# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0001410368-25-009374
**Filing Date:** 2025-9
**Character Count:** 426356
**Document Hash:** f52c0e0bb34f2a48924e7fedc257e456
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-009374.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-009374

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Neuberger Berman ETF Trust
- **CENTRAL INDEX KEY:** 0001506001

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 251337490

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-476-8800

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

## Series and Classes Contracts Data

### Neuberger Berman Flexible Credit Income ETF (Series ID: S000085536)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000250828 | Neuberger Berman Flexible Credit Income ETF | NBFC            |

## Nport-Ex

Schedule of Investments Energy Transition & Infrastructure ETF^ (Unaudited)

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 76.4%** | **Common Stocks 76.4%** | **Common Stocks 76.4%** |
| **Chemicals 1.9%** | **Chemicals 1.9%** | **Chemicals 1.9%** |
| 704 | Air Products & Chemicals, Inc. | &nbsp;&nbsp; $202668 |
| 473 | Linde PLC | &nbsp;&nbsp; 217703 |
|  |  | &nbsp;&nbsp; **420371** |
| **Energy Equipment & Services 3.2%** | **Energy Equipment & Services 3.2%** | **Energy Equipment & Services 3.2%** |
| 12482 | Noble Corp. PLC | &nbsp;&nbsp; 334642 |
| 7560 | Tidewater, Inc. | &nbsp;&nbsp; 378076<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **712718** |
| **Independent Power and Renewable**<br> **Electricity Producers 7.1%** | **Independent Power and Renewable**<br> **Electricity Producers 7.1%** | **Independent Power and Renewable**<br> **Electricity Producers 7.1%** |
| 18160 | Brookfield Renewable Corp. | &nbsp;&nbsp; 665201 |
| 27705 | Clearway Energy, Inc. Class C | &nbsp;&nbsp; 904014 |
|  |  | &nbsp;&nbsp; **1569215** |
| **Multi-Utilities 7.8%** | **Multi-Utilities 7.8%** | **Multi-Utilities 7.8%** |
| 13831 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 536920 |
| 2727 | DTE Energy Co. | &nbsp;&nbsp; 377444 |
| 10012 | Sempra | &nbsp;&nbsp; 817780 |
|  |  | &nbsp;&nbsp; **1732144** |
| **Oil, Gas & Consumable Fuels 56.4%** | **Oil, Gas & Consumable Fuels 56.4%** | **Oil, Gas & Consumable Fuels 56.4%** |
| 48600 | Antero Midstream Corp. | &nbsp;&nbsp; 891810 |
| 25724 | Antero Resources Corp. | &nbsp;&nbsp; 898539<br> <sup>\*</sup><br>|
| 10260 | California Resources Corp. | &nbsp;&nbsp; 494327 |
| 6135 | Cheniere Energy, Inc. | &nbsp;&nbsp; 1447124 |
| 2866 | Chevron Corp. | &nbsp;&nbsp; 434600 |
| 4620 | ConocoPhillips | &nbsp;&nbsp; 440471 |
| 11481 | DT Midstream, Inc. | &nbsp;&nbsp; 1179443 |
| 10981 | EQT Corp. | &nbsp;&nbsp; 590229 |
| 5293 | Exxon Mobil Corp. | &nbsp;&nbsp; 590910 |
| 5530 | Hess Midstream LP Class A | &nbsp;&nbsp; 240721 |
| 15479 | Kinetik Holdings, Inc. | &nbsp;&nbsp; 671479 |
| 12364 | Occidental Petroleum Corp. | &nbsp;&nbsp; 543274 |
| 4264 | ONEOK, Inc. | &nbsp;&nbsp; 350117 |
| 6259 | Pembina Pipeline Corp. | &nbsp;&nbsp; 232772 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Oil, Gas & Consumable Fuels – cont'd** | **Oil, Gas & Consumable Fuels – cont'd** | **Oil, Gas & Consumable Fuels – cont'd** |
| 10312 | Targa Resources Corp. | &nbsp;&nbsp; $1716020 |
| 13360 | Tourmaline Oil Corp. | &nbsp;&nbsp; 568591 |
| 19865 | Williams Cos., Inc. | &nbsp;&nbsp; 1190907 |
|  |  | &nbsp;&nbsp; **12481334** |
| **Total Common Stocks (Cost $16,151,162)** | **Total Common Stocks (Cost $16,151,162)** | &nbsp;&nbsp; **16915782** |
| **Number of Units** | **Number of Units** |  |
| **Master Limited Partnerships and Limited**<br> **Partnerships 23.3%** | **Master Limited Partnerships and Limited**<br> **Partnerships 23.3%** | **Master Limited Partnerships and Limited**<br> **Partnerships 23.3%** |
| **Oil, Gas & Consumable Fuels 23.3%** | **Oil, Gas & Consumable Fuels 23.3%** | **Oil, Gas & Consumable Fuels 23.3%** |
| 89100 | Energy Transfer LP | &nbsp;&nbsp; 1607364 |
| 48119 | Enterprise Products Partners LP | &nbsp;&nbsp; 1491208 |
| 6885 | MPLX LP | &nbsp;&nbsp; 361462 |
| 32510 | Plains GP Holdings LP Class A | &nbsp;&nbsp; 637196<br> <sup>\*</sup><br>|
| 25878 | Western Midstream Partners LP | &nbsp;&nbsp; 1054011 |
| **Total Master Limited Partnerships and** <br> **Limited Partnerships (Cost $5,016,476)** | **Total Master Limited Partnerships and** <br> **Limited Partnerships (Cost $5,016,476)** | &nbsp;&nbsp; **5151241** |
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| 82666 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.25%<sup>(a)</sup> <br> **(Cost $82,666)**<br>| &nbsp;&nbsp; **82666** |
| **Total Investments 100.0%** <br> **(Cost $21,250,304)** | **Total Investments 100.0%** <br> **(Cost $21,250,304)** | &nbsp;&nbsp; **22149689** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (10534)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$22139155** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of July 31, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Energy Transition & Infrastructure ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $16915782 | $— | $— | $16915782 |
| Master Limited Partnerships and Limited <br>Partnerships<sup>#</sup> <br>| 5151241 |  |  | 5151241 |
| Short-Term Investments |  | 82666 |  | 82666 |
| **Total Investments** | **$22067023** | **$82666** | **$—** | **$22149689** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited)

