7.00%, 10/19/2034 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.94%, 5/30/2035 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3429262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 6.29%, 1/14/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5855000 | &nbsp;&nbsp;&nbsp;&nbsp; 6319693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.96%), 6.03%, 5/28/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2171594 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 6.68%, 9/13/2027 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 318959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.77%), 6.84%, 9/13/2034 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 448000 | &nbsp;&nbsp;&nbsp;&nbsp; 503326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 6.04%, 6/15/2035 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6510000 | &nbsp;&nbsp;&nbsp;&nbsp; 6977692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 5.58%, 7/3/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10955000 | &nbsp;&nbsp;&nbsp;&nbsp; 11367010 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1026000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 4.50%, 9/11/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.45%, 6/11/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp;&nbsp; 3420473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%), 5.33%, 3/27/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3755000 | &nbsp;&nbsp;&nbsp;&nbsp; 3874961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.17%, 9/11/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7653824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%), 5.61%, 3/4/2056 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017222 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.99%, 5/27/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2503927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 5.71%, 1/21/2033 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1908695 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.22%, 5/27/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 4.82%, 9/25/2033 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2645973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.86%, 1/9/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702105 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 417007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.93%), 5.02%, 3/4/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4407393 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.29%, 11/19/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.13%, 3/3/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 5.13%, 11/6/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4855000 | &nbsp;&nbsp;&nbsp;&nbsp; 4898691 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) (SOFR + 1.61%), 5.53%, 3/25/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5755000 | &nbsp;&nbsp;&nbsp;&nbsp; 5750778 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFRINDX + 1.23%), 5.12%, 4/4/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 832958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.97%), <br> 4.94%, 11/4/2036 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4205000 | &nbsp;&nbsp;&nbsp;&nbsp; 4191058 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. (SOFR + 1.40%), 5.18%, 7/8/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3570000 | &nbsp;&nbsp;&nbsp;&nbsp; 3662535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.93%), <br> 5.19%, 9/12/2036 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp; 2237445 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.10%, 5/13/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.92%), 4.71%, 7/8/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4565000 | &nbsp;&nbsp;&nbsp;&nbsp; 4633105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.32%, 7/8/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 5750634 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 4.96%, 8/15/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 810293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.12%, 5/23/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3085000 | &nbsp;&nbsp;&nbsp;&nbsp; 3175658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 511057 |

---

------

**JPMorgan Active Bond 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; Norinchukin Bank (The) (Japan) | &nbsp;&nbsp;&nbsp; Norinchukin Bank (The) (Japan) | &nbsp;&nbsp;&nbsp; Norinchukin Bank (The) (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 9/9/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%, 9/9/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2719217 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 4.90%, 5/13/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%), 5.58%, 1/29/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2103281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.37%, 7/21/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 279701 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. (SOFR + 2.14%), 6.34%, 5/31/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 5964156 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.07%), 4.32%, 9/22/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1536691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 689596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.58%), 5.14%, 9/22/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1509677 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) 4.50%, 9/3/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453672 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/19/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 439794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.51%, 5/22/2031 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 647238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 452804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.34%, 1/21/2033 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2455000 | &nbsp;&nbsp;&nbsp;&nbsp; 2604127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 9214000 | &nbsp;&nbsp;&nbsp;&nbsp; 9761023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.44%, 10/3/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6062570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), <br> 5.01%, 10/15/2030 (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 592892 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 7/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 420613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.95%, 7/8/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2564953 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.07%, 5/20/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, 1/24/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1707849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%), 4.96%, 10/23/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp;&nbsp; 2412696 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | &nbsp;&nbsp;&nbsp; US Bancorp  | &nbsp;&nbsp;&nbsp; US Bancorp  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%), 5.08%, 5/15/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 5.42%, 2/12/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; 1761843 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, 1/23/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 562565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.21%, 12/3/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4910000 | &nbsp;&nbsp;&nbsp;&nbsp; 5070879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.61%, 4/23/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12471000 | &nbsp;&nbsp;&nbsp;&nbsp; 13226829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.89%, 9/15/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 796788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 238686952 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. 4.85%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 944165 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 5.65%, 3/2/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1664000 | &nbsp;&nbsp;&nbsp;&nbsp; 1671769 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 5.75%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 819105 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 5.60%, 11/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4450064 |

---

------

**JPMorgan Active Bond 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 — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.37%, 1/10/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.18%), 6.72%, 1/18/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 183465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 5.30%, 5/9/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1834429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 3.04%, 5/28/2032 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 409569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 5.40%, 9/11/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6235000 | &nbsp;&nbsp;&nbsp;&nbsp; 6388722 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.85%, 4/25/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 375878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.33%, 7/23/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.02%, 10/23/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.54%, 1/28/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12305000 | &nbsp;&nbsp;&nbsp;&nbsp; 12894201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 4.94%, 10/21/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912095 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.47%, 1/18/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 587407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.59%, 1/18/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10555740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (SOFR + 1.31%), 4.89%, 10/22/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 822657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.22%, 4/22/2042 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 948463 |
| &nbsp;&nbsp;&nbsp; State Street Corp. (SOFR + 1.22%), 4.78%, 10/23/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073584 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 4.84%, 11/6/2033 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4838522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 6.30%, 9/22/2034 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 636000 | &nbsp;&nbsp;&nbsp;&nbsp; 697190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.58%, 5/9/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2098022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 5.01%, 3/23/2037 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 1 Year + 1.86%), 5.38%, 9/6/2045 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53110430 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.  | &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.  | &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1059000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 316000 | &nbsp;&nbsp;&nbsp;&nbsp; 301010 |
| &nbsp;&nbsp;&nbsp; EIDP, Inc. 5.13%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545065 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 2.30%, 11/1/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 5231247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8156895 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) 5.04%, 3/25/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 819698 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. 5.10%, 8/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1492265 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| &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; 3.30%, 1/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 676225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 760385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1253169 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd.  | &nbsp;&nbsp;&nbsp; Aircastle Ltd.  | &nbsp;&nbsp;&nbsp; Aircastle Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 772596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 268072 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. (SOFR + 2.82%), 6.85%, 1/3/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114646 |

---

------

**JPMorgan Active Bond 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 — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 4.92%, 7/20/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 430255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%), 4.80%, 10/24/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527305 |
| &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; 4.95%, 1/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3732000 | &nbsp;&nbsp;&nbsp;&nbsp; 3794586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4952875 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. (SOFR + 1.63%), 5.20%, 9/11/2036 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4875000 | &nbsp;&nbsp;&nbsp;&nbsp; 4866399 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/27/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1180816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/17/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 490918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 536140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27164793 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust 7.51%, 1/10/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 383956 | &nbsp;&nbsp;&nbsp;&nbsp; 409444 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc. 5.10%, 3/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1688202 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America 5.20%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030042 |
| &nbsp;&nbsp;&nbsp; Smurfit Westrock Financing DAC (Ireland) 5.42%, 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 780570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3498814 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC 4.60%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 3009624 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  | &nbsp;&nbsp;&nbsp; AT&T, Inc.  | &nbsp;&nbsp;&nbsp; AT&T, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; 1688079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2244376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 713935 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 2.99%, 10/30/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 879755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5526145 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. 5.70%, 9/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107728 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5585000 | &nbsp;&nbsp;&nbsp;&nbsp; 4825766 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) | &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) | &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/26/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 365737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/30/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1421778 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC 5.80%, 3/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 452465 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. 5.55%, 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 557061 |
| &nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc. 5.25%, 12/15/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 761549 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. 5.88%, 3/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023978 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co. 5.80%, 3/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 513750 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 5.30%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp;&nbsp; 2371565 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. 5.90%, 3/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455752 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 742476 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 5.41%, 10/15/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6325000 | &nbsp;&nbsp;&nbsp;&nbsp; 6333039 |
| &nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co. 5.60%, 4/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 448839 |

---

------

**JPMorgan Active Bond 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; Oncor Electric Delivery Co. LLC  | &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC  | &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 644434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 4/1/2055 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027544 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  | &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  | &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 676146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 839455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2299314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 600848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2615259 |
| &nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC  | &nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC  | &nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.23%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 298916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 5.53%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 352616 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma 5.45%, 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2545172 |
| &nbsp;&nbsp;&nbsp; SCE Recovery Funding LLC 5.34%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557838 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  | &nbsp;&nbsp;&nbsp; Southern California Edison Co.  | &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp;&nbsp; 4372385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 684511 |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. 5.65%, 3/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502763 |
| &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; 4.60%, 10/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1994000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2421000 | &nbsp;&nbsp;&nbsp;&nbsp; 2555402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3909730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56450621 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. 5.30%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055445 |
| **Financial Services — 0.8%** | **Financial Services — 0.8%** | **Financial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; BG Beta I Ltd. (Cayman Islands) 0.00%, 7/16/2054 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4015820 | &nbsp;&nbsp;&nbsp;&nbsp; 4015820 |
| &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 5895295 | &nbsp;&nbsp;&nbsp;&nbsp; 5895295 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.  | &nbsp;&nbsp;&nbsp; Fiserv, Inc.  | &nbsp;&nbsp;&nbsp; Fiserv, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 928066 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4675000 | &nbsp;&nbsp;&nbsp;&nbsp; 4690940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1568713 |
| &nbsp;&nbsp;&nbsp; Goodleap LLC Class A, 0.00%, 7/15/2038 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 6743507 | &nbsp;&nbsp;&nbsp;&nbsp; 6989545 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) (SOFR + 1.65%), 5.54%, 7/14/2036 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245245 |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) | &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) | &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 7/2/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 7/16/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/16/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 799388 |
| &nbsp;&nbsp;&nbsp; Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3004386 | &nbsp;&nbsp;&nbsp;&nbsp; 3004386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33557646 |

---

------

**JPMorgan Active Bond 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** |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.  | &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.  | &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 9/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 743137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/4/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249653 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL  | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL  | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3555000 | &nbsp;&nbsp;&nbsp;&nbsp; 3714692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2066 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055485 |
| &nbsp;&nbsp;&nbsp; JBS USA LUX SARL 6.38%, 2/25/2055 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 605004 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 5.65%, 5/1/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9708402 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. 5.00%, 12/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 629000 | &nbsp;&nbsp;&nbsp;&nbsp; 584488 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) 4.80%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 649633 |
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC (Ireland) 5.25%, 11/26/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 703609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1353242 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Solventum Corp. 5.60%, 3/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2503000 | &nbsp;&nbsp;&nbsp;&nbsp; 2615709 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. 5.50%, 2/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4774085 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Aetna, Inc. 4.75%, 3/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 882475 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. 5.15%, 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 2211893 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 5.15%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 797964 |
| &nbsp;&nbsp;&nbsp; Cigna Group (The) 5.25%, 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2871082 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3195000 | &nbsp;&nbsp;&nbsp;&nbsp; 3373765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2416081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2084140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/1/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 839044 |
| &nbsp;&nbsp;&nbsp; Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 5437247 | &nbsp;&nbsp;&nbsp;&nbsp; 5437247 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.  | &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.  | &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 422093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 671210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24730420 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC 5.38%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167355 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP 5.00%, 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2172874 |
| **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; AES Corp. (The) 5.80%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 3534390 |

---

------

**JPMorgan Active Bond 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 — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC  | &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC  | &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 468287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 861085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4863762 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  | &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  | &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1653508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3656397 |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding 4.90%, 8/21/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 565569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5875474 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.  | &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.  | &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7410000 | &nbsp;&nbsp;&nbsp;&nbsp; 7520770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4610000 | &nbsp;&nbsp;&nbsp;&nbsp; 4659964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5430000 | &nbsp;&nbsp;&nbsp;&nbsp; 5431771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4165000 | &nbsp;&nbsp;&nbsp;&nbsp; 4154449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23221792 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &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; 4.40%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 942738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 491298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 611353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2625980 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  | &nbsp;&nbsp;&nbsp; Comcast Corp.  | &nbsp;&nbsp;&nbsp; Comcast Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 1/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1189000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 961147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 7/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3551923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2785000 | &nbsp;&nbsp;&nbsp;&nbsp; 2104739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16596650 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) | &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) | &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 9/10/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/5/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144880 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 5.63%, 4/4/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2098407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5354007 |
| **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; Resurgent 6.78%, 7/1/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 5.73%, 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5985000 | &nbsp;&nbsp;&nbsp;&nbsp; 6173969 |

---

------

**JPMorgan Active Bond 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** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp.  | &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp.  | &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.10%, 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8439160 |
| **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. (Australia) 5.75%, 9/16/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1487000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506775 |
| &nbsp;&nbsp;&nbsp; BG Energy Capital plc 5.13%, 10/15/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463316 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP 5.55%, 10/30/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 576132 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. 5.65%, 4/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 594470 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC 5.70%, 10/1/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147624 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co. 5.50%, 1/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 664719 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc.  | &nbsp;&nbsp;&nbsp; Coterra Energy, Inc.  | &nbsp;&nbsp;&nbsp; Coterra Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 2/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215866 |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC  | &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC  | &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 591368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 1/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 731003 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) 5.63%, 4/5/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 934674 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  | &nbsp;&nbsp;&nbsp; Energy Transfer LP  | &nbsp;&nbsp;&nbsp; Energy Transfer LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1350117 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 5.55%, 2/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 465363 |
| &nbsp;&nbsp;&nbsp; Hess Corp. 5.60%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570693 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP 5.50%, 3/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3980000 | &nbsp;&nbsp;&nbsp;&nbsp; 3878553 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 3.25%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 410350 |
| &nbsp;&nbsp;&nbsp; MPLX LP  | &nbsp;&nbsp;&nbsp; MPLX LP  | &nbsp;&nbsp;&nbsp; MPLX LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1460386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 4/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 357731 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc.  | &nbsp;&nbsp;&nbsp; ONEOK, Inc.  | &nbsp;&nbsp;&nbsp; ONEOK, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1363860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 443620 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. 2.15%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6001000 | &nbsp;&nbsp;&nbsp;&nbsp; 5455192 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP  | &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP  | &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 697459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 395560 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp.  | &nbsp;&nbsp;&nbsp; Targa Resources Corp.  | &nbsp;&nbsp;&nbsp; Targa Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3247000 | &nbsp;&nbsp;&nbsp;&nbsp; 3311767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 425481 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA (France) 5.28%, 9/10/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37794281 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. 2.55%, 11/13/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 698739 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 2.50%, 10/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 720958 |

---

------

**JPMorgan Active Bond 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** |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | &nbsp;&nbsp;&nbsp; Essex Portfolio LP  | &nbsp;&nbsp;&nbsp; Essex Portfolio LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 547749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1768859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2316608 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 507000 | &nbsp;&nbsp;&nbsp;&nbsp; 508192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6155000 | &nbsp;&nbsp;&nbsp;&nbsp; 5114989 |
| &nbsp;&nbsp;&nbsp; Intel Corp. 5.70%, 2/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 877120 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc.  | &nbsp;&nbsp;&nbsp; Marvell Technology, Inc.  | &nbsp;&nbsp;&nbsp; Marvell Technology, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1857198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4487000 | &nbsp;&nbsp;&nbsp;&nbsp; 4636949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12994448 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. 4.70%, 9/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 879000 | &nbsp;&nbsp;&nbsp;&nbsp; 884455 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 983104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/26/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 438456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2976699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3662324 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. 5.70%, 4/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 786910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9731948 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. 3.70%, 10/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 675522 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) 4.20%, 4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 878641 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC 5.30%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055968 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. 3.88%, 8/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 492323 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC 5.13%, 4/10/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 554317 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 448894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6385000 | &nbsp;&nbsp;&nbsp;&nbsp; 4390633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 964000 | &nbsp;&nbsp;&nbsp;&nbsp; 931768 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 394492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6165787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $623,473,511)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 635214643 |
| **Collateralized Mortgage Obligations — 7.7%** | **Collateralized Mortgage Obligations — 7.7%** | **Collateralized Mortgage Obligations — 7.7%** |
| &nbsp;&nbsp;&nbsp; ABL Series 2024-RTL1, Class A1, 6.08%, 9/25/2029 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp;&nbsp; 3728347 |

---

------

**JPMorgan Active Bond 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; Anchor Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.72%, 5/25/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5287429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A2, 6.36%, 5/25/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439590 |
| &nbsp;&nbsp;&nbsp; Brean Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RM10, Class A1, 5.00%, 1/25/2065 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1580103 | &nbsp;&nbsp;&nbsp;&nbsp; 1574045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RM11, Class A1, 4.75%, 5/25/2065 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3651356 | &nbsp;&nbsp;&nbsp;&nbsp; 3606053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RM12, Class A1, 4.50%, 7/25/2065 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4620000 | &nbsp;&nbsp;&nbsp;&nbsp; 4518634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RM13, Class A1, 4.25%, 10/25/2065 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3890409 | &nbsp;&nbsp;&nbsp;&nbsp; 3770963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RM7, Class A1, 4.50%, 3/25/2078 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6843195 | &nbsp;&nbsp;&nbsp;&nbsp; 6756875 |
| &nbsp;&nbsp;&nbsp; BVRT LLC Series 2025-1, Class C, 4.19%, 5/10/2033 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2573686 | &nbsp;&nbsp;&nbsp;&nbsp; 2450971 |
| &nbsp;&nbsp;&nbsp; CAFL Issuer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL1, Class A1, 5.68%, 5/28/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4638334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL2, Class A1, 5.18%, 11/28/2040 ‡ (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6745000 | &nbsp;&nbsp;&nbsp;&nbsp; 6698026 |
| &nbsp;&nbsp;&nbsp; Center Street Lending Resi-Investor ABS Mortgage Trust Series 2024-RTL1, Class A1, 6.89%, 10/25/2029 ‡ (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1738183 |
| &nbsp;&nbsp;&nbsp; CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M2, 3.00%, 6/25/2034 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 963068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB15, Class M1, 4.00%, 8/25/2034 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2425385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB15, Class M2, 4.00%, 8/25/2034 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 292654 |
| &nbsp;&nbsp;&nbsp; CRIBS Mortgage Trust Series 2025-RTL1, Class A1, 5.81%, 5/25/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017662 |
| &nbsp;&nbsp;&nbsp; EQV Abs Issuer I LLC, 5.85%, 12/15/2040 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2763760 | &nbsp;&nbsp;&nbsp;&nbsp; 2776197 |
| &nbsp;&nbsp;&nbsp; FARM Mortgage Trust Series 2021-1, Class A, 2.18%, 1/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1113682 | &nbsp;&nbsp;&nbsp;&nbsp; 908526 |
| &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class HT, 3.00%, 8/25/2056 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 634667 | &nbsp;&nbsp;&nbsp;&nbsp; 566533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 239331 | &nbsp;&nbsp;&nbsp;&nbsp; 224152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class HT, 3.25%, 6/25/2057 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2744203 | &nbsp;&nbsp;&nbsp;&nbsp; 2518024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class M60C, 3.50%, 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1057536 | &nbsp;&nbsp;&nbsp;&nbsp; 988889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class MT, 3.50%, 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class MA, 3.50%, 8/25/2057 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10509823 | &nbsp;&nbsp;&nbsp;&nbsp; 10237175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class MZ, 3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 5198719 | &nbsp;&nbsp;&nbsp;&nbsp; 4165415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class MA, 3.50%, 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 712709 | &nbsp;&nbsp;&nbsp;&nbsp; 695045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class MT, 3.50%, 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 457531 | &nbsp;&nbsp;&nbsp;&nbsp; 413266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class HT, 3.00%, 8/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 528048 | &nbsp;&nbsp;&nbsp;&nbsp; 466385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class MT, 3.50%, 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 669053 | &nbsp;&nbsp;&nbsp;&nbsp; 605547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 5125098 | &nbsp;&nbsp;&nbsp;&nbsp; 4863922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class HT, 3.00%, 2/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 597270 | &nbsp;&nbsp;&nbsp;&nbsp; 520517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class MA, 3.00%, 2/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 5495344 | &nbsp;&nbsp;&nbsp;&nbsp; 5177033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class MV, 3.00%, 2/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2400177 | &nbsp;&nbsp;&nbsp;&nbsp; 2141322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class MTU, 2.50%, 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 5225252 | &nbsp;&nbsp;&nbsp;&nbsp; 4362474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class MTU, 2.50%, 9/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 619464 | &nbsp;&nbsp;&nbsp;&nbsp; 511977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class MTU, 2.50%, 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 666821 | &nbsp;&nbsp;&nbsp;&nbsp; 550630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class MTU, 3.25%, 11/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 3045503 | &nbsp;&nbsp;&nbsp;&nbsp; 2678051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class MA, 3.00%, 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 2628840 | &nbsp;&nbsp;&nbsp;&nbsp; 2400438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M5TU, 4.00%, 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 1249464 | &nbsp;&nbsp;&nbsp;&nbsp; 1179600 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4016, Class KZ, 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 246301 | &nbsp;&nbsp;&nbsp;&nbsp; 240687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5073, Class GA, 1.50%, 8/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 949305 | &nbsp;&nbsp;&nbsp;&nbsp; 810783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5027, Class JA, 2.00%, 10/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 129753 | &nbsp;&nbsp;&nbsp;&nbsp; 120846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4487, Class TL, 3.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 928639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class DA, 3.00%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 209510 | &nbsp;&nbsp;&nbsp;&nbsp; 200448 |

---

------

**JPMorgan Active Bond 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 4480, Class NB, 3.50%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 442763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4710, Class JE, 2.75%, 6/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 537805 | &nbsp;&nbsp;&nbsp;&nbsp; 488740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class BH, 2.00%, 12/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 633597 | &nbsp;&nbsp;&nbsp;&nbsp; 589351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA, 2.50%, 12/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2592357 | &nbsp;&nbsp;&nbsp;&nbsp; 2375606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class HB, 1.25%, 8/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 548631 | &nbsp;&nbsp;&nbsp;&nbsp; 449248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4994, Class LI, IO, 4.00%, 12/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 141689 | &nbsp;&nbsp;&nbsp;&nbsp; 27282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4913, Class UA, 3.00%, 3/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 769083 | &nbsp;&nbsp;&nbsp;&nbsp; 701858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4863, Class H, 7.00%, 3/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 452810 | &nbsp;&nbsp;&nbsp;&nbsp; 491846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4896, Class CG, 3.50%, 4/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 286160 | &nbsp;&nbsp;&nbsp;&nbsp; 276358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5141, Class PA, 1.00%, 4/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 284222 | &nbsp;&nbsp;&nbsp;&nbsp; 239882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5000, Class EA, 1.00%, 7/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 716779 | &nbsp;&nbsp;&nbsp;&nbsp; 558729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class TE, 1.00%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2698730 | &nbsp;&nbsp;&nbsp;&nbsp; 2090596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5088, Class MP, 1.00%, 12/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 446946 | &nbsp;&nbsp;&nbsp;&nbsp; 356214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5063, Class LC, 0.75%, 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 466960 | &nbsp;&nbsp;&nbsp;&nbsp; 367057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5132, Class EB, 1.25%, 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 905618 | &nbsp;&nbsp;&nbsp;&nbsp; 711287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5224, Class HL, 4.00%, 4/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5438, PO, 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3499720 | &nbsp;&nbsp;&nbsp;&nbsp; 2913251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4862, Class NO, PO, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1770959 | &nbsp;&nbsp;&nbsp;&nbsp; 1132599 |
| &nbsp;&nbsp;&nbsp; FHLMC, STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 276, Class 20, 2.00%, 9/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 219777 | &nbsp;&nbsp;&nbsp;&nbsp; 195708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 326, Class 350, 3.50%, 3/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 447691 | &nbsp;&nbsp;&nbsp;&nbsp; 421337 |
| &nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2003-W2, Class 1A1, 6.50%, 7/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 720708 | &nbsp;&nbsp;&nbsp;&nbsp; 754912 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-4, Class NB, 4.00%, 2/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 238128 | &nbsp;&nbsp;&nbsp;&nbsp; 232662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-28, Class PT, 4.00%, 3/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 726748 | &nbsp;&nbsp;&nbsp;&nbsp; 720020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-9, Class CB, 5.50%, 4/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 625539 | &nbsp;&nbsp;&nbsp;&nbsp; 648768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-124, Class PA, 2.50%, 7/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 91146 | &nbsp;&nbsp;&nbsp;&nbsp; 85999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-130, Class DC, 3.00%, 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 280497 | &nbsp;&nbsp;&nbsp;&nbsp; 261051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-92, Class GZ, 3.00%, 4/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1228846 | &nbsp;&nbsp;&nbsp;&nbsp; 1092143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-87, Class EA, 3.00%, 4/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 234099 | &nbsp;&nbsp;&nbsp;&nbsp; 217328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-75, Class LA, 3.00%, 2/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1384636 | &nbsp;&nbsp;&nbsp;&nbsp; 1318425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-60, Class DA, 2.50%, 3/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 168282 | &nbsp;&nbsp;&nbsp;&nbsp; 152852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-12, Class BA, 3.00%, 4/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 249311 | &nbsp;&nbsp;&nbsp;&nbsp; 227394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-91, Class GB, 1.75%, 7/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 6268369 | &nbsp;&nbsp;&nbsp;&nbsp; 5370837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-50, Class A, 2.00%, 7/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 404669 | &nbsp;&nbsp;&nbsp;&nbsp; 343296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-54, Class UB, 5.00%, 7/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 122074 | &nbsp;&nbsp;&nbsp;&nbsp; 123310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-70, Class AD, 1.50%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 288290 | &nbsp;&nbsp;&nbsp;&nbsp; 232106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA, 1.88%, 3/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4240052 | &nbsp;&nbsp;&nbsp;&nbsp; 3576959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-27, Class EC, 1.50%, 5/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 134567 | &nbsp;&nbsp;&nbsp;&nbsp; 111484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12, Class GE, 2.50%, 3/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5868675 | &nbsp;&nbsp;&nbsp;&nbsp; 5496707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-40, PO, 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3632582 | &nbsp;&nbsp;&nbsp;&nbsp; 3093311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class MA, 0.50%, 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7748689 | &nbsp;&nbsp;&nbsp;&nbsp; 6617840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31, Class MA, 0.50%, 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4307398 | &nbsp;&nbsp;&nbsp;&nbsp; 3643442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-29, Class LA, 2.00%, 5/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3357567 | &nbsp;&nbsp;&nbsp;&nbsp; 2984752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-52, Class BT, 2.00%, 7/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 10628892 | &nbsp;&nbsp;&nbsp;&nbsp; 9251375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10, Class DA, 3.50%, 3/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 4289347 | &nbsp;&nbsp;&nbsp;&nbsp; 3928553 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-13, Class FQ, 4.39%, 1/20/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 288726 | &nbsp;&nbsp;&nbsp;&nbsp; 288491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-83, Class YA, 4.76%, 6/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 158037 | &nbsp;&nbsp;&nbsp;&nbsp; 161843 |