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Mortgage-Backed Securities 5.7%** | **Mortgage-Backed Securities 5.7%** | **Mortgage-Backed Securities 5.7%** |
| **Collateralized Mortgage Obligations 1.2%** | **Collateralized Mortgage Obligations 1.2%** | **Collateralized Mortgage Obligations 1.2%** |
| $130000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA1, Class B1, (30 day <br> USD SOFR Average + 7.00%), 11.35%, due 3/25/2042<br>| &nbsp;&nbsp; $141100<br> <sup>(b)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |  |
| 135000 | &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1B1, (30 day USD SOFR Average + 4.75%), 9.10%, due 6/25/2043 | &nbsp;&nbsp; 145642<br> <sup>(b)(c)</sup><br>|
| 67000 | &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2045 | &nbsp;&nbsp; 67251<br> <sup>(b)(c)</sup><br>|
| 47000 | &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1, (30 day USD SOFR Average + 1.95%), 6.30%, due 2/25/2045 | &nbsp;&nbsp; 47303<br> <sup>(b)(c)</sup><br>|
| 100000 | &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM2, Class M1, 6.52%, due <br> 1/25/2070<br>| &nbsp;&nbsp; 100754<br> <sup>(b)(d)</sup><br>|
| 92792 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.55%, due 3/25/2032 | &nbsp;&nbsp; 92580<br> <sup>(b)</sup><br>|
| 75392 | Verus Securitization Trust, Series 2024-4, Class A2, 6.57%, due 6/25/2069 | &nbsp;&nbsp; 76117<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **670747** |
| **Commercial Mortgage-Backed 4.5%** | **Commercial Mortgage-Backed 4.5%** | **Commercial Mortgage-Backed 4.5%** |
|  | BANK |  |
| 75000 | &nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class C, 6.28%, due 2/15/2056 | &nbsp;&nbsp; 75562<br> <sup>(d)</sup><br>|
| 75000 | &nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class C, 6.61%, due 6/15/2057 | &nbsp;&nbsp; 75877<br> <sup>(d)</sup><br>|
|  | BANK5 |  |
| 90000 | &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; 79155<br> <sup>(b)</sup><br>|
| 75000 | &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class B, 6.94%, due 6/15/2057 | &nbsp;&nbsp; 78671 |
| 100000 | &nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), <br> 6.59%, due 3/15/2042<br>| &nbsp;&nbsp; 99002<br> <sup>(b)(c)</sup><br>|
| 41000 | BMO Mortgage Trust, Series 2025-5C10, Class C, 6.49%, due 5/15/2058 | &nbsp;&nbsp; 41790<br> <sup>(d)</sup><br>|
|  | BX Commercial Mortgage Trust |  |
| 96883 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.86%, due 9/15/2036 | &nbsp;&nbsp; 96641<br> <sup>(b)(c)</sup><br>|
| 72000 | &nbsp;&nbsp;&nbsp; Series 2024-GPA2, Class C, (1 mo. USD Term SOFR + 2.19%), 6.53%, due 11/15/2041 | &nbsp;&nbsp; 72225<br> <sup>(b)(c)</sup><br>|
|  | BX Trust |  |
| 100000 | &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, (1 mo. USD Term SOFR + 2.89%), 7.23%, due 7/15/2029 | &nbsp;&nbsp; 99625<br> <sup>(b)(c)</sup><br>|
| 122522 | &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.33%, due 3/15/2030 | &nbsp;&nbsp; 121603<br> <sup>(b)(c)</sup><br>|
| 101000 | &nbsp;&nbsp;&nbsp; Series 2025-GW, Class D, (1 mo. USD Term SOFR + 2.75%), 7.09%, due 7/15/2042 | &nbsp;&nbsp; 101252<br> <sup>(b)(c)</sup><br>|
| 82000 | &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, (1 mo. USD Term SOFR + 3.25%), 7.55%, due 7/15/2044 | &nbsp;&nbsp; 82307<br> <sup>(b)(c)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 5.88%, due 6/13/2047 | &nbsp;&nbsp; 100680<br> <sup>(b)(d)</sup><br>|
|  | COMM Mortgage Trust |  |
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-167G, Class E, 8.47%, due 8/10/2040 | &nbsp;&nbsp; 99600<br> <sup>(b)(d)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class D, 7.93%, due 12/10/2041 | &nbsp;&nbsp; 102466<br> <sup>(b)(d)</sup><br>|
| 60000 | &nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class D, (1 mo. USD Term SOFR + 3.04%), 7.38%, due <br> 8/15/2041<br>| &nbsp;&nbsp; 59848<br> <sup>(b)(c)</sup><br>|
| 100000 | Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class D, 3.55%, due 9/10/2035 | &nbsp;&nbsp; 95560<br> <sup>(b)(d)</sup><br>|
|  | IP Mortgage Trust |  |
| 37000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class D, 6.31%, due 6/10/2042 | &nbsp;&nbsp; 37147<br> <sup>(b)(d)</sup><br>|
| 19000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class E, 6.85%, due 6/10/2042 | &nbsp;&nbsp; 19036<br> <sup>(b)(d)</sup><br>|
| 100000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45%, due <br> 1/5/2039<br>| &nbsp;&nbsp; 85030<br> <sup>(b)(d)</sup><br>|
| 100000 | &nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), <br> 6.78%, due 2/15/2042<br>| &nbsp;&nbsp; 99423<br> <sup>(b)(c)</sup><br>|
| 73045 | One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, due 2/10/2032 | &nbsp;&nbsp; 69916<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp; ONE Mortgage Trust, Series 2021-PARK, Class D, (1 mo. USD Term SOFR + 1.61%), 5.96%, due <br> 3/15/2036<br>| &nbsp;&nbsp; 94551<br> <sup>(b)(c)</sup><br>|
| 100000 | ORL Trust, Series 2024-GLKS, Class D, (1 mo. USD Term SOFR + 2.79%), 7.13%, due 12/15/2039 | &nbsp;&nbsp; 100063<br> <sup>(b)(c)</sup><br>|
| 100000 | PRM Trust, Series 2025-PRM6, Class E, 6.58%, due 7/5/2033 | &nbsp;&nbsp; 99215<br> <sup>(b)(d)</sup><br>|
| 124000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/2041 | &nbsp;&nbsp; 128613<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $| 80000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.28%, due 4/15/2042 | &nbsp;&nbsp; $79868<br> <sup>(b)(c)</sup><br>|
|  | 42000 | &nbsp;&nbsp; SFO Commercial Mortgage Trust, Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), <br> 6.86%, due 5/15/2038<br>| &nbsp;&nbsp; 41687<br> <sup>(b)(c)</sup><br>|
|  | 100000 | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class D, 6.71%, due 7/15/2035 | &nbsp;&nbsp; 100509<br> <sup>(b)(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2436922** |
| **Total Mortgage-Backed Securities (Cost $3,099,448)** | **Total Mortgage-Backed Securities (Cost $3,099,448)** | **Total Mortgage-Backed Securities (Cost $3,099,448)** | &nbsp;&nbsp; **3107669** |
| **Asset-Backed Securities 13.0%** | **Asset-Backed Securities 13.0%** | **Asset-Backed Securities 13.0%** | **Asset-Backed Securities 13.0%** |
| **Home Equity 0.2%** | **Home Equity 0.2%** | **Home Equity 0.2%** | **Home Equity 0.2%** |
|  | 100000 | &nbsp;&nbsp; OBX Trust, Series 2025-HE1, Class M1, (30 day USD SOFR Average + 1.90%), 6.25%, due <br> 2/25/2055<br>| &nbsp;&nbsp; **100355**<br> <sup>(b)(c)</sup><br>|
| **Other 12.8%** | **Other 12.8%** | **Other 12.8%** | **Other 12.8%** |
|  | 500000 | &nbsp;&nbsp; AB BSL CLO 5 Ltd., Series 2024-5A, Class D1, (3 mo. USD Term SOFR + 3.10%), 7.43%, due <br> 1/20/2038<br>| &nbsp;&nbsp; 503239<br> <sup>(b)(c)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; AGL CLO 33 Ltd., Series 2024-33A, Class E, (3 mo. USD Term SOFR + 5.50%), 9.83%, due <br> 7/21/2037<br>| &nbsp;&nbsp; 1265480<br> <sup>(b)(c)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; Ballyrock CLO 27 Ltd., Series 2024-27A, Class C1, (3 mo. USD Term SOFR + 2.90%), 7.22%, due <br> 10/25/2037<br>| &nbsp;&nbsp; 1258622<br> <sup>(b)(c)</sup><br>|
|  | 81013 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 82490<br> <sup>(b)</sup><br>|
|  | 100000 | &nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class B, <br> 6.51%, due 5/20/2055<br>| &nbsp;&nbsp; 101999<br> <sup>(b)</sup><br>|
|  | 81721 | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class B, 6.78%, due 1/20/2031 | &nbsp;&nbsp; 82855<br> <sup>(b)</sup><br>|
|  | 100000 | GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class D, 6.22%, due 3/25/2060 | &nbsp;&nbsp; 101801<br> <sup>(b)</sup><br>|
|  | 100000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035 | &nbsp;&nbsp; 101190<br> <sup>(b)</sup><br>|
|  | 66000 | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class C, 7.83%, due 8/20/2055 | &nbsp;&nbsp; 65989<br> <sup>(b)(e)</sup><br>|
|  | 84059 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.40%, due 11/25/2031 | &nbsp;&nbsp; 84934<br> <sup>(b)</sup><br>|
|  | 500000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2021-23A, Class D1R, (3 mo. USD Term SOFR + 2.75%), 7.07%, due <br> 1/17/2037<br>| &nbsp;&nbsp; 502043<br> <sup>(b)(c)</sup><br>|
|  |  | Sierra Timeshare Receivables Funding LLC |  |
|  | 38181 | &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.12%, due 9/20/2040 | &nbsp;&nbsp; 39175<br> <sup>(b)</sup><br>|
|  | 54435 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.83%, due 6/20/2041 | &nbsp;&nbsp; 54690<br> <sup>(b)</sup><br>|
|  | 99250 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054 | &nbsp;&nbsp; 100493<br> <sup>(b)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; Symphony CLO 45 Ltd., Series 2024-45A, Class E, (3 mo. USD Term SOFR + 5.75%), 10.07%, due <br> 10/15/2037<br>| &nbsp;&nbsp; 1256145<br> <sup>(b)(c)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; Wellington Management CLO 3 Ltd., Series 2024-3A, Class D1, (3 mo. USD Term SOFR + 3.00%), <br> 7.33%, due 7/18/2037<br>| &nbsp;&nbsp; 1254747<br> <sup>(b)(c)</sup><br>|
|  | 63000 | Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, due 6/25/2055 | &nbsp;&nbsp; 58754<br> <sup>(b)</sup><br>|
|  |  | Ziply Fiber Issuer LLC |  |
|  | 50000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 6.64%, due 4/20/2054 | &nbsp;&nbsp; 51127<br> <sup>(b)</sup><br>|
|  | 75000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 7.81%, due 4/20/2054 | &nbsp;&nbsp; 77409<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **7043182** |
| **Total Asset-Backed Securities (Cost $7,093,401)** | **Total Asset-Backed Securities (Cost $7,093,401)** | **Total Asset-Backed Securities (Cost $7,093,401)** | &nbsp;&nbsp; **7143537** |
| **Corporate Bonds 59.0%** | **Corporate Bonds 59.0%** | **Corporate Bonds 59.0%** | **Corporate Bonds 59.0%** |
| **Advertising 0.4%** | **Advertising 0.4%** | **Advertising 0.4%** | **Advertising 0.4%** |
|  |  | Clear Channel Outdoor Holdings, Inc. |  |
|  | 105000 | &nbsp;&nbsp;&nbsp; 7.13%, due 2/15/2031 | &nbsp;&nbsp; 104855<br> <sup>(b)(e)</sup><br>|
|  | 100000 | &nbsp;&nbsp;&nbsp; 7.50%, due 3/15/2033 | &nbsp;&nbsp; 99823<br> <sup>(b)(e)</sup><br>|
|  |  |  | &nbsp;&nbsp; **204678** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** |
|  | Boeing Co. |  |
| $300000 | &nbsp;&nbsp;&nbsp; 3.63%, due 2/1/2031 | &nbsp;&nbsp; $283011 |
| 35000 | &nbsp;&nbsp;&nbsp; 5.81%, due 5/1/2050 | &nbsp;&nbsp; 33778 |
| 170000 | Bombardier, Inc., 7.25%, due 7/1/2031 | &nbsp;&nbsp; 177515<br> <sup>(b)</sup><br>|
| 230000 | Goat Holdco LLC, 6.75%, due 2/1/2032 | &nbsp;&nbsp; 231856<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **726160** |
| **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** |
| 240000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 4/20/2029 | &nbsp;&nbsp; 239916<br> <sup>(b)</sup><br>|
| 37000 | Gol Finance, Inc., 14.38%, due 6/6/2030 | &nbsp;&nbsp; 35982<br> <sup>(b)</sup><br>|
| 25000 | Latam Airlines Group SA, 7.88%, due 4/15/2030 | &nbsp;&nbsp; 25863<br> <sup>(b)</sup><br>|
| 100000 | Transportes Aereos Portugueses SA, 5.13%, due 11/15/2029 | &nbsp;&nbsp; 117963<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **419724** |
| **Auto Manufacturers 0.5%** | **Auto Manufacturers 0.5%** | **Auto Manufacturers 0.5%** |
| $240000 | General Motors Financial Co., Inc., 5.80%, due 6/23/2028 | &nbsp;&nbsp; **246789** |
| **Auto Parts & Equipment 0.9%** | **Auto Parts & Equipment 0.9%** | **Auto Parts & Equipment 0.9%** |
| 170000 | IHO Verwaltungs GmbH, 6.38% Cash/7.13% PIK, due 5/15/2029 | &nbsp;&nbsp; 170203<br> <sup>(b)(g)</sup><br>|
| 100000 | Schaeffler AG, 4.50%, due 3/28/2030 | &nbsp;&nbsp; 115852<br> <sup>(f)</sup><br>|
| 100000 | ZF Europe Finance BV, 6.13%, due 3/13/2029 | &nbsp;&nbsp; 114256<br> <sup>(f)</sup><br>|
| $105000 | ZF North America Capital, Inc., 6.88%, due 4/23/2032 | &nbsp;&nbsp; 97978<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **498289** |
| **Banks 4.5%** | **Banks 4.5%** | **Banks 4.5%** |
| 200000 | ABN AMRO Bank NV, 6.38%, due 9/22/2034 | &nbsp;&nbsp; 239288<br> <sup>(f)(h)(i)</sup><br>|
| $200000 | Banco Santander SA, 6.35%, due 3/14/2034 | &nbsp;&nbsp; 210024 |
| 75000 | Bank of America Corp., 6.63%, due 5/1/2030 | &nbsp;&nbsp; 76804<br> <sup>(h)(i)</sup><br>|
| 245000 | Citizens Financial Group, Inc., 5.84%, due 1/23/2030 | &nbsp;&nbsp; 252988<br> <sup>(h)</sup><br>|
| 150000 | Deutsche Bank AG, 4.95%, due 8/4/2031 | &nbsp;&nbsp; 150248<br> <sup>(e)(h)</sup><br>|
| 200000 | ING Groep NV, 4.25%, due 5/16/2031 | &nbsp;&nbsp; 172722<br> <sup>(h)(i)</sup><br>|
| 245000 | Lloyds Banking Group PLC, 5.68%, due 1/5/2035 | &nbsp;&nbsp; 251527<br> <sup>(h)</sup><br>|
| 240000 | M&T Bank Corp., 3.50%, due 9/1/2026 | &nbsp;&nbsp; 230655<br> <sup>(h)(i)</sup><br>|
| 310000 | Morgan Stanley, 2.48%, due 9/16/2036 | &nbsp;&nbsp; 264241<br> <sup>(h)</sup><br>|
| 245000 | NatWest Group PLC, 5.81%, due 9/13/2029 | &nbsp;&nbsp; 254011<br> <sup>(h)</sup><br>|
| 85000 | PNC Financial Services Group, Inc., 3.40%, due 9/15/2026 | &nbsp;&nbsp; 81903<br> <sup>(h)(i)</sup><br>|
| 265000 | Santander U.K. Group Holdings PLC, 3.82%, due 11/3/2028 | &nbsp;&nbsp; 259464<br> <sup>(h)</sup><br>|
|  |  | &nbsp;&nbsp; **2443875** |
| **Building Materials 1.3%** | **Building Materials 1.3%** | **Building Materials 1.3%** |
| 205000 | Builders FirstSource, Inc., 6.75%, due 5/15/2035 | &nbsp;&nbsp; 210186<br> <sup>(b)</sup><br>|
| 145000 | Jeld-Wen, Inc., 7.00%, due 9/1/2032 | &nbsp;&nbsp; 108788<br> <sup>(b)</sup><br>|
| 70000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 2/1/2030 | &nbsp;&nbsp; 66629<br> <sup>(b)</sup><br>|
|  | Quikrete Holdings, Inc. |  |
| 140000 | &nbsp;&nbsp;&nbsp; 6.38%, due 3/1/2032 | &nbsp;&nbsp; 143583<br> <sup>(b)</sup><br>|
| 70000 | &nbsp;&nbsp;&nbsp; 6.75%, due 3/1/2033 | &nbsp;&nbsp; 71794<br> <sup>(b)</sup><br>|
| 20000 | Standard Building Solutions, Inc., 6.25%, due 8/1/2033 | &nbsp;&nbsp; 20191<br> <sup>(b)</sup><br>|
| 100000 | Standard Industries, Inc., 3.38%, due 1/15/2031 | &nbsp;&nbsp; 89333<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **710504** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| 105000 | Avient Corp., 6.25%, due 11/1/2031 | &nbsp;&nbsp; 105373<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Chemicals – cont'd** | **Chemicals – cont'd** | **Chemicals – cont'd** |
| $195000 | Inversion Escrow Issuer LLC, 6.75%, due 8/1/2032 | &nbsp;&nbsp; $192692<br> <sup>(b)(e)</sup><br>|
|  | Olympus Water U.S. Holding Corp. |  |
| 105000 | &nbsp;&nbsp;&nbsp; 9.75%, due 11/15/2028 | &nbsp;&nbsp; 110074<br> <sup>(b)</sup><br>|
| 5000 | &nbsp;&nbsp;&nbsp; 7.25%, due 6/15/2031 | &nbsp;&nbsp; 5106<br> <sup>(b)</sup><br>|
| 150000 | WR Grace Holdings LLC, 7.38%, due 3/1/2031 | &nbsp;&nbsp; 154395<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **567640** |
| **Commercial Services 4.0%** | **Commercial Services 4.0%** | **Commercial Services 4.0%** |
| 275000 | Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, due 5/21/2030 | &nbsp;&nbsp; 283054<br> <sup>(b)</sup><br>|
| 135000 | Allied Universal Holdco LLC, 7.88%, due 2/15/2031 | &nbsp;&nbsp; 141566<br> <sup>(b)</sup><br>|
| 120000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, due 6/1/2029 | &nbsp;&nbsp; 116792<br> <sup>(b)</sup><br>|
| 125000 | Block, Inc., 6.50%, due 5/15/2032 | &nbsp;&nbsp; 128273 |
| 190000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 175924<br> <sup>(b)</sup><br>|
|  | Garda World Security Corp. |  |
| 80000 | &nbsp;&nbsp;&nbsp; 6.00%, due 6/1/2029 | &nbsp;&nbsp; 78469<br> <sup>(b)</sup><br>|
| 110000 | &nbsp;&nbsp;&nbsp; 8.25%, due 8/1/2032 | &nbsp;&nbsp; 113416<br> <sup>(b)</sup><br>|
|  | Herc Holdings, Inc. |  |
| 132000 | &nbsp;&nbsp;&nbsp; 7.00%, due 6/15/2030 | &nbsp;&nbsp; 136427<br> <sup>(b)</sup><br>|
| 87000 | &nbsp;&nbsp;&nbsp; 7.25%, due 6/15/2033 | &nbsp;&nbsp; 90090<br> <sup>(b)</sup><br>|
| 120000 | Raven Acquisition Holdings LLC, 6.88%, due 11/15/2031 | &nbsp;&nbsp; 121203<br> <sup>(b)</sup><br>|
| 55000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 8/15/2032 | &nbsp;&nbsp; 56815<br> <sup>(b)</sup><br>|
| 100000 | Verisure Midholding AB, 5.25%, due 2/15/2029 | &nbsp;&nbsp; 114944<br> <sup>(f)</sup><br>|
| $200000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 216775<br> <sup>(b)</sup><br>|
| 20000 | VM Consolidated, Inc., 5.50%, due 4/15/2029 | &nbsp;&nbsp; 19633<br> <sup>(b)</sup><br>|
| 290000 | Wand NewCo 3, Inc., 7.63%, due 1/30/2032 | &nbsp;&nbsp; 304492<br> <sup>(b)</sup><br>|
| 110000 | Williams Scotsman, Inc., 7.38%, due 10/1/2031 | &nbsp;&nbsp; 114831<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **2212704** |
| **Computers 1.2%** | **Computers 1.2%** | **Computers 1.2%** |
| 275000 | Ahead DB Holdings LLC, 6.63%, due 5/1/2028 | &nbsp;&nbsp; 276178<br> <sup>(b)</sup><br>|
| 65000 | Amentum Holdings, Inc., 7.25%, due 8/1/2032 | &nbsp;&nbsp; 67241<br> <sup>(b)</sup><br>|
| 100000 | Atos SE, 9.00%, due 12/18/2029 | &nbsp;&nbsp; 126580<br> <sup>(f)(j)</sup><br>|
| $175000 | Fortress Intermediate 3, Inc., 7.50%, due 6/1/2031 | &nbsp;&nbsp; 183659<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **653658** |
| **Cosmetics - Personal Care 0.1%** | **Cosmetics - Personal Care 0.1%** | **Cosmetics - Personal Care 0.1%** |
| 60000 | Opal Bidco SAS, 6.50%, due 3/31/2032 | &nbsp;&nbsp; **60602**<br> <sup>(b)</sup><br>|
| **Distribution - Wholesale 0.4%** | **Distribution - Wholesale 0.4%** | **Distribution - Wholesale 0.4%** |
| 195000 | Resideo Funding, Inc., 6.50%, due 7/15/2032 | &nbsp;&nbsp; **197816**<br> <sup>(b)</sup><br>|
| **Diversified Financial Services 3.9%** | **Diversified Financial Services 3.9%** | **Diversified Financial Services 3.9%** |
| 275000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/2028 | &nbsp;&nbsp; 261713 |
| 280000 | Ally Financial, Inc., 4.70%, due 5/15/2026 | &nbsp;&nbsp; 271804<br> <sup>(h)(i)</sup><br>|
|  | Capital One Financial Corp. |  |
| 180000 | &nbsp;&nbsp;&nbsp; 7.62%, due 10/30/2031 | &nbsp;&nbsp; 202686<br> <sup>(h)</sup><br>|
| 140000 | &nbsp;&nbsp;&nbsp; 6.18%, due 1/30/2036 | &nbsp;&nbsp; 143725<br> <sup>(h)</sup><br>|
| 530000 | Charles Schwab Corp., 4.00%, due 6/1/2026 | &nbsp;&nbsp; 522451<br> <sup>(h)(i)</sup><br>|
|  | Jane Street Group/JSG Finance, Inc. |  |
| 5000 | &nbsp;&nbsp;&nbsp; 7.13%, due 4/30/2031 | &nbsp;&nbsp; 5164<br> <sup>(b)</sup><br>|
| 70000 | &nbsp;&nbsp;&nbsp; 6.75%, due 5/1/2033 | &nbsp;&nbsp; 71637<br> <sup>(b)</sup><br>|
|  | OneMain Finance Corp. |  |
| 110000 | &nbsp;&nbsp;&nbsp; 6.63%, due 5/15/2029 | &nbsp;&nbsp; 112342 |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** |
| $105000 | &nbsp;&nbsp;&nbsp; 7.13%, due 9/15/2032 | &nbsp;&nbsp; $108218 |
|  | PennyMac Financial Services, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp; 6.88%, due 5/15/2032 | &nbsp;&nbsp; 101884<br> <sup>(b)</sup><br>|
| 120000 | &nbsp;&nbsp;&nbsp; 6.88%, due 2/15/2033 | &nbsp;&nbsp; 122305<br> <sup>(b)</sup><br>|
| 70000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; 73254<br> <sup>(b)</sup><br>|
|  | Rocket Cos., Inc. |  |
| 55000 | &nbsp;&nbsp;&nbsp; 6.13%, due 8/1/2030 | &nbsp;&nbsp; 55767<br> <sup>(b)</sup><br>|
| 70000 | &nbsp;&nbsp;&nbsp; 6.38%, due 8/1/2033 | &nbsp;&nbsp; 71399<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **2124349** |
| **Electric 4.0%** | **Electric 4.0%** | **Electric 4.0%** |
| 70000 | AES Corp., 6.95%, due 7/15/2055 | &nbsp;&nbsp; 67446<br> <sup>(h)</sup><br>|
| 295000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 301880<br> <sup>(b)</sup><br>|
| 100000 | CMS Energy Corp., 6.50%, due 6/1/2055 | &nbsp;&nbsp; 100831<br> <sup>(h)</sup><br>|
| 105000 | Dominion Energy, Inc., 6.63%, due 5/15/2055 | &nbsp;&nbsp; 107591<br> <sup>(h)</sup><br>|
| 100000 | Electricite de France SA, 5.00%, due 1/22/2026 | &nbsp;&nbsp; 114925<br> <sup>(f)(h)(i)</sup><br>|
| $250000 | Lightning Power LLC, 7.25%, due 8/15/2032 | &nbsp;&nbsp; 261367<br> <sup>(b)</sup><br>|
|  | NextEra Energy Capital Holdings, Inc. |  |
| 45000 | &nbsp;&nbsp;&nbsp; 6.38%, due 8/15/2055 | &nbsp;&nbsp; 46169<br> <sup>(h)</sup><br>|
| 80000 | &nbsp;&nbsp;&nbsp; 6.50%, due 8/15/2055 | &nbsp;&nbsp; 82565<br> <sup>(h)</sup><br>|
|  | NRG Energy, Inc. |  |
| 190000 | &nbsp;&nbsp;&nbsp; 10.25%, due 3/15/2028 | &nbsp;&nbsp; 209136<br> <sup>(b)(h)(i)</sup><br>|
| 60000 | &nbsp;&nbsp;&nbsp; 6.00%, due 2/1/2033 | &nbsp;&nbsp; 60163<br> <sup>(b)</sup><br>|
| 225000 | Pacific Gas & Electric Co., 6.95%, due 3/15/2034 | &nbsp;&nbsp; 244771 |
| 200000 | Saavi Energia SARL, 8.88%, due 2/10/2035 | &nbsp;&nbsp; 208160<br> <sup>(b)</sup><br>|
| 85000 | Sempra, 6.55%, due 4/1/2055 | &nbsp;&nbsp; 82016<br> <sup>(h)</sup><br>|
| 135000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 136318<br> <sup>(b)(h)(i)</sup><br>|
| 200000 | Zorlu Enerji Elektrik Uretim AS, 11.00%, due 4/23/2030 | &nbsp;&nbsp; 193497<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **2216835** |
| **Engineering & Construction 0.0%**<sup>‡</sup> | **Engineering & Construction 0.0%**<sup>‡</sup> | **Engineering & Construction 0.0%**<sup>‡</sup> |
| 20000 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; **16563**<br> <sup>(b)</sup><br>|
| **Entertainment 2.1%** | **Entertainment 2.1%** | **Entertainment 2.1%** |
| 165000 | Churchill Downs, Inc., 6.75%, due 5/1/2031 | &nbsp;&nbsp; 168469<br> <sup>(b)</sup><br>|
| 220000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 5/1/2029 | &nbsp;&nbsp; 211956<br> <sup>(b)</sup><br>|
| 60000 | Penn Entertainment, Inc., 4.13%, due 7/1/2029 | &nbsp;&nbsp; 55611<br> <sup>(b)</sup><br>|
| 115000 | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 3/1/2030 | &nbsp;&nbsp; 110786<br> <sup>(b)</sup><br>|
| 205000 | SeaWorld Parks & Entertainment, Inc., 5.25%, due 8/15/2029 | &nbsp;&nbsp; 199537<br> <sup>(b)</sup><br>|
| 95000 | Six Flags Entertainment Corp., 7.25%, due 5/15/2031 | &nbsp;&nbsp; 96822<br> <sup>(b)</sup><br>|
| 5000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, due <br> 5/1/2032<br>| &nbsp;&nbsp; 5092<br> <sup>(b)</sup><br>|
|  | Warnermedia Holdings, Inc. |  |
| 175000 | &nbsp;&nbsp;&nbsp; 4.28%, due 3/15/2032 | &nbsp;&nbsp; 146954 |
| 230000 | &nbsp;&nbsp;&nbsp; 5.05%, due 3/15/2042 | &nbsp;&nbsp; 153743 |
|  |  | &nbsp;&nbsp; **1148970** |
| **Environmental Control 0.4%** | **Environmental Control 0.4%** | **Environmental Control 0.4%** |
| 220000 | Madison IAQ LLC, 5.88%, due 6/30/2029 | &nbsp;&nbsp; **214185**<br> <sup>(b)</sup><br>|
| **Food 0.1%** | **Food 0.1%** | **Food 0.1%** |
|  | Post Holdings, Inc. |  |
| 45000 | &nbsp;&nbsp;&nbsp; 6.38%, due 3/1/2033 | &nbsp;&nbsp; 44966<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Food – cont'd** | **Food – cont'd** | **Food – cont'd** | **Food – cont'd** |
| $| 35000 | &nbsp;&nbsp;&nbsp; 6.25%, due 10/15/2034 | &nbsp;&nbsp; $35044<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **80010** |
| **Healthcare - Products 0.6%** | **Healthcare - Products 0.6%** | **Healthcare - Products 0.6%** | **Healthcare - Products 0.6%** |
|  | 310000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; **323206**<br> <sup>(b)</sup><br>|
| **Healthcare - Services 1.4%** | **Healthcare - Services 1.4%** | **Healthcare - Services 1.4%** | **Healthcare - Services 1.4%** |
|  | 15000 | Acadia Healthcare Co., Inc., 5.00%, due 4/15/2029 | &nbsp;&nbsp; 14494<br> <sup>(b)</sup><br>|
|  |  | LifePoint Health, Inc. |  |
|  | 50000 | &nbsp;&nbsp;&nbsp; 9.88%, due 8/15/2030 | &nbsp;&nbsp; 53889<br> <sup>(b)</sup><br>|
|  | 85000 | &nbsp;&nbsp;&nbsp; 10.00%, due 6/1/2032 | &nbsp;&nbsp; 88242<br> <sup>(b)</sup><br>|
|  | 165000 | Molina Healthcare, Inc., 6.25%, due 1/15/2033 | &nbsp;&nbsp; 162790<br> <sup>(b)</sup><br>|
|  | 85000 | Star Parent, Inc., 9.00%, due 10/1/2030 | &nbsp;&nbsp; 89386<br> <sup>(b)</sup><br>|
|  | 130000 | Surgery Center Holdings, Inc., 7.25%, due 4/15/2032 | &nbsp;&nbsp; 133667<br> <sup>(b)</sup><br>|
|  |  | Team Health Holdings, Inc. |  |
|  | 160000 | &nbsp;&nbsp;&nbsp; 8.38%, due 6/30/2028 | &nbsp;&nbsp; 160818<br> <sup>(b)(e)</sup><br>|
|  | 40900 | &nbsp;&nbsp;&nbsp; 9.00% Cash/4.50% PIK, due 6/30/2028 | &nbsp;&nbsp; 44121<br> <sup>(b)(g)</sup><br>|
|  |  |  | &nbsp;&nbsp; **747407** |
| **Home Builders 0.7%** | **Home Builders 0.7%** | **Home Builders 0.7%** | **Home Builders 0.7%** |
|  | 140000 | Beazer Homes USA, Inc., 7.50%, due 3/15/2031 | &nbsp;&nbsp; 141590<br> <sup>(b)</sup><br>|
|  | 275000 | LGI Homes, Inc., 7.00%, due 11/15/2032 | &nbsp;&nbsp; 264687<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **406277** |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
|  |  | Acrisure LLC/Acrisure Finance, Inc. |  |
|  | 120000 | &nbsp;&nbsp;&nbsp; 8.25%, due 2/1/2029 | &nbsp;&nbsp; 124182<br> <sup>(b)</sup><br>|
|  | 90000 | &nbsp;&nbsp;&nbsp; 6.75%, due 7/1/2032 | &nbsp;&nbsp; 91125<br> <sup>(b)</sup><br>|
|  |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |
|  | 85000 | &nbsp;&nbsp;&nbsp; 6.75%, due 10/15/2027 | &nbsp;&nbsp; 85075<br> <sup>(b)</sup><br>|
|  | 285000 | &nbsp;&nbsp;&nbsp; 6.75%, due 4/15/2028 | &nbsp;&nbsp; 288855<br> <sup>(b)</sup><br>|
|  | 5000 | &nbsp;&nbsp;&nbsp; 7.00%, due 1/15/2031 | &nbsp;&nbsp; 5141<br> <sup>(b)</sup><br>|
|  | 30000 | &nbsp;&nbsp;&nbsp; 6.50%, due 10/1/2031 | &nbsp;&nbsp; 30436<br> <sup>(b)</sup><br>|
|  | 30000 | &nbsp;&nbsp;&nbsp; 7.38%, due 10/1/2032 | &nbsp;&nbsp; 30839<br> <sup>(b)</sup><br>|
|  | 135000 | BroadStreet Partners, Inc., 5.88%, due 4/15/2029 | &nbsp;&nbsp; 134091<br> <sup>(b)</sup><br>|
|  | 320000 | HUB International Ltd., 7.25%, due 6/15/2030 | &nbsp;&nbsp; 333580<br> <sup>(b)</sup><br>|
|  | 175000 | Panther Escrow Issuer LLC, 7.13%, due 6/1/2031 | &nbsp;&nbsp; 180967<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1304291** |
| **Internet 0.2%** | **Internet 0.2%** | **Internet 0.2%** | **Internet 0.2%** |
|  | 110000 | Gen Digital, Inc., 6.25%, due 4/1/2033 | &nbsp;&nbsp; **112143**<br> <sup>(b)</sup><br>|
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
|  | 255000 | Ares Capital Corp., 5.95%, due 7/15/2029 | &nbsp;&nbsp; **261203** |
| **Iron - Steel 0.1%** | **Iron - Steel 0.1%** | **Iron - Steel 0.1%** | **Iron - Steel 0.1%** |
|  | 43730 | Samarco Mineracao SA, 4.00% Cash/5.00% PIK, due 6/30/2031 | &nbsp;&nbsp; **43308**<br> <sup>(f)(g)</sup><br>|
| **Leisure Time 1.1%** | **Leisure Time 1.1%** | **Leisure Time 1.1%** | **Leisure Time 1.1%** |
|  | 120000 | Carnival Corp., 6.13%, due 2/15/2033 | &nbsp;&nbsp; 122129<br> <sup>(b)</sup><br>|
|  | 105000 | Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028 | &nbsp;&nbsp; 109430<br> <sup>(b)</sup><br>|
|  | 100000 | NCL Corp. Ltd., 7.75%, due 2/15/2029 | &nbsp;&nbsp; 106084<br> <sup>(b)</sup><br>|
|  |  | Viking Cruises Ltd. |  |
|  | 5000 | &nbsp;&nbsp;&nbsp; 7.00%, due 2/15/2029 | &nbsp;&nbsp; 5038<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Leisure Time – cont'd** | **Leisure Time – cont'd** | **Leisure Time – cont'd** | **Leisure Time – cont'd** |
| $| 225000 | &nbsp;&nbsp;&nbsp; 9.13%, due 7/15/2031 | &nbsp;&nbsp; $242081<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **584762** |
| **Lodging 0.4%** | **Lodging 0.4%** | **Lodging 0.4%** | **Lodging 0.4%** |
|  | 200000 | Fortune Star BVI Ltd., 5.05%, due 1/27/2027 | &nbsp;&nbsp; **194989**<br> <sup>(f)</sup><br>|
| **Machinery - Construction & Mining 0.4%** | **Machinery - Construction & Mining 0.4%** | **Machinery - Construction & Mining 0.4%** | **Machinery - Construction & Mining 0.4%** |
|  |  | Terex Corp. |  |
|  | 195000 | &nbsp;&nbsp;&nbsp; 5.00%, due 5/15/2029 | &nbsp;&nbsp; 190334<br> <sup>(b)</sup><br>|
|  | 5000 | &nbsp;&nbsp;&nbsp; 6.25%, due 10/15/2032 | &nbsp;&nbsp; 5008<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **195342** |
| **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** | **Machinery - Diversified 0.2%** |
|  | 125000 | SPX FLOW, Inc., 8.75%, due 4/1/2030 | &nbsp;&nbsp; **129101**<br> <sup>(b)</sup><br>|
| **Media 1.2%** | **Media 1.2%** | **Media 1.2%** | **Media 1.2%** |
|  |  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
|  | 160000 | &nbsp;&nbsp;&nbsp; 5.00%, due 2/1/2028 | &nbsp;&nbsp; 157005<br> <sup>(b)</sup><br>|
|  | 30000 | &nbsp;&nbsp;&nbsp; 6.38%, due 9/1/2029 | &nbsp;&nbsp; 30276<br> <sup>(b)</sup><br>|
|  | 55000 | &nbsp;&nbsp;&nbsp; 4.75%, due 3/1/2030 | &nbsp;&nbsp; 52261<br> <sup>(b)</sup><br>|
|  | 80000 | &nbsp;&nbsp;&nbsp; 4.50%, due 5/1/2032 | &nbsp;&nbsp; 72589 |
|  | 20000 | &nbsp;&nbsp;&nbsp; 4.25%, due 1/15/2034 | &nbsp;&nbsp; 17233<br> <sup>(b)</sup><br>|
|  | 175000 | CSC Holdings LLC, 11.75%, due 1/31/2029 | &nbsp;&nbsp; 163693<br> <sup>(b)</sup><br>|
|  | 105000 | McGraw-Hill Education, Inc., 7.38%, due 9/1/2031 | &nbsp;&nbsp; 109141<br> <sup>(b)</sup><br>|
|  | 75000 | Midcontinent Communications, 8.00%, due 8/15/2032 | &nbsp;&nbsp; 79136<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **681334** |
| **Mining 2.6%** | **Mining 2.6%** | **Mining 2.6%** | **Mining 2.6%** |
|  | 105000 | Capstone Copper Corp., 6.75%, due 3/31/2033 | &nbsp;&nbsp; 107011<br> <sup>(b)</sup><br>|
|  | 205000 | Century Aluminum Co., 6.88%, due 8/1/2032 | &nbsp;&nbsp; 207125<br> <sup>(b)</sup><br>|
|  | 200000 | Cia de Minas Buenaventura SAA, 6.80%, due 2/4/2032 | &nbsp;&nbsp; 204270<br> <sup>(b)</sup><br>|
|  |  | Fortescue Treasury Pty. Ltd. |  |
|  | 95000 | &nbsp;&nbsp;&nbsp; 4.38%, due 4/1/2031 | &nbsp;&nbsp; 89006<br> <sup>(b)</sup><br>|
|  | 55000 | &nbsp;&nbsp;&nbsp; 6.13%, due 4/15/2032 | &nbsp;&nbsp; 56083<br> <sup>(b)</sup><br>|
|  |  | Kaiser Aluminum Corp. |  |
|  | 175000 | &nbsp;&nbsp;&nbsp; 4.63%, due 3/1/2028 | &nbsp;&nbsp; 171062<br> <sup>(b)</sup><br>|
|  | 5000 | &nbsp;&nbsp;&nbsp; 4.50%, due 6/1/2031 | &nbsp;&nbsp; 4663<br> <sup>(b)</sup><br>|
|  | 200000 | Navoi Mining & Metallurgical Combinat, 6.95%, due 10/17/2031 | &nbsp;&nbsp; 206361<br> <sup>(f)</sup><br>|
|  | 160000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; 164871<br> <sup>(b)</sup><br>|
|  | 200000 | Vedanta Resources Finance II PLC, 10.88%, due 9/17/2029 | &nbsp;&nbsp; 204372<br> <sup>(f)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1414824** |
| **Miscellaneous Manufacturer 0.8%** | **Miscellaneous Manufacturer 0.8%** | **Miscellaneous Manufacturer 0.8%** | **Miscellaneous Manufacturer 0.8%** |
|  | 95000 | Amsted Industries, Inc., 6.38%, due 3/15/2033 | &nbsp;&nbsp; 96516<br> <sup>(b)</sup><br>|
|  | 80000 | Calderys Financing II LLC, 11.75% Cash/12.50% PIK, due 6/1/2028 | &nbsp;&nbsp; 82434<br> <sup>(b)(g)</sup><br>|
|  | 50000 | Calderys Financing LLC, 11.25%, due 6/1/2028 | &nbsp;&nbsp; 52826<br> <sup>(b)</sup><br>|
|  | 220000 | Hillenbrand, Inc., 3.75%, due 3/1/2031 | &nbsp;&nbsp; 197308 |
|  |  |  | &nbsp;&nbsp; **429084** |
| **Oil & Gas 4.3%** | **Oil & Gas 4.3%** | **Oil & Gas 4.3%** | **Oil & Gas 4.3%** |
|  | 330000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 6/30/2029 | &nbsp;&nbsp; 328820<br> <sup>(b)</sup><br>|
|  | 200000 | Azule Energy Finance PLC, 8.13%, due 1/23/2030 | &nbsp;&nbsp; 201486<br> <sup>(b)</sup><br>|
|  | 178049 | Borr IHC Ltd./Borr Finance LLC, 10.00%, due 11/15/2028 | &nbsp;&nbsp; 170240<br> <sup>(f)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Oil & Gas – cont'd** | **Oil & Gas – cont'd** | **Oil & Gas – cont'd** |
| $220000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; $217514<br> <sup>(b)</sup><br>|
| 200000 | Constellation Oil Services Holding SA, 9.38%, due 11/7/2029 | &nbsp;&nbsp; 204874<br> <sup>(b)</sup><br>|
|  | Hilcorp Energy I LP/Hilcorp Finance Co. |  |
| 135000 | &nbsp;&nbsp;&nbsp; 6.25%, due 4/15/2032 | &nbsp;&nbsp; 129597<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; 8.38%, due 11/1/2033 | &nbsp;&nbsp; 104352<br> <sup>(b)</sup><br>|
| 50000 | &nbsp;&nbsp;&nbsp; 6.88%, due 5/15/2034 | &nbsp;&nbsp; 48145<br> <sup>(b)</sup><br>|
| 80000 | Noble Finance II LLC, 8.00%, due 4/15/2030 | &nbsp;&nbsp; 81597<br> <sup>(b)</sup><br>|
| 200000 | Petroleos Mexicanos, 7.69%, due 1/23/2050 | &nbsp;&nbsp; 169553 |
| 40000 | Pluspetrol SA, 8.50%, due 5/30/2032 | &nbsp;&nbsp; 40800<br> <sup>(b)</sup><br>|
| 200000 | SierraCol Energy Andina LLC, 6.00%, due 6/15/2028 | &nbsp;&nbsp; 187651<br> <sup>(f)</sup><br>|
| 200000 | Trident Energy Finance PLC, 12.50%, due 11/30/2029 | &nbsp;&nbsp; 205604<br> <sup>(b)</sup><br>|
| 172000 | Vista Energy Argentina SAU, 7.63%, due 12/10/2035 | &nbsp;&nbsp; 168766<br> <sup>(b)</sup><br>|
| 100000 | YPF SA, 9.50%, due 1/17/2031 | &nbsp;&nbsp; 105791<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **2364790** |
| **Oil & Gas Services 0.7%** | **Oil & Gas Services 0.7%** | **Oil & Gas Services 0.7%** |
| 75000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 9/1/2032 | &nbsp;&nbsp; 76112<br> <sup>(b)</sup><br>|
| 210000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; 215381<br> <sup>(b)</sup><br>|
| 90000 | Star Holding LLC, 8.75%, due 8/1/2031 | &nbsp;&nbsp; 88193<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **379686** |
| **Packaging & Containers 0.8%** | **Packaging & Containers 0.8%** | **Packaging & Containers 0.8%** |
|  | Mauser Packaging Solutions Holding Co. |  |
| 85000 | &nbsp;&nbsp;&nbsp; 7.88%, due 4/15/2027 | &nbsp;&nbsp; 85742<br> <sup>(b)</sup><br>|
| 240000 | &nbsp;&nbsp;&nbsp; 9.25%, due 4/15/2027 | &nbsp;&nbsp; 237539<br> <sup>(b)</sup><br>|
| 5000 | Sealed Air Corp., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 5150<br> <sup>(b)</sup><br>|
| 55000 | Trident TPI Holdings, Inc., 12.75%, due 12/31/2028 | &nbsp;&nbsp; 58838<br> <sup>(b)</sup><br>|
|  | Trivium Packaging Finance BV |  |
| 30000 | &nbsp;&nbsp;&nbsp; 8.25%, due 7/15/2030 | &nbsp;&nbsp; 31591<br> <sup>(b)</sup><br>|
| 30000 | &nbsp;&nbsp;&nbsp; 12.25%, due 1/15/2031 | &nbsp;&nbsp; 31500<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **450360** |
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
| 160000 | 1261229 BC Ltd., 10.00%, due 4/15/2032 | &nbsp;&nbsp; 162894<br> <sup>(b)</sup><br>|