---

------

**JPMorgan Active Bond 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 2013-91, Class WA, 4.41%, 4/20/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 212002 | &nbsp;&nbsp;&nbsp;&nbsp; 205846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-50, Class LD, 1.50%, 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 859009 | &nbsp;&nbsp;&nbsp;&nbsp; 753038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47, Class CE, 1.50%, 1/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3294671 | &nbsp;&nbsp;&nbsp;&nbsp; 2934722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-15, Class CB, 2.50%, 2/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1274387 | &nbsp;&nbsp;&nbsp;&nbsp; 1136749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-66, Class QA, 1.00%, 3/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 439770 | &nbsp;&nbsp;&nbsp;&nbsp; 344077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-65, Class KC, 1.00%, 5/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 418070 | &nbsp;&nbsp;&nbsp;&nbsp; 331097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A, 3.50%, 11/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4548578 | &nbsp;&nbsp;&nbsp;&nbsp; 4366002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-191, Class CT, 1.25%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3151536 | &nbsp;&nbsp;&nbsp;&nbsp; 2484818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16, Class JB, 1.50%, 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 637417 | &nbsp;&nbsp;&nbsp;&nbsp; 542002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44, Class QM, 1.75%, 3/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4348632 | &nbsp;&nbsp;&nbsp;&nbsp; 3531218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN, 3.00%, 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8851604 | &nbsp;&nbsp;&nbsp;&nbsp; 8308248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97, Class FA, 3.00%, 6/20/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 318102 | &nbsp;&nbsp;&nbsp;&nbsp; 278095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class P, 2.00%, 9/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 779624 | &nbsp;&nbsp;&nbsp;&nbsp; 698780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188, Class PA, 2.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5359934 | &nbsp;&nbsp;&nbsp;&nbsp; 4477229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19, Class WB, 5.64%, 11/20/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 571513 | &nbsp;&nbsp;&nbsp;&nbsp; 593360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-34, Class PN, 3.00%, 2/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 844341 | &nbsp;&nbsp;&nbsp;&nbsp; 801467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-179, Class WE, IF, 5.25%, 10/20/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2292338 | &nbsp;&nbsp;&nbsp;&nbsp; 2293398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-190, Class LS, IF, 3.75%, 11/20/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5399523 | &nbsp;&nbsp;&nbsp;&nbsp; 5199991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class SL, IF, 4.30%, 4/20/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2991375 | &nbsp;&nbsp;&nbsp;&nbsp; 2904168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70, Class WS, IF, 4.04%, 5/20/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4862369 | &nbsp;&nbsp;&nbsp;&nbsp; 4678455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-115, Class TS, IF, 6.60%, 6/20/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2228468 | &nbsp;&nbsp;&nbsp;&nbsp; 2317815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-101, Class S, IF, 3.70%, 7/20/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1697658 | &nbsp;&nbsp;&nbsp;&nbsp; 1568709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-146, Class GO, PO, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4033133 | &nbsp;&nbsp;&nbsp;&nbsp; 3227761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-164, Class LO, PO, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3036184 | &nbsp;&nbsp;&nbsp;&nbsp; 2475027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-164, Class AO, PO, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2496900 | &nbsp;&nbsp;&nbsp;&nbsp; 2012408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class SM, IF, 4.30%, 6/20/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4414979 | &nbsp;&nbsp;&nbsp;&nbsp; 4312304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-215, Class TN, 4.00%, 12/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 4465324 | &nbsp;&nbsp;&nbsp;&nbsp; 4250674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-64, Class EO, PO, 4/20/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 12691062 | &nbsp;&nbsp;&nbsp;&nbsp; 11204896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H08, Class EI, IO, 2.38%, 2/20/2067 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10457413 | &nbsp;&nbsp;&nbsp;&nbsp; 393775 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class A1, 3.90%, 9/25/2061 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 767047 | &nbsp;&nbsp;&nbsp;&nbsp; 756054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 4.10%, 7/25/2065 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2331664 | &nbsp;&nbsp;&nbsp;&nbsp; 2281480 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust Series 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434502 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3522342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL3, Class A1, 5.24%, 8/25/2040 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 6562585 |
| &nbsp;&nbsp;&nbsp; MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2526782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A1, 4.25%, 2/25/2066 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1566033 | &nbsp;&nbsp;&nbsp;&nbsp; 1513043 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4480000 | &nbsp;&nbsp;&nbsp;&nbsp; 4504989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 5.44%, 9/25/2039 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8059961 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 550866 |
| &nbsp;&nbsp;&nbsp; PRET Trust Series 2024-RPL2, Class A1, 4.07%, 6/25/2064 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1534952 | &nbsp;&nbsp;&nbsp;&nbsp; 1484201 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RCF2, Class A1, 4.00%, 11/25/2053 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 134087 | &nbsp;&nbsp;&nbsp;&nbsp; 132761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class A1, 4.00%, 1/25/2054 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 135961 | &nbsp;&nbsp;&nbsp;&nbsp; 134377 |

---

------

**JPMorgan Active Bond 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-RPL1, Class A1, 4.20%, 12/25/2064 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5242394 | &nbsp;&nbsp;&nbsp;&nbsp; 5183674 |
| &nbsp;&nbsp;&nbsp; Rain City Mortgage Trust Series 2024-RTL1, Class A1, 6.53%, 9/25/2029 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp;&nbsp; 780994 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class MTU, 3.25%, 11/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 3146883 | &nbsp;&nbsp;&nbsp;&nbsp; 2759102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class MTU, 3.25%, 6/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 4361009 | &nbsp;&nbsp;&nbsp;&nbsp; 3767143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class TTW, 4.25%, 6/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 5688226 | &nbsp;&nbsp;&nbsp;&nbsp; 5613735 |
| &nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 3.00%, 5/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6300172 | &nbsp;&nbsp;&nbsp;&nbsp; 5883980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 3.00%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 13835304 | &nbsp;&nbsp;&nbsp;&nbsp; 13035920 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5468706 | &nbsp;&nbsp;&nbsp;&nbsp; 5012225 |
| &nbsp;&nbsp;&nbsp; Vendee Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-1, Class DZ, 4.25%, 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1514427 | &nbsp;&nbsp;&nbsp;&nbsp; 1483144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-1, Class DZ, 3.75%, 9/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1219289 | &nbsp;&nbsp;&nbsp;&nbsp; 1162825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $323,488,680)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 330316223 |
| **Commercial Mortgage-Backed Securities — 6.6%** | **Commercial Mortgage-Backed Securities — 6.6%** | **Commercial Mortgage-Backed Securities — 6.6%** |
| &nbsp;&nbsp;&nbsp; BAHA Trust Series 2024-MAR, Class A, 6.17%, 12/10/2041 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2909325 |
| &nbsp;&nbsp;&nbsp; BAMLL Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR4, Class B, 1.06%, 11/27/2048 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10038420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR3, Class B, 1.45%, 1/27/2050 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 851000 | &nbsp;&nbsp;&nbsp;&nbsp; 812292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR5, Class BK86, PO, 11/27/2051 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4258735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR5, Class B736, 1.95%, 9/27/2052 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5843431 |
| &nbsp;&nbsp;&nbsp; Banc of America Re-REMIC Trust Series 2024-FRR1, Class B, 0.00%, 4/27/2049 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 739256 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust Series 2016-ETC, Class D, 3.73%, 8/14/2036 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 198852 |
| &nbsp;&nbsp;&nbsp; BMD2 Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 3AB, PO, 5/25/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6744796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 4A, PO, 5/25/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 5B13, 2.16%, 5/25/2052 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5348225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 5A1, 3.42%, 5/25/2052 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3780545 |
| &nbsp;&nbsp;&nbsp; BOFAS Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR6, Class B, 1.56%, 11/27/2051 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5314601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR6, Class C, 1.56%, 11/27/2051 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3440703 |
| &nbsp;&nbsp;&nbsp; BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DELC, Class A, 5.51%, 12/15/2030 (b) (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3454312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DELC, Class D, 6.56%, 12/15/2030 (b) (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DELC, Class C, 6.16%, 12/15/2042 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2265000 | &nbsp;&nbsp;&nbsp;&nbsp; 2265000 |
| &nbsp;&nbsp;&nbsp; BXP Trust Series 2017-GM, Class E, 3.54%, 6/13/2039 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 3897071 |
| &nbsp;&nbsp;&nbsp; CSMC OA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 3.30%, 9/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6408073 | &nbsp;&nbsp;&nbsp;&nbsp; 5926585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 3.95%, 9/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1849665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class B, 4.18%, 9/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4615140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class C, 4.34%, 9/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 632046 |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE2, Class B, 4.85%, 11/10/2042 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3400191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE2, Class D, 5.63%, 11/10/2042 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 3110837 |
| &nbsp;&nbsp;&nbsp; DLIC Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR1, Class B104, 1.88%, 12/27/2052 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5213083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR1, Class A104, 2.57%, 12/27/2052 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3639202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR1, Class A111, 2.25%, 4/27/2053 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6153973 |

---

------

**JPMorgan Active Bond 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 2025-FRR1, Class A120, 2.61%, 9/27/2053 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4370261 |
| &nbsp;&nbsp;&nbsp; FHLMC MSCR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class M1, 6.49%, 10/25/2044 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 892525 | &nbsp;&nbsp;&nbsp;&nbsp; 902405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class M1, 6.25%, 2/25/2045 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1572392 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KL06, Class XFX, IO, 1.46%, 12/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4914827 | &nbsp;&nbsp;&nbsp;&nbsp; 225816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KJ40, Class A2, 3.69%, 11/25/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 330975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K135, Class AM, 1.91%, 10/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 929861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KJ44, Class A2, 4.61%, 2/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509388 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M2S, Class A1, 3.88%, 5/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M53, Class A2, 1.74%, 11/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 23263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-M8, Class A1, 4.63%, 11/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 281586 | &nbsp;&nbsp;&nbsp;&nbsp; 286197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-M2, Class A1, 4.77%, 4/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 764540 | &nbsp;&nbsp;&nbsp;&nbsp; 782903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M8, Class A2, 2.10%, 11/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5675250 | &nbsp;&nbsp;&nbsp;&nbsp; 5139535 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K66, Class B, 4.17%, 7/25/2027 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 542695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KBF3, Class B, 6.82%, 1/25/2029 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 171044 | &nbsp;&nbsp;&nbsp;&nbsp; 169986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KL05, Class BP, 4.09%, 6/25/2029 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1892306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KS11, Class B, 4.98%, 6/25/2029 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2952000 | &nbsp;&nbsp;&nbsp;&nbsp; 2858240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KS12, Class B, 7.12%, 8/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2961304 | &nbsp;&nbsp;&nbsp;&nbsp; 2961736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KHG2, Class C, 3.17%, 2/25/2030 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1725397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-KLU3, Class BFX, 4.40%, 1/25/2031 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 969794 | &nbsp;&nbsp;&nbsp;&nbsp; 906215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K154, Class B, 4.16%, 11/25/2032 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 542311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K155, Class B, 4.31%, 4/25/2033 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 517168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K53, Class C, 4.28%, 3/25/2049 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K55, Class C, 4.31%, 4/25/2049 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K58, Class C, 3.87%, 9/25/2049 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class B, 3.97%, 10/25/2049 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2963402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K64, Class B, 4.14%, 5/25/2050 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4455000 | &nbsp;&nbsp;&nbsp;&nbsp; 4421060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K80, Class B, 4.38%, 8/25/2050 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2076000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K71, Class B, 3.88%, 11/25/2050 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K71, Class C, 3.88%, 11/25/2050 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3606000 | &nbsp;&nbsp;&nbsp;&nbsp; 3541936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K89, Class B, 4.44%, 1/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6997202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K89, Class C, 4.44%, 1/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K87, Class B, 4.47%, 1/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9050000 | &nbsp;&nbsp;&nbsp;&nbsp; 9016491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K91, Class C, 4.40%, 4/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp;&nbsp; 1768081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K77, Class B, 4.30%, 5/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K77, Class C, 4.30%, 5/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 988268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K79, Class C, 4.35%, 7/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 142414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K103, Class B, 3.57%, 12/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1819000 | &nbsp;&nbsp;&nbsp;&nbsp; 1725093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class B, 3.65%, 12/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 362375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 3.65%, 12/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 3898608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K90, Class C, 4.47%, 2/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K88, Class B, 4.53%, 2/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K88, Class C, 4.53%, 2/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 983530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K93, Class B, 4.26%, 5/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K94, Class C, 4.10%, 7/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1222744 |

---

------

**JPMorgan Active Bond 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-K98, Class B, 3.86%, 10/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K98, Class C, 3.86%, 10/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9395000 | &nbsp;&nbsp;&nbsp;&nbsp; 9093484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K100, Class C, 3.61%, 11/25/2052 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4707000 | &nbsp;&nbsp;&nbsp;&nbsp; 4491031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K737, Class B, 3.44%, 1/25/2053 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1452000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K737, Class C, 3.44%, 1/25/2053 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp;&nbsp; 4796567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class C, 3.53%, 3/25/2053 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1651000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K96, Class C, 3.94%, 8/25/2056 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4754000 | &nbsp;&nbsp;&nbsp;&nbsp; 4587415 |
| &nbsp;&nbsp;&nbsp; GAM Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR3, Class BK61, PO, 11/27/2049 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8471945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR3, Class BK71, 1.95%, 11/27/2050 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8815000 | &nbsp;&nbsp;&nbsp;&nbsp; 8174261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class 1C, PO, 11/29/2050 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2753000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class 2A, PO, 11/29/2050 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 520701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class 2B, PO, 11/29/2050 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3547686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR3, Class BK89, PO, 1/27/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2028000 | &nbsp;&nbsp;&nbsp;&nbsp; 1678356 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-132, Class Z, 2.71%, 6/16/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 543514 | &nbsp;&nbsp;&nbsp;&nbsp; 405463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-61, Class Z, 2.79%, 10/16/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 757660 | &nbsp;&nbsp;&nbsp;&nbsp; 579904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class Z, 2.39%, 1/16/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 790360 | &nbsp;&nbsp;&nbsp;&nbsp; 519926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-76, Class B, 2.60%, 12/16/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 623862 | &nbsp;&nbsp;&nbsp;&nbsp; 467064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-191, Class B, 2.50%, 7/16/2059 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 688303 | &nbsp;&nbsp;&nbsp;&nbsp; 420216 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1930302 |
| &nbsp;&nbsp;&nbsp; Multi-Family Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M7, 6.82%, 7/25/2054 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 78534 | &nbsp;&nbsp;&nbsp;&nbsp; 79503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class M1, 6.47%, 5/25/2055 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2998696 | &nbsp;&nbsp;&nbsp;&nbsp; 2994287 |
| &nbsp;&nbsp;&nbsp; One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 9/15/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 928495 |
| &nbsp;&nbsp;&nbsp; PRM5 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class B, 4.92%, 3/10/2033 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2246750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class C, 5.17%, 3/10/2033 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class D, 5.81%, 3/10/2033 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1748747 |
| &nbsp;&nbsp;&nbsp; PRM7 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM7, Class C, 5.11%, 11/10/2042 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp;&nbsp; 1780254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM7, Class D, 5.85%, 11/10/2042 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4060000 | &nbsp;&nbsp;&nbsp;&nbsp; 4065109 |
| &nbsp;&nbsp;&nbsp; RFM Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR1, Class AK55, PO, 3/28/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1964242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR1, Class AB60, 2.33%, 11/8/2049 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6930000 | &nbsp;&nbsp;&nbsp;&nbsp; 6697652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR2, Class A100, PO, 11/27/2052 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651936 |
| &nbsp;&nbsp;&nbsp; ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 721967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class B, 5.93%, 11/13/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2074092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 6.47%, 11/13/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5365749 |
| &nbsp;&nbsp;&nbsp; RWC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.01%, 6/25/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6795000 | &nbsp;&nbsp;&nbsp;&nbsp; 6814130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class AS, 5.26%, 6/25/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3295000 | &nbsp;&nbsp;&nbsp;&nbsp; 3311020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.26%, 6/25/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1536000 | &nbsp;&nbsp;&nbsp;&nbsp; 1544757 |
| &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust Series 2025-DC, Class C, 6.23%, 7/15/2040 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2064232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $278,480,904)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 283172301 |
| **Foreign Government Securities — 0.4%** | **Foreign Government Securities — 0.4%** | **Foreign Government Securities — 0.4%** |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco SARL 5.50%, 8/17/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4681000 | &nbsp;&nbsp;&nbsp;&nbsp; 4748360 |

---

------

**JPMorgan Active Bond 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; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 498056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1657000 | &nbsp;&nbsp;&nbsp;&nbsp; 1710024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7174000 | &nbsp;&nbsp;&nbsp;&nbsp; 7156065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 703000 | &nbsp;&nbsp;&nbsp;&nbsp; 757482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/29/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2257700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 5/4/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 707589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 5/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 625500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $18,208,007)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 18460776 |
|  | **SHARES** |  |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.95% (g) (h) <br>(Cost $89,652,232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89652232 | &nbsp;&nbsp;&nbsp;&nbsp; 89652232 |
| **Total Investments — 99.8%** <br>**(Cost $4,225,011,117)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **4293966440** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **7791180** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4301757620** |

---

&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 |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2025. |
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of November 30, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is <br> extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on <br> these securities increases.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |

---

------

**JPMorgan Active Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

UMBS Uniform Mortgage-Backed Securities <br> USD United States Dollar

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | The rate shown is the effective yield as of November 30, 2025.  |
| (b) | 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>|
| (c) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (d) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (e) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of November 30, 2025. |

---

**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; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 45110813 | &nbsp;&nbsp;&nbsp;&nbsp; 32722 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46010250 | &nbsp;&nbsp;&nbsp;&nbsp; 287713 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49441188 | &nbsp;&nbsp;&nbsp;&nbsp; 301882 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 33620625 | &nbsp;&nbsp;&nbsp;&nbsp; 242797 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 108606876 | &nbsp;&nbsp;&nbsp;&nbsp; (8897)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 41162109 | &nbsp;&nbsp;&nbsp;&nbsp; 46527 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 902744 |

---

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

---

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

---

------

**JPMorgan Active Bond 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.

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 Active Bond 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; $647136554 | &nbsp;&nbsp;&nbsp;&nbsp; $107333174 | &nbsp;&nbsp;&nbsp;&nbsp; $754469728 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292745169 | &nbsp;&nbsp;&nbsp;&nbsp; 37571054 | &nbsp;&nbsp;&nbsp;&nbsp; 330316223 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202443130 | &nbsp;&nbsp;&nbsp;&nbsp; 80729171 | &nbsp;&nbsp;&nbsp;&nbsp; 283172301 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11071911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11071911 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238686952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238686952 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4450064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4450064 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53110430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53110430 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8156895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8156895 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 819698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 819698 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1492265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1492265 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27164793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27164793 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 409444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 409444 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3498814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3498814 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3009624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3009624 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5526145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5526145 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56450621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56450621 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2055445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2055445 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13652600 | &nbsp;&nbsp;&nbsp;&nbsp; 19905046 | &nbsp;&nbsp;&nbsp;&nbsp; 33557646 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9708402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9708402 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584488 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1353242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1353242 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4774085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4774085 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19293173 | &nbsp;&nbsp;&nbsp;&nbsp; 5437247 | &nbsp;&nbsp;&nbsp;&nbsp; 24730420 |
| &nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2172874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2172874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4863762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4863762 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5875474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5875474 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23221792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23221792 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16596650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16596650 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5354007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5354007 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8439160 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8439160 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37794281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37794281 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 698739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 698739 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720958 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720958 |
| &nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2316608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2316608 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12994448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12994448 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9731948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9731948 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 675522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 675522 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 878641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 878641 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2055968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2055968 |
| &nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492323 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 554317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 554317 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6165787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6165787 |

---

------

**JPMorgan Active Bond 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; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606872350 | &nbsp;&nbsp;&nbsp;&nbsp; 28342293 | &nbsp;&nbsp;&nbsp;&nbsp; 635214643 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $18460776 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $18460776 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 839297024 | &nbsp;&nbsp;&nbsp;&nbsp; 7455081 | &nbsp;&nbsp;&nbsp;&nbsp; 846752105 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335928432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335928432 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 89652232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89652232 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $89652232 | &nbsp;&nbsp;&nbsp;&nbsp; $3942883435 | &nbsp;&nbsp;&nbsp;&nbsp; $261430773 | &nbsp;&nbsp;&nbsp;&nbsp; $4293966440 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $911641 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $911641 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(8897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(8897)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $902744 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $902744 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**November 30,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $40204972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $614683 | &nbsp;&nbsp; $50129 | &nbsp;&nbsp; $70705582 | &nbsp;&nbsp; $(7242192)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp; $107333174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 12025803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238471 | &nbsp;&nbsp; 52621 | &nbsp;&nbsp; 31216143 | &nbsp;&nbsp; (5961984)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37571054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 4530464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 740401 | &nbsp;&nbsp; 68161 | &nbsp;&nbsp; 70579093 | &nbsp;&nbsp; (3215740)<br>| &nbsp;&nbsp; 8026792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80729171 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43713 | &nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp; 29134968 | &nbsp;&nbsp; (831354)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28342293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 6350657 | &nbsp;&nbsp; — | &nbsp;&nbsp; (92488)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7460662 | &nbsp;&nbsp; (3263750)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp; 7455081 |
| **Total** | &nbsp;&nbsp; $63111896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1544780 | &nbsp;&nbsp; $165877 | &nbsp;&nbsp; $209096448 | &nbsp;&nbsp; $(20515020)<br>| &nbsp;&nbsp; $8026792 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $261430773 |

---

&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 Mortgage-Backed Securities
 and Asset-Backed Securities.

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 $1,544,780.

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

------

**JPMorgan Active Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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; $54116789 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 20.00% (7.52%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.04% - 8.65% (6.00%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 54116789 |  |  |  |
|  | &nbsp;&nbsp; 23907677 | Discounted Cash Flow | Constant Prepayment Rate | 100.00% (100.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.14% - 5.54% (5.23%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 23907677 |  |  |  |
|  | &nbsp;&nbsp; 13353375 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 5.56% - 5.71% (5.65%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 13353375 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $91377841 |  |  |  |

---

&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 $170,052,932. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

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

**B. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund 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 U.S. Government <br> Money Market Fund Class IM <br> Shares, 3.95% (a) (b)<br>| $80993753 | $966643161 | $957984682 | $— | $— | $89652232 | 89652232 | $3370273 | $— |

---

&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.

------

## 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 Active Bond ETF

- **b. EDGAR series identifier (if any):** S000081828

- **c. LEI of Series:** 5493000MOG2CRB378P65

**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:** $4325278009.42

**Total Liabilities:** $64413525.79

**Net Assets:** $4260864483.63

**Delayed Delivery Securities:** $37885750.69

**Cash Not Reported:** $468660.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 527.05797000 | **1-Year:** 101336.45681000 | **5-Year:** 590662.77147000 | **10-Year:** 517151.96683000 | **30-Year:** 140140.04181000

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

- **3-Month:** 0.00000000 | **1-Year:** 5705.87465000 | **5-Year:** 13116.53320000 | **10-Year:** 3515.01437000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244901 | 1.00%                | 0.64%                | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $879929.81               | $14334484.37                               |
| Month 2  | $-450878.09              | $4981755.08                                |
| Month 3  | $-381073.55              | $16488726.03                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABN AMRO Bank NV                                       | ABN AMRO Bank NV                                                                   | CUSIP: 00084DBF6<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $520276.83    | 0.01%             | 2035-12-03      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| ABL                                                    | ABL, Series 2024-RTL1, Class A1                                                    | CUSIP: 00092EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3715000 | PA      | $3728346.88   | 0.09%             | 2029-09-25      | Variable      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                         | Southern Co. Gas Capital Corp.                                                     | CUSIP: 001192AH6<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1045787.12   | 0.02%             | 2041-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AES Corp. (The)                                        | AES Corp. (The)                                                                    | CUSIP: 00130HCM5<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   3440000 | PA      | $3534389.71   | 0.08%             | 2032-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AIB Group plc                                          | AIB Group plc                                                                      | CUSIP: 00135TAE4<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   8170000 | PA      | $8688942.71   | 0.20%             | 2035-03-28      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                          | AIB Group plc                                                                      | CUSIP: 00135TAF1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   1190000 | PA      | $1230372.27   | 0.03%             | 2031-05-15      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                              | Corebridge Global Funding                                                          | CUSIP: 00138CBH0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    560000 | PA      | $565569.05    | 0.01%             | 2032-08-21      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2023-SFR2, Class E1                                             | CUSIP: 00178YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $671956.74    | 0.02%             | 2040-06-17      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2023-SFR2, Class E2                                             | CUSIP: 00178YAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1530000 | PA      | $1461341.71   | 0.03%             | 2040-06-17      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR1, Class D                                              | CUSIP: 00179DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $943626.10    | 0.02%             | 2038-06-17      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2024-SFR2, Class D                                              | CUSIP: 00179UAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1097000 | PA      | $1057968.19   | 0.02%             | 2041-11-17      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR2, Class A                                              | CUSIP: 00179VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99606 | PA      | $97576.35     | 0.00%             | 2038-08-17      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR2, Class B                                              | CUSIP: 00179VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    711112 | PA      | $695833.05    | 0.02%             | 2038-08-17      | Fixed         | 1.78%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2025-SFR2, Class D                                              | CUSIP: 00180BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3417000 | PA      | $3294813.55   | 0.08%             | 2042-11-17      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR3, Class C                                              | CUSIP: 00180UAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    705000 | PA      | $686392.72    | 0.02%             | 2038-10-17      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR3, Class E1                                             | CUSIP: 00180UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    785000 | PA      | $763867.02    | 0.02%             | 2038-10-17      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR3, Class E2                                             | CUSIP: 00180UAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1946131.40   | 0.05%             | 2038-10-17      | Fixed         | 2.43%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2025-SFR1, Class D                                              | CUSIP: 00182MAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1648937.33   | 0.04%             | 2042-06-17      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2025-SFR1, Class E1                                             | CUSIP: 00182MAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1626409.05   | 0.04%             | 2042-06-17      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                                | APA Infrastructure Ltd.                                                            | CUSIP: 00188LAB3<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |   1487000 | PA      | $1506774.81   | 0.04%             | 2044-09-16      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                             | AT&T, Inc.                                                                         | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $2244375.81   | 0.05%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                             | AT&T, Inc.                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $713935.22    | 0.02%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                             | AT&T, Inc.                                                                         | CUSIP: 00206RNB4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1688078.80   | 0.04%             | 2032-11-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                           | AbbVie, Inc.                                                                       | CUSIP: 00287YDA4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $944165.58    | 0.02%             | 2044-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                             | AerCap Ireland Capital DAC                                                         | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    730000 | PA      | $676224.73    | 0.02%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                             | AerCap Ireland Capital DAC                                                         | CUSIP: 00774MAZ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1520000 | PA      | $1253168.70   | 0.03%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                             | AerCap Ireland Capital DAC                                                         | CUSIP: 00774MBS3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    765000 | PA      | $760384.64    | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                            | Aetna, Inc.                                                                        | CUSIP: 00817YAP3<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $882474.88    | 0.02%             | 2044-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                         | Aircastle Ltd.                                                                     | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    755000 | PA      | $772596.35    | 0.02%             | 2030-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Aircastle Ltd.                                         | Aircastle Ltd.                                                                     | CUSIP: 00929JAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    265000 | PA      | $268071.91    | 0.01%             | 2030-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA/FHLMC                                             | FNMA/FHLMC UMBS, Single Family, 30 Year                                            | CUSIP: 01F0526C1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  17000000 | PA      | $17214302.51  | 0.40%             | 2055-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                                   | Ally Financial, Inc.                                                               | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2114646.44   | 0.05%             | 2030-01-03      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America, Inc.                    | Amcor Flexibles North America, Inc.                                                | CUSIP: 02344AAG3<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   1645000 | PA      | $1688201.98   | 0.04%             | 2030-03-17      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                   | American Airlines Pass-Through Trust, Series 2016-1, Class A                       | CUSIP: 02376WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6290042 | PA      | $6209788.82   | 0.15%             | 2028-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust           | American Credit Acceptance Receivables Trust, Series 2023-4, Class C               | CUSIP: 02530CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    314971 | PA      | $317536.58    | 0.01%             | 2030-09-12      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                   | American Express Co.                                                               | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $2023560.81   | 0.05%             | 2036-01-30      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                   | American Express Co.                                                               | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    420000 | PA      | $430255.16    | 0.01%             | 2033-07-20      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                   | American Express Co.                                                               | CUSIP: 025816EM7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1527304.94   | 0.04%             | 2036-10-24      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                               | CUSIP: 03027XAY6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    900000 | PA      | $675522.20    | 0.02%             | 2049-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                          | Cencora, Inc.                                                                      | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    775000 | PA      | $797964.06    | 0.02%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                            | Amgen, Inc.                                                                        | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1664000 | PA      | $1671768.85   | 0.04%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                         | Amphenol Corp.                                                                     | CUSIP: 032095BB6<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   2110000 | PA      | $2055445.11   | 0.05%             | 2055-11-15      | Fixed         | 5.30%                 | No            |                  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        |   5270000 | PA      | $5287429.47   | 0.12%             | 2040-05-25      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                  | Anchor Mortgage Trust, Series 2025-RTL1, Class A2                                  | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   1430000 | PA      | $1439590.44   | 0.03%             | 2040-05-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                             | Anglo American Capital plc                                                         | CUSIP: 034863AX8<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1110720.00   | 0.03%             | 2030-09-10      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                             | Anglo American Capital plc                                                         | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   2035000 | PA      | $2144879.83   | 0.05%             | 2034-04-05      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ansley Park Capital LLC                                | Ansley Park Capital LLC, Series 2025-A, Class D                                    | CUSIP: 03637AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3668884.01   | 0.09%             | 2035-04-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                     | Aqua Finance Trust, Series 2019-A, Class B                                         | CUSIP: 038370AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3352305 | PA      | $3281841.07   | 0.08%             | 2040-07-16      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                     | Aqua Finance Trust, Series 2019-A, Class C                                         | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429514 | PA      | $421688.35    | 0.01%             | 2040-07-16      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Issuer Trust                              | Aqua Finance Issuer Trust, Series 2025-B, Class B                                  | CUSIP: 03837GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2475000 | PA      | $2505373.94   | 0.06%             | 2051-05-17      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Issuer Trust                              | Aqua Finance Issuer Trust, Series 2025-A, Class C                                  | CUSIP: 038394AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1884995 | PA      | $1913160.61   | 0.04%             | 2050-12-19      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                     | Aqua Finance Trust, Series 2020-AA, Class C                                        | CUSIP: 038413AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    217656 | PA      | $211162.37    | 0.00%             | 2046-07-17      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                     | Aqua Finance Trust, Series 2021-A, Class B                                         | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525000 | PA      | $1424785.69   | 0.03%             | 2046-07-17      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                     | Aqua Finance Trust, Series 2021-A, Class C                                         | CUSIP: 03842VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6014451.95   | 0.14%             | 2046-07-17      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Atmos Energy Corp.                                     | Atmos Energy Corp.                                                                 | CUSIP: 049560BB0<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |    629000 | PA      | $584488.09    | 0.01%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                             | Aviation Capital Group LLC                                                         | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    545000 | PA      | $554317.50    | 0.01%             | 2030-04-10      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC               | Avis Budget Rental Car Funding AESOP LLC, Series 2025-1A, Class C                  | CUSIP: 05377RKN3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2041574.20   | 0.05%             | 2029-08-20      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC               | Avis Budget Rental Car Funding AESOP LLC, Series 2025-2A, Class C                  | CUSIP: 05377RKS2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3643679.90   | 0.09%             | 2031-08-20      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC               | Avis Budget Rental Car Funding AESOP LLC, Series 2025-3A, Class C                  | CUSIP: 05377RKY9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1235000 | PA      | $1240643.33   | 0.03%             | 2030-02-20      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                           | Avolon Holdings Funding Ltd.                                                       | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1516845.00   | 0.04%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                           | Avolon Holdings Funding Ltd.                                                       | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   3732000 | PA      | $3794585.64   | 0.09%             | 2030-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                           | Avolon Holdings Funding Ltd.                                                       | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   5000000 | PA      | $4952875.00   | 0.12%             | 2032-10-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                   | BBCMS Mortgage Trust, Series 2016-ETC, Class D                                     | CUSIP: 05491LAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $198852.26    | 0.00%             | 2036-08-14      | Variable      | 3.73%                 | Yes           |                  2 | On Loan: No      |
| BAMLL Re-REMIC Trust                                   | BAMLL Re-REMIC Trust, Series 2024-FRR4, Class B                                    | CUSIP: 05493VAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10038420.00  | 0.24%             | 2048-11-27      | Variable      | 1.06%                 | Yes           |                  2 | On Loan: No      |
| BAHA Trust                                             | BAHA Trust, Series 2024-MAR, Class A                                               | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2800000 | PA      | $2909325.44   | 0.07%             | 2041-12-10      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| BAMLL Re-REMIC Trust                                   | BAMLL Re-REMIC Trust, Series 2025-FRR5, Class B736                                 | CUSIP: 05494BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5843431.20   | 0.14%             | 2052-09-27      | Variable      | 1.95%                 | Yes           |                  3 | On Loan: No      |
| BAMLL Re-REMIC Trust                                   | BAMLL Re-REMIC Trust, Series 2025-FRR5, Class BK86                                 | CUSIP: 05494BBC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4258735.00   | 0.10%             | 2051-11-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BAMLL Re-REMIC Trust                                   | BAMLL Re-REMIC Trust, Series 2024-FRR3, Class B                                    | CUSIP: 054988AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    851000 | PA      | $812292.01    | 0.02%             | 2050-01-27      | Variable      | 1.45%                 | Yes           |                  3 | On Loan: No      |
| BG Energy Capital plc                                  | BG Energy Capital plc                                                              | CUSIP: 05541VAF3<br>LEI: S2M8QDKEE05NZN8JD460 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1463316.09   | 0.03%             | 2041-10-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BMD2 Re-REMIC Trust                                    | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 5A1                                   | CUSIP: 055631BQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3780545.20   | 0.09%             | 2052-05-25      | Variable      | 3.42%                 | Yes           |                  3 | On Loan: No      |
| BMD2 Re-Remic Trust                                    | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 3AB                                   | CUSIP: 055631EU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7750000 | PA      | $6744796.33   | 0.16%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BMD2 Re-REMIC Trust                                    | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 4A                                    | CUSIP: 055631FB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2350000 | PA      | $1995322.02   | 0.05%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BMD2 Re-REMIC Trust                                    | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 5B13                                  | CUSIP: 055631GM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5348225.40   | 0.13%             | 2052-05-25      | Variable      | 2.16%                 | Yes           |                  3 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                            | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1124058.63   | 0.03%             | 2034-10-19      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                            | CUSIP: 05571AAY1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3250000 | PA      | $3429261.84   | 0.08%             | 2035-05-30      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                            | CUSIP: 05571AAZ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    655000 | PA      | $685940.36    | 0.02%             | 2031-01-14      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                            | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   5855000 | PA      | $6319693.32   | 0.15%             | 2036-01-14      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                     | CUSIP: 05581KAH4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $410634.95    | 0.01%             | 2030-01-09      | Variable      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| BG Beta I Ltd.                                         | BG Beta Ltd.                                                                       | CUSIP: 05593PAD8<br>LEI: 254900Z3OU5JTNX05R08 | Long             | ABS-O            | CORP              | KY        |    975000 | PA      | $1002010.43   | 0.02%             | 2054-07-16      | Fixed         | 6.28%                 | No            |                  3 | On Loan: No      |
| BG Beta I Ltd.                                         | BG Beta Ltd.                                                                       | CUSIP: 05593PAE6<br>LEI: 254900Z3OU5JTNX05R08 | Long             | ABS-O            | CORP              | KY        |    974640 | PA      | $994814.96    | 0.02%             | 2054-07-16      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| BG Beta I Ltd.                                         | BG Beta I Ltd.                                                                     | CUSIP: 05593PAH9<br>LEI: 254900Z3OU5JTNX05R08 | Long             | DBT              | CORP              | KY        |   4015820 | PA      | $4015820.00   | 0.09%             | 2054-07-16      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| BX Trust                                               | BX Trust, Series 2025-DELC, Class A                                                | CUSIP: 05594MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3450000 | PA      | $3454312.16   | 0.08%             | 2030-12-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                               | BX Trust, Series 2025-DELC, Class D                                                | CUSIP: 05594MAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1980000 | PA      | $1980000.00   | 0.05%             | 2030-12-15      | Floating      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| BXP Trust                                              | BXP Trust, Series 2017-GM, Class E                                                 | CUSIP: 056083AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4080000 | PA      | $3897071.16   | 0.09%             | 2039-06-13      | Variable      | 3.54%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                            | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   2155000 | PA      | $2221288.17   | 0.05%             | 2031-05-28      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                            | CUSIP: 056121AB2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   2045000 | PA      | $2171593.48   | 0.05%             | 2036-05-28      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| BVRT LLC                                               | BVRT LLC, Series 2025-1, Class C                                                   | CUSIP: 05614UAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2573686 | PA      | $2450970.85   | 0.06%             | 2033-05-10      | Floating      | 4.19%                 | Yes           |                  3 | On Loan: No      |
| Banc of America Re-REMIC Trust                         | Banc of America Re-REMIC Trust, Series 2024-FRR1, Class B                          | CUSIP: 05942XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $739255.70    | 0.02%             | 2049-04-27      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Banco Santander SA                                     | Banco Santander SA                                                                 | CUSIP: 05971KAS8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   3200000 | PA      | $3226018.88   | 0.08%             | 2035-11-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                              | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $1914755.18   | 0.04%             | 2041-06-19      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                              | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $453684.23    | 0.01%             | 2032-10-20      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                              | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514445.32    | 0.01%             | 2033-07-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                              | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  11030000 | PA      | $11600714.37  | 0.27%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                              | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5650000 | PA      | $5963186.51   | 0.14%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group plc                              | Bank of Ireland Group plc                                                          | CUSIP: 06279JAD1<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    445000 | PA      | $463432.00    | 0.01%             | 2030-03-20      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                       | Bank of Montreal                                                                   | CUSIP: 06368MXV1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2120000 | PA      | $2123371.16   | 0.05%             | 2031-09-22      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                  | Banque Federative du Credit Mutuel SA                                              | CUSIP: 06675DCN0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    835000 | PA      | $872168.79    | 0.02%             | 2030-01-22      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                           | Barclays plc                                                                       | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1021632.10   | 0.02%             | 2035-09-10      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                           | Barclays plc                                                                       | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1005000 | PA      | $1060909.06   | 0.02%             | 2036-02-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Biogen, Inc.                                           | Biogen, Inc.                                                                       | CUSIP: 09062XAL7<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    770000 | PA      | $819104.61    | 0.02%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust LLC                       | Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class C                          | CUSIP: 095921AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550000 | PA      | $1579333.75   | 0.04%             | 2031-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                     | CUSIP: 09659T2D2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   6000000 | PA      | $6275803.74   | 0.15%             | 2035-11-19      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                     | CUSIP: 09659W2Z6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2810000 | PA      | $2894654.12   | 0.07%             | 2030-11-19      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                     | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4383000 | PA      | $4623312.57   | 0.11%             | 2033-01-13      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                       | Boeing Co. (The)                                                                   | CUSIP: 097023BS3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4660000 | PA      | $3333442.93   | 0.08%             | 2046-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                       | Boeing Co. (The)                                                                   | CUSIP: 097023BZ7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1050834.47   | 0.02%             | 2048-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                       | Boeing Co. (The)                                                                   | CUSIP: 097023CF0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $705269.15    | 0.02%             | 2059-03-01      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                       | Boeing Co. (The)                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   3620000 | PA      | $3604985.72   | 0.08%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BOFAS Re-REMIC Trust                                   | BOFAS Re-REMIC Trust, Series 2025-FRR6, Class B                                    | CUSIP: 09711PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5314601.40   | 0.12%             | 2051-11-27      | Variable      | 1.56%                 | Yes           |                  3 | On Loan: No      |
| BOFAS Re-REMIC Trust                                   | BOFAS Re-REMIC Trust, Series 2025-FRR6, Class C                                    | CUSIP: 09711PAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3440703.20   | 0.08%             | 2051-11-27      | Variable      | 1.56%                 | Yes           |                  3 | On Loan: No      |
| Brean Asset-Backed Securities Trust                    | Brean Asset-Backed Securities Trust, Series 2023-RM7, Class A1                     | CUSIP: 10638BAA2<br>LEI: 98450003CE714EY3D313 | Long             | ABS-MBS          | CORP              | US        |   6843195 | PA      | $6756874.54   | 0.16%             | 2078-03-25      | Variable      | 4.50%                 | Yes           |                  3 | On Loan: No      |
| Brean Asset-Backed Securities Trust                    | Brean Asset-Backed Securities Trust, Series 2025-RM10, Class A1                    | CUSIP: 10638FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1580103 | PA      | $1574045.47   | 0.04%             | 2065-01-25      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| Brean Asset-Backed Securities Trust                    | Brean Asset-Backed Securities Trust, Series 2025-RM11, Class A1                    | CUSIP: 10638GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3651356 | PA      | $3606052.93   | 0.08%             | 2065-05-25      | Variable      | 4.75%                 | Yes           |                  3 | On Loan: No      |
| Brean Asset-Backed Securities Trust                    | Brean Asset-Backed Securities Trust, Series 2025-RM12, Class A1                    | CUSIP: 10638KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4620000 | PA      | $4518633.50   | 0.11%             | 2065-07-25      | Fixed         | 4.50%                 | Yes           |                  3 | On Loan: No      |
| Brean Asset-Backed Securities Trust                    | Brean Asset-Backed Securities Trust, Series 2025-RM13, Class A1                    | CUSIP: 10638PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3890409 | PA      | $3770963.29   | 0.09%             | 2065-10-25      | Fixed         | 4.25%                 | Yes           |                  3 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust          | Bridgecrest Lending Auto Securitization Trust, Series 2025-3, Class D              | CUSIP: 107920AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3013521.00   | 0.07%             | 2031-05-15      | Fixed         | 5.27%                 | 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        |   5000000 | PA      | $5063904.50   | 0.12%             | 2029-11-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust          | Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class C              | CUSIP: 108056AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $355796.95    | 0.01%             | 2029-08-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust          | Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class C              | CUSIP: 10805NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1564000 | PA      | $1579939.98   | 0.04%             | 2029-07-16      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bridge Trust                                           | Bridge Trust, Series 2024-SFR1, Class C                                            | CUSIP: 10806DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $511394.47    | 0.01%             | 2040-08-17      | Fixed         | 4.30%                 | Yes           |                  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        |   1150000 | PA      | $1152683.41   | 0.03%             | 2030-08-15      | Fixed         | 5.23%                 | No            |                  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        |   3350000 | PA      | $3392193.25   | 0.08%             | 2030-11-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Bridge Trust                                           | Bridge Trust, Series 2025-SFR1, Class B                                            | CUSIP: 10807GAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5170000 | PA      | $4979136.01   | 0.12%             | 2042-09-17      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Bridge Trust                                           | Bridge Trust, Series 2025-SFR1, Class C                                            | CUSIP: 10807GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1395000 | PA      | $1326224.83   | 0.03%             | 2042-09-17      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Bridge Trust                                           | Bridge Trust, Series 2025-SFR1, Class D                                            | CUSIP: 10807GAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3495000 | PA      | $3290488.33   | 0.08%             | 2042-09-17      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Bridge Trust                                           | Bridge Trust, Series 2025-SFR1, Class E                                            | CUSIP: 10807GAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2288918.63   | 0.05%             | 2042-09-17      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust          | Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D              | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4080000 | PA      | $4123579.70   | 0.10%             | 2031-03-17      | Fixed         | 5.62%                 | 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        |   4889000 | PA      | $4902990.85   | 0.12%             | 2031-08-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                               | Bristol-Myers Squibb Co.                                                           | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $698738.68    | 0.02%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                         | Broadcom, Inc.                                                                     | CUSIP: 11135FCV1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   6155000 | PA      | $5114988.73   | 0.12%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                         | Broadcom, Inc.                                                                     | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    507000 | PA      | $508191.93    | 0.01%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Brown & Brown, Inc.                                    | Brown & Brown, Inc.                                                                | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1653507.93   | 0.04%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brown & Brown, Inc.                                    | Brown & Brown, Inc.                                                                | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   3490000 | PA      | $3656397.55   | 0.09%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                               | Bunge Ltd. Finance Corp.                                                           | CUSIP: 120568BF6<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    751000 | PA      | $743136.95    | 0.02%             | 2034-09-17      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                               | Bunge Ltd. Finance Corp.                                                           | CUSIP: 120568BR0<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1249653.26   | 0.03%             | 2035-08-04      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                            | Business Jet Securities LLC, Series 2024-2A, Class A                               | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3538218 | PA      | $3572456.88   | 0.08%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  3 | On Loan: No      |
| Business Jet Securities LLC                            | Business Jet Securities LLC, Series 2024-2A, Class B                               | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1730525 | PA      | $1730621.51   | 0.04%             | 2039-09-15      | Fixed         | 5.75%                 | Yes           |                  3 | On Loan: No      |
| Business Jet Securities LLC                            | Business Jet Securities LLC, Series 2022-1A, Class B                               | CUSIP: 12327AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1203462 | PA      | $1201186.05   | 0.03%             | 2037-06-15      | Fixed         | 5.19%                 | Yes           |                  3 | On Loan: No      |
| BXG Receivables Note Trust                             | BXG Receivables Note Trust, Series 2022-A, Class C                                 | CUSIP: 12434KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133717 | PA      | $132103.73    | 0.00%             | 2037-09-28      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| CAFL Issuer LP                                         | CAFL Issuer LP, Series 2025-RRTL1, Class A1                                        | CUSIP: 124760AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4600000 | PA      | $4638334.10   | 0.11%             | 2040-05-28      | Variable      | 5.68%                 | 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        |   5895295 | PA      | $5895294.92   | 0.14%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CFMT LLC                                               | CFMT LLC, Series 2024-HB14, Class M2                                               | CUSIP: 12530XAC5<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $963067.70    | 0.02%             | 2034-06-25      | Variable      | 3.00%                 | Yes           |                  3 | On Loan: No      |
| Cigna Group (The)                                      | Cigna Group (The)                                                                  | CUSIP: 125523CZ1<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2871081.81   | 0.07%             | 2036-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                             | CPS Auto Receivables Trust, Series 2023-D, Class C                                 | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404691.48    | 0.01%             | 2030-01-15      | Fixed         | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust                 | Consumer Portfolio Services Auto Trust, Series 2025-B, Class D                     | CUSIP: 12630SAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2225412.20   | 0.05%             | 2031-07-15      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| CSMC OA LLC                                            | CSMC OA LLC, Series 2014-USA, Class A1                                             | CUSIP: 12649AAA7<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   6408073 | PA      | $5926585.51   | 0.14%             | 2037-09-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| CSMC OA LLC                                            | CSMC OA LLC, Series 2014-USA, Class A2                                             | CUSIP: 12649AAC3<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1849664.80   | 0.04%             | 2037-09-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| CSMC OA LLC                                            | CSMC OA LLC, Series 2014-USA, Class B                                              | CUSIP: 12649AAJ8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   5350000 | PA      | $4615140.05   | 0.11%             | 2037-09-15      | Fixed         | 4.18%                 | Yes           |                  2 | On Loan: No      |
| CSMC OA LLC                                            | CSMC OA LLC, Series 2014-USA, Class C                                              | CUSIP: 12649AAL3<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $632046.38    | 0.01%             | 2037-09-15      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| CVS Pass-Through Trust                                 | CVS Pass-Through Trust                                                             | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275821 | PA      | $279802.59    | 0.01%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| CVS Pass Through Trust                                 | CVS Pass-Through Trust                                                             | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223952 | PA      | $230997.13    | 0.01%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| CVS Pass-Through Trust                                 | CVS Pass-Through Trust                                                             | CUSIP: 126650BS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383956 | PA      | $409443.59    | 0.01%             | 2032-01-10      | Fixed         | 7.51%                 | Yes           |                  2 | On Loan: No      |
| CSTL Commercial Mortgage Trust                         | CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class B                         | CUSIP: 12676JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3400000 | PA      | $3400190.74   | 0.08%             | 2042-11-10      | Variable      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| CSTL Commercial Mortgage Trust                         | CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class D                         | CUSIP: 12676JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3110000 | PA      | $3110836.90   | 0.07%             | 2042-11-10      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| CRIBS Mortgage Trust                                   | CRIBS Mortgage Trust, Series 2025-RTL1, Class A1                                   | CUSIP: 12704NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2017662.00   | 0.05%             | 2040-05-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                   | Coterra Energy, Inc.                                                               | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1326139.01   | 0.03%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                   | Coterra Energy, Inc.                                                               | CUSIP: 127097AN3<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |   2275000 | PA      | $2215866.38   | 0.05%             | 2055-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems, Inc.                           | Cadence Design Systems, Inc.                                                       | CUSIP: 127387AP3<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |    879000 | PA      | $884454.64    | 0.02%             | 2034-09-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CAFL Issuer LP                                         | CAFL Issuer LP, Series 2025-RRTL2, Class A1                                        | CUSIP: 12770JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6745000 | PA      | $6698025.80   | 0.16%             | 2040-11-28      | Variable      | 5.18%                 | Yes           |                  3 | On Loan: No      |
| CaixaBank SA                                           | CaixaBank SA                                                                       | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    313000 | PA      | $318959.12    | 0.01%             | 2027-09-13      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                           | CaixaBank SA                                                                       | CUSIP: 12803RAC8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    448000 | PA      | $503325.98    | 0.01%             | 2034-09-13      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                           | CaixaBank SA                                                                       | CUSIP: 12803RAH7<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   6510000 | PA      | $6977692.01   | 0.16%             | 2035-06-15      | Variable      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                           | CaixaBank SA                                                                       | CUSIP: 12803RAM6<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |  10955000 | PA      | $11367009.55  | 0.27%             | 2036-07-03      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                           | Canadian Pacific Railway Co.                                                       | CUSIP: 13645RAU8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $649632.98    | 0.02%             | 2045-08-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                            | Capital One Financial Corp.                                                        | CUSIP: 14040HDN2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4875000 | PA      | $4866399.57   | 0.11%             | 2036-09-11      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                  | Cardinal Health, Inc.                                                              | CUSIP: 14149YBV9<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2211893.36   | 0.05%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trust                        | CarMax Select Receivables Trust, Series 2025-A, Class C                            | CUSIP: 14319UAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5105349.50   | 0.12%             | 2031-07-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                         | Carvana Auto Receivables Trust, Series 2021-P4, Class A4                           | CUSIP: 14687KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    248920 | PA      | $246610.13    | 0.01%             | 2027-12-10      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                         | Carvana Auto Receivables Trust, Series 2024-N2, Class C                            | CUSIP: 14687VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2085000 | PA      | $2129489.73   | 0.05%             | 2030-09-10      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                         | Carvana Auto Receivables Trust, Series 2022-P1, Class A4                           | CUSIP: 14688DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221218 | PA      | $220574.34    | 0.01%             | 2028-02-10      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                         | Carvana Auto Receivables Trust, Series 2023-N1, Class B                            | CUSIP: 14688FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108284 | PA      | $108384.13    | 0.00%             | 2027-11-10      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2021-MH1, Class A1                                  | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3596374 | PA      | $3278771.09   | 0.08%             | 2046-02-25      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2021-MH1, Class M2                                  | CUSIP: 14731QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3007000 | PA      | $2431991.24   | 0.06%             | 2046-02-25      | Fixed         | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2024-MH1, Class A1                                  | CUSIP: 14731VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1223633 | PA      | $1265527.32   | 0.03%             | 2056-11-25      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2024-MH1, Class A2                                  | CUSIP: 14731VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1554000 | PA      | $1633244.52   | 0.04%             | 2056-11-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2024-MH1, Class M1                                  | CUSIP: 14731VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1050730.80   | 0.02%             | 2056-11-25      | Variable      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2024-MH1, Class M2                                  | CUSIP: 14731VAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    324000 | PA      | $340293.67    | 0.01%             | 2056-11-25      | Variable      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                 | Cascade MH Asset Trust, Series 2019-MH1, Class M                                   | CUSIP: 14732FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $5022244.24   | 0.12%             | 2044-11-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-Investor ABS Mortgage Trust | Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A1 | CUSIP: 15169CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1720000 | PA      | $1738182.98   | 0.04%             | 2029-10-25      | Variable      | 6.89%                 | Yes           |                  3 | On Loan: No      |