| 40000 | CVS Health Corp., 6.75%, due 12/10/2054 | &nbsp;&nbsp; 40033<br> <sup>(h)</sup><br>|
| 100000 | Grifols SA, 7.50%, due 5/1/2030 | &nbsp;&nbsp; 120412<br> <sup>(f)</sup><br>|
| 100000 | Gruenenthal GmbH, 4.63%, due 11/15/2031 | &nbsp;&nbsp; 116361<br> <sup>(f)</sup><br>|
| 100000 | Teva Pharmaceutical Finance Netherlands II BV, 4.38%, due 5/9/2030 | &nbsp;&nbsp; 116967 |
|  |  | &nbsp;&nbsp; **556667** |
| **Pipelines 3.3%** | **Pipelines 3.3%** | **Pipelines 3.3%** |
| $250000 | Energy Transfer LP, 5.55%, due 5/15/2034 | &nbsp;&nbsp; 252167 |
| 220000 | Excelerate Energy LP, 8.00%, due 5/15/2030 | &nbsp;&nbsp; 230307<br> <sup>(b)</sup><br>|
| 200000 | Galaxy Pipeline Assets Bidco Ltd., 2.63%, due 3/31/2036 | &nbsp;&nbsp; 171647<br> <sup>(f)</sup><br>|
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp; 7.75%, due 2/1/2028 | &nbsp;&nbsp; 100999 |
| 145000 | &nbsp;&nbsp;&nbsp; 8.00%, due 5/15/2033 | &nbsp;&nbsp; 150330 |
| 260000 | Harvest Midstream I LP, 7.50%, due 9/1/2028 | &nbsp;&nbsp; 263164<br> <sup>(b)</sup><br>|
| 145000 | Howard Midstream Energy Partners LLC, 7.38%, due 7/15/2032 | &nbsp;&nbsp; 149918<br> <sup>(b)</sup><br>|
| 205000 | Kinetik Holdings LP, 5.88%, due 6/15/2030 | &nbsp;&nbsp; 205166<br> <sup>(b)</sup><br>|
| 230000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/2030 | &nbsp;&nbsp; 225343<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** |
| $50000 | TransMontaigne Partners LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; $52267<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **1801308** |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| 100000 | CPI Property Group SA, 6.00%, due 1/27/2032 | &nbsp;&nbsp; 116209<br> <sup>(f)</sup><br>|
| 100000 | Heimstaden Bostad AB, 6.25%, due 12/4/2029 | &nbsp;&nbsp; 116490<br> <sup>(f)(h)(i)</sup><br>|
|  |  | &nbsp;&nbsp; **232699** |
| **Real Estate Investment Trusts 1.0%** | **Real Estate Investment Trusts 1.0%** | **Real Estate Investment Trusts 1.0%** |
| $105000 | Blackstone Mortgage Trust, Inc., 7.75%, due 12/1/2029 | &nbsp;&nbsp; 110994<br> <sup>(b)</sup><br>|
| 90000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 89649<br> <sup>(b)</sup><br>|
| 45000 | RHP Hotel Properties LP/RHP Finance Corp., 6.50%, due 6/15/2033 | &nbsp;&nbsp; 46084<br> <sup>(b)</sup><br>|
| 95000 | Starwood Property Trust, Inc., 6.50%, due 7/1/2030 | &nbsp;&nbsp; 97715<br> <sup>(b)</sup><br>|
|  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |
| 121000 | &nbsp;&nbsp;&nbsp; 10.50%, due 2/15/2028 | &nbsp;&nbsp; 127882<br> <sup>(b)</sup><br>|
| 70000 | &nbsp;&nbsp;&nbsp; 8.63%, due 6/15/2032 | &nbsp;&nbsp; 70999<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **543323** |
| **Retail 1.1%** | **Retail 1.1%** | **Retail 1.1%** |
| 205000 | Cougar JV Subsidiary LLC, 8.00%, due 5/15/2032 | &nbsp;&nbsp; 216816<br> <sup>(b)</sup><br>|
| 75000 | Foundation Building Materials, Inc., 6.00%, due 3/1/2029 | &nbsp;&nbsp; 70341<br> <sup>(b)</sup><br>|
| 100000 | Fressnapf Holding SE, 5.25%, due 10/31/2031 | &nbsp;&nbsp; 116784<br> <sup>(f)</sup><br>|
| $105000 | QXO Building Products, Inc., 6.75%, due 4/30/2032 | &nbsp;&nbsp; 108126<br> <sup>(b)</sup><br>|
| 100000 | Walgreens Boots Alliance, Inc., 2.13%, due 11/20/2026 | &nbsp;&nbsp; 113841 |
|  |  | &nbsp;&nbsp; **625908** |
| **Savings & Loans 0.5%** | **Savings & Loans 0.5%** | **Savings & Loans 0.5%** |
| 200000 | Coventry Building Society, 8.75%, due 6/11/2029 | &nbsp;&nbsp; **278527**<br> <sup>(f)(h)(i)</sup><br>|
| **Semiconductors 1.4%** | **Semiconductors 1.4%** | **Semiconductors 1.4%** |
|  | Foundry JV Holdco LLC |  |
| $250000 | &nbsp;&nbsp;&nbsp; 6.15%, due 1/25/2032 | &nbsp;&nbsp; 261544<br> <sup>(b)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 6.40%, due 1/25/2038 | &nbsp;&nbsp; 207986<br> <sup>(b)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 6.30%, due 1/25/2039 | &nbsp;&nbsp; 205852<br> <sup>(b)</sup><br>|
| 150000 | Intel Corp., 4.75%, due 3/25/2050 | &nbsp;&nbsp; 118845 |
|  |  | &nbsp;&nbsp; **794227** |
| **Software 2.1%** | **Software 2.1%** | **Software 2.1%** |
| 180000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 176949<br> <sup>(b)</sup><br>|
| 110000 | Cloud Software Group, Inc., 6.50%, due 3/31/2029 | &nbsp;&nbsp; 111087<br> <sup>(b)</sup><br>|
| 55000 | Ellucian Holdings, Inc., 6.50%, due 12/1/2029 | &nbsp;&nbsp; 55716<br> <sup>(b)</sup><br>|
| 10000 | Pagaya U.S. Holdings Co. LLC, 8.88%, due 8/1/2030 | &nbsp;&nbsp; 9935<br> <sup>(b)</sup><br>|
| 25000 | Rackspace Finance LLC, 3.50%, due 5/15/2028 | &nbsp;&nbsp; 11813<br> <sup>(b)</sup><br>|
| 480000 | Synopsys, Inc., 5.15%, due 4/1/2035 | &nbsp;&nbsp; 481704 |
| 320000 | UKG, Inc., 6.88%, due 2/1/2031 | &nbsp;&nbsp; 328533<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **1175737** |
| **Telecommunications 2.3%** | **Telecommunications 2.3%** | **Telecommunications 2.3%** |
|  | Bell Telephone Co. of Canada or Bell Canada |  |
| 55000 | &nbsp;&nbsp;&nbsp; 6.88%, due 9/15/2055 | &nbsp;&nbsp; 55958<br> <sup>(h)</sup><br>|
| 70000 | &nbsp;&nbsp;&nbsp; 7.00%, due 9/15/2055 | &nbsp;&nbsp; 71042<br> <sup>(h)</sup><br>|
| 145000 | CommScope LLC, 9.50%, due 12/15/2031 | &nbsp;&nbsp; 152695<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** |
| EUR | 100000 | Iliad Holding SASU, 5.63%, due 10/15/2028 | &nbsp;&nbsp; $116237<br> <sup>(f)</sup><br>|
|  |  | Level 3 Financing, Inc. |  |
| $| 45000 | &nbsp;&nbsp;&nbsp; 4.88%, due 6/15/2029 | &nbsp;&nbsp; 42188<br> <sup>(b)</sup><br>|
|  | 44712 | &nbsp;&nbsp;&nbsp; 11.00%, due 11/15/2029 | &nbsp;&nbsp; 50693<br> <sup>(b)</sup><br>|
|  | 150000 | &nbsp;&nbsp;&nbsp; 6.88%, due 6/30/2033 | &nbsp;&nbsp; 152003<br> <sup>(b)</sup><br>|
|  |  | Rogers Communications, Inc. |  |
|  | 55000 | &nbsp;&nbsp;&nbsp; 7.00%, due 4/15/2055 | &nbsp;&nbsp; 56230<br> <sup>(h)</sup><br>|
|  | 50000 | &nbsp;&nbsp;&nbsp; 7.13%, due 4/15/2055 | &nbsp;&nbsp; 51165<br> <sup>(h)</sup><br>|
|  | 99000 | Telecom Argentina SA, 9.50%, due 7/18/2031 | &nbsp;&nbsp; 104999<br> <sup>(b)</sup><br>|
| EUR | 100000 | Telefonica Europe BV, 6.14%, due 2/3/2030 | &nbsp;&nbsp; 123509<br> <sup>(f)(h)(i)</sup><br>|
| $| 105000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/1/2031 | &nbsp;&nbsp; 109924<br> <sup>(b)</sup><br>|
|  | 165000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 156729<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1243372** |
| **Transportation 0.6%** | **Transportation 0.6%** | **Transportation 0.6%** | **Transportation 0.6%** |
|  | 295000 | XPO, Inc., 7.13%, due 2/1/2032 | &nbsp;&nbsp; **306647**<br> <sup>(b)</sup><br>|
| **Total Corporate Bonds (Cost $31,815,589)** | **Total Corporate Bonds (Cost $31,815,589)** | **Total Corporate Bonds (Cost $31,815,589)** | &nbsp;&nbsp; **32323873** |
| **Loan Assignments**<sup>(c)</sup> **13.4%** | **Loan Assignments**<sup>(c)</sup> **13.4%** | **Loan Assignments**<sup>(c)</sup> **13.4%** | **Loan Assignments**<sup>(c)</sup> **13.4%** |
| **Capital Markets 1.4%** | **Capital Markets 1.4%** | **Capital Markets 1.4%** | **Capital Markets 1.4%** |
|  | 250000 | &nbsp;&nbsp; Edelman Financial Center LLC, Second Lien Term Loan, (1 mo. USD Term SOFR + 5.25%), 9.61%, <br> due 10/6/2028<br>| &nbsp;&nbsp; 250938 |
|  | 497500 | &nbsp;&nbsp; Focus Financial Partners LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 7.11%, due <br> 9/15/2031<br>| &nbsp;&nbsp; 497614 |
|  |  |  | &nbsp;&nbsp; **748552** |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
|  | 500000 | Olympus Water U.S. Holding Corp., Term Loan B, (1 mo. USD Term SOFR), 0.00%, due 7/23/2032 | &nbsp;&nbsp; **498375**<br> <sup>(k)(l)</sup><br>|
| **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** |
|  | 496256 | Trident TPI Holdings, Inc., Term Loan B7, (3 mo. USD Term SOFR + 3.75%), 8.05%, due 9/15/2028 | &nbsp;&nbsp; **484703** |
| **Diversified Consumer Services 0.2%** | **Diversified Consumer Services 0.2%** | **Diversified Consumer Services 0.2%** | **Diversified Consumer Services 0.2%** |
|  | 117550 | &nbsp;&nbsp; Ascend Learning LLC, Second Lien Term Loan, (1 mo. USD Term SOFR + 5.75%), 10.21%, due <br> 12/10/2029<br>| &nbsp;&nbsp; **117432** |
| **Diversified Telecommunication Services 2.8%** | **Diversified Telecommunication Services 2.8%** | **Diversified Telecommunication Services 2.8%** | **Diversified Telecommunication Services 2.8%** |
|  | 479661 | CommScope, Inc., Term Loan, (1 mo. USD Term SOFR + 5.25%), 9.61%, due 12/17/2029 | &nbsp;&nbsp; 487187 |
|  |  | CSC Holdings LLC |  |
|  | 248684 | &nbsp;&nbsp;&nbsp; Term Loan B5, (3 mo. USD Term SOFR + 1.50%), 9.00%, due 4/15/2027 | &nbsp;&nbsp; 244643 |
|  | 248725 | &nbsp;&nbsp;&nbsp; Term Loan B6, (1 mo. USD Term SOFR + 4.50%), 8.84%, due 1/18/2028 | &nbsp;&nbsp; 247757 |
|  |  | Lumen Technologies, Inc. |  |
|  | 248732 | &nbsp;&nbsp;&nbsp; Term Loan B1, (1 mo. USD Term SOFR + 2.35%), 6.82%, due 4/16/2029 | &nbsp;&nbsp; 247217 |
|  | 248732 | &nbsp;&nbsp;&nbsp; Term Loan B2, (1 mo. USD Term SOFR + 2.35%), 6.82%, due 4/15/2030 | &nbsp;&nbsp; 247061 |
|  | 35000 | Zayo Group Holdings, Inc., Term Loan, (1 mo. USD Term SOFR + 3.00%), 7.47%, due 3/9/2027 | &nbsp;&nbsp; 33735 |
|  |  |  | &nbsp;&nbsp; **1507600** |
| **Electric Utilities 1.8%** | **Electric Utilities 1.8%** | **Electric Utilities 1.8%** | **Electric Utilities 1.8%** |
|  | 500000 | Cornerstone Generation LLC, Term Loan B, (1 mo. USD Term SOFR), due 10/28/2031 | &nbsp;&nbsp; 503125<br> <sup>(k)(l)</sup><br>|
|  |  | Lightstone Holdco LLC |  |
|  | 466225 | &nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. USD Term SOFR + 5.75%), 10.11%, due 1/29/2027 | &nbsp;&nbsp; 465545 |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Electric Utilities – cont'd** | **Electric Utilities – cont'd** | **Electric Utilities – cont'd** |
| $26373 | &nbsp;&nbsp;&nbsp; Term Loan C, (1 mo. USD Term SOFR + 5.75%), 10.11%, due 1/29/2027 | &nbsp;&nbsp; $26334 |
|  |  | &nbsp;&nbsp; **995004** |
| **Health Care Equipment & Supplies 3.2%** | **Health Care Equipment & Supplies 3.2%** | **Health Care Equipment & Supplies 3.2%** |
| 495009 | &nbsp;&nbsp; Auris Luxembourg III SARL, Term Loan B4, (6 mo. USD Term SOFR + 3.50%), 7.82%, due <br> 2/28/2029<br>| &nbsp;&nbsp; 498415 |
| 750000 | Bausch & Lomb Corp., Term Loan B, (1 mo. USD Term SOFR + 4.25%), 8.61%, due 1/15/2031 | &nbsp;&nbsp; 752063 |
| 500000 | Medline Borrower LP, Term Loan B, (1 mo. USD Term SOFR), due 10/23/2030 | &nbsp;&nbsp; 500940<br> <sup>(k)(l)(m)</sup><br>|
|  |  | &nbsp;&nbsp; **1751418** |
| **Insurance 0.9%** | **Insurance 0.9%** | **Insurance 0.9%** |
| 496231 | AssuredPartners, Inc., Term Loan B5, (1 mo. USD Term SOFR + 3.50%), 7.86%, due 2/14/2031 | &nbsp;&nbsp; **497179** |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| 498750 | QualityTech LP, Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.83%, due 10/30/2031 | &nbsp;&nbsp; **499997**<br> <sup>(m)</sup><br>|
| **Software 0.4%** | **Software 0.4%** | **Software 0.4%** |
| 250000 | Cloudera, Inc., Second Lien Term Loan, (1 mo. USD Term SOFR + 6.00%), 10.46%, due 10/8/2029 | &nbsp;&nbsp; **217970** |
| **Total Loan Assignments (Cost $7,298,290)** | **Total Loan Assignments (Cost $7,298,290)** | &nbsp;&nbsp; **7318230** |
| **Foreign Government Securities 5.7%** | **Foreign Government Securities 5.7%** | **Foreign Government Securities 5.7%** |
|  | Argentine Republic Government International Bonds |  |
| 208000 | &nbsp;&nbsp;&nbsp; 0.75%, due 7/9/2030 | &nbsp;&nbsp; 160865<br> <sup>(j)</sup><br>|
| 169909 | &nbsp;&nbsp;&nbsp; 4.13%, due 7/9/2046 | &nbsp;&nbsp; 108784<br> <sup>(j)</sup><br>|
| 200000 | Colombia Government International Bonds, 7.75%, due 11/7/2036 | &nbsp;&nbsp; 199400 |
| 280000 | Dominican Republic International Bonds, 5.50%, due 2/22/2029 | &nbsp;&nbsp; 279496<br> <sup>(f)</sup><br>|
|  | Ecuador Government International Bonds |  |
| 73904 | &nbsp;&nbsp;&nbsp; 6.90%, due 7/31/2030 | &nbsp;&nbsp; 64814<br> <sup>(f)</sup><br>|
| 173365 | &nbsp;&nbsp;&nbsp; 6.90%, due 7/31/2035 | &nbsp;&nbsp; 129417<br> <sup>(f)</sup><br>|
| 200000 | Egypt Government International Bonds, 8.70%, due 3/1/2049 | &nbsp;&nbsp; 164538<br> <sup>(f)</sup><br>|
|  | Ghana Government International Bonds |  |
| 3520 | &nbsp;&nbsp;&nbsp; 0.00%, due 7/3/2026 | &nbsp;&nbsp; 3372<br> <sup>(b)</sup><br>|
| 53240 | &nbsp;&nbsp;&nbsp; 5.00%, due 7/3/2029 | &nbsp;&nbsp; 50594<br> <sup>(b)(j)</sup><br>|
| 76560 | &nbsp;&nbsp;&nbsp; 5.00%, due 7/3/2035 | &nbsp;&nbsp; 61470<br> <sup>(b)(j)</sup><br>|
| 200000 | Guatemala Government Bonds, 5.25%, due 8/10/2029 | &nbsp;&nbsp; 198798<br> <sup>(f)</sup><br>|
|  | Ivory Coast Government International Bonds |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.88%, due 10/17/2031 | &nbsp;&nbsp; 221815<br> <sup>(f)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; 4.88%, due 1/30/2032 | &nbsp;&nbsp; 105363<br> <sup>(f)</sup><br>|
| $200000 | Mongolia Government International Bonds, 3.50%, due 7/7/2027 | &nbsp;&nbsp; 189223<br> <sup>(f)</sup><br>|
|  | Nigeria Government International Bonds |  |
| 200000 | &nbsp;&nbsp;&nbsp; 8.38%, due 3/24/2029 | &nbsp;&nbsp; 205286<br> <sup>(f)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 7.70%, due 2/23/2038 | &nbsp;&nbsp; 177211<br> <sup>(f)</sup><br>|
| 216407 | Provincia de Buenos Aires Government Bonds, 6.63%, due 9/1/2037 | &nbsp;&nbsp; 152632<br> <sup>(f)</sup><br>|
| 200000 | Republic of South Africa Government International Bonds, 4.85%, due 9/30/2029 | &nbsp;&nbsp; 192720 |
| 138000 | Romania Government International Bonds, 3.63%, due 3/27/2032 | &nbsp;&nbsp; 120500<br> <sup>(b)</sup><br>|
|  | Sri Lanka Government International Bonds |  |
| 41436 | &nbsp;&nbsp;&nbsp; 3.10%, due 1/15/2030 | &nbsp;&nbsp; 37189<br> <sup>(b)(j)</sup><br>|
| 131276 | &nbsp;&nbsp;&nbsp; 3.35%, due 3/15/2033 | &nbsp;&nbsp; 107366<br> <sup>(b)(j)</sup><br>|
| 76208 | &nbsp;&nbsp;&nbsp; 3.60%, due 2/15/2038 | &nbsp;&nbsp; 63879<br> <sup>(b)(j)</sup><br>|
| 141412 | Zambia Government International Bonds, 5.75%, due 6/30/2033 | &nbsp;&nbsp; 131606<br> <sup>(f)(j)</sup><br>|
| **Total Foreign Government Securities (Cost $2,883,762)** | **Total Foreign Government Securities (Cost $2,883,762)** | &nbsp;&nbsp; **3126338** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Number of Shares** | **Value** |
| **Short-Term Investments 2.2%** | **Short-Term Investments 2.2%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| 1214418<br> &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.25%<sup>(n)</sup> **(Cost $1,214,418)**<br>| &nbsp;&nbsp; **$1214418** |
| **Total Investments 99.0% (Cost $53,404,908)** | &nbsp;&nbsp; **54234065** |
| Other Assets Less Liabilities 1.0% | &nbsp;&nbsp; 553188<br> <sup>(o)</sup><br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$54787253** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal amount is stated in the currency in which the security is denominated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At July 31, 2025, these securities amounted to $31,359,959, which represents 57.2% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. The interest rate shown was the current rate as
 of July 31, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security where the stated interest rate is not based on
 a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current
 interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current
 rate as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) When-issued security. Total value of all such securities at July 31, 2025 amounted
 to $774,425, which represents 1.4% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security exempt from registration pursuant to Regulation S under the Securities Act
 of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States
 and do not involve directed selling efforts in the United States and as such may have restrictions on
 resale. Total value of all such securities at July 31, 2025 amounted to $5,546,392, which represents 10.1% of
 net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment-in-kind (PIK) security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Perpetual security. Perpetual securities have no stated maturity date, but they may
 be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Step Bond. Coupon 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 predetermined trigger. The interest rate shown was the
 current rate as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of this security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(l) All or a portion of this security had not settled as of July 31, 2025 and thus may
 not have an interest rate in effect. Interest rates do not take effect until settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents 7-day effective yield as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Includes the impact of the Fund's open positions in derivatives at July 31, 2025.