| CFMT LLC                                               | CFMT LLC, Series 2024-HB15, Class M1                                               | CUSIP: 15723AAB7<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |   2470000 | PA      | $2425384.88   | 0.06%             | 2034-08-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| CFMT LLC                                               | CFMT LLC, Series 2024-HB15, Class M2                                               | CUSIP: 15723AAC5<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $292654.20    | 0.01%             | 2034-08-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                               | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1539216.94   | 0.04%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                               | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950000 | PA      | $611353.20    | 0.01%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                               | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $2625979.60   | 0.06%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                               | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $491298.30    | 0.01%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                               | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942737.77    | 0.02%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                               | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002273.33   | 0.02%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                            | Cheniere Energy Partners LP                                                        | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    560000 | PA      | $576132.37    | 0.01%             | 2035-10-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy, Inc.                                  | Cheniere Energy, Inc.                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    570000 | PA      | $594470.20    | 0.01%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Cherry Securitization Trust                            | Cherry Securitization Trust, Series 2024-1A, Class A                               | CUSIP: 164737AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1375000 | PA      | $1384241.38   | 0.03%             | 2032-04-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Cherry Securitization Trust                            | Cherry Securitization Trust, Series 2025-1A, Class A                               | CUSIP: 16473RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1522359.15   | 0.04%             | 2032-11-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                    | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $3420472.85   | 0.08%             | 2035-06-11      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                    | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014026.24   | 0.05%             | 2031-09-11      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                    | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7653824.40   | 0.18%             | 2036-09-11      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1026000 | PA      | $1035362.34   | 0.02%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                    | CUSIP: 17327CAY9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017222.14   | 0.02%             | 2056-03-04      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                    | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3755000 | PA      | $3874960.68   | 0.09%             | 2036-03-27      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                   | Columbia Pipelines Operating Co. LLC                                               | CUSIP: 19828TAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2147623.64   | 0.05%             | 2054-10-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp.                                                                      | CUSIP: 20030NBU4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3551923.00   | 0.08%             | 2046-07-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp.                                                                      | CUSIP: 20030NCE9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   2785000 | PA      | $2104739.16   | 0.05%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp.                                                                      | CUSIP: 20030NCY5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $961146.97    | 0.02%             | 2039-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp.                                                                      | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1062146.46   | 0.02%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp.                                                                      | CUSIP: 20030NEJ6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516403.68    | 0.01%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp.                                                                      | CUSIP: 20030NES6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1189000 | PA      | $1187431.53   | 0.03%             | 2037-01-15      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| ConocoPhillips Co.                                     | ConocoPhillips Co.                                                                 | CUSIP: 20826FBM7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    680000 | PA      | $664718.83    | 0.02%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                        | CoreVest American Finance Trust, Series 2017-2, Class M                            | CUSIP: 21870DAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7250000 | PA      | $7173221.78   | 0.17%             | 2027-12-25      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Corevest American Finance Trust                        | Corevest American Finance Trust, Series 2020-2, Class C                            | CUSIP: 21872VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $521979.94    | 0.01%             | 2052-05-15      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Corevest American Finance Trust                        | Corevest American Finance Trust, Series 2020-2, Class E                            | CUSIP: 21872VAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2699000 | PA      | $2600883.79   | 0.06%             | 2052-05-15      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Corevest American Finance Trust                        | Corevest American Finance Trust, Series 2020-4, Class E                            | CUSIP: 21873AAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3432000 | PA      | $3052432.81   | 0.07%             | 2052-12-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust                 | Consumer Portfolio Services Auto Trust, Series 2025-D, Class C                     | CUSIP: 223936AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4009172.40   | 0.09%             | 2032-02-17      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                      | Credit Acceptance Auto Loan Trust, Series 2025-2A, Class B                         | CUSIP: 224940AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2955000 | PA      | $2978462.70   | 0.07%             | 2036-01-15      | Fixed         | 4.87%                 | 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        |   9935000 | PA      | $10040917.04  | 0.24%             | 2036-03-17      | Fixed         | 5.38%                 | 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        |   5038000 | PA      | $5099878.73   | 0.12%             | 2035-01-16      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                     | Credit Agricole SA                                                                 | CUSIP: 22535WAN7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1605000 | PA      | $1702104.73   | 0.04%             | 2036-01-09      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                     | Credit Agricole SA                                                                 | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1175000 | PA      | $1211568.48   | 0.03%             | 2031-05-27      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                     | Credit Agricole SA                                                                 | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2640000 | PA      | $2645973.11   | 0.06%             | 2033-09-25      | Variable      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                      | Credit Acceptance Auto Loan Trust, Series 2025-1A, Class C                         | CUSIP: 22536KAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2864432.48   | 0.07%             | 2035-07-16      | Fixed         | 5.71%                 | 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        |    207203 | PA      | $207632.05    | 0.00%             | 2033-05-16      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                       | CUSIP: 225401BG2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    636000 | PA      | $697189.58    | 0.02%             | 2034-09-22      | Variable      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                       | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1310000 | PA      | $1310228.23   | 0.03%             | 2037-03-23      | Variable      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Crossroads Asset Trust                                 | Crossroads Asset Trust, Series 2022-A, Class D                                     | CUSIP: 22767DAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3028008.60   | 0.07%             | 2031-04-21      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| Crossroads Asset Trust                                 | Crossroads Asset Trust, Series 2025-A, Class D                                     | CUSIP: 22767VAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1680000 | PA      | $1705728.02   | 0.04%             | 2032-02-20      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                    | DT Auto Owner Trust, Series 2022-2A, Class E                                       | CUSIP: 23345AAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2017154.80   | 0.05%             | 2029-05-15      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                    | DT Auto Owner Trust, Series 2023-2A, Class D                                       | CUSIP: 23346CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017122.60   | 0.02%             | 2029-02-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                    | DT Auto Owner Trust, Series 2023-1A, Class E                                       | CUSIP: 23346KAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2094021.40   | 0.05%             | 2030-01-15      | Fixed         | 10.39%                | Yes           |                  2 | On Loan: No      |
| DP Lion Holdco LLC                                     | DP Lion Holdco LLC, Series 2023-1A, Class A                                        | CUSIP: 23359MAA8<br>LEI: 254900327YUW2NAXPW14 | Long             | ABS-O            | CORP              | US        |    193481 | PA      | $198872.91    | 0.00%             | 2043-11-30      | Fixed         | 8.24%                 | No            |                  3 | On Loan: No      |
| Danske Bank A/S                                        | Danske Bank A/S                                                                    | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    400000 | PA      | $417006.74    | 0.01%             | 2030-03-01      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                        | Danske Bank A/S                                                                    | CUSIP: 23636ABK6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   4300000 | PA      | $4407392.97   | 0.10%             | 2031-03-04      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                   | Deephaven Residential Mortgage Trust, Series 2025-CES1, Class A1A                  | CUSIP: 24380WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8100000 | PA      | $8118580.59   | 0.19%             | 2055-10-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Dell International LLC                                 | Dell International LLC                                                             | CUSIP: 24703TAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1990000 | PA      | $2055967.86   | 0.05%             | 2032-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                       | Deutsche Bank AG                                                                   | CUSIP: 251526CK3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    445000 | PA      | $409569.22    | 0.01%             | 2032-05-28      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                       | Deutsche Bank AG                                                                   | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    175000 | PA      | $183465.56    | 0.00%             | 2029-01-18      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                       | Deutsche Bank AG                                                                   | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   6235000 | PA      | $6388722.37   | 0.15%             | 2035-09-11      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                       | Deutsche Bank AG                                                                   | CUSIP: 251526DA4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1785000 | PA      | $1834428.60   | 0.04%             | 2031-05-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                       | Deutsche Bank AG                                                                   | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2000000 | PA      | $2042395.58   | 0.05%             | 2029-01-10      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| DLIC Re-REMIC Trust                                    | DLIC Re-REMIC Trust, Series 2025-FRR1, Class A104                                  | CUSIP: 255928AW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3639202.40   | 0.09%             | 2052-12-27      | Variable      | 2.57%                 | Yes           |                  3 | On Loan: No      |
| DLIC Re-REMIC Trust                                    | DLIC Re-REMIC Trust, Series 2025-FRR1, Class B104                                  | CUSIP: 255928AY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5213083.20   | 0.12%             | 2052-12-27      | Variable      | 1.88%                 | Yes           |                  3 | On Loan: No      |
| DLIC Re-REMIC Trust                                    | DLIC Re-REMIC Trust, Series 2025-FRR1, Class A111                                  | CUSIP: 255928BL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6153973.00   | 0.14%             | 2053-04-27      | Variable      | 2.25%                 | Yes           |                  3 | On Loan: No      |
| DLIC Re-REMIC Trust                                    | DLIC Re-REMIC Trust, Series 2025-FRR1, Class A120                                  | CUSIP: 255928BY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4370261.00   | 0.10%             | 2053-09-27      | Variable      | 2.61%                 | Yes           |                  3 | On Loan: No      |
| DuPont de Nemours, Inc.                                | DuPont de Nemours, Inc.                                                            | CUSIP: 26078JAE0<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |   1059000 | PA      | $1079573.12   | 0.03%             | 2038-11-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                                | DuPont de Nemours, Inc.                                                            | CUSIP: 26078JAF7<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    316000 | PA      | $301010.36    | 0.01%             | 2048-11-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Diversified ABS IX Holdings LLC                        | Diversified ABS Holdings LLC, Series 2024-2A, Class A                              | CUSIP: 260968AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1819102 | PA      | $1834564.47   | 0.04%             | 2044-09-30      | Fixed         | 6.55%                 | Yes           |                  3 | 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        |   2000000 | PA      | $2016452.60   | 0.05%             | 2032-05-17      | Fixed         | 4.94%                 | No            |                  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        |   2900000 | PA      | $2939778.43   | 0.07%             | 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        |   4410000 | PA      | $4386578.05   | 0.10%             | 2032-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| EIDP, Inc.                                             | EIDP, Inc.                                                                         | CUSIP: 263534CS6<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1545064.76   | 0.04%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                      | Duke Energy Corp.                                                                  | CUSIP: 26441CCK9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1107728.31   | 0.03%             | 2055-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco Sarl                               | Eagle Funding Luxco SARL                                                           | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   4681000 | PA      | $4748359.59   | 0.11%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Eastern Energy Gas Holdings LLC                        | Eastern Energy Gas Holdings LLC                                                    | CUSIP: 27636AAA0<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    600000 | PA      | $591368.18    | 0.01%             | 2054-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Eastern Energy Gas Holdings LLC                        | Eastern Energy Gas Holdings LLC                                                    | CUSIP: 27636AAC6<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    695000 | PA      | $731002.84    | 0.02%             | 2055-01-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Elara Hgv Timeshare Issuer LLC                         | Elara Hgv Timeshare Issuer LLC, Series 2025-A, Class A                             | CUSIP: 28416VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2523294 | PA      | $2528156.54   | 0.06%             | 2040-01-25      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                         | Element Fleet Management Corp.                                                     | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $819697.83    | 0.02%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Emera US Finance LP                                    | Emera US Finance LP                                                                | CUSIP: 29103DAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5585000 | PA      | $4825766.11   | 0.11%             | 2046-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                         | Enbridge, Inc.                                                                     | CUSIP: 29250NCC7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    890000 | PA      | $934674.42    | 0.02%             | 2034-04-05      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                     | Energy Transfer LP                                                                 | CUSIP: 29273RBF5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1350117.27   | 0.03%             | 2045-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                     | Energy Transfer LP                                                                 | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414460.60    | 0.01%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                     | Energy Transfer LP                                                                 | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2079926.66   | 0.05%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                          | Enel Finance International NV                                                      | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    350000 | PA      | $365737.27    | 0.01%             | 2034-06-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                          | Enel Finance International NV                                                      | CUSIP: 29278GBH0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1425000 | PA      | $1421778.12   | 0.03%             | 2035-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                  | Entergy Louisiana LLC                                                              | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    440000 | PA      | $452464.63    | 0.01%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                    | Entergy Texas, Inc.                                                                | CUSIP: 29365TAP9<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    564000 | PA      | $557060.88    | 0.01%             | 2054-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                      | Enterprise Products Operating LLC                                                  | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    470000 | PA      | $465362.99    | 0.01%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Equinix Europe 2 Financing Corp. LLC                   | Equinix Europe 2 Financing Corp. LLC                                               | CUSIP: 29390XAG9<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              | CORP              | US        |   2990000 | PA      | $3009624.39   | 0.07%             | 2030-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| EQV Abs Issuer I LLC                                   | EQV Abs Issuer I LLC                                                               | CUSIP: 29476QAB2<br>LEI: 254900AKBSYT3UNVVC48 | Long             | ABS-MBS          | CORP              | US        |   2763760 | PA      | $2776197.17   | 0.07%             | 2040-12-15      | Fixed         | 5.85%                 | No            |                  3 | On Loan: No      |
| Essex Portfolio LP                                     | Essex Portfolio LP                                                                 | CUSIP: 29717PBA4<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    525000 | PA      | $547749.20    | 0.01%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                     | Essex Portfolio LP                                                                 | CUSIP: 29717PBB2<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1768858.57   | 0.04%             | 2035-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Evergy Missouri West, Inc.                             | Evergy Missouri West, Inc.                                                         | CUSIP: 30037EAC7<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $761549.45    | 0.02%             | 2035-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                    | Constellation Energy Generation LLC                                                | CUSIP: 30161MAJ2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    455000 | PA      | $468287.59    | 0.01%             | 2041-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                    | Constellation Energy Generation LLC                                                | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    850000 | PA      | $861085.17    | 0.02%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                           | Exelon Corp.                                                                       | CUSIP: 30161NBS9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023977.86   | 0.02%             | 2055-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                    | Exeter Automobile Receivables Trust, Series 2025-5A, Class C                       | CUSIP: 30166VAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3445000 | PA      | $3463699.12   | 0.08%             | 2032-03-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                    | Exeter Automobile Receivables Trust, Series 2025-5A, Class D                       | CUSIP: 30166VAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3098000 | PA      | $3116898.73   | 0.07%             | 2032-03-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                    | Exeter Automobile Receivables Trust, Series 2025-3A, Class D                       | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2450159.76   | 0.06%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  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        |   6080000 | PA      | $6114165.34   | 0.14%             | 2032-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                    | Exeter Automobile Receivables Trust, Series 2025-2A, Class D                       | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4900000 | PA      | $5024910.31   | 0.12%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Exeter Select Automobile Receivables Trust             | Exeter Select Automobile Receivables Trust, Series 2025-3, Class C                 | CUSIP: 30185FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5061713.50   | 0.12%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                  | FMC GMSR Issuer Trust, Series 2020-GT1, Class A                                    | CUSIP: 30259RAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1590027.84   | 0.04%             | 2026-01-25      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                  | FMC GMSR Issuer Trust, Series 2021-GT1, Class A                                    | CUSIP: 30259RAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7401964 | PA      | $7139714.64   | 0.17%             | 2026-07-25      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                  | FMC GMSR Issuer Trust, Series 2021-GT1, Class B                                    | CUSIP: 30259RAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2410380.25   | 0.06%             | 2026-07-25      | Variable      | 4.36%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                  | FMC GMSR Issuer Trust, Series 2021-GT2, Class A                                    | CUSIP: 30259RAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3022400 | PA      | $2926611.08   | 0.07%             | 2026-10-25      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                  | FMC GMSR Issuer Trust, Series 2021-GT2, Class B                                    | CUSIP: 30259RAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3680000 | PA      | $3542958.27   | 0.08%             | 2026-10-25      | Variable      | 4.44%                 | Yes           |                  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        |    500000 | PA      | $502465.30    | 0.01%             | 2027-04-25      | Fixed         | 7.17%                 | Yes           |                  2 | On Loan: No      |
| FW Energy Asset Issuer LLC                             | FW Energy Asset Issuer LLC                                                         | CUSIP: 302704AA9<br>LEI: 254900YOL2L2C8PFZR08 | Long             | ABS-O            | CORP              | US        |    447549 | PA      | $458374.38    | 0.01%             | 2044-08-25      | Fixed         | 7.15%                 | No            |                  3 | On Loan: No      |
| Energy Assets                                          | Energy Assets                                                                      | CUSIP: 302704AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    221651 | PA      | $227656.86    | 0.01%             | 2044-08-25      | Fixed         | 8.11%                 | No            |                  3 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2016-K53, Class C                                     | CUSIP: 30288LAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $3987118.40   | 0.09%             | 2049-03-25      | Variable      | 4.28%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2016-K55, Class C                                     | CUSIP: 30289HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $994328.10    | 0.02%             | 2049-04-25      | Variable      | 4.31%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2018-K79, Class C                                     | CUSIP: 302956AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    145000 | PA      | $142414.42    | 0.00%             | 2051-07-25      | Variable      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2018-K154, Class B                                    | CUSIP: 302968AE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    610000 | PA      | $542311.47    | 0.01%             | 2032-11-25      | Variable      | 4.16%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2017-K64, Class B                                     | CUSIP: 30296CAE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4455000 | PA      | $4421059.58   | 0.10%             | 2050-05-25      | Variable      | 4.14%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2018-K155, Class B                                    | CUSIP: 30296QAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    580000 | PA      | $517167.61    | 0.01%             | 2033-04-25      | Variable      | 4.31%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2018-K77, Class B                                     | CUSIP: 30296VAS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1170000 | PA      | $1162468.48   | 0.03%             | 2051-05-25      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2018-K77, Class C                                     | CUSIP: 30296VAU5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $988267.70    | 0.02%             | 2051-05-25      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K88, Class B                                     | CUSIP: 302971AR7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1993539.20   | 0.05%             | 2052-02-25      | Variable      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K88, Class C                                     | CUSIP: 302971AT3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $983530.30    | 0.02%             | 2052-02-25      | Variable      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K89, Class B                                     | CUSIP: 302972AS3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7000000 | PA      | $6997202.10   | 0.16%             | 2051-01-25      | Variable      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K89, Class C                                     | CUSIP: 302972AU8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1981180.80   | 0.05%             | 2051-01-25      | Variable      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2020-K105, Class C                                    | CUSIP: 302975BG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1651000 | PA      | $1576393.46   | 0.04%             | 2053-03-25      | Variable      | 3.53%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2020-KHG2, Class C                                    | CUSIP: 302983AG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1725397.00   | 0.04%             | 2030-02-25      | Variable      | 3.17%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-KS11, Class B                                    | CUSIP: 30298KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2952000 | PA      | $2858240.05   | 0.07%             | 2029-06-25      | Variable      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2020-K737, Class B                                    | CUSIP: 30300SAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1452000 | PA      | $1434053.43   | 0.03%             | 2053-01-25      | Variable      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2020-K737, Class C                                    | CUSIP: 30300SAU6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4870000 | PA      | $4796566.73   | 0.11%             | 2053-01-25      | Variable      | 3.44%                 | Yes           |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc.                                                               | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1454837.70   | 0.03%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc.                                                               | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   5430000 | PA      | $5431771.43   | 0.13%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc.                                                               | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   7410000 | PA      | $7520770.24   | 0.18%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc.                                                               | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   4610000 | PA      | $4659963.96   | 0.11%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc.                                                               | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   4165000 | PA      | $4154448.60   | 0.10%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2017-K68, Class B                                     | CUSIP: 30305EAE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2963401.80   | 0.07%             | 2049-10-25      | Variable      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2017-KGX1, Class BFX                                  | CUSIP: 30305QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    570000 | PA      | $542694.61    | 0.01%             | 2027-10-25      | Variable      | 3.71%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2018-K80, Class B                                     | CUSIP: 30307RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2076000 | PA      | $2043801.03   | 0.05%             | 2050-08-25      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K90, Class C                                     | CUSIP: 30308QAU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $495445.00    | 0.01%             | 2052-02-25      | Variable      | 4.47%                 | 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        |   1795000 | PA      | $1768080.56   | 0.04%             | 2051-04-25      | Variable      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K94, Class C                                     | CUSIP: 30310XAG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1250000 | PA      | $1222743.63   | 0.03%             | 2052-07-25      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-KL05, Class BP                                   | CUSIP: 30311NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1892305.60   | 0.04%             | 2029-06-25      | Variable      | 4.09%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-KBF3, Class B                                    | CUSIP: 30311TAC1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    171044 | PA      | $169986.13    | 0.00%             | 2029-01-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-KS12, Class B                                    | CUSIP: 30311XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2961304 | PA      | $2961735.69   | 0.07%             | 2029-08-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K98, Class B                                     | CUSIP: 30312DAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1040000 | PA      | $1015617.93   | 0.02%             | 2052-10-25      | Variable      | 3.86%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K98, Class C                                     | CUSIP: 30312DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9395000 | PA      | $9093484.39   | 0.21%             | 2052-10-25      | Variable      | 3.86%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K102, Class B                                    | CUSIP: 30312WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    375000 | PA      | $362375.25    | 0.01%             | 2051-12-25      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K102, Class C                                    | CUSIP: 30312WAG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4075000 | PA      | $3898608.33   | 0.09%             | 2051-12-25      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K93, Class B                                     | CUSIP: 30313FAS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1980783.40   | 0.05%             | 2052-05-25      | Variable      | 4.26%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K100, Class C                                    | CUSIP: 30313PAU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4707000 | PA      | $4491030.60   | 0.11%             | 2052-11-25      | Variable      | 3.61%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K96, Class C                                     | CUSIP: 30314DAG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4754000 | PA      | $4587415.09   | 0.11%             | 2056-08-25      | Variable      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K103, Class B                                    | CUSIP: 30315DAS7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1819000 | PA      | $1725093.22   | 0.04%             | 2051-12-25      | Variable      | 3.57%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2021-KLU3, Class BFX                                  | CUSIP: 30320PAL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    969794 | PA      | $906215.26    | 0.02%             | 2031-01-25      | Variable      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                                  | FRTKL, Series 2021-SFR1, Class B                                                   | CUSIP: 30322DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2927307.90   | 0.07%             | 2038-09-17      | Fixed         | 1.72%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                                  | FRTKL, Series 2021-SFR1, Class D                                                   | CUSIP: 30322DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    905000 | PA      | $883311.40    | 0.02%             | 2038-09-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                                  | FRTKL, Series 2021-SFR1, Class E1                                                  | CUSIP: 30322DAS8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1219478.13   | 0.03%             | 2038-09-17      | Fixed         | 2.37%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                                  | FRTKL, Series 2021-SFR1, Class E2                                                  | CUSIP: 30322DAU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1121021.84   | 0.03%             | 2038-09-17      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| FHF Issuer Trust                                       | FHF Issuer Trust, Series 2023-2A, Class B                                          | CUSIP: 30333LAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $458957.21    | 0.01%             | 2029-11-15      | Fixed         | 7.49%                 | Yes           |                  2 | On Loan: No      |
| FARM Mortgage Trust                                    | FARM Mortgage Trust, Series 2021-1, Class A                                        | CUSIP: 30768WAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1113682 | PA      | $908526.03    | 0.02%             | 2051-01-25      | Variable      | 2.18%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, STRIPS, Series 276, Class 20                                                | CUSIP: 3128HX5S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    219777 | PA      | $195707.65    | 0.00%             | 2042-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DM3S2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1236520 | PA      | $1108239.15   | 0.03%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DMYW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1698227 | PA      | $1533014.45   | 0.04%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DNKA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1777777 | PA      | $1782927.95   | 0.04%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DNQ22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    664564 | PA      | $596398.23    | 0.01%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DNTU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5881774 | PA      | $5279595.30   | 0.12%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DNXS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    794041 | PA      | $803499.58    | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DPTL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2599094 | PA      | $2572266.00   | 0.06%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DTMB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1069505 | PA      | $992384.57    | 0.02%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DUWZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7290558 | PA      | $6522214.40   | 0.15%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DWC35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    879120 | PA      | $783321.58    | 0.02%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3132DWFG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2951359 | PA      | $2962481.32   | 0.07%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Gold Pools, Other                                                            | CUSIP: 3132H7CN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    139992 | PA      | $141777.53    | 0.00%             | 2043-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, STRIPS, Series 326, Class 350                                               | CUSIP: 3132HT3C8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    447691 | PA      | $421336.63    | 0.01%             | 2044-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133A4ST4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    239598 | PA      | $206907.54    | 0.00%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133AAE57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2046497 | PA      | $1768373.98   | 0.04%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133ABNU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    504994 | PA      | $436462.62    | 0.01%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133ALJE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    718090 | PA      | $593140.72    | 0.01%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133AWKG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2786525 | PA      | $2498838.89   | 0.06%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133B9NQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    749191 | PA      | $671832.91    | 0.02%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133B9SJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3813604 | PA      | $3251314.11   | 0.08%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133BAFQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    779854 | PA      | $698235.49    | 0.02%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133BGCS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1709594 | PA      | $1638172.98   | 0.04%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133BGEM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3666689 | PA      | $3605463.06   | 0.08%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133BJPD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    732377 | PA      | $678614.36    | 0.02%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133BQUT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4959749 | PA      | $4974885.66   | 0.12%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KKBW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    620083 | PA      | $484185.66    | 0.01%             | 2050-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KKHP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    582633 | PA      | $522104.30    | 0.01%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KL3L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2071323 | PA      | $1916778.44   | 0.04%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KMJZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1665565 | PA      | $1364273.15   | 0.03%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KMNK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1826874 | PA      | $1742307.17   | 0.04%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KMTF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1803019 | PA      | $1543766.86   | 0.04%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KN6P3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4036051 | PA      | $3590043.20   | 0.08%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KNHG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    717558 | PA      | $668591.16    | 0.02%             | 2052-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KNNB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10508974 | PA      | $10108919.60  | 0.24%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KNR54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1321300 | PA      | $1183880.11   | 0.03%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133KNSC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3400981 | PA      | $2928802.53   | 0.07%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC Gold Pools, Other                                                            | CUSIP: 3133LWAC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    446761 | PA      | $428637.91    | 0.01%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3133USHS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1244916 | PA      | $1119086.26   | 0.03%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2012-28, Class PT                                              | CUSIP: 3136A33E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    726748 | PA      | $720019.69    | 0.02%             | 2042-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2012-4, Class NB                                               | CUSIP: 3136A3Q79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238128 | PA      | $232661.72    | 0.01%             | 2042-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2012-124, Class PA                                             | CUSIP: 3136A9Z92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91146 | PA      | $85998.82     | 0.00%             | 2042-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2012-130, Class DC                                             | CUSIP: 3136AAGX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    280497 | PA      | $261050.85    | 0.01%             | 2042-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2013-9, Class CB                                               | CUSIP: 3136ABQH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    625539 | PA      | $648768.18    | 0.02%             | 2042-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2015-92, Class GZ                                              | CUSIP: 3136AQUQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1228846 | PA      | $1092142.59   | 0.03%             | 2043-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2017-87, Class EA                                              | CUSIP: 3136AYU84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    234099 | PA      | $217327.70    | 0.01%             | 2044-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2018-75, Class LA                                              | CUSIP: 3136B3BV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1384636 | PA      | $1318425.46   | 0.03%             | 2048-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2019-12, Class BA                                              | CUSIP: 3136B4FJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    249311 | PA      | $227393.80    | 0.01%             | 2049-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2019-60, Class DA                                              | CUSIP: 3136B6VJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168282 | PA      | $152851.72    | 0.00%             | 2049-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2020-10, Class DA                                              | CUSIP: 3136B9BV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4289347 | PA      | $3928553.00   | 0.09%             | 2060-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2020-50, Class A                                               | CUSIP: 3136BAZX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    404669 | PA      | $343296.06    | 0.01%             | 2050-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2020-54, Class UB                                              | CUSIP: 3136BBGT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122074 | PA      | $123310.38    | 0.00%             | 2050-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2020-70, Class AD                                              | CUSIP: 3136BBW81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    288290 | PA      | $232105.67    | 0.01%             | 2050-10-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA ACES, Series 2020-M53, Class A2                                               | CUSIP: 3136BC7H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27000 | PA      | $23263.46     | 0.00%             | 2032-11-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA ACES, Series 2021-M8, Class A2                                                | CUSIP: 3136BFHD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5675250 | PA      | $5139535.02   | 0.12%             | 2035-11-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2021-27, Class EC                                              | CUSIP: 3136BHAA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    134567 | PA      | $111484.27    | 0.00%             | 2051-05-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2021-91, Class GB                                              | CUSIP: 3136BK3E0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6268369 | PA      | $5370837.17   | 0.13%             | 2049-07-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2021-95, Class GA                                              | CUSIP: 3136BKUK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4240052 | PA      | $3576958.98   | 0.08%             | 2051-03-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2022-12, Class GE                                              | CUSIP: 3136BMDE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5868675 | PA      | $5496706.81   | 0.13%             | 2052-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA ACES, Series 2022-M2S, Class A1                                               | CUSIP: 3136BPGK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1314 | PA      | $1309.66      | 0.00%             | 2032-05-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2023-40                                                        | CUSIP: 3136BQGW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3632582 | PA      | $3093311.29   | 0.07%             | 2053-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA ACES, Series 