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

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| United States | $34997743 | 63.9% |
| Cayman Islands | 4282290 | 7.8% |
| Jersey | 1757986 | 3.2% |
| United Kingdom | 1043529 | 1.9% |
| Germany | 881682 | 1.6% |
| Argentina | 842637 | 1.5% |
| Canada | 710806 | 1.3% |
| Mexico | 547953 | 1.0% |
| Denmark | 498415 | 0.9% |
| Brazil | 489768 | 0.9% |
| Netherlands | 475101 | 0.9% |
| France | 471170 | 0.9% |
| Spain | 453945 | 0.8% |
| Colombia | 387051 | 0.7% |
| Nigeria | 382497 | 0.7% |
| Cote D'Ivoire | 327178 | 0.6% |
| Luxembourg | 283054 | 0.5% |
| Dominican Republic | 279496 | 0.5% |
| Ireland | 261713 | 0.5% |
| Sweden | 231434 | 0.4% |
| Sri Lanka | 208434 | 0.4% |
| Uzbekistan | 206361 | 0.4% |
| India | 204372 | 0.4% |
| Peru | 204270 | 0.4% |
| Angola | 201486 | 0.4% |
| Guatemala | 198798 | 0.4% |
| China | 194989 | 0.4% |
| Ecuador | 194231 | 0.4% |
| Turkey | 193497 | 0.4% |
| South Africa | 192720 | 0.3% |
| Mongolia | 189223 | 0.3% |
| United Arab Emirates | 171647 | 0.3% |
| Egypt | 164538 | 0.3% |
| Australia | 145089 | 0.3% |
| Zambia | 131606 | 0.2% |
| Romania | 120500 | 0.2% |
| Portugal | 117963 | 0.2% |
| Israel | 116967 | 0.2% |
| Czech Republic | 116209 | 0.2% |
| Ghana | 115436 | 0.2% |
| Other countries, each representing less than 0.05% of net assets of the Fund | 25863 | 0.0% |
| Short-Term Investments and Other Assets—Net | 1767606 | 3.2% |
|  | **$54787253** | **100.0%** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At July 31, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $913500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15875 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1819)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5841281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10732 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20781 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$9680703** | &nbsp;&nbsp;&nbsp;&nbsp; **$45569** |

---

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

**Short Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(936799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4120 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296027)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | Euro-Oat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140698)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1529 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488662)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121711)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2113)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (413969)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351938)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8180)<br>|
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$(2749804)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$(2174)**<br>|
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$43395** |

---

**Forward foreign currency contracts ("forward FX contracts")**

At July 31, 2025, open forward FX contracts for the Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| USD | 36648 | EUR | 31083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1007 |
| USD | 492510 | EUR | 417917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13312 |
| USD | 334120 | EUR | 283516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9031 |
| USD | 275891 | EUR | 234107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7457 |
| USD | 14708 | EUR | 12432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 |
| USD | 12507 | EUR | 10636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| USD | 1538716 | EUR | 1299097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49125 |
| USD | 12010 | EUR | 10355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| USD | 407964 | GBP | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11495 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$92328** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

**Credit default swap contracts ("credit default swaps")**

At July 31, 2025, the Fund had outstanding credit default swaps as follows:

**Centrally Cleared Credit Default Swaps — Sell Protection**<br>

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Clearinghouse** | **Reference** <br>**Entity**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Financing** <br>**Rate** <br>**Received** <br>**by** <br>**the Fund**<br>| **Maturity** <br>**Date**<br>| **Upfront** <br>**Payments/** <br>**(Receipts)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Accrued** <br>**Net** <br>**Interest** <br>**Receivable/** <br>**(Payable)**<br>| **Value** |
| ICE CC | CDX North America <br>High Yield <br>Index, Ser. 44.V1<br>| USD | 1399000 | 5.00<br> %<br>3M | 6/20/2030 | $61640 | $39960 | $8161 | $109761 |

---

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

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Mortgage-Backed Securities<sup>#</sup> <br>| $— | $3107669 | $— | $3107669 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 7143537 |  | 7143537 |
| Corporate Bonds<sup>#</sup> <br>|  | 32323873 |  | 32323873 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  | 1250478 | 500940 | 1751418 |
| &nbsp;&nbsp;&nbsp; IT Services |  |  | 499997 | 499997 |
| &nbsp;&nbsp;&nbsp; Other Loan Assignments<sup>#</sup> <br>|  | 5066815 |  | 5066815 |
| Total Loan Assignments |  | 6317293 | 1000937 | 7318230 |
| Foreign Government Securities |  | 3126338 |  | 3126338 |
| Short-Term Investments |  | 1214418 |  | 1214418 |
| **Total Investments** | **$—** | **$53233128** | **$1000937** | **$54234065** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. 

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(000's** <br>**omitted)**<br>| **Beginning** <br>**balance as** <br>**of 11/1/2024**<br>| **Accrued** <br>**discounts/** <br>**(premiums)**<br>| **Realized** <br>**gain/(loss)**<br>| **Change** <br>**in unrealized** <br>**appreciation/** <br>**(depreciation)**<br>| **Purchases** | **Sales/** <br>**Other** <br>**reductions**<br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance** <br>**as of** <br>**7/31/2025**<br>| **Net change in** <br>**unrealized** <br>**appreciation/** <br>**(depreciation)** <br>**from** <br>**investments** <br>**still held as of** <br>**7/31/2025**<br>|
| **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** |
| Loan <br> Assignments<sup>(1)(2)</sup> <br>| $239 | $— | $— | $7 | $500 | $(1)<br>| $495 | $(239)<br>| $1001 | $7 |
| **Total** | **$239** | **$—** | **$—** | **$7** | **$500** | **$(1)**<br>| **$495** | **$(239)**<br>| **$1001** | **$7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. |

---

See Notes to Schedule of Investments

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's derivatives as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets | $55507 | $— | $— | $55507 |
| &nbsp;&nbsp;&nbsp; Liabilities | (12112)<br>|  |  | (12112)<br>|
| Forward FX Contracts<sup>@</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  | 92328 |  | 92328 |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  | 109761 |  | 109761 |
| **Total** | **$43395** | **$202089** | **$—** | **$245484** |

---

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

@ Futures and forward FX contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited)