2024-M2, Class A1                                                | CUSIP: 3136BQM71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    764540 | PA      | $782902.52    | 0.02%             | 2033-04-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA ACES, Series 2023-M8, Class A1                                                | CUSIP: 3136BQNT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    281586 | PA      | $286197.06    | 0.01%             | 2032-11-25      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2025-29, Class LA                                              | CUSIP: 3136BV2L1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3357567 | PA      | $2984752.35   | 0.07%             | 2055-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2025-18, Class MA                                              | CUSIP: 3136BVLQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7748689 | PA      | $6617839.49   | 0.16%             | 2054-09-25      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2025-31, Class MA                                              | CUSIP: 3136BVYZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4307398 | PA      | $3643442.41   | 0.09%             | 2054-09-25      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2025-52, Class BT                                              | CUSIP: 3136BWUY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10628892 | PA      | $9251375.05   | 0.22%             | 2055-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4016, Class KZ                                                | CUSIP: 3137ANAB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    246301 | PA      | $240687.30    | 0.01%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4487, Class TL                                                | CUSIP: 3137BK2R0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $928639.20    | 0.02%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4480, Class NB                                                | CUSIP: 3137BKDQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $442763.10    | 0.01%             | 2045-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4585, Class DA                                                | CUSIP: 3137BPFK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209510 | PA      | $200448.23    | 0.00%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KL06, Class XFX   | CUSIP: 3137F84J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4914827 | PA      | $225816.16    | 0.01%             | 2029-12-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5063, Class LC                                                | CUSIP: 3137F8W74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    466960 | PA      | $367057.28    | 0.01%             | 2051-01-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5073, Class GA                                                | CUSIP: 3137F9JE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    949305 | PA      | $810782.54    | 0.02%             | 2044-08-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4710, Class JE                                                | CUSIP: 3137FA6E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    537805 | PA      | $488740.20    | 0.01%             | 2047-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5088, Class MP                                                | CUSIP: 3137FFEV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    446946 | PA      | $356214.06    | 0.01%             | 2050-12-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4862, Class NO                                                | CUSIP: 3137FKUH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1770959 | PA      | $1132599.27   | 0.03%             | 2057-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4863, Class H                                                 | CUSIP: 3137FL2Y9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    452810 | PA      | $491845.77    | 0.01%             | 2049-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4896, Class CG                                                | CUSIP: 3137FMLM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    286160 | PA      | $276358.33    | 0.01%             | 2049-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4913, Class UA                                                | CUSIP: 3137FNNK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    769083 | PA      | $701857.97    | 0.02%             | 2049-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 4994, Class LI                                                | CUSIP: 3137FUEK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    141689 | PA      | $27281.71     | 0.00%             | 2048-12-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5000, Class EA                                                | CUSIP: 3137FVFC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    716779 | PA      | $558729.22    | 0.01%             | 2050-07-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5027, Class JA                                                | CUSIP: 3137FWPZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129753 | PA      | $120845.98    | 0.00%             | 2044-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5023, Class TE                                                | CUSIP: 3137FWVS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2698730 | PA      | $2090596.49   | 0.05%             | 2050-10-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5132, Class EB                                                | CUSIP: 3137H1YJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    905618 | PA      | $711287.12    | 0.02%             | 2051-08-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5141, Class PA                                                | CUSIP: 3137H1ZD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    284222 | PA      | $239882.07    | 0.01%             | 2050-04-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5149, Class HB                                                | CUSIP: 3137H2SL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    548631 | PA      | $449247.97    | 0.01%             | 2048-08-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K135, Class AM    | CUSIP: 3137H4R44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1050000 | PA      | $929861.10    | 0.02%             | 2031-10-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5195, Class CA                                                | CUSIP: 3137H5PG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2592357 | PA      | $2375605.86   | 0.06%             | 2047-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5202, Class BH                                                | CUSIP: 3137H5ZK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    633596 | PA      | $589351.32    | 0.01%             | 2047-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5224, Class HL                                                | CUSIP: 3137H7G72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1700000 | PA      | $1603088.95   | 0.04%             | 2052-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KJ40, Class A2    | CUSIP: 3137H8B59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    335000 | PA      | $330974.67    | 0.01%             | 2030-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KJ44, Class A2    | CUSIP: 3137H9QU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $509387.90    | 0.01%             | 2033-02-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5438                                                          | CUSIP: 3137HF7K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3499720 | PA      | $2913250.75   | 0.07%             | 2053-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3138ERB41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255061 | PA      | $241870.29    | 0.01%             | 2046-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3138ERNP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    336037 | PA      | $306756.68    | 0.01%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3138L0Z46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    806415 | PA      | $771062.32    | 0.02%             | 2032-09-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3138L7SZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1114474 | PA      | $1094848.09   | 0.03%             | 2029-10-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3138LG4Q6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    377353 | PA      | $366824.87    | 0.01%             | 2037-01-01      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3138LJMH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1103358 | PA      | $1049619.98   | 0.02%             | 2032-07-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA Trust, Whole Loan, Series 2003-W2, Class 1A1                                  | CUSIP: 31392JAA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    720708 | PA      | $754912.04    | 0.02%             | 2042-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140A9LA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3716302 | PA      | $3797307.01   | 0.09%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140ABE43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2064469 | PA      | $2061884.19   | 0.05%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140AELG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3947705 | PA      | $4000405.28   | 0.09%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140AEMQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1092586 | PA      | $1117913.15   | 0.03%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140AUU27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    792648 | PA      | $836989.85    | 0.02%             | 2054-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140AUUZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    862930 | PA      | $900908.16    | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140FVUQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122704 | PA      | $115383.37    | 0.00%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FX2C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4443976 | PA      | $4349985.83   | 0.10%             | 2063-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FX3L4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3767406 | PA      | $3150407.44   | 0.07%             | 2064-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FX3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3734681 | PA      | $3281124.26   | 0.08%             | 2064-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FX3T7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4558897 | PA      | $4334749.30   | 0.10%             | 2064-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FX3W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2520414 | PA      | $2467101.03   | 0.06%             | 2064-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXCQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2973886 | PA      | $2838887.40   | 0.07%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXF72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    614491 | PA      | $547571.13    | 0.01%             | 2057-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5876445 | PA      | $5609627.69   | 0.13%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXJG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3490653 | PA      | $3084556.47   | 0.07%             | 2058-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXNN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5419146 | PA      | $4586934.03   | 0.11%             | 2059-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXP22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    366520 | PA      | $325007.26    | 0.01%             | 2060-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXQG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    548405 | PA      | $500617.15    | 0.01%             | 2053-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXRZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2860402 | PA      | $2527231.46   | 0.06%             | 2060-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXTC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    939901 | PA      | $778992.82    | 0.02%             | 2061-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXTS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8275914 | PA      | $6859059.21   | 0.16%             | 2061-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXTT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2785797 | PA      | $2416426.19   | 0.06%             | 2061-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXUL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    869847 | PA      | $872353.57    | 0.02%             | 2061-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXWG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    875776 | PA      | $738882.08    | 0.02%             | 2062-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140FXYS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3344969 | PA      | $3124837.12   | 0.07%             | 2063-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140HFK32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    224807 | PA      | $192896.96    | 0.00%             | 2050-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HTN70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    975570 | PA      | $915918.20    | 0.02%             | 2034-05-01      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HV4P6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    287948 | PA      | $271110.50    | 0.01%             | 2029-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HVFN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106224 | PA      | $96815.52     | 0.00%             | 2034-10-01      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HVY73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    362816 | PA      | $344044.73    | 0.01%             | 2029-11-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HWC67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7000000 | PA      | $6583290.56   | 0.15%             | 2029-11-01      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HX5T3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1167500 | PA      | $1108827.61   | 0.03%             | 2028-11-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HXB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    947694 | PA      | $898483.08    | 0.02%             | 2029-06-01      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140HY2D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    383000 | PA      | $310484.45    | 0.01%             | 2035-06-01      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140J0LU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6785952 | PA      | $5844915.13   | 0.14%             | 2032-07-01      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140J3BW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1693668.66   | 0.04%             | 2033-01-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 20 Year                                                                 | CUSIP: 3140J9PE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    600296 | PA      | $595382.47    | 0.01%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140JBF92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2149879 | PA      | $1815204.40   | 0.04%             | 2032-11-01      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140JBFG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7015242 | PA      | $5873246.56   | 0.14%             | 2032-10-01      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140JBH66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7589917 | PA      | $6435468.95   | 0.15%             | 2033-01-01      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140JBTP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1483725 | PA      | $1307242.70   | 0.03%             | 2031-12-01      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140JBUY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1972566 | PA      | $1764445.30   | 0.04%             | 2032-02-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140KFQV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    366923 | PA      | $317468.05    | 0.01%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140KGR62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    154653 | PA      | $133094.70    | 0.00%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140KK3D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3862452 | PA      | $3330661.14   | 0.08%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140KLQV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    861542 | PA      | $743475.37    | 0.02%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140KNPX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    355877 | PA      | $309620.11    | 0.01%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LBZA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $663814.58    | 0.02%             | 2033-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LCDD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    605000 | PA      | $528879.40    | 0.01%             | 2033-05-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LCX22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $3379718.36   | 0.08%             | 2033-09-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LD4J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6873313 | PA      | $6129058.13   | 0.14%             | 2031-11-01      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LDFL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    337159 | PA      | $315155.62    | 0.01%             | 2028-08-01      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LF4X9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    416273 | PA      | $388404.67    | 0.01%             | 2032-04-01      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LFPN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2646000 | PA      | $2514833.23   | 0.06%             | 2029-03-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LFWY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1118235 | PA      | $1070097.86   | 0.03%             | 2029-09-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LG6N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    680000 | PA      | $667587.45    | 0.02%             | 2032-08-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGDM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    518763 | PA      | $509285.91    | 0.01%             | 2028-11-01      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGEC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    826000 | PA      | $784241.30    | 0.02%             | 2032-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGJD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    795000 | PA      | $767718.06    | 0.02%             | 2032-06-01      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    900000 | PA      | $857417.80    | 0.02%             | 2032-09-01      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGMK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $94199.20     | 0.00%             | 2037-06-01      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGQS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1928087.58   | 0.05%             | 2032-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGY63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    415000 | PA      | $407875.72    | 0.01%             | 2032-07-01      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LGZ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    484292 | PA      | $490506.99    | 0.01%             | 2030-08-01      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LHDX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    483985 | PA      | $472362.46    | 0.01%             | 2032-10-01      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LHK90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    584831 | PA      | $568279.05    | 0.01%             | 2032-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LHNF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    390000 | PA      | $381851.75    | 0.01%             | 2032-09-01      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LHPR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130332 | PA      | $127006.14    | 0.00%             | 2032-11-01      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LHWM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $488897.98    | 0.01%             | 2032-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LHYG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230000 | PA      | $235582.35    | 0.01%             | 2029-09-01      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LKSB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $3021304.80   | 0.07%             | 2035-06-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LLSA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1600000 | PA      | $1659514.75   | 0.04%             | 2032-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140LLVJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $307926.80    | 0.01%             | 2033-09-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140LQVH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1445087 | PA      | $1238198.79   | 0.03%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140LV6B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4929363 | PA      | $4416742.60   | 0.10%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140LVSM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4042946 | PA      | $3461623.69   | 0.08%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140LY5X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1398358 | PA      | $1205020.60   | 0.03%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140LY6V0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5409409 | PA      | $4660374.06   | 0.11%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140M5AJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121527 | PA      | $108979.07    | 0.00%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140M6T60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1491313 | PA      | $1534979.15   | 0.04%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140MB6X5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    499969 | PA      | $427771.63    | 0.01%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140MDHU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1775472 | PA      | $1652207.01   | 0.04%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140MHSX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1163971 | PA      | $992266.87    | 0.02%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140MKHH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    947599 | PA      | $850348.63    | 0.02%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140MMBA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1992131 | PA      | $1907491.81   | 0.04%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140MRNK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    772857 | PA      | $776323.57    | 0.02%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140NS5K6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    550380 | PA      | $569559.37    | 0.01%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUE96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490000 | PA      | $508848.93    | 0.01%             | 2033-01-01      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUNJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    787921 | PA      | $814389.80    | 0.02%             | 2031-03-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUNT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    400000 | PA      | $404997.73    | 0.01%             | 2034-03-01      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUPD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    605000 | PA      | $601838.89    | 0.01%             | 2034-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUPQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    325000 | PA      | $325831.10    | 0.01%             | 2034-02-01      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUTX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1040455.36   | 0.02%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NUTZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $4142239.72   | 0.10%             | 2034-05-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NV2M8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1238021 | PA      | $1262912.07   | 0.03%             | 2029-09-01      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NV5K9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1213764 | PA      | $1217038.13   | 0.03%             | 2031-12-01      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NV5W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1486733 | PA      | $1529849.75   | 0.04%             | 2029-11-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NV7D3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1021982.82   | 0.02%             | 2031-08-01      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NVUY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1028249.60   | 0.02%             | 2032-12-01      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NVVS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    669529 | PA      | $698681.30    | 0.02%             | 2031-09-01      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NW4F9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2768322 | PA      | $2874803.53   | 0.07%             | 2031-06-01      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NWBT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1712352 | PA      | $1761220.57   | 0.04%             | 2032-01-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NWCD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1824264 | PA      | $1860961.78   | 0.04%             | 2033-03-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NWCF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1133037 | PA      | $1165849.15   | 0.03%             | 2032-04-01      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NWCW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4955009.25   | 0.12%             | 2034-09-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NWLS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    991010 | PA      | $1015657.66   | 0.02%             | 2030-09-01      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NWQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1974759 | PA      | $2017396.05   | 0.05%             | 2034-11-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NX4W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3542922 | PA      | $3645435.81   | 0.09%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NXE25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2021000 | PA      | $2107038.64   | 0.05%             | 2034-02-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NXER0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1976000 | PA      | $2014587.68   | 0.05%             | 2032-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NXF73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2472664 | PA      | $2498362.77   | 0.06%             | 2032-01-01      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NXFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2831000 | PA      | $2950161.52   | 0.07%             | 2034-06-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NXFD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $3063143.46   | 0.07%             | 2032-07-01      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NXKS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2388832 | PA      | $2517559.57   | 0.06%             | 2031-10-01      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NY6D8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3535000 | PA      | $3704113.62   | 0.09%             | 2035-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NY7D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $4102430.84   | 0.10%             | 2034-01-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NY7H8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2161000 | PA      | $2236607.14   | 0.05%             | 2032-07-01      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYLG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1838000 | PA      | $1863559.82   | 0.04%             | 2032-05-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYM32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2525026.25   | 0.06%             | 2032-06-01      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYML2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3590000 | PA      | $3619807.73   | 0.08%             | 2035-05-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYMX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1892998 | PA      | $1958627.39   | 0.05%             | 2035-12-01      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYMZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1034129.63   | 0.02%             | 2034-01-01      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYPM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1550000 | PA      | $1645254.34   | 0.04%             | 2035-11-01      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYPN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3050000 | PA      | $3194325.70   | 0.07%             | 2033-05-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYS93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1649000 | PA      | $1730615.82   | 0.04%             | 2035-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140NYXL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2618000 | PA      | $2692446.50   | 0.06%             | 2035-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q02F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3350000 | PA      | $3394835.63   | 0.08%             | 2033-01-01      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q06M9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6600000 | PA      | $6681485.12   | 0.16%             | 2032-10-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q07H9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2059690.82   | 0.05%             | 2030-11-01      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0AB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3585000 | PA      | $3590939.59   | 0.08%             | 2033-09-01      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0L67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1179000 | PA      | $1216349.64   | 0.03%             | 2033-11-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0L75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1257000 | PA      | $1296820.60   | 0.03%             | 2033-11-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0LG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $5210416.90   | 0.12%             | 2031-08-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0MV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4080000 | PA      | $4073322.35   | 0.10%             | 2032-10-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0SC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1173366 | PA      | $1211506.92   | 0.03%             | 2033-10-01      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0TV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2537655 | PA      | $2557840.52   | 0.06%             | 2032-10-01      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0UB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2054515.34   | 0.05%             | 2035-10-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0VJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $4138859.04   | 0.10%             | 2035-10-01      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q0WY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5790000 | PA      | $5730705.94   | 0.13%             | 2032-10-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q1BZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3800000 | PA      | $3830193.58   | 0.09%             | 2033-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q1F88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2836000 | PA      | $2872538.91   | 0.07%             | 2033-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q1FN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2200000 | PA      | $2224216.10   | 0.05%             | 2033-01-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q1HY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $3035866.83   | 0.07%             | 2032-11-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140Q1JR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3931000 | PA      | $4008436.57   | 0.09%             | 2031-10-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 3140QCEE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    523082 | PA      | $512690.36    | 0.01%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QF4F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    423497 | PA      | $365122.93    | 0.01%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QF5E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346270 | PA      | $297632.13    | 0.01%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QGT49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1373589 | PA      | $1180127.55   | 0.03%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QKNP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    236616 | PA      | $212010.58    | 0.00%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QKQL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    411133 | PA      | $352790.07    | 0.01%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QKSU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5806497 | PA      | $5223798.63   | 0.12%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QLR40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700036 | PA      | $627236.01    | 0.01%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QLWP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3569915 | PA      | $3074299.32   | 0.07%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QM4V3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5088672 | PA      | $4372702.15   | 0.10%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QMKG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    886400 | PA      | $794223.32    | 0.02%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QMWH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4480882 | PA      | $4180065.30   | 0.10%             | 2051-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNBU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1790481 | PA      | $1533073.47   | 0.04%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNE57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    655427 | PA      | $569455.62    | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNGH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2434257 | PA      | $2177478.94   | 0.05%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNLM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1106489 | PA      | $946926.11    | 0.02%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNQV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2031971 | PA      | $1818835.02   | 0.04%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNTX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5689233 | PA      | $5062410.05   | 0.12%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNWW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    914765 | PA      | $814266.94    | 0.02%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QNXN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    309039 | PA      | $296151.11    | 0.01%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QPFR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    304627 | PA      | $292049.24    | 0.01%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QPKD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  13990469 | PA      | $12552877.60  | 0.29%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QPPX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7562253 | PA      | $7604826.98   | 0.18%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QPTS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2468326 | PA      | $2427875.81   | 0.06%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QQPM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1231099 | PA      | $1276628.34   | 0.03%             | 2052-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QQVX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8047722 | PA      | $8068963.23   | 0.19%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140QUPL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3502296 | PA      | $3528065.69   | 0.08%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140W13T8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9502430 | PA      | $8539284.33   | 0.20%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140X8P92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1345686 | PA      | $1114744.96   | 0.03%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XBC73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199372 | PA      | $171879.42    | 0.00%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XBEU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    407238 | PA      | $364890.99    | 0.01%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XBLM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1054262 | PA      | $945626.57    | 0.02%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XBYG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    555959 | PA      | $485521.00    | 0.01%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XBZX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    679018 | PA      | $585671.48    | 0.01%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XCM54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    554662 | PA      | $497988.86    | 0.01%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XCPA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10924238 | PA      | $10202255.46  | 0.24%             | 2051-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XCYK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2882406 | PA      | $2690275.45   | 0.06%             | 2051-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XD2J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1246002 | PA      | $1120099.82   | 0.03%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XDHD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2760170 | PA      | $2379570.41   | 0.06%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XFRJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1232421 | PA      | $1108963.28   | 0.03%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XHEX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2724969 | PA      | $2611613.52   | 0.06%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XJKH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1138184 | PA      | $1160223.72   | 0.03%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XJL35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3713777 | PA      | $3748782.27   | 0.09%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XJXK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    971554 | PA      | $831120.31    | 0.02%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XKHC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8411270 | PA      | $7481775.03   | 0.18%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XKHN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    371517 | PA      | $367345.93    | 0.01%             | 2053-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XL7B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    419415 | PA      | $360412.94    | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XP5B1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3526179 | PA      | $3039598.74   | 0.07%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XPCN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1200487 | PA      | $1207306.42   | 0.03%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XQAQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1035912 | PA      | $961737.69    | 0.02%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XQDA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6341236 | PA      | $5449076.18   | 0.13%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 3140XQYD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2202224 | PA      | $1980295.66   | 0.05%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, Other                                                                        | CUSIP: 31418AJX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43341 | PA      | $41396.53     | 0.00%             | 2042-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA UMBS, 30 Year                                                                 | CUSIP: 31418ECS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4281884 | PA      | $3967570.59   | 0.09%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 31427M6J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2350910 | PA      | $2026952.39   | 0.05%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 31427NQ85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11192292 | PA      | $10722056.45  | 0.25%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 31427NUB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14651001 | PA      | $14812307.95  | 0.35%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 31427PGG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4826371 | PA      | $4624096.83   | 0.11%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3142GR5S5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1847246 | PA      | $1808766.24   | 0.04%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3142GR6T2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3098777 | PA      | $3213396.50   | 0.08%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3142GTGY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1844546 | PA      | $1875856.53   | 0.04%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                             | FHLMC UMBS, 30 Year                                                                | CUSIP: 3142GTTD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2834050 | PA      | $2860016.69   | 0.07%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                       | First Investors Auto Owner Trust, Series 2025-1A, Class C                          | CUSIP: 32059WAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2410000 | PA      | $2420471.45   | 0.06%             | 2031-12-15      | Fixed         | 4.75%                 | Yes           |                  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        |   1755000 | PA      | $1774943.82   | 0.04%             | 2033-12-15      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                       | First Investors Auto Owner Trust, Series 2023-1A, Class C                          | CUSIP: 320986AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $349873.91    | 0.01%             | 2029-12-17      | Fixed         | 6.81%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                   | FirstKey Homes Trust, Series 2021-SFR2, Class C                                    | CUSIP: 33767TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $975475.30    | 0.02%             | 2038-09-17      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                   | FirstKey Homes Trust, Series 2021-SFR1, Class C                                    | CUSIP: 33767WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $440649.86    | 0.01%             | 2038-08-17      | Fixed         | 1.89%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                   | FirstKey Homes Trust, Series 2021-SFR1, Class E1                                   | CUSIP: 33767WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6355000 | PA      | $6229610.77   | 0.15%             | 2038-08-17      | Fixed         | 2.39%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                   | FirstKey Homes Trust, Series 2021-SFR1, Class E2                                   | CUSIP: 33767WAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3920168.00   | 0.09%             | 2038-08-17      | Fixed         | 2.49%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                   | FirstKey Homes Trust, Series 2022-SFRA, Class A                                    | CUSIP: 33768DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292407 | PA      | $287653.64    | 0.01%             | 2039-03-17      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                   | FirstKey Homes Trust, Series 2022-SFRA, Class E1                                   | CUSIP: 33768DAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1482893.25   | 0.03%             | 2039-03-17      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| Fiserv, Inc.                                           | Fiserv, Inc.                                                                       | CUSIP: 337738BN7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398105.92    | 0.01%             | 2034-08-12      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                           | Fiserv, Inc.                                                                       | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    925000 | PA      | $928066.01    | 0.02%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                              | Florida Power & Light Co.                                                          | CUSIP: 341081GZ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    490000 | PA      | $513750.12    | 0.01%             | 2065-03-15      | Fixed         | 5.80%                 | 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        |   6050000 | PA      | $6048630.89   | 0.14%             | 2031-05-15      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Fortiva Retail Credit Master Note Business Trust       | Fortiva Retail Credit Master Note Business Trust, Series 2025-TWO, Class B         | CUSIP: 34962ABE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3999752.40   | 0.09%             | 2031-05-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                               | Foundation Finance Trust, Series 2024-1A, Class C                                  | CUSIP: 349941AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    399950 | PA      | $411197.75    | 0.01%             | 2049-12-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                               | Foundation Finance Trust, Series 2024-1A, Class D                                  | CUSIP: 349941AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1999752 | PA      | $2106985.43   | 0.05%             | 2049-12-15      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                               | Foundation Finance Trust, Series 2024-2A, Class B                                  | CUSIP: 35040VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509951 | PA      | $511610.94    | 0.01%             | 2050-03-15      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                               | Foundation Finance Trust, Series 2021-1A, Class A                                  | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    495873 | PA      | $472256.47    | 0.01%             | 2041-05-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                               | Foundation Finance Trust, Series 2023-2A, Class D                                  | CUSIP: 35042RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    434494 | PA      | $465116.46    | 0.01%             | 2049-06-15      | Fixed         | 9.10%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2021-2, Class MTU                | CUSIP: 35563P2S7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    666821 | PA      | $550629.83    | 0.01%             | 2060-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2022-1, Class MTU                | CUSIP: 35563P7E3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3044628 | PA      | $2677282.13   | 0.06%             | 2061-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HT                 | CUSIP: 35563PBE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    634667 | PA      | $566533.31    | 0.01%             | 2056-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT                 | CUSIP: 35563PCM9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      3750 | PA      | $3438.74      | 0.00%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M60C               | CUSIP: 35563PDB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1057536 | PA      | $988888.52    | 0.02%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT                 | CUSIP: 35563PDD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2744203 | PA      | $2518024.11   | 0.06%             | 2057-06-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2022-2, Class MA                 | CUSIP: 35563PE39<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2628840 | PA      | $2400438.40   | 0.06%             | 2062-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M60C               | CUSIP: 35563PEL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    239331 | PA      | $224151.80    | 0.01%             | 2057-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MZ                 | CUSIP: 35563PFK0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5198719 | PA      | $4165415.03   | 0.10%             | 2057-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU               | CUSIP: 35563PG37<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1249464 | PA      | $1179600.16   | 0.03%             | 2062-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA                 | CUSIP: 35563PGG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  10509823 | PA      | $10237174.68  | 0.24%             | 2057-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT                 | CUSIP: 35563PJE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    460400 | PA      | $415858.02    | 0.01%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA                 | CUSIP: 35563PJF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    712709 | PA      | $695045.38    | 0.02%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-2, Class HT                 | CUSIP: 35563PKA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    528048 | PA      | $466385.29    | 0.01%             | 2058-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT                 | CUSIP: 35563PLG2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    669053 | PA      | $605547.22    | 0.01%             | 2058-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M55D               | CUSIP: 35563PLQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5125098 | PA      | $4863922.05   | 0.11%             | 2058-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class HT                 | CUSIP: 35563PME6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    597270 | PA      | $520516.89    | 0.01%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA                 | CUSIP: 35563PML0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5495344 | PA      | $5177032.69   | 0.12%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MV                 | CUSIP: 35563PMN6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2400177 | PA      | $2141321.70   | 0.05%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust              | FHLMC Seasoned Credit Risk Transfer Trust, Series 2020-3, Class MTU                | CUSIP: 35563PSE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5225252 | PA      | $4362473.65   | 0.10%             | 2060-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC Seasoned Credit Risk Transfer Trust, Series 2021-1, Class MTU                | CUSIP: 35563PUZ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    619464 | PA      | $511977.08    | 0.01%             | 2060-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                    | Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU                      | CUSIP: 35563PYZ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3146883 | PA      | $2759101.86   | 0.06%             | 2064-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC MSCR Trust, Series 2025-MN10, Class M1                                       | CUSIP: 35563UAA6<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |   1585000 | PA      | $1572391.51   | 0.04%             | 2045-02-25      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                    | Seasoned Credit Risk Transfer Trust, Series 2025-2, Class MTU                      | CUSIP: 35563VAY2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4361009 | PA      | $3767142.86   | 0.09%             | 2065-06-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                    | Seasoned Credit Risk Transfer Trust, Series 2025-2, Class TTW                      | CUSIP: 35563VCB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5688226 | PA      | $5613734.85   | 0.13%             | 2065-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Seasoned Loans Structured Transaction Trust            | Seasoned Loans Structured Transaction Trust, Series 2025-2, Class A1               | CUSIP: 35564C2J5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  13835304 | PA      | $13035919.59  | 0.31%             | 2035-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Seasoned Loans Structured Transaction Trust            | Seasoned Loans Structured Transaction Trust, Series 2025-1, Class A1               | CUSIP: 35564CTW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6300172 | PA      | $5883979.76   | 0.14%             | 2035-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC MSCR Trust, Series 2024-MN9, Class M1                                        | CUSIP: 355917AA3<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGSE             | US        |    892525 | PA      | $902404.54    | 0.02%             | 2044-10-25      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2016-K58, Class C                                     | CUSIP: 35690AAU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1250000 | PA      | $1236859.75   | 0.03%             | 2049-09-25      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2017-K66, Class B                                     | CUSIP: 35708QAU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1160000 | PA      | $1153188.94   | 0.03%             | 2027-07-25      | Variable      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2017-K71, Class B                                     | CUSIP: 35708WAS9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $98427.00     | 0.00%             | 2050-11-25      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2017-K71, Class C                                     | CUSIP: 35708WAU4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3606000 | PA      | $3541936.16   | 0.08%             | 2050-11-25      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                   | FREMF Mortgage Trust, Series 2019-K87, Class B                                     | CUSIP: 35709CAS2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9050000 | PA      | $9016490.57   | 0.21%             | 2051-01-25      | Variable      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179W7J1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2344010 | PA      | $2035128.18   | 0.05%             | 2052-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14073695 | PA      | $12219189.82  | 0.29%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179X2E5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5627150 | PA      | $4892987.96   | 0.11%             | 2053-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179X5D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3279740 | PA      | $3033565.22   | 0.07%             | 2053-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7926303 | PA      | $6913644.35   | 0.16%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XHT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3859717 | PA      | $3217974.58   | 0.08%             | 2052-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XHU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2555387 | PA      | $2221078.76   | 0.05%             | 2052-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XLB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1595945 | PA      | $1330938.57   | 0.03%             | 2052-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XNA0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3660102 | PA      | $3182239.25   | 0.07%             | 2052-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XQQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1640759 | PA      | $1375778.21   | 0.03%             | 2053-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XS72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5993127 | PA      | $5218279.24   | 0.12%             | 2053-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XS98<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    497215 | PA      | $459764.57    | 0.01%             | 2053-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XVM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1870672 | PA      | $1631127.68   | 0.04%             | 2053-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XX27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7753051 | PA      | $7177205.74   | 0.17%             | 2053-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179XXY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3068785 | PA      | $2670916.94   | 0.06%             | 2053-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179Y5F7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7072296 | PA      | $6412247.02   | 0.15%             | 2054-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YAL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5549156 | PA      | $4826867.80   | 0.11%             | 2053-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YDD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3952687 | PA      | $3441265.68   | 0.08%             | 2053-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YDE1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3058535 | PA      | $2777646.91   | 0.07%             | 2053-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YFE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6166626 | PA      | $5361712.79   | 0.13%             | 2053-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YKL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3959042 | PA      | $3444998.15   | 0.08%             | 2053-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YPC2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2308605 | PA      | $2150207.16   | 0.05%             | 2054-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YRC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4026403 | PA      | $3659328.89   | 0.09%             | 2054-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YRD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2350353 | PA      | $2158695.60   | 0.05%             | 2054-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YWY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6791393 | PA      | $6161777.12   | 0.14%             | 2054-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36179YYQ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5711213 | PA      | $4970467.00   | 0.12%             | 2054-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3617FL5S0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    724660 | PA      | $718800.29    | 0.02%             | 2052-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II                                                                            | CUSIP: 3617Y3BB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    431688 | PA      | $448639.83    | 0.01%             | 2072-02-20      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36180AB51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6116858 | PA      | $5543352.76   | 0.13%             | 2054-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, Other                                                                     | CUSIP: 36180BAU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    624684 | PA      | $611168.69    | 0.01%             | 2033-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36183SX71<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    283370 | PA      | $266629.74    | 0.01%             | 2046-03-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 36189XM43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    118123 | PA      | $108857.98    | 0.00%             | 2045-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA I, 30 Year                                                                    | CUSIP: 3618BHKN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1074399 | PA      | $1117479.98   | 0.03%             | 2053-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618FN6K0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    223343 | PA      | $230500.90    | 0.01%             | 2053-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618HSC79<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1023571 | PA      | $1082171.20   | 0.03%             | 2054-08-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618HSDM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1380332 | PA      | $1454005.73   | 0.03%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618HSDN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    712460 | PA      | $753248.34    | 0.02%             | 2054-07-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618HUVA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    465625 | PA      | $479255.18    | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618J8H76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    509658 | PA      | $532503.34    | 0.01%             | 2055-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618J8HM3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    989160 | PA      | $1018744.13   | 0.02%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618JLHG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1983127 | PA      | $2096664.47   | 0.05%             | 2054-12-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618JLHH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1980245 | PA      | $2085940.44   | 0.05%             | 2054-12-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618K83P9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5172940 | PA      | $5469101.90   | 0.13%             | 2055-02-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618K83R5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3003556 | PA      | $3202123.73   | 0.08%             | 2055-02-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618K83Z7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2839297 | PA      | $2990847.03   | 0.07%             | 2055-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618K84F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1480335 | PA      | $1578202.20   | 0.04%             | 2055-04-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618KSX64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2090552 | PA      | $2210242.43   | 0.05%             | 2055-04-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618KSX80<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1725808 | PA      | $1817925.68   | 0.04%             | 2055-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618KSYM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1491934 | PA      | $1577352.16   | 0.04%             | 2055-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618KSYX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3225892 | PA      | $3398080.51   | 0.08%             | 2055-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618L7XC6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2814676 | PA      | $2909909.38   | 0.07%             | 2055-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LEJ29<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1812459 | PA      | $1926912.88   | 0.05%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LEJ37<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4986011 | PA      | $5270409.98   | 0.12%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LEJ45<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4988893 | PA      | $5179324.12   | 0.12%             | 2055-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LLXN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4987151 | PA      | $5198538.17   | 0.12%             | 2055-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LRH30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1447238 | PA      | $1512114.09   | 0.04%             | 2055-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LRJL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2405177 | PA      | $2439239.32   | 0.06%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618LRJP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3343072 | PA      | $3443064.50   | 0.08%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618M0FA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5106300 | PA      | $5403796.75   | 0.13%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618M0FH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4990811 | PA      | $5281580.21   | 0.12%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618M3CA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2484066 | PA      | $2537949.06   | 0.06%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618M3CB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2946434 | PA      | $3048990.50   | 0.07%             | 2055-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618M8U28<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3496174 | PA      | $3699870.99   | 0.09%             | 2055-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618N5EQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3774223 | PA      | $3407467.04   | 0.08%             | 2055-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618N5VK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6357100 | PA      | $5532578.26   | 0.13%             | 2055-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618N5VL0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9050011 | PA      | $8175748.80   | 0.19%             | 2055-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618N5ZE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7694530 | PA      | $6685740.95   | 0.16%             | 2055-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618NJD97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1005620 | PA      | $1039080.95   | 0.02%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618NNGJ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4032416 | PA      | $4252577.01   | 0.10%             | 2055-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618NNGK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5480209 | PA      | $5626033.62   | 0.13%             | 2055-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3618NNPD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2985523 | PA      | $3035603.31   | 0.07%             | 2055-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3622AA5E0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5077294 | PA      | $4345525.81   | 0.10%             | 2051-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3622ACP38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1444590 | PA      | $1354982.45   | 0.03%             | 2053-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3622ACVB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4705665 | PA      | $4350814.21   | 0.10%             | 2052-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3622ADE61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1379915 | PA      | $1335112.16   | 0.03%             | 2052-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, Other                                                                     | CUSIP: 3622ADGD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    397347 | PA      | $405467.60    | 0.01%             | 2064-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, Other                                                                     | CUSIP: 3622ADSP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1763845 | PA      | $1665256.65   | 0.04%             | 2065-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3622ADZQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4533815 | PA      | $4105970.78   | 0.10%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA II, 30 Year                                                                   | CUSIP: 3622AEBD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6923129 | PA      | $6804217.00   | 0.16%             | 2052-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                      | GLS Auto Receivables Issuer Trust, Series 2021-4A, Class D                         | CUSIP: 36263DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520298 | PA      | $516228.27    | 0.01%             | 2027-10-15      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2023-2A, Class A3                        | CUSIP: 36269EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $508526.00    | 0.01%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                      | GLS Auto Receivables Issuer Trust, Series 2025-1A, Class D                         | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2900000 | PA      | $2944617.66   | 0.07%             | 2030-11-15      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2025-3A, Class C                         | CUSIP: 36272GAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1357190.51   | 0.03%             | 2031-09-15      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                      | GLS Auto Receivables Issuer Trust, Series 2025-4A, Class D                         | CUSIP: 36273HAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6031717.20   | 0.14%             | 2031-08-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                    | GS Mortgage-Backed Securities Trust, Series 2024-RPL4, Class A1                    | CUSIP: 362948AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    767047 | PA      | $756053.77    | 0.02%             | 2061-09-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                    | GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1                     | CUSIP: 362960AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5550571 | PA      | $5596994.66   | 0.13%             | 2067-11-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                    | GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1                    | CUSIP: 362963AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2331664 | PA      | $2281480.44   | 0.05%             | 2065-07-25      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| GAM Re-REMIC Trust                                     | GAM Re-REMIC Trust, Series 2022-FRR3, Class BK61                                   | CUSIP: 36459DAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9000000 | PA      | $8471944.80   | 0.20%             | 2049-11-27      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GAM Re-REMIC Trust                                     | GAM Re-REMIC Trust, Series 2022-FRR3, Class BK71                                   | CUSIP: 36459DCE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8815000 | PA      | $8174260.57   | 0.19%             | 2050-11-27      | Variable      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| GAM Re-REMIC Trust                                     | GAM Re-REMIC Trust, Series 2022-FRR3, Class BK89                                   | CUSIP: 36459DCQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2028000 | PA      | $1678355.56   | 0.04%             | 2052-01-27      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GAM Re-REMIC Trust                                     | GAM Re-REMIC Trust, Series 2021-FRR1, Class 1C                                     | CUSIP: 364614AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2753000 | PA      | $2500204.95   | 0.06%             | 2050-11-29      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GAM Re-REMIC Trust                                     | GAM Re-REMIC Trust, Series 2021-FRR1, Class 2A                                     | CUSIP: 364614AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $520700.68    | 0.01%             | 2050-11-29      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GAM Re-REMIC Trust                                     | GAM Re-REMIC Trust, Series 2021-FRR1, Class 2B                                     | CUSIP: 364614AQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3547685.60   | 0.08%             | 2050-11-29      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Gilead Sciences, Inc.                                  | Gilead Sciences, Inc.                                                              | CUSIP: 375558CE1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015024.99   | 0.02%             | 2064-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                   | Glencore Funding LLC                                                               | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2098406.98   | 0.05%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                                  | Global Payments, Inc.                                                              | CUSIP: 37940XAX0<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   4675000 | PA      | $4690939.55   | 0.11%             | 2032-11-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                  | Global Payments, Inc.                                                              | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1568713.28   | 0.04%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2024-1A, Class C                         | CUSIP: 37988XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $306782.52    | 0.01%             | 2030-03-15      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2024-1A, Class D                         | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295000 | PA      | $306225.69    | 0.01%             | 2031-01-15      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                      | GLS Auto Receivables Issuer Trust, Series 2024-3A, Class D                         | CUSIP: 37989AAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1012033.40   | 0.02%             | 2031-02-18      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                      | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D                         | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3300000 | PA      | $3347572.47   | 0.08%             | 2031-01-15      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2024-3A, Class B                         | CUSIP: 37989EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023781.80   | 0.02%             | 2030-08-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                      | GLS Auto Receivables Issuer Trust, Series 2025-3A, Class D                         | CUSIP: 37989YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2310000 | PA      | $2310835.76   | 0.05%             | 2031-06-16      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Golden Bear LLC                                        | Golden Bear LLC, Series 2016-1A, Class A                                           | CUSIP: 38081EAA9<br>LEI: 549300T04S4BVE82F105 | Long             | ABS-O            | CORP              | US        |   1913237 | PA      | $1781431.30   | 0.04%             | 2047-09-20      | Fixed         | 3.75%                 | Yes           |                  3 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                    | CUSIP: 38141GA95<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    350000 | PA      | $375878.03    | 0.01%             | 2035-04-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                    | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1110437.50   | 0.03%             | 2035-07-23      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                    | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2031107.38   | 0.05%             | 2035-10-23      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                    | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  12305000 | PA      | $12894201.30  | 0.30%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                    | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1905000 | PA      | $1912094.66   | 0.04%             | 2036-10-21      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust            | Goldman Home Improvement Trust Issuer Trust, Series 2022-GRN2, Class D             | CUSIP: 38151JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3615442 | PA      | $3802791.06   | 0.09%             | 2052-10-25      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Goodleap LLC                                           | Goodleap LLC, Class A                                                              | CUSIP: N/A<br>LEI: 549300YN94MOAVYW0F52       | Long             | DBT              | CORP              | US        |   6743506 | PA      | $6989544.82   | 0.16%             | 2038-07-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Goodgreen                                              | Goodgreen, Series 2023-1A, Class A                                                 | CUSIP: 38217DAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   1206150 | PA      | $1194881.20   | 0.03%             | 2061-01-17      | Fixed         | 5.90%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Trust                                        | Goodgreen Trust, Series 2016-1A, Class A                                           | CUSIP: 38217KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1742117 | PA      | $1598485.73   | 0.04%             | 2052-10-15      | Fixed         | 3.23%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Trust                                        | Goodgreen Trust, Series 2020-1A, Class A                                           | CUSIP: 38217TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    539688 | PA      | $451061.12    | 0.01%             | 2055-04-15      | Fixed         | 2.63%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Trust                                        | Goodgreen Trust, Series 2021-1A, Class B                                           | CUSIP: 38217UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401287 | PA      | $302246.86    | 0.01%             | 2056-10-15      | Fixed         | 3.01%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Trust                                        | Goodgreen Trust, Series 2017-1A, Class A                                           | CUSIP: 38217VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1716188 | PA      | $1591099.25   | 0.04%             | 2052-10-15      | Fixed         | 3.74%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Ltd.                                         | Goodgreen Ltd., Series 2024-1A, Class A                                            | CUSIP: 38217YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    415593 | PA      | $419125.84    | 0.01%             | 2056-07-15      | Fixed         | 6.29%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Ltd.                                         | Goodgreen Ltd., Series 2024-1A, Class B                                            | CUSIP: 38217YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    415631 | PA      | $421574.92    | 0.01%             | 2056-07-15      | Fixed         | 8.12%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen                                              | Goodgreen, Series 2019-1A, Class A                                                 | CUSIP: 38218DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6254993 | PA      | $5784504.48   | 0.14%             | 2054-10-15      | Fixed         | 3.86%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen                                              | Goodgreen, Series 2019-2A, Class A                                                 | CUSIP: 38218EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7804031 | PA      | $6762169.98   | 0.16%             | 2055-04-15      | Fixed         | 2.76%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen                                              | Goodgreen, Series 2018-1A, Class A                                                 | CUSIP: 38218GAA0<br>LEI: 549300X0P2BXCQULUH20 | Long             | ABS-O            | CORP              | KY        |    935742 | PA      | $870067.04    | 0.02%             | 2053-10-15      | Variable      | 3.93%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Trust                                        | Goodgreen Trust, Series 2017-2A, Class A                                           | CUSIP: 38218QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1466864 | PA      | $1338777.97   | 0.03%             | 2053-10-15      | Fixed         | 3.26%                 | Yes           |                  3 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust              | GoodLeap Home Improvement Solutions Trust, Series 2025-1A, Class A                 | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1382763 | PA      | $1404555.32   | 0.03%             | 2049-02-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust              | GoodLeap Home Improvement Solutions Trust, Series 2025-3A, Class A                 | CUSIP: 38237FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6940000 | PA      | $6954687.12   | 0.16%             | 2049-10-20      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2017-H08, Class EI                                                    | CUSIP: 38376R2C9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  10457413 | PA      | $393774.94    | 0.01%             | 2067-02-20      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2013-1, Class Z                                                       | CUSIP: 38378B5G0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    790360 | PA      | $519925.79    | 0.01%             | 2055-01-16      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2012-132, Class Z                                                     | CUSIP: 38378BX87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    543514 | PA      | $405462.87    | 0.01%             | 2054-06-16      | Variable      | 2.71%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2012-13, Class FQ                                                     | CUSIP: 38378CMS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    288726 | PA      | $288491.41    | 0.01%             | 2038-01-20      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2013-61, Class Z                                                      | CUSIP: 38378KGD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    757660 | PA      | $579904.21    | 0.01%             | 2054-10-16      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2013-91, Class WA                                                     | CUSIP: 38378TTL4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    212002 | PA      | $205846.05    | 0.00%             | 2043-04-20      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2017-76, Class B                                                      | CUSIP: 38379RWA7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    623862 | PA      | $467064.40    | 0.01%             | 2056-12-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2017-191, Class B                                                     | CUSIP: 38380JJN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    688303 | PA      | $420216.42    | 0.01%             | 2059-07-16      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2025-105, Class SM                                                    | CUSIP: 38381NJN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4414979 | PA      | $4312303.96   | 0.10%             | 2055-06-20      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2019-83, Class YA                                                     | CUSIP: 38381XAT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    158036 | PA      | $161843.37    | 0.00%             | 2040-06-20      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2020-15, Class CB                                                     | CUSIP: 38382CRT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1274387 | PA      | $1136749.15   | 0.03%             | 2050-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2020-65, Class KC                                                     | CUSIP: 38382E8G5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    418070 | PA      | $331096.98    | 0.01%             | 2050-05-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2020-47, Class CE                                                     | CUSIP: 38382EEQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3294671 | PA      | $2934722.36   | 0.07%             | 2049-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2020-191, Class CT                                                    | CUSIP: 38382MNY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3151536 | PA      | $2484818.10   | 0.06%             | 2050-12-20      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2021-16, Class JB                                                     | CUSIP: 38382NBS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    637417 | PA      | $542002.39    | 0.01%             | 2051-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2021-44, Class QM                                                     | CUSIP: 38382PMS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4348632 | PA      | $3531218.16   | 0.08%             | 2051-03-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2021-50, Class LD                                                     | CUSIP: 38382PS60<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    859009 | PA      | $753037.52    | 0.02%             | 2048-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2021-66, Class QA                                                     | CUSIP: 38382RYB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    439770 | PA      | $344077.19    | 0.01%             | 2050-03-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2021-97, Class FA                                                     | CUSIP: 38382VER6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    318102 | PA      | $278095.01    | 0.01%             | 2051-06-20      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2021-188, Class PA                                                    | CUSIP: 38383CRU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5359933 | PA      | $4477228.56   | 0.11%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2022-9, Class P                                                       | CUSIP: 38383FP56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    779624 | PA      | $698779.70    | 0.02%             | 2051-09-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2022-190, Class LS                                                    | CUSIP: 38383LBR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5399523 | PA      | $5199990.64   | 0.12%             | 2052-11-20      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2022-215, Class TN                                                    | CUSIP: 38383LSR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4465324 | PA      | $4250674.37   | 0.10%             | 2062-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2022-34, Class PN                                                     | CUSIP: 38383MEK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    844341 | PA      | $801467.05    | 0.02%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-19, Class WB                                                     | CUSIP: 38383V4Z8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    571513 | PA      | $593360.40    | 0.01%             | 2051-11-20      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-53, Class SL                                                     | CUSIP: 38383XJ54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2991375 | PA      | $2904168.28   | 0.07%             | 2053-04-20      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2022-179, Class WE                                                    | CUSIP: 38383Y5K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2292338 | PA      | $2293397.89   | 0.05%             | 2052-10-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-70, Class WS                                                     | CUSIP: 38384AFR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4862369 | PA      | $4678454.93   | 0.11%             | 2053-05-20      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-101, Class S                                                     | CUSIP: 38384CAL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1697658 | PA      | $1568709.04   | 0.04%             | 2053-07-20      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-115, Class TS                                                    | CUSIP: 38384CP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2228468 | PA      | $2317814.68   | 0.05%             | 2053-06-20      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-146, Class GO                                                    | CUSIP: 38384DAX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4033133 | PA      | $3227761.18   | 0.08%             | 2053-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2024-64, Class EO                                                     | CUSIP: 38384MLQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  12691062 | PA      | $11204896.32  | 0.26%             | 2064-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2024-164, Class LO                                                    | CUSIP: 38384XSP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3036184 | PA      | $2475027.15   | 0.06%             | 2054-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2024-164, Class AO                                                    | CUSIP: 38384XSY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2496900 | PA      | $2012407.52   | 0.05%             | 2054-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2025-6, Class A                                                       | CUSIP: 38385B5F3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4548578 | PA      | $4366002.41   | 0.10%             | 2050-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2024-197, Class BN                                                    | CUSIP: 38385BGR5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8851604 | PA      | $8308247.80   | 0.19%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Granite Park Equipment Leasing LLC                     | Granite Park Equipment Leasing LLC, Series 2023-1A, Class A3                       | CUSIP: 387422AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133944 | PA      | $134922.83    | 0.00%             | 2032-09-20      | Fixed         | 6.46%                 | Yes           |                  2 | On Loan: No      |
| Granite Park Equipment Leasing LLC                     | Granite Park Equipment Leasing LLC, Series 2023-1A, Class D                        | CUSIP: 387422AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $358468.08    | 0.01%             | 2033-08-22      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                              | HCA, Inc.                                                                          | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1199247.34   | 0.03%             | 2052-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                              | HCA, Inc.                                                                          | CUSIP: 404119CW7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    825000 | PA      | $839043.64    | 0.02%             | 2064-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                              | HCA, Inc.                                                                          | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3195000 | PA      | $3373764.66   | 0.08%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                              | HCA, Inc.                                                                          | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2084140.08   | 0.05%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                              | HCA, Inc.                                                                          | CUSIP: 404119DF3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1524178.75   | 0.04%             | 2035-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                              | HCA, Inc.                                                                          | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2416081.54   | 0.06%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                      | HSBC Holdings plc                                                                  | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1480000 | PA      | $1530862.29   | 0.04%             | 2030-11-19      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                      | HSBC Holdings plc                                                                  | CUSIP: 404280ER6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    980000 | PA      | $1007103.93   | 0.02%             | 2031-03-03      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                      | HSBC Holdings plc                                                                  | CUSIP: 404280FG9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4855000 | PA      | $4898690.87   | 0.11%             | 2036-11-06      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| HINNT LLC                                              | HINNT LLC, Series 2024-A, Class C                                                  | CUSIP: 40472QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    333909 | PA      | $339519.81    | 0.01%             | 2043-03-15      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| HINNT LLC                                              | HINNT LLC, Series 2022-A, Class B                                                  | CUSIP: 40486JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2179138 | PA      | $2173169.22   | 0.05%             | 2041-05-15      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Healthpeak OP LLC                                      | Healthpeak OP LLC                                                                  | CUSIP: 42250GAA1<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1167354.73   | 0.03%             | 2035-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HERO Funding                                           | HERO Funding, Series 2017-3A, Class A1                                             | CUSIP: 42771AAA4<br>LEI: 549300Z5C0ID42MSJA91 | Long             | ABS-O            | CORP              | KY        |   1872820 | PA      | $1725287.68   | 0.04%             | 2048-09-20      | Fixed         | 3.19%                 | Yes           |                  3 | On Loan: No      |
| HERO Funding Trust                                     | HERO Funding Trust, Series 2015-3A, Class A                                        | CUSIP: 42771TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    679240 | PA      | $666091.57    | 0.02%             | 2041-09-20      | Fixed         | 4.28%                 | Yes           |                  3 | On Loan: No      |
| HERO Funding Trust                                     | HERO Funding Trust, Series 2020-1A, Class A                                        | CUSIP: 42772BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    430627 | PA      | $375781.80    | 0.01%             | 2057-09-20      | Fixed         | 2.59%                 | Yes           |                  3 | On Loan: No      |
| HERO Funding                                           | HERO Funding, Series 2018-1A, Class A2                                             | CUSIP: 42772GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2092595 | PA      | $2044191.20   | 0.05%             | 2048-09-20      | Fixed         | 4.67%                 | Yes           |                  3 | On Loan: No      |
| Hess Corp.                                             | Hess Corp.                                                                         | CUSIP: 42809HAD9<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1570692.63   | 0.04%             | 2041-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                           | Hilton Grand Vacations Trust, Series 2025-1A, Class C                              | CUSIP: 43283CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2301473 | PA      | $2340080.66   | 0.05%             | 2042-05-27      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                           | Hilton Grand Vacations Trust, Series 2022-2A, Class B                              | CUSIP: 43283GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    207762 | PA      | $207503.10    | 0.00%             | 2037-01-25      | Fixed         | 4.74%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                           | Hilton Grand Vacations Trust, Series 2024-3A, Class C                              | CUSIP: 43283NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3417886 | PA      | $3469633.01   | 0.08%             | 2040-08-27      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                           | Hilton Grand Vacations Trust, Series 2024-1B, Class B                              | CUSIP: 43283YAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208804 | PA      | $212392.49    | 0.00%             | 2039-09-15      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                           | Hilton Grand Vacations Trust, Series 2025-2A, Class B                              | CUSIP: 43285JAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2021720 | PA      | $2033468.48   | 0.05%             | 2044-05-25      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                           | Hilton Grand Vacations Trust, Series 2025-2A, Class C                              | CUSIP: 43285JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2072581 | PA      | $2093577.02   | 0.05%             | 2044-05-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| HINNT LLC                                              | HINNT LLC, Series 2025-A, Class B                                                  | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2893148 | PA      | $2929927.87   | 0.07%             | 2044-03-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                 | Home Depot, Inc. (The)                                                             | CUSIP: 437076BA9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $878641.42    | 0.02%             | 2043-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2020-2, Class B                             | CUSIP: 437301AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1420973 | PA      | $1318854.94   | 0.03%             | 2041-01-17      | Fixed         | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2020-2, Class E                             | CUSIP: 437301AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    472473 | PA      | $439816.78    | 0.01%             | 2041-01-17      | Fixed         | 3.08%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2022-1, Class D                             | CUSIP: 43730NAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    333848 | PA      | $330706.51    | 0.01%             | 2039-04-17      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2021-3, Class D                             | CUSIP: 43730XAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2425934 | PA      | $2281267.93   | 0.05%             | 2041-01-17      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2021-3, Class E1                            | CUSIP: 43730XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6289458 | PA      | $5891363.19   | 0.14%             | 2041-01-17      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2021-2, Class D                             | CUSIP: 43732VAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3118361 | PA      | $3034795.60   | 0.07%             | 2026-12-17      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                         | Home Partners of America Trust, Series 2021-2, Class E1                            | CUSIP: 43732VAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7335344 | PA      | $7138649.07   | 0.17%             | 2026-12-17      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Homeward Opportunities Fund Trust                      | Homeward Opportunities Fund Trust, Series 2025-RRTL2, Class A1                     | CUSIP: 437923AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1430000 | PA      | $1434501.50   | 0.03%             | 2040-09-25      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes               | Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class B1                  | CUSIP: 44644NAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5763033 | PA      | $5798942.73   | 0.14%             | 2033-09-20      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Identity Digital Ltd.                                  | Identity Digital Ltd.                                                              | CUSIP: N/A<br>LEI: 5493005BN677T7KORE19       | Long             | DBT              | CORP              | IE        |   3500000 | PA      | $3551450.00   | 0.08%             | 2065-03-20      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| ING Groep NV                                           | ING Groep NV                                                                       | CUSIP: 456837BS1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1046673.73   | 0.02%             | 2036-03-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                            | Intel Corp.                                                                        | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    915000 | PA      | $877120.04    | 0.02%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.               | International Flavors & Fragrances, Inc.                                           | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   5800000 | PA      | $5231246.84   | 0.12%             | 2030-11-01      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Invitation Homes Trust                                 | Invitation Homes Trust, Series 2024-SFR1, Class D                                  | CUSIP: 46188DAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1615000 | PA      | $1568295.33   | 0.04%             | 2041-09-17      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Invitation Homes Trust                                 | Invitation Homes Trust, Series 2024-SFR1, Class E                                  | CUSIP: 46188DAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1720000 | PA      | $1659235.84   | 0.04%             | 2041-09-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ITC Holdings Corp.                                     | ITC Holdings Corp.                                                                 | CUSIP: 465685AH8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |   2435000 | PA      | $2371564.62   | 0.06%             | 2043-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                               | JBS USA Holding Lux SARL                                                           | CUSIP: 46590XAX4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3555000 | PA      | $3714692.24   | 0.09%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JBS USA LUX SARL                                       | JBS USA LUX SARL                                                                   | CUSIP: 472140AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $605003.79    | 0.01%             | 2055-02-25      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                               | JBS USA Holding Lux SARL                                                           | CUSIP: 472140AJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2020000 | PA      | $2055484.94   | 0.05%             | 2066-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Jonah Energy Abs I LLC                                 | Jonah Energy ABS LLC, Series 2022-1, Class A1                                      | CUSIP: 47987EAC1<br>LEI: 2549003KXV9PPFRCPA79 | Long             | ABS-O            | CORP              | US        |   2533727 | PA      | $2583421.27   | 0.06%             | 2037-12-10      | Fixed         | 7.20%                 | Yes           |                  3 | On Loan: No      |