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Mortgage-Backed Securities 33.6%** | **Mortgage-Backed Securities 33.6%** |
| **Collateralized Mortgage Obligations 18.1%** | **Collateralized Mortgage Obligations 18.1%** |
| $725029 | A&D Mortgage Trust, Series 2025-NQM2, Class A3, 6.09%, due 6/25/2070<br> &nbsp;&nbsp; $727071<br> <sup>(a)</sup><br>|
| 271356 | Bravo Residential Funding Trust, Series 2025-NQM5, Class A3, 5.80%, due 2/25/2065<br> &nbsp;&nbsp; 271272<br> <sup>(a)</sup><br>|
| 302126 | BRAVO Residential Funding Trust, Series 2024-NQM6, Class A1, 5.41%, due 8/1/2064<br> &nbsp;&nbsp; 301357<br> <sup>(a)</sup><br>|
|  | Chase Home Lending Mortgage Trust |
| 152672 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A6A, 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 152877<br> <sup>(a)(b)</sup><br>|
| 280091 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A6, 6.00%, due 3/25/2055<br> &nbsp;&nbsp; 280931<br> <sup>(a)(b)</sup><br>|
| 157144 | &nbsp;&nbsp;&nbsp; Series 2024-10, Class A4A, 5.50%, due 10/25/2055<br> &nbsp;&nbsp; 156818<br> <sup>(a)(b)</sup><br>|
| 336094 | &nbsp;&nbsp;&nbsp; Series 2024-11, Class A4, 6.00%, due 11/25/2055<br> &nbsp;&nbsp; 339046<br> <sup>(a)(b)</sup><br>|
|  | COLT Mortgage Loan Trust |
| 657284 | &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, due 11/26/2066<br> &nbsp;&nbsp; 587430<br> <sup>(a)(b)</sup><br>|
| 196630 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 6.13%, due 4/25/2069<br> &nbsp;&nbsp; 197658<br> <sup>(a)</sup><br>|
| 167773 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 6.43%, due 4/25/2069<br> &nbsp;&nbsp; 168308<br> <sup>(a)</sup><br>|
| 185000 | &nbsp;&nbsp;&nbsp; Series 2025-6, Class M1, 6.27%, due 8/25/2070<br> &nbsp;&nbsp; 185473<br> <sup>(a)(b)</sup><br>|
| 378792 | COOPR Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 5/25/2060<br> &nbsp;&nbsp; 380360<br> <sup>(a)</sup><br>|
| 190000 | EFMT, Series 2024-INV2, Class M1, 5.73%, due 10/25/2069<br> &nbsp;&nbsp; 187663<br> <sup>(a)(b)</sup><br>|
| 611628 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, due 1/25/2067<br> &nbsp;&nbsp; 530125<br> <sup>(a)(b)</sup><br>|
|  | Federal Home Loan Mortgage Corp. REMIC |
| 2248639 | &nbsp;&nbsp;&nbsp; Series 5438, Class FE, (30 day USD SOFR Average + 1.30%), 5.65%, due 8/25/2054<br> &nbsp;&nbsp; 2245597<br> <sup>(c)</sup><br>|
| 877391 | &nbsp;&nbsp;&nbsp; Series 5475, Class FA, (30 day USD SOFR Average + 1.10%), 5.45%, due 11/25/2054<br> &nbsp;&nbsp; 871298<br> <sup>(c)</sup><br>|
| 686461 | &nbsp;&nbsp;&nbsp; Series 5474, Class FB, (30 day USD SOFR Average + 1.15%), 5.50%, due 11/25/2054<br> &nbsp;&nbsp; 681435<br> <sup>(c)</sup><br>|
| 1229450 | &nbsp;&nbsp;&nbsp; Series 5473, Class FN, (30 day USD SOFR Average + 1.25%), 5.60%, due 11/25/2054<br> &nbsp;&nbsp; 1225310<br> <sup>(c)</sup><br>|
| 1430971 | &nbsp;&nbsp;&nbsp; Series 5475, Class FB, (30 day USD SOFR Average + 1.35%), 5.70%, due 11/25/2054<br> &nbsp;&nbsp; 1420269<br> <sup>(c)</sup><br>|
| 954852 | &nbsp;&nbsp;&nbsp; Series 5487, Class FA, (30 day USD SOFR Average + 1.40%), 5.75%, due 12/25/2054<br> &nbsp;&nbsp; 955534<br> <sup>(c)</sup><br>|
| 1291492 | &nbsp;&nbsp;&nbsp; Series 5500, Class FE, (30 day USD SOFR Average + 1.40%), 5.75%, due 2/25/2055<br> &nbsp;&nbsp; 1294062<br> <sup>(c)</sup><br>|
| 1405265 | &nbsp;&nbsp;&nbsp; Series 5517, Class HF, (30 day USD SOFR Average + 1.35%), 5.70%, due 3/25/2055<br> &nbsp;&nbsp; 1402646<br> <sup>(c)</sup><br>|
| 1025999 | &nbsp;&nbsp;&nbsp; Series 5518, Class FD, (30 day USD SOFR Average + 1.70%), 6.00%, due 3/25/2055<br> &nbsp;&nbsp; 1027386<br> <sup>(c)</sup><br>|
| 1526764 | &nbsp;&nbsp;&nbsp; Series 5542, Class CF, (30 day USD SOFR Average + 1.55%), 5.90%, due 5/25/2055<br> &nbsp;&nbsp; 1537811<br> <sup>(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |
| 493700 | &nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2, (30 day USD SOFR Average + 1.50%), 5.85%, due 10/25/2041<br> &nbsp;&nbsp; 495891<br> <sup>(a)(c)</sup><br>|
| 408000 | &nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2, (30 day USD SOFR Average + 3.75%), 8.10%, due 2/25/2042<br> &nbsp;&nbsp; 423649<br> <sup>(a)(c)</sup><br>|
| 469000 | &nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M2, (30 day USD SOFR Average + 5.25%), 9.60%, due 3/25/2042<br> &nbsp;&nbsp; 497965<br> <sup>(a)(c)</sup><br>|
| 1000000 | &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M2, (30 day USD SOFR Average + 5.25%), 9.60%, due 5/25/2042<br> &nbsp;&nbsp; 1068130<br> <sup>(a)(c)</sup><br>|
| 333000 | &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, (30 day USD SOFR Average + 3.55%), 7.90%, due 8/25/2042<br> &nbsp;&nbsp; 349013<br> <sup>(a)(c)</sup><br>|
| 390000 | &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M2, (30 day USD SOFR Average + 5.75%), 10.10%, due 9/25/2042<br> &nbsp;&nbsp; 426243<br> <sup>(a)(c)</sup><br>|
| 860000 | &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, (30 day USD SOFR Average + 1.95%), 6.30%, due 2/25/2044<br> &nbsp;&nbsp; 871610<br> <sup>(a)(c)</sup><br>|
| 505000 | &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class M2, (30 day USD SOFR Average + 1.70%), 6.05%, due 5/25/2044<br> &nbsp;&nbsp; 509893<br> <sup>(a)(c)</sup><br>|
| 650000 | &nbsp;&nbsp;&nbsp; Series 2025-DNA1, Class M2, (30 day USD SOFR Average + 1.35%), 5.70%, due 1/25/2045<br> &nbsp;&nbsp; 649239<br> <sup>(a)(c)</sup><br>|
| 485000 | &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, (30 day USD SOFR Average + 1.65%), 6.00%, due 2/25/2045<br> &nbsp;&nbsp; 486916<br> <sup>(a)(c)</sup><br>|
| 505000 | &nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M2, (30 day USD SOFR Average + 1.50%), 5.85%, due 5/25/2045<br> &nbsp;&nbsp; 505318<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 142128 | &nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2, (30 day USD SOFR Average + 7.06%), 11.41%, due 8/25/2028<br> &nbsp;&nbsp; 145859<br> <sup>(c)</sup><br>|
| 417451 | &nbsp;&nbsp;&nbsp; Series 2018-C02, Class 2M2, (30 day USD SOFR Average + 2.31%), 6.66%, due 8/25/2030<br> &nbsp;&nbsp; 423962<br> <sup>(c)</sup><br>|
| 157359 | &nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, (30 day USD SOFR Average + 1.55%), 5.90%, due 10/25/2041<br> &nbsp;&nbsp; 157848<br> <sup>(a)(c)</sup><br>|
| 515000 | &nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, (30 day USD SOFR Average + 3.10%), 7.45%, due 10/25/2041<br> &nbsp;&nbsp; 526381<br> <sup>(a)(c)</sup><br>|
| 375000 | &nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2, (30 day USD SOFR Average + 1.65%), 6.00%, due 12/25/2041<br> &nbsp;&nbsp; 377227<br> <sup>(a)(c)</sup><br>|
| 1505000 | &nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, (30 day USD SOFR Average + 1.90%), 6.25%, due 12/25/2041<br> &nbsp;&nbsp; 1521314<br> <sup>(a)(c)</sup><br>|
| 1000000 | &nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, (30 day USD SOFR Average + 3.00%), 7.35%, due 1/25/2042<br> &nbsp;&nbsp; 1024260<br> <sup>(a)(c)</sup><br>|
| 1125000 | &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.45%, due 3/25/2042<br> &nbsp;&nbsp; 1159537<br> <sup>(a)(c)</sup><br>|
| 1225000 | &nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.85%, due 3/25/2042<br> &nbsp;&nbsp; 1269026<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $1000000 | &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, (30 day USD SOFR Average + 3.85%), 8.20%, due 5/25/2042<br> &nbsp;&nbsp; $1046359<br> <sup>(a)(c)</sup><br>|
| 1070000 | &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 9.00%, due 6/25/2042<br> &nbsp;&nbsp; 1137955<br> <sup>(a)(c)</sup><br>|
| 79000 | &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, (30 day USD SOFR Average + 3.60%), 7.95%, due 7/25/2042<br> &nbsp;&nbsp; 82407<br> <sup>(a)(c)</sup><br>|
| 435000 | &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, (30 day USD SOFR Average + 5.60%), 9.95%, due 7/25/2042<br> &nbsp;&nbsp; 468987<br> <sup>(a)(c)</sup><br>|
| 558675 | &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, (30 day USD SOFR Average + 2.40%), 6.75%, due 12/25/2042<br> &nbsp;&nbsp; 570899<br> <sup>(a)(c)</sup><br>|
| 244000 | &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, (30 day USD SOFR Average + 3.35%), 7.70%, due 1/25/2043<br> &nbsp;&nbsp; 254974<br> <sup>(a)(c)</sup><br>|
| 1400000 | &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1B1, (30 day USD SOFR Average + 3.55%), 7.90%, due 10/25/2043<br> &nbsp;&nbsp; 1467047<br> <sup>(a)(c)</sup><br>|
| 525000 | &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2B1, (30 day USD SOFR Average + 2.80%), 7.15%, due 3/25/2044<br> &nbsp;&nbsp; 541726<br> <sup>(a)(c)</sup><br>|
| 1000000 | &nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1M2, (30 day USD SOFR Average + 1.50%), 5.85%, due 1/25/2045<br> &nbsp;&nbsp; 1001248<br> <sup>(a)(c)</sup><br>|
| 874000 | &nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1B1, (30 day USD SOFR Average + 1.70%), 6.05%, due 1/25/2045<br> &nbsp;&nbsp; 872095<br> <sup>(a)(c)</sup><br>|
| 500000 | &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2045<br> &nbsp;&nbsp; 501874<br> <sup>(a)(c)</sup><br>|
| 500000 | &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1, (30 day USD SOFR Average + 1.95%), 6.30%, due 2/25/2045<br> &nbsp;&nbsp; 503222<br> <sup>(a)(c)</sup><br>|
| 1000000 | &nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2M2, (30 day USD SOFR Average + 1.60%), 5.92%, due 7/25/2045<br> &nbsp;&nbsp; 1000625<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association REMIC |
| 955808 | &nbsp;&nbsp;&nbsp; Series 2024-40, Class FA, (30 day USD SOFR Average + 1.15%), 5.50%, due 3/25/2054<br> &nbsp;&nbsp; 952627<br> <sup>(c)</sup><br>|
| 1193780 | &nbsp;&nbsp;&nbsp; Series 2025-33, Class FE, (30 day USD SOFR Average + 1.45%), 5.80%, due 8/25/2054<br> &nbsp;&nbsp; 1196937<br> <sup>(c)</sup><br>|
| 1018565 | &nbsp;&nbsp;&nbsp; Series 2024-102, Class FC, (30 day USD SOFR Average + 1.45%), 5.80%, due 1/25/2055<br> &nbsp;&nbsp; 1022407<br> <sup>(c)</sup><br>|
| 1017714 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class AF, (30 day USD SOFR Average + 1.85%), 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 1018951<br> <sup>(c)</sup><br>|
| 1627201 | &nbsp;&nbsp;&nbsp; Series 2025-6, Class FB, (30 day USD SOFR Average + 2.00%), 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 1637306<br> <sup>(c)</sup><br>|
| 1193162 | &nbsp;&nbsp;&nbsp; Series 2025-35, Class HF, (30 day USD SOFR Average + 1.70%), 6.00%, due 5/25/2055<br> &nbsp;&nbsp; 1195137<br> <sup>(c)</sup><br>|
|  | GCAT Trust |
| 330677 | &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A1, 1.26%, due 7/25/2066<br> &nbsp;&nbsp; 276518<br> <sup>(a)(b)</sup><br>|
| 227283 | &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.01%, due 4/25/2070<br> &nbsp;&nbsp; 228192<br> <sup>(a)</sup><br>|
| 116000 | &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class M1, 6.33%, due 4/25/2070<br> &nbsp;&nbsp; 116452<br> <sup>(a)(b)</sup><br>|
|  | Government National Mortgage Association REMIC |
| 995827 | &nbsp;&nbsp;&nbsp; Series 2024-184, Class FN, (30 day USD SOFR Average + 1.20%), 5.55%, due 11/20/2054<br> &nbsp;&nbsp; 990767<br> <sup>(c)</sup><br>|
| 1010887 | &nbsp;&nbsp;&nbsp; Series 2024-187, Class FB, (30 day USD SOFR Average + 1.20%), 5.55%, due 11/20/2054<br> &nbsp;&nbsp; 1008754<br> <sup>(c)</sup><br>|
| 948586 | &nbsp;&nbsp;&nbsp; Series 2025-4, Class FY, (30 day USD SOFR Average + 1.60%), 5.95%, due 1/20/2055<br> &nbsp;&nbsp; 957317<br> <sup>(c)</sup><br>|
|  | JP Morgan Mortgage Trust |
| 63276 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A6A, 6.00%, due 8/25/2054<br> &nbsp;&nbsp; 63088<br> <sup>(a)(b)</sup><br>|
| 157906 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A6A, 6.00%, due 10/25/2054<br> &nbsp;&nbsp; 157778<br> <sup>(a)(b)</sup><br>|
| 384540 | &nbsp;&nbsp;&nbsp; Series 2025-2, Class A4, 6.00%, due 7/25/2055<br> &nbsp;&nbsp; 387442<br> <sup>(a)(b)</sup><br>|
| 135773 | &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, 5.59%, due 2/25/2064<br> &nbsp;&nbsp; 135805<br> <sup>(a)</sup><br>|
| 199418 | &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A3, 5.95%, due 2/25/2064<br> &nbsp;&nbsp; 199550<br> <sup>(a)</sup><br>|
| 193000 | &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class M1A, 6.41%, due 2/25/2064<br> &nbsp;&nbsp; 193379<br> <sup>(a)(b)</sup><br>|
| 230000 | &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class M1A, 5.97%, due 11/25/2065<br> &nbsp;&nbsp; 229345<br> <sup>(a)(b)</sup><br>|
| 354000 | LHOME Mortgage Trust, Series 2024-RTL4, Class A1, 5.92%, due 7/25/2039<br> &nbsp;&nbsp; 354623<br> <sup>(a)</sup><br>|
|  | Morgan Stanley Residential Mortgage Loan Trust |
| 516068 | &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A3, 5.40%, due 7/25/2069<br> &nbsp;&nbsp; 511964<br> <sup>(a)</sup><br>|
| 364931 | &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.65%, due 10/25/2069<br> &nbsp;&nbsp; 366225<br> <sup>(a)(b)</sup><br>|
| 159526 | &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.10%, due 1/25/2070<br> &nbsp;&nbsp; 160122<br> <sup>(a)</sup><br>|
|  | New Residential Mortgage Loan Trust |
| 219000 | &nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 5.44%, due 9/25/2039<br> &nbsp;&nbsp; 218141<br> <sup>(a)</sup><br>|
| 173682 | &nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, due 11/25/2059<br> &nbsp;&nbsp; 163967<br> <sup>(a)(b)</sup><br>|
| 244044 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.55%, due 3/25/2032<br> &nbsp;&nbsp; 243486<br> <sup>(a)</sup><br>|
| 405600 | NYMT Loan Trust, Series 2024-INV1, Class A3, 5.83%, due 6/25/2069<br> &nbsp;&nbsp; 405826<br> <sup>(a)</sup><br>|
|  | OBX Trust |
| 182679 | &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A2, 5.76%, due 5/25/2055<br> &nbsp;&nbsp; 183356<br> <sup>(a)</sup><br>|
| 203611 | &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A3, 5.86%, due 5/25/2055<br> &nbsp;&nbsp; 204361<br> <sup>(a)</sup><br>|
| 245948 | &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A1, 4.94%, due 9/25/2064<br> &nbsp;&nbsp; 243931<br> <sup>(a)</sup><br>|
| 190000 | &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class M1, 5.58%, due 9/25/2064<br> &nbsp;&nbsp; 187826<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $| 385000 | &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class M1, 6.04%, due 5/25/2065 | &nbsp;&nbsp; $385185<br> <sup>(a)(b)</sup><br>|
|  |  | Sequoia Mortgage Trust |  |
|  | 71741 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A10, 6.00%, due 3/25/2054 | &nbsp;&nbsp; 71747<br> <sup>(a)(b)</sup><br>|
|  | 229736 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A10, 6.00%, due 5/25/2054 | &nbsp;&nbsp; 229771<br> <sup>(a)(b)</sup><br>|
|  | 354295 | SG Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, due 12/25/2061 | &nbsp;&nbsp; 302865<br> <sup>(a)(b)</sup><br>|
|  | 658697 | Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.75%, due 9/25/2062 | &nbsp;&nbsp; 627035<br> <sup>(a)</sup><br>|
|  |  | Verus Securitization Trust |  |
|  | 271371 | &nbsp;&nbsp;&nbsp; Series 2021-3, Class A3, 1.44%, due 6/25/2066 | &nbsp;&nbsp; 235501<br> <sup>(a)(b)</sup><br>|
|  | 290814 | &nbsp;&nbsp;&nbsp; Series 2021-6, Class A3, 1.89%, due 10/25/2066 | &nbsp;&nbsp; 252914<br> <sup>(a)(b)</sup><br>|
|  | 254865 | &nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, due 7/25/2067 | &nbsp;&nbsp; 253881<br> <sup>(a)</sup><br>|
|  | 190000 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class M1, 6.70%, due 6/25/2069 | &nbsp;&nbsp; 191737<br> <sup>(a)(b)</sup><br>|
|  | 186750 | &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, due 9/25/2069 | &nbsp;&nbsp; 185353<br> <sup>(a)(b)</sup><br>|
|  | 551772 | &nbsp;&nbsp;&nbsp; Series 2024-7, Class A3, 5.40%, due 9/25/2069 | &nbsp;&nbsp; 547246<br> <sup>(a)</sup><br>|
|  | 672874 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 5.78%, due 5/25/2070 | &nbsp;&nbsp; 676284<br> <sup>(a)</sup><br>|
|  | 644036 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A3, 5.93%, due 5/25/2070 | &nbsp;&nbsp; 647800<br> <sup>(a)</sup><br>|
|  | 502000 | &nbsp;&nbsp;&nbsp; Series 2025-6, Class A3, 5.72%, due 7/25/2070 | &nbsp;&nbsp; 501244<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **59786579** |
| **Commercial Mortgage-Backed 9.7%** | **Commercial Mortgage-Backed 9.7%** | **Commercial Mortgage-Backed 9.7%** | **Commercial Mortgage-Backed 9.7%** |
|  | 230000 | 1211 Avenue of the Americas Trust, Series 2015-1211, Class A1A2, 3.90%, due 8/10/2035 | &nbsp;&nbsp; 221087<br> <sup>(a)</sup><br>|
|  | 328000 | 1301 Trust, Series 2025-1301, Class B, 5.48%, due 8/11/2030 | &nbsp;&nbsp; 328000<br> <sup>(b)(d)</sup><br>|
|  | 397000 | ALA Trust, Series 2025-OANA, Class D, (1 mo. USD Term SOFR + 3.09%), 7.43%, due 6/15/2040 | &nbsp;&nbsp; 399233<br> <sup>(a)(c)</sup><br>|
|  | 470000 | Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, due 7/5/2040 | &nbsp;&nbsp; 448908<br> <sup>(a)(b)</sup><br>|
|  | 100000 | BAMLL Trust, Series 2024-BHP, Class B, (1 mo. USD Term SOFR + 2.90%), 7.24%, due 8/15/2039 | &nbsp;&nbsp; 100467<br> <sup>(a)(c)</sup><br>|
|  | 98595 | BANK, Series 2020-BN30, Class A1, 0.45%, due 12/15/2053 | &nbsp;&nbsp; 97860 |
|  | 127000 | Bank5, Series 2024-5YR7, Class C, 7.10%, due 6/15/2057 | &nbsp;&nbsp; 132600<br> <sup>(b)</sup><br>|
|  |  | BANK5 |  |
|  | 110000 | &nbsp;&nbsp;&nbsp; Series 2023-5YR2, Class C, 7.16%, due 7/15/2056 | &nbsp;&nbsp; 113177<br> <sup>(b)</sup><br>|
|  | 275000 | &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; 241862<br> <sup>(a)</sup><br>|
|  |  | BBCMS Mortgage Trust |  |
|  | 390000 | &nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, (1 mo. USD Term SOFR + 0.92%), 5.26%, due 3/15/2037 | &nbsp;&nbsp; 370565<br> <sup>(a)(c)</sup><br>|
|  | 4319489 | &nbsp;&nbsp;&nbsp; Series 2021-C11, Class XA, 1.35%, due 9/15/2054 | &nbsp;&nbsp; 239557<br> <sup>(b)(e)</sup><br>|
|  | 1871857 | &nbsp;&nbsp;&nbsp; Series 2022-C17, Class XA, 1.15%, due 9/15/2055 | &nbsp;&nbsp; 121217<br> <sup>(b)(e)</sup><br>|
|  | 750000 | &nbsp;&nbsp;&nbsp; Series 2024-C26, Class A5, 5.83%, due 5/15/2057 | &nbsp;&nbsp; 790703 |
|  | 635000 | &nbsp;&nbsp;&nbsp; Series 2024-5C27, Class A3, 6.01%, due 7/15/2057 | &nbsp;&nbsp; 662897 |
|  |  | Benchmark Mortgage Trust |  |
|  | 100020 | &nbsp;&nbsp;&nbsp; Series 2019-B12, Class A2, 3.00%, due 8/15/2052 | &nbsp;&nbsp; 98160 |
|  | 325000 | &nbsp;&nbsp;&nbsp; Series 2019-B12, Class AS, 3.42%, due 8/15/2052 | &nbsp;&nbsp; 299387 |
|  | 7372630 | &nbsp;&nbsp;&nbsp; Series 2021-B30, Class XA, 0.80%, due 11/15/2054 | &nbsp;&nbsp; 289135<br> <sup>(b)(e)</sup><br>|
|  | 231000 | &nbsp;&nbsp;&nbsp; Series 2023-V2, Class C, 6.77%, due 5/15/2055 | &nbsp;&nbsp; 235121<br> <sup>(b)</sup><br>|
|  | 509000 | &nbsp;&nbsp;&nbsp; Series 2023-V3, Class C, 7.17%, due 7/15/2056 | &nbsp;&nbsp; 518199<br> <sup>(b)</sup><br>|
|  | 88000 | &nbsp;&nbsp;&nbsp; Series 2023-B40, Class C, 7.41%, due 12/15/2056 | &nbsp;&nbsp; 91788<br> <sup>(b)</sup><br>|
|  | 529000 | &nbsp;&nbsp;&nbsp; Series 2024-V5, Class C, 6.97%, due 1/10/2057 | &nbsp;&nbsp; 545175<br> <sup>(b)</sup><br>|
|  | 228000 | &nbsp;&nbsp;&nbsp; Series 2024-V8, Class B, 6.95%, due 7/15/2057 | &nbsp;&nbsp; 240391<br> <sup>(b)</sup><br>|
|  |  | BLP Commercial Mortgage Trust |  |
|  | 261000 | &nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, (1 mo. USD Term SOFR + 1.20%), 5.54%, due 3/15/2042 | &nbsp;&nbsp; 260510<br> <sup>(a)(c)</sup><br>|
|  | 342000 | &nbsp;&nbsp;&nbsp; Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), 6.59%, due 3/15/2042 | &nbsp;&nbsp; 338587<br> <sup>(a)(c)</sup><br>|
|  |  | BMO Mortgage Trust |  |
|  | 550000 | &nbsp;&nbsp;&nbsp; Series 2023-5C2, Class A3, 7.05%, due 11/15/2056 | &nbsp;&nbsp; 586153<br> <sup>(b)</sup><br>|
|  | 199000 | &nbsp;&nbsp;&nbsp; Series 2024-C8, Class C, 6.23%, due 3/15/2057 | &nbsp;&nbsp; 201226<br> <sup>(b)</sup><br>|
|  | 434000 | &nbsp;&nbsp;&nbsp; Series 2025-5C10, Class C, 6.49%, due 5/15/2058 | &nbsp;&nbsp; 442358<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $253609 | BWAY Mortgage Trust, Series 2013-1515, Class A2, 3.45%, due 3/10/2033 | &nbsp;&nbsp; $241483<br> <sup>(a)</sup><br>|
|  | BX Commercial Mortgage Trust |  |
| 129433 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, (1 mo. USD Term SOFR + 1.21%), 5.56%, due 9/15/2036 | &nbsp;&nbsp; 128908<br> <sup>(a)(c)</sup><br>|
| 96883 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, (1 mo. USD Term SOFR + 1.76%), 6.11%, due 9/15/2036 | &nbsp;&nbsp; 96584<br> <sup>(a)(c)</sup><br>|
| 290648 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class E, (1 mo. USD Term SOFR + 2.11%), 6.46%, due 9/15/2036 | &nbsp;&nbsp; 290014<br> <sup>(a)(c)</sup><br>|
| 186984 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.86%, due 9/15/2036 | &nbsp;&nbsp; 186518<br> <sup>(a)(c)</sup><br>|
| 322917 | &nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (1 mo. USD Term SOFR + 1.44%), 5.78%, due 2/15/2039 | &nbsp;&nbsp; 323421<br> <sup>(a)(c)</sup><br>|
| 88545 | &nbsp;&nbsp;&nbsp; Series 2024-MF, Class C, (1 mo. USD Term SOFR + 1.94%), 6.28%, due 2/15/2039 | &nbsp;&nbsp; 88767<br> <sup>(a)(c)</sup><br>|
| 175189 | &nbsp;&nbsp;&nbsp; Series 2024-XL4, Class C, (1 mo. USD Term SOFR + 2.19%), 6.53%, due 2/15/2039 | &nbsp;&nbsp; 175737<br> <sup>(a)(c)</sup><br>|
| 190373 | &nbsp;&nbsp;&nbsp; Series 2024-MF, Class D, (1 mo. USD Term SOFR + 2.69%), 7.03%, due 2/15/2039 | &nbsp;&nbsp; 190908<br> <sup>(a)(c)</sup><br>|
| 473242 | &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class D, (1 mo. USD Term SOFR + 2.69%), 7.03%, due 3/15/2041 | &nbsp;&nbsp; 474426<br> <sup>(a)(c)</sup><br>|
| 504000 | &nbsp;&nbsp;&nbsp; Series 2024-GPA2, Class C, (1 mo. USD Term SOFR + 2.19%), 6.53%, due 11/15/2041 | &nbsp;&nbsp; 505575<br> <sup>(a)(c)</sup><br>|
|  | BX Trust |  |
| 290000 | &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class B, (1 mo. USD Term SOFR + 1.94%), 6.28%, due 7/15/2029 | &nbsp;&nbsp; 290271<br> <sup>(a)(c)</sup><br>|
| 244000 | &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, (1 mo. USD Term SOFR + 2.89%), 7.23%, due 7/15/2029 | &nbsp;&nbsp; 243085<br> <sup>(a)(c)</sup><br>|
| 397450 | &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.33%, due 3/15/2030 | &nbsp;&nbsp; 394469<br> <sup>(a)(c)</sup><br>|
| 394000 | &nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class D, (1 mo. USD Term SOFR + 2.50%), 6.84%, due 6/15/2040 | &nbsp;&nbsp; 395477<br> <sup>(a)(c)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class B, (1 mo. USD Term SOFR + 1.94%), 6.28%, due 2/15/2041 | &nbsp;&nbsp; 199687<br> <sup>(a)(c)</sup><br>|
| 336000 | &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, (1 mo. USD Term SOFR + 2.64%), 6.98%, due 2/15/2041 | &nbsp;&nbsp; 335160<br> <sup>(a)(c)</sup><br>|
| 175000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class C, 3.86%, due 12/9/2041 | &nbsp;&nbsp; 164028<br> <sup>(a)</sup><br>|
| 196000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 3.94%, due 12/9/2041 | &nbsp;&nbsp; 179026<br> <sup>(a)(b)</sup><br>|
| 288000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class D, 3.94%, due 12/9/2041 | &nbsp;&nbsp; 268413<br> <sup>(a)(b)</sup><br>|
| 349000 | &nbsp;&nbsp;&nbsp; Series 2025-GW, Class D, (1 mo. USD Term SOFR + 2.75%), 7.09%, due 7/15/2042 | &nbsp;&nbsp; 349872<br> <sup>(a)(c)</sup><br>|
| 470000 | &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, (1 mo. USD Term SOFR + 3.25%), 7.55%, due 7/15/2044 | &nbsp;&nbsp; 471762<br> <sup>(a)(c)</sup><br>|
|  | Citigroup Commercial Mortgage Trust |  |
| 170000 | &nbsp;&nbsp;&nbsp; Series 2023-SMRT, Class C, 5.85%, due 10/12/2040 | &nbsp;&nbsp; 171113<br> <sup>(a)(b)</sup><br>|
| 200465 | &nbsp;&nbsp;&nbsp; Series 2016-P4, Class AAB, 2.78%, due 7/10/2049 | &nbsp;&nbsp; 198729 |
|  | COMM Mortgage Trust |  |
| 170000 | &nbsp;&nbsp;&nbsp; Series 2018-HOME, Class A, 3.82%, due 4/10/2033 | &nbsp;&nbsp; 165285<br> <sup>(a)(b)</sup><br>|
| 501000 | &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class D, 7.93%, due 12/10/2041 | &nbsp;&nbsp; 513354<br> <sup>(a)(b)</sup><br>|
| 519000 | &nbsp;&nbsp;&nbsp; Series 2024-277P, Class B, 7.00%, due 8/10/2044 | &nbsp;&nbsp; 549672<br> <sup>(a)(b)</sup><br>|
| 38844 | &nbsp;&nbsp;&nbsp; Series 2014-UBS3, Class XA, 0.61%, due 6/10/2047 | &nbsp;&nbsp; —<br> <sup>(b)(e)</sup><br>|
|  | CONE Trust |  |
| 87000 | &nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A, (1 mo. USD Term SOFR + 1.64%), 5.98%, due 8/15/2041 | &nbsp;&nbsp; 86946<br> <sup>(a)(c)</sup><br>|
| 94000 | &nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class D, (1 mo. USD Term SOFR + 3.04%), 7.38%, due 8/15/2041 | &nbsp;&nbsp; 93761<br> <sup>(a)(c)</sup><br>|
| 4526755 | CSAIL Commercial Mortgage Trust, Series 2016-C5, Class XA, 0.80%, due 11/15/2048 | &nbsp;&nbsp; 45<br> <sup>(b)(e)</sup><br>|
|  | Eleven Madison Trust Mortgage Trust |  |
| 647000 | &nbsp;&nbsp;&nbsp; Series 2015-11MD, Class A, 3.55%, due 9/10/2035 | &nbsp;&nbsp; 640918<br> <sup>(a)(b)</sup><br>|
| 134000 | &nbsp;&nbsp;&nbsp; Series 2015-11MD, Class D, 3.55%, due 9/10/2035 | &nbsp;&nbsp; 128050<br> <sup>(a)(b)</sup><br>|
|  | ELM Trust |  |
| 200000 | &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class D10, 6.63%, due 6/10/2039 | &nbsp;&nbsp; 200398<br> <sup>(a)(b)</sup><br>|
| 215000 | &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class D15, 6.67%, due 6/10/2039 | &nbsp;&nbsp; 215462<br> <sup>(a)(b)</sup><br>|
| 610000 | Fashion Show Mall LLC, Series 2024-SHOW, Class C, 6.07%, due 10/10/2041 | &nbsp;&nbsp; 608197<br> <sup>(a)(b)</sup><br>|
| 1535000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multiclass Certificates, Series 2020-RR02, Class CX, 1.27%, <br> due 3/27/2029<br>| &nbsp;&nbsp; 58414<br> <sup>(b)(e)</sup><br>|
| 266215 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2024-MN8, <br> Class M1, (30 day USD SOFR Average + 2.85%), 7.20%, due 5/25/2044<br>| &nbsp;&nbsp; 269193<br> <sup>(a)(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  |
| 4562926 | &nbsp;&nbsp;&nbsp; Series KW03, Class X1, 0.77%, due 6/25/2027 | &nbsp;&nbsp; 49160<br> <sup>(b)(e)</sup><br>|
| 3292930 | &nbsp;&nbsp;&nbsp; Series K095, Class X1, 0.95%, due 6/25/2029 | &nbsp;&nbsp; 100874<br> <sup>(b)(e)</sup><br>|
| 5063667 | &nbsp;&nbsp;&nbsp; Series K096, Class X1, 1.11%, due 7/25/2029 | &nbsp;&nbsp; 183521<br> <sup>(b)(e)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $4100000 | &nbsp;&nbsp;&nbsp; Series K098, Class XAM, 1.39%, due 8/25/2029<br> &nbsp;&nbsp; $205029<br> <sup>(b)(e)</sup><br>|
| 147000 | FIVE Mortgage Trust, Series 2023-V1, Class C, 6.30%, due 2/10/2056<br> &nbsp;&nbsp; 148047<br> <sup>(b)</sup><br>|
| 207000 | &nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class D, (1 mo. USD Term SOFR + 2.89%), 7.23%, due <br> 3/15/2039<br>&nbsp;&nbsp; 207970<br> <sup>(a)(c)</sup><br>|
|  | GS Mortgage Securities Trust |
| 1979499 | &nbsp;&nbsp;&nbsp; Series 2013-GC13, Class XA, 0.00%, due 7/10/2046<br> &nbsp;&nbsp; 20<br> <sup>(b)(e)</sup><br>|
| 306000 | &nbsp;&nbsp;&nbsp; Series 2016-GS2, Class C, 4.70%, due 5/10/2049<br> &nbsp;&nbsp; 296246<br> <sup>(b)</sup><br>|
| 129618 | &nbsp;&nbsp;&nbsp; Series 2015-GC30, Class XA, 0.25%, due 5/10/2050<br> &nbsp;&nbsp; 1<br> <sup>(b)(e)</sup><br>|
|  | Hilton USA Trust |
| 401000 | &nbsp;&nbsp;&nbsp; Series 2016-HHV, Class C, 4.19%, due 11/5/2038<br> &nbsp;&nbsp; 394255<br> <sup>(a)(b)</sup><br>|
| 300000 | &nbsp;&nbsp;&nbsp; Series 2016-HHV, Class E, 4.19%, due 11/5/2038<br> &nbsp;&nbsp; 292632<br> <sup>(a)(b)</sup><br>|
|  | Hudson Yards Mortgage Trust |
| 390000 | &nbsp;&nbsp;&nbsp; Series 2016-10HY, Class A, 2.84%, due 8/10/2038<br> &nbsp;&nbsp; 380481<br> <sup>(a)</sup><br>|
| 203000 | &nbsp;&nbsp;&nbsp; Series 2016-10HY, Class C, 2.98%, due 8/10/2038<br> &nbsp;&nbsp; 197235<br> <sup>(a)(b)</sup><br>|
| 250000 | &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class C, 5.95%, due 1/13/2040<br> &nbsp;&nbsp; 256230<br> <sup>(a)(b)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 6.34%, due 1/13/2040<br> &nbsp;&nbsp; 103088<br> <sup>(a)(b)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 6.68%, due 1/13/2040<br> &nbsp;&nbsp; 102943<br> <sup>(a)(b)</sup><br>|
| 329000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.59%, due <br> 3/15/2042<br>&nbsp;&nbsp; 328178<br> <sup>(a)(c)</sup><br>|
|  | IP Mortgage Trust |
| 166000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class A, 5.25%, due 6/10/2042<br> &nbsp;&nbsp; 167179<br> <sup>(a)(b)</sup><br>|
| 133000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class D, 6.31%, due 6/10/2042<br> &nbsp;&nbsp; 133529<br> <sup>(a)(b)</sup><br>|
| 97000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class E, 6.85%, due 6/10/2042<br> &nbsp;&nbsp; 97183<br> <sup>(a)(b)</sup><br>|
|  | IRV Trust |
| 250000 | &nbsp;&nbsp;&nbsp; Series 2025-200P, Class A, 5.29%, due 3/14/2047<br> &nbsp;&nbsp; 251248<br> <sup>(a)(b)</sup><br>|
| 256000 | &nbsp;&nbsp;&nbsp; Series 2025-200P, Class C, 5.73%, due 3/14/2047<br> &nbsp;&nbsp; 252705<br> <sup>(a)(b)</sup><br>|
|  | JP Morgan Chase Commercial Mortgage Securities Trust |
| 405000 | &nbsp;&nbsp;&nbsp; Series 2016-NINE, Class A, 2.85%, due 9/6/2038<br> &nbsp;&nbsp; 395545<br> <sup>(a)(b)</sup><br>|
| 260000 | &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class A, 3.02%, due 1/5/2039<br> &nbsp;&nbsp; 236591<br> <sup>(a)</sup><br>|
| 181000 | &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.45%, due 1/5/2039<br> &nbsp;&nbsp; 150072<br> <sup>(a)(b)</sup><br>|
| 310000 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class C, 4.50%, due 2/15/2047<br> &nbsp;&nbsp; 297991<br> <sup>(b)</sup><br>|
|  | Manhattan West Mortgage Trust |
| 262000 | &nbsp;&nbsp;&nbsp; Series 2020-1MW, Class A, 2.13%, due 9/10/2039<br> &nbsp;&nbsp; 247038<br> <sup>(a)</sup><br>|
| 300000 | &nbsp;&nbsp;&nbsp; Series 2020-1MW, Class D, 2.33%, due 9/10/2039<br> &nbsp;&nbsp; 277693<br> <sup>(a)(b)</sup><br>|
| 210000 | &nbsp;&nbsp; MED Commercial Mortgage Trust, Series 2024-MOB, Class C, (1 mo. USD Term SOFR + 2.29%), <br> 6.63%, due 5/15/2041<br>&nbsp;&nbsp; 207870<br> <sup>(a)(c)</sup><br>|
|  | Morgan Stanley Bank of America Merrill Lynch Trust |
| 65000 | &nbsp;&nbsp;&nbsp; Series 2017-C33, Class C, 4.56%, due 5/15/2050<br> &nbsp;&nbsp; 59586<br> <sup>(b)</sup><br>|
| 300000 | &nbsp;&nbsp;&nbsp; Series 2025-C35, Class C, 6.35%, due 8/15/2058<br> &nbsp;&nbsp; 304892<br> <sup>(d)</sup><br>|
| 137000 | Morgan Stanley Capital I Trust, Series 2018-H4, Class C, 5.05%, due 12/15/2051<br> &nbsp;&nbsp; 125059<br> <sup>(b)</sup><br>|
| 57000 | MSWF Commercial Mortgage Trust, Series 2023-2, Class C, 7.02%, due 12/15/2056<br> &nbsp;&nbsp; 59118<br> <sup>(b)</sup><br>|
| 390000 | NY Commercial Mortgage Trust, Series 2025-299P, Class A, 5.66%, due 2/10/2047<br> &nbsp;&nbsp; 401629<br> <sup>(a)(b)</sup><br>|
|  | NYC Commercial Mortgage Trust |
| 260000 | &nbsp;&nbsp;&nbsp; Series 2025-3BP, Class A, (1 mo. USD Term SOFR + 1.21%), 5.55%, due 2/15/2042<br> &nbsp;&nbsp; 258686<br> <sup>(a)(c)</sup><br>|