| Jonah Energy Abs I LLC                                 | Jonah Energy ABS LLC, Series 2022-1, Class B                                       | CUSIP: 47987EAD9<br>LEI: 2549003KXV9PPFRCPA79 | Long             | ABS-O            | CORP              | US        |   2864158 | PA      | $2897095.55   | 0.07%             | 2039-08-10      | Fixed         | 7.62%                 | Yes           |                  3 | On Loan: No      |
| Jonah Energy ABS II LLC                                | Jonah Energy ABS LLC, Series 2025-1A, Class A2                                     | CUSIP: 479913AE5<br>LEI: 254900MMTK6TS4MGMV20 | Long             | ABS-O            | CORP              | US        |   1788378 | PA      | $1827722.66   | 0.04%             | 2040-12-10      | Fixed         | 7.36%                 | Yes           |                  3 | On Loan: No      |
| Jonah Energy ABS II LLC                                | Jonah Energy ABS LLC, Series 2025-2A, Class A1                                     | CUSIP: 479915AA8<br>LEI: 254900MMTK6TS4MGMV20 | Long             | ABS-O            | CORP              | US        |   1860948 | PA      | $1863367.12   | 0.04%             | 2041-01-10      | Fixed         | 5.91%                 | Yes           |                  3 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund             | JPMorgan U.S. Government Money Market Fund, Class IM                               | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  89652232 | NS      | $89652232.04  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                           | KBC Group NV                                                                       | CUSIP: 48241FAE4<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |   5755000 | PA      | $5750778.30   | 0.13%             | 2031-09-23      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp                                                | KeyCorp                                                                            | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    810000 | PA      | $832958.02    | 0.02%             | 2031-04-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                       | Kinder Morgan Energy Partners LP                                                   | CUSIP: 494550BU9<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |   3980000 | PA      | $3878552.82   | 0.09%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                    | Kinder Morgan, Inc.                                                                | CUSIP: 49456BAS0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    615000 | PA      | $410350.08    | 0.01%             | 2050-08-01      | Fixed         | 3.25%                 | No            |                  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        |   1900000 | PA      | $1911413.30   | 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        |   1100000 | PA      | $1101156.32   | 0.03%             | 2039-09-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                   | LHOME Mortgage Trust, Series 2025-RTL3, Class A1                                   | CUSIP: 50205YAA1<br>LEI: 529900XB146PHFHY2T23 | Long             | ABS-MBS          | CORP              | US        |   6550000 | PA      | $6562584.52   | 0.15%             | 2040-08-25      | Variable      | 5.24%                 | 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        |   3500000 | PA      | $3522341.55   | 0.08%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Lending Funding Trust                                  | Lending Funding Trust, Series 2020-2A, Class C                                     | CUSIP: 51507KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1470000 | PA      | $1450740.21   | 0.03%             | 2031-04-21      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Leidos, Inc.                                           | Leidos, Inc.                                                                       | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1125575.90   | 0.03%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  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        |   2000000 | PA      | $2005452.60   | 0.05%             | 2034-02-21      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                 | Lendmark Funding Trust, Series 2025-2A, Class D                                    | CUSIP: 52603GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3033232.50   | 0.07%             | 2034-10-20      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                 | Lendmark Funding Trust, Series 2021-2A, Class B                                    | CUSIP: 52604DAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1540000 | PA      | $1456464.09   | 0.03%             | 2032-04-20      | Fixed         | 2.37%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                 | Lendmark Funding Trust, Series 2025-1A, Class C                                    | CUSIP: 52604QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2291229.45   | 0.05%             | 2034-09-20      | Fixed         | 5.68%                 | 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        |   1910000 | PA      | $1951999.75   | 0.05%             | 2034-09-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                 | Lendmark Funding Trust, Series 2021-1A, Class B                                    | CUSIP: 52607MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $382991.76    | 0.01%             | 2031-11-20      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                 | Lendmark Funding Trust, Series 2021-1A, Class C                                    | CUSIP: 52607MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1821033.53   | 0.04%             | 2031-11-20      | Fixed         | 3.41%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                               | Lloyds Banking Group plc                                                           | CUSIP: 53944YBE2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   4205000 | PA      | $4191058.07   | 0.10%             | 2036-11-04      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                         | M&T Bank Corp.                                                                     | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   3570000 | PA      | $3662534.83   | 0.09%             | 2031-07-08      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| MFA Trust                                              | MFA Trust, Series 2024-RPL1, Class A1                                              | CUSIP: 55287AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1566033 | PA      | $1513043.45   | 0.04%             | 2066-02-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MNR ABS Issuer I LLC                                   | MNR ABS Issuer I LLC                                                               | CUSIP: 55317XAB5<br>LEI: 254900P5PAYARXBH9O74 | Long             | ABS-O            | CORP              | US        |    204248 | PA      | $210177.37    | 0.00%             | 2038-12-15      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| MPLX LP                                                | MPLX LP                                                                            | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1460385.79   | 0.03%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                | MPLX LP                                                                            | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    365000 | PA      | $357730.70    | 0.01%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                               | MRCD MARK Mortgage Trust, Series 2019-PARK, Class A                                | CUSIP: 55348UAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $1930302.00   | 0.05%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                                | MVW LLC, Series 2025-2A, Class B                                                   | CUSIP: 55389RAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7844703 | PA      | $7873950.41   | 0.18%             | 2044-10-20      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                                | MVW LLC, Series 2025-2A, Class C                                                   | CUSIP: 55389RAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3968000 | PA      | $3984989.39   | 0.09%             | 2044-10-20      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                                | MVW LLC, Series 2021-1WA, Class C                                                  | CUSIP: 55389TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69409 | PA      | $66696.65     | 0.00%             | 2041-01-22      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                     | Macquarie Airfinance Holdings Ltd.                                                 | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $536139.99    | 0.01%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                     | Macquarie Airfinance Holdings Ltd.                                                 | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    484000 | PA      | $490918.02    | 0.01%             | 2030-03-17      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                     | Macquarie Airfinance Holdings Ltd.                                                 | CUSIP: 55609NAF5<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   1160000 | PA      | $1180815.72   | 0.03%             | 2028-03-27      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2025-AA, Class C                            | CUSIP: 567920AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2962000 | PA      | $3011552.48   | 0.07%             | 2038-05-20      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2025-AA, Class D                            | CUSIP: 567920AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4650000 | PA      | $4753253.72   | 0.11%             | 2038-05-20      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2024-AA, Class D                            | CUSIP: 567928AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    714000 | PA      | $731960.31    | 0.02%             | 2036-09-22      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2021-BA, Class C                            | CUSIP: 56847JAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $190346.38    | 0.00%             | 2036-11-20      | Fixed         | 2.66%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2025-BA, Class D                            | CUSIP: 56847TAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1235000 | PA      | $1244351.30   | 0.03%             | 2038-11-22      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2021-AA, Class B                            | CUSIP: 56848DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $300184.16    | 0.01%             | 2036-03-20      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2021-AA, Class C                            | CUSIP: 56848DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $193470.86    | 0.00%             | 2036-03-20      | Fixed         | 2.96%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                         | Mariner Finance Issuance Trust, Series 2021-AA, Class D                            | CUSIP: 56848DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $217967.78    | 0.01%             | 2036-03-20      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                             | Mars, Inc.                                                                         | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1340431.26   | 0.03%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology, Inc.                               | Marvell Technology, Inc.                                                           | CUSIP: 573874AR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1857198.08   | 0.04%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                               | Marvell Technology, Inc.                                                           | CUSIP: 573874AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4487000 | PA      | $4636948.81   | 0.11%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                            | Merchants Fleet Funding LLC, Series 2023-1A, Class A                               | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    171031 | PA      | $171881.01    | 0.00%             | 2036-05-20      | Fixed         | 7.21%                 | Yes           |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust             | Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A                | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3580000 | PA      | $3600924.38   | 0.08%             | 2029-07-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust             | Mercury Financial Credit Card Master Trust, Series 2024-2A, Class B                | CUSIP: 58940BBB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2018265.00   | 0.05%             | 2029-07-20      | Fixed         | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust             | Mercury Financial Credit Card Master Trust, Series 2025-1A, Class B                | CUSIP: 58940BBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6999266.40   | 0.16%             | 2031-12-22      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                              | MFA Trust, Series 2024-RTL3, Class A1                                              | CUSIP: 59319PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2526782.00   | 0.06%             | 2039-11-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                  | Mission Lane Credit Card Master Trust, Series 2025-B, Class A                      | CUSIP: 60510MBU1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1763199.38   | 0.04%             | 2031-09-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                   | Mitsubishi UFJ Financial Group, Inc.                                               | CUSIP: 606822DQ4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   2180000 | PA      | $2237444.68   | 0.05%             | 2036-09-12      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                           | Mizuho Financial Group, Inc.                                                       | CUSIP: 60687YDH9<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2062308.38   | 0.05%             | 2031-05-13      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                           | Mizuho Financial Group, Inc.                                                       | CUSIP: 60687YDL0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   4565000 | PA      | $4633104.96   | 0.11%             | 2031-07-08      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                           | Mizuho Financial Group, Inc.                                                       | CUSIP: 60687YDM8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   5550000 | PA      | $5750633.72   | 0.13%             | 2036-07-08      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley                                                                     | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    561000 | PA      | $587406.96    | 0.01%             | 2035-01-18      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley                                                                     | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10555740.10  | 0.25%             | 2036-01-18      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley, Series I                                                           | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    820000 | PA      | $822657.05    | 0.02%             | 2036-10-22      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley                                                                     | CUSIP: 61772BAC7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $948462.89    | 0.02%             | 2042-04-22      | Variable      | 3.22%                 | No            |                  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        |     78534 | PA      | $79503.24     | 0.00%             | 2054-07-25      | Floating      | 6.82%                 | 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        |   2998696 | PA      | $2994286.87   | 0.07%             | 2055-05-25      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                                | MVW LLC, Series 2025-1A, Class C                                                   | CUSIP: 627924AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2973121 | PA      | $3007386.73   | 0.07%             | 2042-09-22      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NMABS Issuer I LLC                                     | NMABS Issuer LLC, Series 2025-1A, Class A                                          | CUSIP: 629174AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10885000 | PA      | $10931192.08  | 0.26%             | 2055-11-20      | Fixed         | 5.14%                 | Yes           |                  3 | On Loan: No      |
| NRG Energy, Inc.                                       | NRG Energy, Inc.                                                                   | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   6325000 | PA      | $6333039.08   | 0.15%             | 2035-10-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                      | NTT Finance Corp.                                                                  | CUSIP: 62954WAN5<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $412939.17    | 0.01%             | 2031-07-02      | Fixed         | 5.14%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                      | NTT Finance Corp.                                                                  | CUSIP: 62954WAU9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   3500000 | PA      | $3609203.08   | 0.08%             | 2032-07-16      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                      | NTT Finance Corp.                                                                  | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    765000 | PA      | $799388.13    | 0.02%             | 2035-07-16      | Fixed         | 5.50%                 | 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        |    604367 | PA      | $595654.71    | 0.01%             | 2026-07-25      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Nationwide Building Society                            | Nationwide Building Society                                                        | CUSIP: 63861VAN7<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1245244.75   | 0.03%             | 2036-07-14      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                      | NatWest Group plc                                                                  | CUSIP: 639057AN8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    480000 | PA      | $511057.36    | 0.01%             | 2035-03-01      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                      | NatWest Group plc                                                                  | CUSIP: 639057AS7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    792000 | PA      | $810293.34    | 0.02%             | 2030-08-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                      | NatWest Group plc                                                                  | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   3085000 | PA      | $3175657.57   | 0.07%             | 2031-05-23      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class B                     | CUSIP: 64831KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    455000 | PA      | $444321.70    | 0.01%             | 2039-02-17      | Fixed         | 2.85%                 | 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        |   3000000 | PA      | $2922687.00   | 0.07%             | 2039-02-17      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust, Series 2024-RTL1, Class A1                    | CUSIP: 64831PAA3<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |   4480000 | PA      | $4504988.99   | 0.11%             | 2039-03-25      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust, Series 2024-RTL2, Class A1                    | CUSIP: 64831WAA8<br>LEI: 213800H34ZKQ2LAZZL53 | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8059960.80   | 0.19%             | 2039-09-25      | Variable      | 5.44%                 | 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        |    214002 | PA      | $209958.28    | 0.00%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                  | NextEra Energy Capital Holdings, Inc.                                              | CUSIP: 65339KDM9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1455752.03   | 0.03%             | 2055-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Nexgen, Inc.                                           | Nexgen, Inc.                                                                       | CUSIP: 65346DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    762553 | PA      | $762553.00    | 0.02%             | 2033-11-16      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Nexgen, Inc.                                           | Nexgen, Inc.                                                                       | CUSIP: 65346DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392159 | PA      | $392159.00    | 0.01%             | 2033-11-16      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Niagara Mohawk Power Corp.                             | Niagara Mohawk Power Corp.                                                         | CUSIP: 653522DV1<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    720000 | PA      | $742475.71    | 0.02%             | 2055-07-03      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Norinchukin Bank (The)                                 | Norinchukin Bank (The)                                                             | CUSIP: 656029AP0<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |   1200000 | PA      | $1212792.64   | 0.03%             | 2030-09-09      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| Norinchukin Bank (The)                                 | Norinchukin Bank (The)                                                             | CUSIP: 656029AQ8<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |   2660000 | PA      | $2719217.11   | 0.06%             | 2035-09-09      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Continental Finance Credit Card ABS Master Trust       | Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A           | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3160000 | PA      | $3207752.02   | 0.08%             | 2032-12-15      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Continental Finance Credit Card ABS Master Trust       | Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class B           | CUSIP: 66981PAR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    810000 | PA      | $821575.14    | 0.02%             | 2032-12-15      | Fixed         | 6.22%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2023-SFR1, Class E1                                             | CUSIP: 66981XAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $505821.42    | 0.01%             | 2040-04-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2023-SFR1, Class E2                                             | CUSIP: 66981XAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2908711.50   | 0.07%             | 2040-04-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2022-SFR3, Class E2                                             | CUSIP: 66981YAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $975002.60    | 0.02%             | 2039-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                             | AMSR Trust, Series 2021-SFR4, Class E2                                             | CUSIP: 66982FAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3399542.65   | 0.08%             | 2038-12-17      | Fixed         | 3.01%                 | 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        |    550000 | PA      | $550865.98    | 0.01%             | 2039-09-25      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Oklahoma Gas and Electric Co.                          | Oklahoma Gas and Electric Co.                                                      | CUSIP: 678858BY6<br>LEI: 549300VJ8YXGPO8EV472 | Long             | DBT              | CORP              | US        |    450000 | PA      | $448838.53    | 0.01%             | 2053-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                        | Oncor Electric Delivery Co. LLC                                                    | CUSIP: 68233JAS3<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    650000 | PA      | $644433.52    | 0.02%             | 2042-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                        | Oncor Electric Delivery Co. LLC                                                    | CUSIP: 68233JDA9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027543.58   | 0.02%             | 2055-04-01      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| One Bryant Park Trust                                  | One Bryant Park Trust, Series 2019-OBP, Class A                                    | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $928494.60    | 0.02%             | 2054-09-15      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, Inc.                                            | ONEOK, Inc.                                                                        | CUSIP: 682680AT0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $443619.61    | 0.01%             | 2047-07-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                            | ONEOK, Inc.                                                                        | CUSIP: 682680DA8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1363860.32   | 0.03%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                  | OneMain Direct Auto Receivables Trust, Series 2025-1A, Class C                     | CUSIP: 682684AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1035284.70   | 0.02%             | 2035-10-15      | Fixed         | 5.76%                 | 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        |   5000000 | PA      | $5163559.50   | 0.12%             | 2037-07-14      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                  | OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B                     | CUSIP: 682687AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    696736 | PA      | $693860.58    | 0.02%             | 2028-07-14      | Fixed         | 1.26%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                       | OneMain Financial Issuance Trust, Series 2020-2A, Class C                          | CUSIP: 682696AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3600000 | PA      | $3478007.16   | 0.08%             | 2035-09-14      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                       | OneMain Financial Issuance Trust, Series 2021-1A, Class B                          | CUSIP: 68269MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4700000 | PA      | $4439663.71   | 0.10%             | 2036-06-16      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                       | OneMain Financial Issuance Trust, Series 2021-1A, Class D                          | CUSIP: 68269MAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3910000 | PA      | $3605452.45   | 0.08%             | 2036-06-16      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Ontario Teachers' Cadillac Fairview Properties Trust   | Ontario Teachers' Cadillac Fairview Properties Trust                               | CUSIP: 68327LAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    800000 | PA      | $720958.38    | 0.02%             | 2031-10-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2021-B, Class A                                     | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223543 | PA      | $219053.33    | 0.01%             | 2031-05-08      | Fixed         | 1.47%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2021-B, Class B                                     | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1373037 | PA      | $1347746.74   | 0.03%             | 2031-05-08      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2021-B, Class C                                     | CUSIP: 68377GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416404 | PA      | $412185.08    | 0.01%             | 2031-05-08      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2024-2, Class B                                     | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002836.50   | 0.02%             | 2032-02-09      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2024-2, Class C                                     | CUSIP: 68377KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2083000 | PA      | $2096010.21   | 0.05%             | 2032-02-09      | Fixed         | 6.61%                 | 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        |    931000 | PA      | $932938.16    | 0.02%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Oportun Funding Trust                                  | Oportun Funding Trust, Series 2024-3, Class C                                      | CUSIP: 68377NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1306715.15   | 0.03%             | 2029-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-A, Class C                                     | CUSIP: 68377TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5710000 | PA      | $5711279.61   | 0.13%             | 2033-02-08      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2021-C, Class A                                     | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1465890 | PA      | $1439637.64   | 0.03%             | 2031-10-08      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2021-C, Class B                                     | CUSIP: 68377WAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585533 | PA      | $575875.90    | 0.01%             | 2031-10-08      | Fixed         | 2.67%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2021-C, Class C                                     | CUSIP: 68377WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    748285 | PA      | $738968.69    | 0.02%             | 2031-10-08      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-B, Class B                                     | CUSIP: 68378QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9250000 | PA      | $9268920.88   | 0.22%             | 2033-05-09      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-B, Class C                                     | CUSIP: 68378QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001401.10   | 0.02%             | 2033-05-09      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-B, Class D                                     | CUSIP: 68378QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2992651.20   | 0.07%             | 2033-05-09      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-D, Class B                                     | CUSIP: 68379HAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8105000 | PA      | $8107801.09   | 0.19%             | 2033-02-08      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                           | Oracle Corp.                                                                       | CUSIP: 68389XBG9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3662324.00   | 0.09%             | 2055-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                           | Oracle Corp.                                                                       | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $2976699.29   | 0.07%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                           | Oracle Corp.                                                                       | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983104.23    | 0.02%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                           | Oracle Corp.                                                                       | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    465000 | PA      | $438456.06    | 0.01%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)               | PNC Financial Services Group, Inc. (The)                                           | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2103280.46   | 0.05%             | 2036-01-29      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)               | PNC Financial Services Group, Inc. (The)                                           | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1133042.52   | 0.03%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)               | PNC Financial Services Group, Inc. (The)                                           | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    270000 | PA      | $279701.02    | 0.01%             | 2036-07-21      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                               | PRPM LLC, Series 2024-RCF1, Class A1                                               | CUSIP: 693581AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135961 | PA      | $134376.54    | 0.00%             | 2054-01-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                               | PRPM LLC, Series 2023-RCF2, Class A1                                               | CUSIP: 69380RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    134087 | PA      | $132760.98    | 0.00%             | 2053-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                               | PRPM LLC, Series 2024-RPL1, Class A1                                               | CUSIP: 69380XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5242394 | PA      | $5183673.95   | 0.12%             | 2064-12-25      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| PRET Trust                                             | PRET Trust, Series 2024-RPL2, Class A1                                             | CUSIP: 69392CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1534952 | PA      | $1484200.76   | 0.03%             | 2064-06-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| PRM5 Trust                                             | PRM5 Trust, Series 2025-PRM5, Class B                                              | CUSIP: 693980AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2246749.88   | 0.05%             | 2033-03-10      | Variable      | 4.92%                 | 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        |   1000000 | PA      | $998477.60    | 0.02%             | 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        |   1750000 | PA      | $1748747.00   | 0.04%             | 2033-03-10      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2299314.09   | 0.05%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308HL4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    745000 | PA      | $600848.11    | 0.01%             | 2045-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    955000 | PA      | $839454.66    | 0.02%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1628082.41   | 0.04%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1753040.43   | 0.04%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308KX4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    640000 | PA      | $676146.17    | 0.02%             | 2035-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                           | Pacific Gas and Electric Co.                                                       | CUSIP: 694308KZ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2615259.37   | 0.06%             | 2055-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                         | PEAC Solutions Receivables LLC, Series 2024-1A, Class A3                           | CUSIP: 69433BAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1025488.30   | 0.02%             | 2030-11-20      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Packaging Corp. of America                             | Packaging Corp. of America                                                         | CUSIP: 695156AY5<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $1030042.03   | 0.02%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Technology in Housing Trust                  | Pagaya AI Technology in Housing Trust, Series 2023-1, Class A                      | CUSIP: 69547YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $536313.14    | 0.01%             | 2040-10-25      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Technology in Housing Trust                  | Pagaya AI Technology in Housing Trust, Series 2023-1, Class E2                     | CUSIP: 69547YAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1011604.66   | 0.02%             | 2040-10-25      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Perimeter Master Note Business Trust                   | Perimeter Master Note Business Trust, Series 2025-1A, Class A                      | CUSIP: 71384PBC4<br>LEI: 5493005H6EB040833X54 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4023548.40   | 0.09%             | 2030-12-16      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Perimeter Master Note Business Trust                   | Perimeter Master Note Business Trust, Series 2025-1A, Class B                      | CUSIP: 71384PBD2<br>LEI: 5493005H6EB040833X54 | Long             | ABS-O            | CORP              | US        |   2997000 | PA      | $3022242.83   | 0.07%             | 2030-12-16      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                              | PG&E Recovery Funding LLC, Series A-2                                              | CUSIP: 71710TAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $298915.82    | 0.01%             | 2042-06-01      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                              | PG&E Recovery Funding LLC, Series A-3                                              | CUSIP: 71710TAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $352616.16    | 0.01%             | 2049-06-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                      | Philip Morris International, Inc.                                                  | CUSIP: 718172AU3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    590000 | PA      | $492322.66    | 0.01%             | 2042-08-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                          | Pioneer Natural Resources Co.                                                      | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   6001000 | PA      | $5455192.31   | 0.13%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP                        | Plains All American Pipeline LP                                                    | CUSIP: 72650RBH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $395560.59    | 0.01%             | 2045-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP                        | Plains All American Pipeline LP                                                    | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    665000 | PA      | $697459.39    | 0.02%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                | PowerPay Issuance Trust, Series 2025-1A, Class A                                   | CUSIP: 73940MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7784360 | PA      | $7810397.41   | 0.18%             | 2041-11-18      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| PRM7 Trust                                             | PRM7 Trust, Series 2025-PRM7, Class C                                              | CUSIP: 74290HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1795000 | PA      | $1780254.08   | 0.04%             | 2042-11-10      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| PRM7 Trust                                             | PRM7 Trust, Series 2025-PRM7, Class D                                              | CUSIP: 74290HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4060000 | PA      | $4065109.10   | 0.10%             | 2042-11-10      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2024-SFR2, Class E1                             | CUSIP: 74290XAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2080000 | PA      | $1954382.14   | 0.05%             | 2041-04-17      | Variable      | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2023-SFR2, Class D                              | CUSIP: 74331GAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $443192.67    | 0.01%             | 2040-10-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2024-SFR1, Class E1                             | CUSIP: 74331QAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5776000 | PA      | $5536142.94   | 0.13%             | 2041-02-17      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2024-SFR3, Class E1                             | CUSIP: 74331VAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5690000 | PA      | $5458405.62   | 0.13%             | 2041-06-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2022-SFR2, Class E1                             | CUSIP: 74332VAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $690700.71    | 0.02%             | 2027-04-17      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2022-SFR4, Class A                              | CUSIP: 74332XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196484 | PA      | $196914.07    | 0.00%             | 2041-05-17      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2021-SFR6, Class A                              | CUSIP: 74333HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99129 | PA      | $97593.29     | 0.00%             | 2038-07-17      | Fixed         | 1.52%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2021-SFR7, Class A                              | CUSIP: 74333PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    415784 | PA      | $390596.45    | 0.01%             | 2040-08-17      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2021-SFR9, Class B                              | CUSIP: 74333QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4705910.50   | 0.11%             | 2040-11-17      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential                                   | Progress Residential, Series 2021-SFR3, Class A                                    | CUSIP: 74333VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96631 | PA      | $95986.00     | 0.00%             | 2026-05-17      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2021-SFR10, Class B                             | CUSIP: 74333WAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4177760 | PA      | $3979257.26   | 0.09%             | 2040-12-17      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2021-SFR10, Class E1                            | CUSIP: 74333WAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6471902 | PA      | $6236786.19   | 0.15%             | 2040-12-17      | Fixed         | 3.57%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2021-SFR11, Class E1                            | CUSIP: 74333XAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1427415.15   | 0.03%             | 2039-01-17      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2022-SFR1, Class E1                             | CUSIP: 74333YAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8650000 | PA      | $8357483.82   | 0.20%             | 2041-02-17      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR3, Class B                              | CUSIP: 74334BAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2810000 | PA      | $2637696.70   | 0.06%             | 2042-07-17      | Fixed         | 3.39%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR6, Class D                              | CUSIP: 74334EAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4970000 | PA      | $4695120.23   | 0.11%             | 2042-09-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR2, Class D                              | CUSIP: 74334GAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2493028 | PA      | $2336770.82   | 0.05%             | 2042-04-17      | Fixed         | 3.56%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2024-SFR4, Class C                              | CUSIP: 74334JAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246000 | PA      | $233723.74    | 0.01%             | 2041-07-17      | Fixed         | 3.33%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR1, Class D                              | CUSIP: 74334NAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4035000 | PA      | $3806175.96   | 0.09%             | 2042-02-17      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR1, Class E1                             | CUSIP: 74334NAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3524459.63   | 0.08%             | 2042-02-17      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR5, Class C                              | CUSIP: 74334RAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1678935.48   | 0.04%             | 2042-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                             | Progress Residential Trust, Series 2025-SFR5, Class D                              | CUSIP: 74334RAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4445000 | PA      | $4233196.64   | 0.10%             | 2042-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Service Co. of Oklahoma                         | Public Service Co. of Oklahoma                                                     | CUSIP: 744533BS8<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2545171.63   | 0.06%             | 2036-01-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Puget Energy, Inc.                                     | Puget Energy, Inc.                                                                 | CUSIP: 745310AQ5<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   5985000 | PA      | $6173969.07   | 0.14%             | 2035-03-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                  | Quanta Services, Inc.                                                              | CUSIP: 74762EAP7<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1492264.96   | 0.04%             | 2035-08-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ROCK Trust                                             | ROCK Trust, Series 2024-CNTR, Class A                                              | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $721966.63    | 0.02%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                             | ROCK Trust, Series 2024-CNTR, Class B                                              | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2074092.40   | 0.05%             | 2041-11-13      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                             | ROCK Trust, Series 2024-CNTR, Class C                                              | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5150000 | PA      | $5365748.95   | 0.13%             | 2041-11-13      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| RFM Reremic Trust                                      | RFM Re-REMIC Trust, Series 2022-FRR1, Class AK55                                   | CUSIP: 74971BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1964242.00   | 0.05%             | 2049-03-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| RFM Re-REMIC Trust                                     | RFM Re-REMIC Trust, Series 2022-FRR1, Class AB60                                   | CUSIP: 74971BBP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6930000 | PA      | $6697651.65   | 0.16%             | 2049-11-08      | Variable      | 2.33%                 | Yes           |                  3 | On Loan: No      |
| Cooperatieve Rabobank UA                               | Cooperatieve Rabobank UA                                                           | CUSIP: 74977RDU5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1800000 | PA      | $1908695.23   | 0.04%             | 2033-01-21      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                               | Cooperatieve Rabobank UA                                                           | CUSIP: 74977RDV3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   2440000 | PA      | $2503927.41   | 0.06%             | 2031-05-27      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| RFM Reremic Trust                                      | RFM Re-REMIC Trust, Series 2024-FRR2, Class A100                                   | CUSIP: 74983PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1651935.60   | 0.04%             | 2052-11-27      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Rain City Mortgage Trust                               | Rain City Mortgage Trust, Series 2024-RTL1, Class A1                               | CUSIP: 75079KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    772000 | PA      | $780994.42    | 0.02%             | 2029-09-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                        | Reach ABS Trust, Series 2025-1A, Class C                                           | CUSIP: 75525PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1241074.40   | 0.03%             | 2032-08-16      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                        | Reach ABS Trust, Series 2025-2A, Class C                                           | CUSIP: 75525QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5079713.50   | 0.12%             | 2032-08-18      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                     | Regional Management Issuance Trust, Series 2022-1, Class B                         | CUSIP: 75907DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $298305.96    | 0.01%             | 2032-03-15      | Fixed         | 3.71%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                     | Regional Management Issuance Trust, Series 2022-1, Class C                         | CUSIP: 75907DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3666000 | PA      | $3644372.43   | 0.09%             | 2032-03-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                     | Regional Management Issuance Trust, Series 2021-2, Class C                         | CUSIP: 75907UAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1322176.66   | 0.03%             | 2033-08-15      | Fixed         | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                     | Regional Management Issuance Trust, Series 2025-1, Class D                         | CUSIP: 75908AAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2286550.35   | 0.05%             | 2034-04-17      | Fixed         | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                     | Regional Management Issuance Trust, Series 2025-2, Class D                         | CUSIP: 75908BAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4900000 | PA      | $4891342.19   | 0.11%             | 2037-11-16      | Fixed         | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Renew                                                  | Renew, Series 2018-1, Class A                                                      | CUSIP: 75973FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    624433 | PA      | $591725.94    | 0.01%             | 2053-09-20      | Fixed         | 3.95%                 | Yes           |                  3 | On Loan: No      |
| Renew                                                  | Renew, Series 2023-1A, Class A                                                     | CUSIP: 75973HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   2338481 | PA      | $2337244.30   | 0.05%             | 2058-11-20      | Fixed         | 5.90%                 | Yes           |                  3 | On Loan: No      |
| Renew                                                  | Renew, Series 2017-2A, Class A                                                     | CUSIP: 75973KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    328636 | PA      | $302530.16    | 0.01%             | 2053-09-22      | Fixed         | 3.22%                 | Yes           |                  3 | On Loan: No      |
| Renew                                                  | Renew, Series 2017-1A, Class A                                                     | CUSIP: 75973LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    156938 | PA      | $147512.75    | 0.00%             | 2052-09-20      | Fixed         | 3.67%                 | Yes           |                  3 | On Loan: No      |
| Renew                                                  | Renew, Series 2024-1A, Class A                                                     | CUSIP: 75973VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5700728 | PA      | $5787708.88   | 0.14%             | 2059-11-20      | Fixed         | 6.21%                 | Yes           |                  3 | On Loan: No      |
| Renew                                                  | Renew, Series 2024-2A, Class M                                                     | CUSIP: 75975DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1217767 | PA      | $1200928.69   | 0.03%             | 2060-11-20      | Fixed         | 6.83%                 | Yes           |                  3 | On Loan: No      |
| Renew                                                  | Renew, Series 2024-2A, Class B                                                     | CUSIP: 75975DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1334107 | PA      | $1344575.93   | 0.03%             | 2060-11-20      | Fixed         | 8.22%                 | Yes           |                  3 | 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        |    600000 | PA      | $606601.14    | 0.01%             | 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        |    810000 | PA      | $826119.97    | 0.02%             | 2037-11-20      | Fixed         | 5.42%                 | 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        |   3422276 | PA      | $3425513.48   | 0.08%             | 2028-09-27      | Variable      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| RWC Commercial Mortgage Trust                          | RWC Commercial Mortgage Trust, Series 2025-1, Class A                              | CUSIP: 78348LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6795000 | PA      | $6814129.96   | 0.16%             | 2040-06-25      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| RWC Commercial Mortgage Trust                          | RWC Commercial Mortgage Trust, Series 2025-1, Class AS                             | CUSIP: 78348LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3295000 | PA      | $3311019.63   | 0.08%             | 2040-06-25      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| RWC Commercial Mortgage Trust                          | RWC Commercial Mortgage Trust, Series 2025-1, Class C                              | CUSIP: 78348LAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1536000 | PA      | $1544756.74   | 0.04%             | 2040-06-25      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2024-1A, Class C                                 | CUSIP: 783896AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $298942.96    | 0.01%             | 2032-09-20      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2022-2A, Class D                                 | CUSIP: 78397WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    417358 | PA      | $417798.06    | 0.01%             | 2032-10-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2023-1A, Class A3                                | CUSIP: 784024AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154083 | PA      | $156079.92    | 0.00%             | 2032-05-20      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2023-1A, Class D                                 | CUSIP: 784024AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1799000 | PA      | $1888644.71   | 0.04%             | 2033-08-22      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                               | SCE Recovery Funding LLC                                                           | CUSIP: 78433LAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1557837.67   | 0.04%             | 2045-03-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2025-1A, Class A3                                | CUSIP: 78437DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1736675.63   | 0.04%             | 2033-11-21      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2025-1A, Class D                                 | CUSIP: 78437DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1557000 | PA      | $1605470.34   | 0.04%             | 2035-11-20      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2025-1A, Class E                                 | CUSIP: 78437DAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1327889.75   | 0.03%             | 2035-11-20      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                              | SCF Equipment Leasing LLC, Series 2025-2A, Class C                                 | CUSIP: 78439XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4266000 | PA      | $4289693.36   | 0.10%             | 2036-06-20      | Fixed         | 4.82%                 | 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        |   2745000 | PA      | $2743558.88   | 0.06%             | 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        |   2765000 | PA      | $2779654.50   | 0.07%             | 2036-06-20      | Fixed         | 6.21%                 | Yes           |                  2 | On Loan: No      |
| SMBC Aviation Capital Finance DAC                      | SMBC Aviation Capital Finance DAC                                                  | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    700000 | PA      | $703609.27    | 0.02%             | 2035-11-26      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SRT Issuer I LLC                                       | SRT Issuer I LLC                                                                   | CUSIP: 78475KAC1<br>LEI: 2549007PUYUQCDX9UC96 | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7006450.36   | 0.16%             | 2031-07-07      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Santander UK Group Holdings plc                        | Santander UK Group Holdings plc                                                    | CUSIP: 80281LAU9<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    680000 | PA      | $689595.58    | 0.02%             | 2030-09-11      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                        | Santander UK Group Holdings plc                                                    | CUSIP: 80281LAV7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   2050000 | PA      | $2146678.39   | 0.05%             | 2031-04-15      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                        | Santander UK Group Holdings plc                                                    | CUSIP: 80281LAX3<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1535000 | PA      | $1536691.22   | 0.04%             | 2029-09-22      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                        | Santander UK Group Holdings plc                                                    | CUSIP: 80281LAY1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1510000 | PA      | $1509677.22   | 0.04%             | 2036-09-22      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                           | Santander Holdings USA, Inc.                                                       | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   5550000 | PA      | $5964155.99   | 0.14%             | 2035-05-31      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust, Series 2022-4, Class C                     | CUSIP: 80286FAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491730 | PA      | $493994.07    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust, Series 2024-2, Class D                     | CUSIP: 80286YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3601467.80   | 0.08%             | 2031-08-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust, Series 2022-5, Class D                     | CUSIP: 80287HAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $403552.72    | 0.01%             | 2030-12-16      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust, Series 2022-6, Class D                     | CUSIP: 802918AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $402860.92    | 0.01%             | 2031-02-18      | Fixed         | 5.69%                 | 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        |   1392000 | PA      | $1402359.82   | 0.03%             | 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        |   2430000 | PA      | $2439430.34   | 0.06%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2024-2A, Class C                  | CUSIP: 82650DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    361963 | PA      | $368242.14    | 0.01%             | 2041-06-20      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2025-3A, Class C                  | CUSIP: 82650FAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1740686 | PA      | $1744311.85   | 0.04%             | 2044-08-22      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2022-2A, Class C                  | CUSIP: 82650TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154867 | PA      | $156387.72    | 0.00%             | 2040-06-20      | Fixed         | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2021-2A, Class A                  | CUSIP: 82652RAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34933 | PA      | $34686.83     | 0.00%             | 2038-09-20      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2021-2A, Class C                  | CUSIP: 82652RAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10275 | PA      | $10193.84     | 0.00%             | 2038-09-20      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2024-3A, Class C                  | CUSIP: 82653BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    836412 | PA      | $842458.28    | 0.02%             | 2041-08-20      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2025-2A, Class C                  | CUSIP: 82653HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1197982 | PA      | $1203819.81   | 0.03%             | 2044-04-20      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC               | Sierra Timeshare Receivables Funding LLC, Series 2023-1A, Class C                  | CUSIP: 826943AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173219 | PA      | $178204.79    | 0.00%             | 2040-01-20      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                       | Skandinaviska Enskilda Banken AB                                                   | CUSIP: 830505BK8<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   1445000 | PA      | $1453672.43   | 0.03%             | 2030-09-03      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Smurfit Westrock Financing DAC                         | Smurfit Westrock Financing DAC                                                     | CUSIP: 83272YAB8<br>LEI: 6354005S6ZLHLVX7VT12 | Long             | DBT              | CORP              | IE        |    755000 | PA      | $780569.59    | 0.02%             | 2035-01-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RBD3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $452803.60    | 0.01%             | 2032-06-09      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RBJ0<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $1828074.54   | 0.04%             | 2033-01-21      | Variable      | 3.34%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   9214000 | PA      | $9761022.56   | 0.23%             | 2035-01-19      | Variable      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    435000 | PA      | $439793.98    | 0.01%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2455000 | PA      | $2604127.26   | 0.06%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    625000 | PA      | $647238.12    | 0.02%             | 2031-05-22      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                | CUSIP: 83368RCK6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   6000000 | PA      | $6062570.16   | 0.14%             | 2036-10-03      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Solventum Corp.                                        | Solventum Corp.                                                                    | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   2503000 | PA      | $2615708.64   | 0.06%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.                         | Southern California Edison Co.                                                     | CUSIP: 842400JD6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   4550000 | PA      | $4372384.88   | 0.10%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.                         | Southern California Edison Co.                                                     | CUSIP: 842400JH7<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    695000 | PA      | $684510.64    | 0.02%             | 2055-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                         | Southern Co. Gas Capital Corp., Series B                                           | CUSIP: 8426EPAK4<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1219403.55   | 0.03%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                 | Standard Chartered plc                                                             | CUSIP: 85325C2A9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    580000 | PA      | $592891.53    | 0.01%             | 2030-10-15      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                     | State Street Corp.                                                                 | CUSIP: 857477DE0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1073583.67   | 0.03%             | 2036-10-23      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Street Capital Group, Inc.                             | Street Capital Group, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |   3004386 | PA      | $3004386.16   | 0.07%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Stream Innovations Issuer Trust                        | Stream Innovations Issuer Trust, Series 2024-1A, Class A                           | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509543 | PA      | $530703.02    | 0.01%             | 2044-07-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                        | Stream Innovations Issuer Trust, Series 2024-1A, Class B                           | CUSIP: 86324CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3286439 | PA      | $3520309.95   | 0.08%             | 2044-07-15      | Fixed         | 7.89%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                        | Stream Innovations Issuer Trust, Series 2024-2A, Class B                           | CUSIP: 86324EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1256328.43   | 0.03%             | 2045-02-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                        | Stream Innovations Issuer Trust, Series 2025-1A, Class A                           | CUSIP: 86324XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1614716 | PA      | $1632384.47   | 0.04%             | 2045-09-15      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                        | Stream Innovations Issuer Trust, Series 2025-1A, Class B                           | CUSIP: 86324XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3347694 | PA      | $3395710.77   | 0.08%             | 2045-09-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                        | Stream Innovations Issuer Trust, Series 2025-1A, Class C                           | CUSIP: 86324XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2698141 | PA      | $2750026.52   | 0.06%             | 2045-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                  | Sumitomo Mitsui Financial Group, Inc.                                              | CUSIP: 86562MDN7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $420613.26    | 0.01%             | 2031-07-09      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                  | Sumitomo Mitsui Financial Group, Inc.                                              | CUSIP: 86562MDZ0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2500000 | PA      | $2564952.95   | 0.06%             | 2033-07-08      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                         | Synopsys, Inc.                                                                     | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    785000 | PA      | $786909.54    | 0.02%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                     | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    595000 | PA      | $448894.19    | 0.01%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                     | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   6385000 | PA      | $4390632.54   | 0.10%             | 2052-10-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                     | T-Mobile USA, Inc.                                                                 | CUSIP: 87264ADG7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    964000 | PA      | $931768.48    | 0.02%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                  | Targa Resources Corp.                                                              | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    415000 | PA      | $425480.82    | 0.01%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                  | Targa Resources Corp.                                                              | CUSIP: 87612GAP6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   3247000 | PA      | $3311766.64   | 0.08%             | 2030-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Textron, Inc.                                          | Textron, Inc.                                                                      | CUSIP: 883203CE9<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1251803.27   | 0.03%             | 2035-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital SA                               | TotalEnergies Capital SA                                                           | CUSIP: 89157XAE1<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $961675.15    | 0.02%             | 2054-09-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                              | Towd Point Mortgage Trust, Series 2021-R1, Class A1                                | CUSIP: 89179TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5468706 | PA      | $5012225.33   | 0.12%             | 2060-11-30      | Variable      | 2.92%                 | Yes           |                  2 | On Loan: No      |
| Triad Holdings III LLC                                 | Triad Holdings III LLC                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   5437247 | PA      | $5437246.98   | 0.13%             | 2052-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Tricon Residential Trust                               | Tricon Residential Trust, Series 2023-SFR2, Class C                                | CUSIP: 895978AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $299817.36    | 0.01%             | 2040-12-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes Trust                            | Tricon American Homes Trust, Series 2020-SFR2, Class C                             | CUSIP: 89613JAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2371826.25   | 0.06%             | 2039-11-17      | Fixed         | 2.03%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes Trust                            | Tricon American Homes Trust, Series 2020-SFR2, Class E1                            | CUSIP: 89613JAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $474056.85    | 0.01%             | 2039-11-17      | Fixed         | 2.73%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                               | Tricon Residential Trust, Series 2022-SFR1, Class E1                               | CUSIP: 89616QAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272000 | PA      | $270320.07    | 0.01%             | 2039-04-17      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                               | Tricon Residential Trust, Series 2022-SFR2, Class E                                | CUSIP: 89616TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1011439.60   | 0.02%             | 2040-07-17      | Fixed         | 7.51%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                                             | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1707849.31   | 0.04%             | 2035-01-24      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                                             | CUSIP: 89788MAU6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1101257.90   | 0.03%             | 2031-05-20      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                                             | CUSIP: 89788MAV4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2412696.18   | 0.06%             | 2036-10-23      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Truist Bank Auto Credit-Linked Notes                   | Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B                       | CUSIP: 897926CB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2972526 | PA      | $2975091.77   | 0.07%             | 2033-09-26      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                       | CUSIP: 902613BM9<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1000000 | PA      | $996317.97    | 0.02%             | 2045-09-06      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                       | CUSIP: 902613BQ0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2000000 | PA      | $2098021.88   | 0.05%             | 2036-05-09      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                       | CUSIP: 902613BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4800000 | PA      | $4838521.78   | 0.11%             | 2033-11-06      | Variable      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| UPG HI Issuer Trust                                    | UPG HI Issuer Trust, Series 2025-2, Class A                                        | CUSIP: 90321EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6375000 | PA      | $6387507.75   | 0.15%             | 2047-09-25      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| United Airlines Pass-Through Trust                     | United Airlines Pass-Through Trust, Series 2024-1, Class AA                        | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    932694 | PA      | $966598.84    | 0.02%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $625500.00    | 0.01%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    730000 | PA      | $707589.00    | 0.02%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BBB5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    474000 | PA      | $498055.50    | 0.01%             | 2030-05-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    703000 | PA      | $757482.50    | 0.02%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1657000 | PA      | $1710024.00   | 0.04%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2140000 | PA      | $2257700.00   | 0.05%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                  | United Mexican States                                                              | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   7174000 | PA      | $7156065.00   | 0.17%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                             | US Bancorp                                                                         | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1761843.13   | 0.04%             | 2036-02-12      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                             | US Bancorp                                                                         | CUSIP: 91159HJV3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032816.02   | 0.02%             | 2031-05-15      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912803FJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12315000 | PA      | $3984568.86   | 0.09%             | 2049-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810QK7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $564703.13    | 0.01%             | 2040-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      4000 | PA      | $4138.91      | 0.00%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3900000 | PA      | $3089988.29   | 0.07%             | 2043-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15552000 | PA      | $13706414.92  | 0.32%             | 2043-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6250000 | PA      | $5480957.00   | 0.13%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10360000 | PA      | $8386339.09   | 0.20%             | 2044-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $2531375.01   | 0.06%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3230000 | PA      | $2542867.95   | 0.06%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5080000 | PA      | $3429000.00   | 0.08%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10238000 | PA      | $7780080.21   | 0.18%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8210000 | PA      | $6051668.01   | 0.14%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31585000 | PA      | $20383429.02  | 0.48%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810SK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28405000 | PA      | $18782806.25  | 0.44%             | 2049-11-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  24490000 | PA      | $15844838.73  | 0.37%             | 2040-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1194000 | PA      | $1088825.39   | 0.03%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8650000 | PA      | $8432060.57   | 0.20%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $931210.94    | 0.02%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5280500 | PA      | $5234708.14   | 0.12%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8775000 | PA      | $8172061.50   | 0.19%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1375000 | PA      | $1289116.21   | 0.03%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1775000 | PA      | $1723968.75   | 0.04%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bonds                                                                | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4885000 | PA      | $4886908.18   | 0.11%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47800000 | PA      | $46507906.25  | 1.09%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CCS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4190000 | PA      | $3669196.07   | 0.09%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5455000 | PA      | $4779517.61   | 0.11%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $538734.37    | 0.01%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $482050.78    | 0.01%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15268000 | PA      | $14968007.62  | 0.35%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $16266875.04  | 0.38%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36176000 | PA      | $36992786.07  | 0.87%             | 2030-08-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14066000 | PA      | $14386880.63  | 0.34%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6585000 | PA      | $6785122.23   | 0.16%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1300000 | PA      | $1373328.13   | 0.03%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26230000 | PA      | $27374488.61  | 0.64%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6300000 | PA      | $6516562.50   | 0.15%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3073828.14   | 0.07%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2550000 | PA      | $2568328.13   | 0.06%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  24085000 | PA      | $24431221.88  | 0.57%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  74423400 | PA      | $75010646.77  | 1.76%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3895000 | PA      | $3967879.11   | 0.09%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5175390.60   | 0.12%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8675000 | PA      | $8949821.31   | 0.21%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  83197000 | PA      | $82852512.84  | 1.94%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17907000 | PA      | $17969254.76  | 0.42%             | 2031-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16740000 | PA      | $16846586.76  | 0.40%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9050000 | PA      | $9236302.76   | 0.22%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22025000 | PA      | $22518841.91  | 0.53%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16445000 | PA      | $16633218.12  | 0.39%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CLZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5951000 | PA      | $6084200.10   | 0.14%             | 2031-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2770000 | PA      | $2827780.48   | 0.07%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6520000 | PA      | $6797100.00   | 0.16%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23590000 | PA      | $23946614.51  | 0.56%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4680000 | PA      | $4846542.20   | 0.11%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9995000 | PA      | $10497483.03  | 0.25%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10180000 | PA      | $10341050.76  | 0.24%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  77535000 | PA      | $79225021.09  | 1.86%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2120000 | PA      | $2155609.39   | 0.05%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1970000 | PA      | $1981312.11   | 0.05%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27870000 | PA      | $28279340.63  | 0.66%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11995000 | PA      | $12242396.88  | 0.29%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8775000 | PA      | $8828472.66   | 0.21%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2332433.59   | 0.05%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  52000000 | PA      | $52495625.00  | 1.23%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9925000 | PA      | $10043634.72  | 0.24%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  93778000 | PA      | $95056457.66  | 2.23%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32065000 | PA      | $32686259.38  | 0.77%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55862000 | PA      | $55918734.56  | 1.31%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18647000 | PA      | $18664481.56  | 0.44%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 9128334S6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7640000 | PA      | $6163445.01   | 0.14%             | 2031-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 9128334T4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11285000 | PA      | $8897387.30   | 0.21%             | 2032-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 9128337N4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7925000 | PA      | $6597544.03   | 0.15%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 9128337P9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3040000 | PA      | $2479061.78   | 0.06%             | 2031-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 9128337Q7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18440000 | PA      | $14706944.07  | 0.35%             | 2031-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 9128337U8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26345000 | PA      | $19171766.80  | 0.45%             | 2033-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912833XU9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  35000000 | PA      | $29736827.75  | 0.70%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912833XY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  54875000 | PA      | $46147514.28  | 1.08%             | 2030-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912833XZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7185000 | PA      | $5918235.71   | 0.14%             | 2031-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834FB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  45471000 | PA      | $23614252.54  | 0.55%             | 2040-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834HV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50787000 | PA      | $25997332.04  | 0.61%             | 2040-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834JB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15766000 | PA      | $7946193.60   | 0.19%             | 2040-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834JH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7210000 | PA      | $3583705.34   | 0.08%             | 2040-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834JP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2249000 | PA      | $1101737.65   | 0.03%             | 2041-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834LX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5310000 | PA      | $2356431.98   | 0.06%             | 2042-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834MM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28680000 | PA      | $12360179.73  | 0.29%             | 2043-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834MT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21901000 | PA      | $9297515.89   | 0.22%             | 2043-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834PH5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14300000 | PA      | $5597780.19   | 0.13%             | 2045-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9435000 | PA      | $3029025.51   | 0.07%             | 2049-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury STRIPS Bonds                                                         | CUSIP: 912834VE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  70445000 | PA      | $21777676.55  | 0.51%             | 2049-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                               | UnitedHealth Group, Inc.                                                           | CUSIP: 91324PBN1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $422093.41    | 0.01%             | 2040-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                               | UnitedHealth Group, Inc.                                                           | CUSIP: 91324PFL1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    670000 | PA      | $671209.99    | 0.02%             | 2054-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                           | Upstart Securitization Trust, Series 2025-1, Class A                               | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1444700 | PA      | $1453389.56   | 0.03%             | 2035-04-20      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| UPX HIL Issuer Trust                                   | UPX HIL Issuer Trust, Series 2025-1, Class A                                       | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5334781 | PA      | $5365913.40   | 0.13%             | 2047-01-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| VFI ABS LLC                                            | VFI ABS LLC, Series 2025-1A, Class B                                               | CUSIP: 91824UAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1195000 | PA      | $1202322.96   | 0.03%             | 2030-12-24      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| VOLT C LLC                                             | VOLT C LLC, Series 2021-NPL9, Class A1                                             | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29290 | PA      | $29284.15     | 0.00%             | 2051-05-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                  | Vendee Mortgage Trust, Series 2011-1, Class DZ                                     | CUSIP: 92261WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1219289 | PA      | $1162824.72   | 0.03%             | 2046-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                  | Vendee Mortgage Trust, Series 2010-1, Class DZ                                     | CUSIP: 92261XAC2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1514427 | PA      | $1483143.61   | 0.03%             | 2040-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                       | Ventas Realty LP                                                                   | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005519.37   | 0.02%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                                | Verdant Receivables LLC, Series 2025-1A, Class B                                   | CUSIP: 92340GAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2467235.28   | 0.06%             | 2033-05-12      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications, Inc.                           | Verizon Communications, Inc.                                                       | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $879755.07    | 0.02%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.                        | Virginia Electric and Power Co.                                                    | CUSIP: 927804GU2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1502763.47   | 0.04%             | 2055-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                              | Vistra Operations Co. LLC                                                          | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2421000 | PA      | $2555401.82   | 0.06%             | 2034-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                              | Vistra Operations Co. LLC                                                          | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2145000 | PA      | $2215928.72   | 0.05%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                              | Vistra Operations Co. LLC                                                          | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1994000 | PA      | $1989754.38   | 0.05%             | 2030-10-15      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                              | Vistra Operations Co. LLC                                                          | CUSIP: 92840VAW2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   3920000 | PA      | $3909730.38   | 0.09%             | 2035-10-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                     | Vodafone Group plc                                                                 | CUSIP: 92857WCA6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $394491.99    | 0.01%             | 2054-06-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VOLT CII LLC                                           | VOLT CII LLC, Series 2021-NP11, Class A1                                           | CUSIP: 92873HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    123002 | PA      | $122978.99    | 0.00%             | 2051-08-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                        | WHARF Commercial Mortgage Trust, Series 2025-DC, Class C                           | CUSIP: 92987LAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2064232.20   | 0.05%             | 2040-07-15      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                  | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    535000 | PA      | $562565.17    | 0.01%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                  | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4910000 | PA      | $5070879.44   | 0.12%             | 2035-12-03      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                  | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  12471000 | PA      | $13226828.90  | 0.31%             | 2036-04-23      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                  | CUSIP: 95000U4B6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    790000 | PA      | $796788.44    | 0.02%             | 2036-09-15      | Variable      | 4.89%                 | No            |                  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        |   4508000 | PA      | $4570138.72   | 0.11%             | 2036-01-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Westgate Resorts LLC                                   | Westgate Resorts LLC, Series 2024-1A, Class B                                      | CUSIP: 96034KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420950 | PA      | $427730.98    | 0.01%             | 2038-01-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                  | Westlake Automobile Receivables Trust, Series 2023-4A, Class D                     | CUSIP: 96041AAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $362243.91    | 0.01%             | 2029-07-16      | Fixed         | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                  | Westlake Automobile Receivables Trust, Series 2025-3A, Class C                     | CUSIP: 96043QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2502000 | PA      | $2509084.41   | 0.06%             | 2031-07-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                        | Wingspire Equipment Finance LLC, Series 2024-1A, Class C                           | CUSIP: 97415AAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1242000 | PA      | $1255887.05   | 0.03%             | 2032-09-20      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                        | Wingspire Equipment Finance LLC, Series 2025-1A, Class A2                          | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2570000 | PA      | $2571498.82   | 0.06%             | 2033-09-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                        | Wingspire Equipment Finance LLC, Series 2025-1A, Class C                           | CUSIP: 97415CAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2003630.20   | 0.05%             | 2033-09-20      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| Wolf Energy Asset Issuer LLC                           | Wolf Energy Asset Issuer LLC                                                       | CUSIP: 977701AE1<br>LEI: 254900JUY1UOGKD5MA90 | Long             | ABS-O            | CORP              | US        |   2834377 | PA      | $2834377.22   | 0.07%             | 2050-07-25      | Fixed         | 5.70%                 | No            |                  3 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                           | Zimmer Biomet Holdings, Inc.                                                       | CUSIP: 98956PBC5<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2158376.02   | 0.05%             | 2035-02-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Upstart Frn                                            | Upstart Frn                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.07%             | 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   | 0.04%             | 2027-09-23      | Floating      | 6.85%                 | No            |                  3 | On Loan: No      |
| Mpire                                                  | Mpire                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3008487.00   | 0.07%             | 2030-09-13      | Floating      | 8.29%                 | No            |                  3 | On Loan: No      |
| Soco At Tower Point                                    | Soco At Tower Point                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5046366.47   | 0.12%             | 3032-11-17      | Fixed         | 4.47%                 | No            |                  3 | On Loan: No      |
| Concord Reserve                                        | Concord Reserve                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   3280000 | PA      | $3365203.12   | 0.08%             | 2031-03-29      | Fixed         | 4.89%                 | No            |                  3 | On Loan: No      |
| Willows                                                | Willows                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5103906.25   | 0.12%             | 2031-03-29      | Fixed         | 4.78%                 | No            |                  3 | On Loan: No      |
| Christian                                              | Christian                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   5040000 | PA      | $5050977.55   | 0.12%             | 2032-10-12      | Fixed         | 4.27%                 | No            |                  3 | On Loan: No      |
| CG Port                                                | CG Port                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   4485000 | PA      | $4585714.31   | 0.11%             | 2031-11-14      | Fixed         | 4.78%                 | No            |                  3 | On Loan: No      |
| BX Trust                                               | BX Trust                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   2265000 | PA      | $2265000.00   | 0.05%             | 2030-12-15      | Fixed         | 6.16%                 | No            |                  3 | On Loan: No      |
| Hornbeck Offshore                                      | Hornbeck Offshore                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   2988840 | PA      | $2988840.00   | 0.07%             | 2044-01-01      | Fixed         | 8.90%                 | No            |                  3 | On Loan: No      |
| FNMA                                                   | FNMA Pool                                                                          | CUSIP: N/A<br>LEI: B1V7KEBTPIMZEU4LTD58       | Long             | ABS-MBS          | CORP              | US        |   2402000 | PA      | $2408715.18   | 0.06%             | 2032-08-01      | Fixed         | 6.62%                 | No            |                  3 | On Loan: No      |
| Resurgent                                              | Resurgent                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.07%             | 2030-07-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                    | U.S. Treasury 5 Year Note                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       375 | NC      | $46526.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | U.S. Treasury 2 Year Note                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       520 | NC      | $-8896.69     | -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        |       149 | NC      | $37016.43     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | U.S. Treasury Long Bond                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       421 | NC      | $301882.26    | 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        |       396 | NC      | $287712.91    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | U.S. Treasury Ultra Bond                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       278 | NC      | $242797.00    | 0.01%             |  |  |  | No            |                  1 | 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