| 210000 | &nbsp;&nbsp;&nbsp; Series 2025-3BP, Class B, (1 mo. USD Term SOFR + 1.69%), 6.03%, due 2/15/2042<br> &nbsp;&nbsp; 209347<br> <sup>(a)(c)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), 6.78%, due 2/15/2042<br> &nbsp;&nbsp; 99423<br> <sup>(a)(c)</sup><br>|
| 382000 | &nbsp;&nbsp;&nbsp; Series 2025-300P, Class D, 6.16%, due 7/13/2042<br> &nbsp;&nbsp; 380315<br> <sup>(a)(b)</sup><br>|
|  | One Market Plaza Trust |
| 154855 | &nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class A, 3.61%, due 2/10/2032<br> &nbsp;&nbsp; 148221<br> <sup>(a)</sup><br>|
| 210000 | &nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class B, 3.85%, due 2/10/2032<br> &nbsp;&nbsp; 197860<br> <sup>(a)</sup><br>|
| 150000 | &nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class C, 4.02%, due 2/10/2032<br> &nbsp;&nbsp; 139458<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $| 285000 | &nbsp;&nbsp; ONE Mortgage Trust, Series 2021-PARK, Class A, (1 mo. USD Term SOFR + 0.81%), 5.16%, due <br> 3/15/2036<br>| &nbsp;&nbsp; $280026<br> <sup>(a)(c)</sup><br>|
|  |  | ONNI Commercial Mortgage Trust |  |
|  | 221000 | &nbsp;&nbsp;&nbsp; Series 2024-APT, Class C, 6.43%, due 7/15/2039 | &nbsp;&nbsp; 225347<br> <sup>(a)(b)</sup><br>|
|  | 253000 | &nbsp;&nbsp;&nbsp; Series 2024-APT, Class D, 7.00%, due 7/15/2039 | &nbsp;&nbsp; 260358<br> <sup>(a)(b)</sup><br>|
|  |  | ORL Trust |  |
|  | 390000 | &nbsp;&nbsp;&nbsp; Series 2024-GLKS, Class A, (1 mo. USD Term SOFR + 1.49%), 5.83%, due 12/15/2039 | &nbsp;&nbsp; 390346<br> <sup>(a)(c)</sup><br>|
|  | 150000 | &nbsp;&nbsp;&nbsp; Series 2024-GLKS, Class D, (1 mo. USD Term SOFR + 2.79%), 7.13%, due 12/15/2039 | &nbsp;&nbsp; 150094<br> <sup>(a)(c)</sup><br>|
|  | 440000 | PFP Ltd., Series 2025-12, Class AS, (1 mo. USD Term SOFR + 1.74%), 6.09%, due 12/18/2042 | &nbsp;&nbsp; 443000<br> <sup>(a)(c)</sup><br>|
|  | 147000 | PRM Trust, Series 2025-PRM6, Class D, 5.68%, due 7/5/2033 | &nbsp;&nbsp; 145684<br> <sup>(a)(b)</sup><br>|
|  | 303000 | PRM5 Trust, Series 2025-PRM5, Class D, 5.62%, due 3/10/2033 | &nbsp;&nbsp; 299530<br> <sup>(a)(b)</sup><br>|
|  | 304000 | RIDE, Series 2025-SHRE, Class C, 6.12%, due 2/14/2047 | &nbsp;&nbsp; 303444<br> <sup>(a)(b)</sup><br>|
|  |  | ROCK Trust |  |
|  | 160000 | &nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class B, 5.93%, due 11/13/2041 | &nbsp;&nbsp; 164355<br> <sup>(a)</sup><br>|
|  | 357000 | &nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 7.11%, due 11/13/2041 | &nbsp;&nbsp; 370280<br> <sup>(a)</sup><br>|
|  | 299000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.28%, due 4/15/2042 | &nbsp;&nbsp; 298508<br> <sup>(a)(c)</sup><br>|
|  |  | SFO Commercial Mortgage Trust |  |
|  | 335000 | &nbsp;&nbsp;&nbsp; Series 2021-555, Class A, (1 mo. USD Term SOFR + 1.26%), 5.61%, due 5/15/2038 | &nbsp;&nbsp; 333356<br> <sup>(a)(c)</sup><br>|
|  | 72000 | &nbsp;&nbsp;&nbsp; Series 2021-555, Class C, (1 mo. USD Term SOFR + 1.91%), 6.26%, due 5/15/2038 | &nbsp;&nbsp; 71463<br> <sup>(a)(c)</sup><br>|
|  | 199000 | &nbsp;&nbsp;&nbsp; Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), 6.86%, due 5/15/2038 | &nbsp;&nbsp; 197516<br> <sup>(a)(c)</sup><br>|
|  | 100000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), <br> 6.33%, due 12/15/2039<br>| &nbsp;&nbsp; 100250<br> <sup>(a)(c)</sup><br>|
|  | 230000 | &nbsp;&nbsp; TEXAS Commercial Mortgage Trust, Series 2025-TWR, Class A, (1 mo. USD Term SOFR + 1.29%), <br> 5.64%, due 4/15/2042<br>| &nbsp;&nbsp; 230000<br> <sup>(a)(c)</sup><br>|
|  | 278665 | &nbsp;&nbsp; U.S. Bank NA, Series 2025-SUP1, Class C, (30 day USD SOFR Average + 1.90%), 6.25%, due <br> 2/25/2032<br>| &nbsp;&nbsp; 277434<br> <sup>(a)(c)</sup><br>|
|  |  | Wells Fargo Commercial Mortgage Trust |  |
|  | 125000 | &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class C, 6.23%, due 7/15/2035 | &nbsp;&nbsp; 125439<br> <sup>(a)(b)</sup><br>|
|  | 100000 | &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class D, 6.71%, due 7/15/2035 | &nbsp;&nbsp; 100509<br> <sup>(a)(b)</sup><br>|
|  | 365000 | &nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class B, 3.81%, due 11/15/2049 | &nbsp;&nbsp; 353038 |
|  | 3393801 | &nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA, 1.56%, due 8/15/2052 | &nbsp;&nbsp; 166497<br> <sup>(b)(e)</sup><br>|
|  | 143000 | &nbsp;&nbsp;&nbsp; Series 2025-5C3, Class C, 6.23%, due 1/15/2058 | &nbsp;&nbsp; 144413<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **32082486** |
| **Federal Home Loan Mortgage Corp. 3.6%** | **Federal Home Loan Mortgage Corp. 3.6%** | **Federal Home Loan Mortgage Corp. 3.6%** | **Federal Home Loan Mortgage Corp. 3.6%** |
|  |  | Pass-Through Certificates |  |
|  | 52237 | &nbsp;&nbsp;&nbsp; 4.50%, due 11/1/2039 | &nbsp;&nbsp; 51639 |
|  | 5368188 | &nbsp;&nbsp;&nbsp; 5.50%, due 9/1/2052 - 12/1/2054 | &nbsp;&nbsp; 5350099 |
|  | 6341279 | &nbsp;&nbsp;&nbsp; 6.00%, due 3/1/2053 - 6/1/2055 | &nbsp;&nbsp; 6432651 |
|  |  |  | &nbsp;&nbsp; **11834389** |
| **Federal National Mortgage Association 2.2%** | **Federal National Mortgage Association 2.2%** | **Federal National Mortgage Association 2.2%** | **Federal National Mortgage Association 2.2%** |
|  |  | Pass-Through Certificates |  |
|  | 75045 | &nbsp;&nbsp;&nbsp; 4.50%, due 4/1/2039 - 5/1/2044 | &nbsp;&nbsp; 73406 |
|  | 4496439 | &nbsp;&nbsp;&nbsp; 5.50%, due 11/1/2052 - 6/1/2055 | &nbsp;&nbsp; 4481368 |
|  | 2440983 | &nbsp;&nbsp;&nbsp; 6.00%, due 10/1/2053 - 8/1/2054 | &nbsp;&nbsp; 2485810 |
|  |  |  | &nbsp;&nbsp; **7040584** |
| **Total Mortgage-Backed Securities (Cost $112,520,380)** | **Total Mortgage-Backed Securities (Cost $112,520,380)** | **Total Mortgage-Backed Securities (Cost $112,520,380)** | &nbsp;&nbsp; **110744038** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities 19.7%** | **Asset-Backed Securities 19.7%** | **Asset-Backed Securities 19.7%** |
| **Automobiles 2.8%** | **Automobiles 2.8%** | **Automobiles 2.8%** |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| $375000 | &nbsp;&nbsp;&nbsp; Series 2020-2A, Class B, 2.96%, due 2/20/2027 | &nbsp;&nbsp; $372138<br> <sup>(a)</sup><br>|
| 225000 | &nbsp;&nbsp;&nbsp; Series 2022-5A, Class C, 6.24%, due 4/20/2027 | &nbsp;&nbsp; 225471<br> <sup>(a)</sup><br>|
| 485000 | &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.90%, due 2/20/2028 | &nbsp;&nbsp; 464743<br> <sup>(a)</sup><br>|
| 510000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.85%, due 6/20/2030 | &nbsp;&nbsp; 522614<br> <sup>(a)</sup><br>|
| 245000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.48%, due 6/20/2030 | &nbsp;&nbsp; 252208<br> <sup>(a)</sup><br>|
| 452561 | BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.29%, due 7/26/2032 | &nbsp;&nbsp; 459029<br> <sup>(a)</sup><br>|
| 608000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49%, due 5/15/2031 | &nbsp;&nbsp; 615006 |
| 235000 | Exeter Select Automobile Receivables Trust, Series 2025-2, Class C, 4.91%, due 12/15/2031 | &nbsp;&nbsp; 234239 |
| 462000 | Flagship Credit Auto Trust, Series 2024-1, Class A3, 5.48%, due 10/16/2028 | &nbsp;&nbsp; 465477<br> <sup>(a)</sup><br>|
| 320000 | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D, 5.59%, due 1/15/2031 | &nbsp;&nbsp; 325000<br> <sup>(a)</sup><br>|
|  | GLS Auto Select Receivables Trust |  |
| 231035 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.58%, due 6/17/2030 | &nbsp;&nbsp; 232828<br> <sup>(a)</sup><br>|
| 238000 | &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 4.46%, due 10/15/2030 | &nbsp;&nbsp; 237756<br> <sup>(a)</sup><br>|
| 57000 | &nbsp;&nbsp;&nbsp; Series 2024-4A, Class C, 4.75%, due 11/15/2030 | &nbsp;&nbsp; 56997<br> <sup>(a)</sup><br>|
| 61000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.04%, due 2/15/2031 | &nbsp;&nbsp; 61612<br> <sup>(a)</sup><br>|
| 72000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.26%, due 3/15/2031 | &nbsp;&nbsp; 72694<br> <sup>(a)</sup><br>|
| 149000 | &nbsp;&nbsp;&nbsp; Series 2024-4A, Class D, 5.28%, due 10/15/2031 | &nbsp;&nbsp; 150548<br> <sup>(a)</sup><br>|
|  | Huntington Bank Auto Credit-Linked Notes |  |
| 173295 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class B1, 6.15%, due 5/20/2032 | &nbsp;&nbsp; 175479<br> <sup>(a)</sup><br>|
| 450531 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class B1, 5.44%, due 10/20/2032 | &nbsp;&nbsp; 453426<br> <sup>(a)</sup><br>|
| 580000 | Prestige Auto Receivables Trust, Series 2021-1A, Class D, 2.08%, due 2/15/2028 | &nbsp;&nbsp; 569008<br> <sup>(a)</sup><br>|
|  | Santander Drive Auto Receivables Trust |  |
| 87000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, due 3/15/2030 | &nbsp;&nbsp; 88054 |
| 449000 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.43%, due 3/17/2031 | &nbsp;&nbsp; 453388 |
| 445000 | &nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.06%, due 5/15/2031 | &nbsp;&nbsp; 449215 |
|  | SCCU Auto Receivables Trust |  |
| 190000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4, 4.68%, due 9/15/2031 | &nbsp;&nbsp; 189780<br> <sup>(a)(d)</sup><br>|
| 174000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.78%, due 12/15/2031 | &nbsp;&nbsp; 173678<br> <sup>(a)(d)</sup><br>|
| 113000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.08%, due 2/17/2032 | &nbsp;&nbsp; 112744<br> <sup>(a)(d)</sup><br>|
| 421000 | SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.51%, due 1/20/2032 | &nbsp;&nbsp; 427986<br> <sup>(a)</sup><br>|
| 107501 | U.S. Bank NA, Series 2023-1, Class B, 6.79%, due 8/25/2032 | &nbsp;&nbsp; 108643<br> <sup>(a)</sup><br>|
|  | Westlake Automobile Receivables Trust |  |
| 360000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.44%, due 5/17/2027 | &nbsp;&nbsp; 360426<br> <sup>(a)</sup><br>|
| 224000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, due 11/15/2030 | &nbsp;&nbsp; 226724<br> <sup>(a)</sup><br>|
| 313000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.85%, due 1/15/2031 | &nbsp;&nbsp; 313483<br> <sup>(a)</sup><br>|
| 468000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.08%, due 5/15/2031 | &nbsp;&nbsp; 468104<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **9318498** |
| **Home Equity 0.7%** | **Home Equity 0.7%** | **Home Equity 0.7%** |
|  | JP Morgan Mortgage Trust |  |
| 180724 | &nbsp;&nbsp;&nbsp; Series 2023-HE2, Class A1, (30 day USD SOFR Average + 1.70%), 6.05%, due 3/20/2054 | &nbsp;&nbsp; 181730<br> <sup>(a)(c)</sup><br>|
| 135000 | &nbsp;&nbsp;&nbsp; Series 2023-HE3, Class M1, (30 day USD SOFR Average + 2.10%), 6.45%, due 5/20/2054 | &nbsp;&nbsp; 135986<br> <sup>(a)(c)</sup><br>|
| 407219 | &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class A1, (30 day USD SOFR Average + 1.50%), 5.85%, due 8/25/2054 | &nbsp;&nbsp; 408800<br> <sup>(a)(c)</sup><br>|
| 89000 | &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class M1, (30 day USD SOFR Average + 2.00%), 6.35%, due 8/25/2054 | &nbsp;&nbsp; 89634<br> <sup>(a)(c)</sup><br>|
| 416054 | &nbsp;&nbsp; OBX Trust, Series 2025-HE1, Class A1, (30 day USD SOFR Average + 1.60%), 5.95%, due <br> 2/25/2055<br>| &nbsp;&nbsp; 417533<br> <sup>(a)(c)</sup><br>|
|  | Towd Point Mortgage Trust |  |
| 297193 | &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, due 1/25/2064 | &nbsp;&nbsp; 297706<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Home Equity – cont'd** | **Home Equity – cont'd** | **Home Equity – cont'd** | **Home Equity – cont'd** |
| $| 610675 | &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1A, 6.13%, due 2/25/2064 | &nbsp;&nbsp; $614124<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2145513** |
| **Other 15.3%** | **Other 15.3%** | **Other 15.3%** | **Other 15.3%** |
|  | 257801 | AASET Trust, Series 2025-1A, Class A, 5.94%, due 2/16/2050 | &nbsp;&nbsp; 261578<br> <sup>(a)</sup><br>|
|  | 361000 | Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class D, 5.68%, due 8/20/2032 | &nbsp;&nbsp; 363763<br> <sup>(a)</sup><br>|
|  | 372844 | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 7/17/2046 | &nbsp;&nbsp; 341967<br> <sup>(a)</sup><br>|
|  | 423000 | Barings Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, due 8/13/2032 | &nbsp;&nbsp; 427987<br> <sup>(a)</sup><br>|
|  | 1300000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., Series 2024-38A, Class A, (3 mo. USD Term SOFR + <br> 1.31%), 5.63%, due 1/25/2038<br>| &nbsp;&nbsp; 1303327<br> <sup>(a)(c)</sup><br>|
|  |  | Blue Stream Issuer LLC |  |
|  | 300000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 5.40%, due 5/20/2053 | &nbsp;&nbsp; 300928<br> <sup>(a)</sup><br>|
|  | 180000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.41%, due 11/20/2054 | &nbsp;&nbsp; 180543<br> <sup>(a)</sup><br>|
|  | 353218 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 359655<br> <sup>(a)</sup><br>|
|  |  | Castlelake Aircraft Structured Trust |  |
|  | 311465 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.50%, due 2/15/2050 | &nbsp;&nbsp; 312923<br> <sup>(a)</sup><br>|
|  | 519000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 5.47%, due 8/15/2050 | &nbsp;&nbsp; 518990<br> <sup>(a)(d)</sup><br>|
|  |  | CCG Receivables Trust |  |
|  | 100000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.22%, due 3/15/2032 | &nbsp;&nbsp; 101018<br> <sup>(a)</sup><br>|
|  | 100000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 5.80%, due 3/15/2032 | &nbsp;&nbsp; 101014<br> <sup>(a)</sup><br>|
|  | 212450 | &nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 6.28%, due 4/14/2032 | &nbsp;&nbsp; 214517<br> <sup>(a)</sup><br>|
|  | 441000 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 4.48%, due 10/14/2032 | &nbsp;&nbsp; 441623<br> <sup>(a)</sup><br>|
|  |  | Cloud Capital Holdco LP |  |
|  | 211000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 213355<br> <sup>(a)</sup><br>|
|  | 136000 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.92%, due 11/22/2049 | &nbsp;&nbsp; 138276<br> <sup>(a)</sup><br>|
|  |  | Compass Datacenters Issuer II LLC |  |
|  | 120000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.75%, due 2/25/2049 | &nbsp;&nbsp; 120958<br> <sup>(a)</sup><br>|
|  | 100000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 7.00%, due 2/25/2049 | &nbsp;&nbsp; 102555<br> <sup>(a)</sup><br>|
|  | 577000 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1, 5.02%, due 8/25/2049 | &nbsp;&nbsp; 575925<br> <sup>(a)</sup><br>|
|  |  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |
|  | 137000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 6.00%, due 5/20/2055 | &nbsp;&nbsp; 139742<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.51%, due 5/20/2055 | &nbsp;&nbsp; 509994<br> <sup>(a)</sup><br>|
|  |  | Crockett Partners Equipment Co. IIA LLC |  |
|  | 97247 | &nbsp;&nbsp;&nbsp; Series 2024-1C, Class A, 6.05%, due 1/20/2031 | &nbsp;&nbsp; 97795<br> <sup>(a)</sup><br>|
|  | 81721 | &nbsp;&nbsp;&nbsp; Series 2024-1C, Class B, 6.78%, due 1/20/2031 | &nbsp;&nbsp; 82856<br> <sup>(a)</sup><br>|
|  |  | CyrusOne Data Centers Issuer I LLC |  |
|  | 444000 | &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 446967<br> <sup>(a)</sup><br>|
|  | 300000 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 4.50%, due 5/20/2049 | &nbsp;&nbsp; 291522<br> <sup>(a)</sup><br>|
|  |  | Dell Equipment Finance Trust |  |
|  | 640000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.73%, due 3/22/2030 | &nbsp;&nbsp; 648696<br> <sup>(a)</sup><br>|
|  | 170000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 6.12%, due 9/23/2030 | &nbsp;&nbsp; 172673<br> <sup>(a)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. USD Term SOFR + 2.91%), 7.24%, due <br> 4/18/2031<br>| &nbsp;&nbsp; 998411<br> <sup>(a)(c)</sup><br>|
|  | 1625000 | &nbsp;&nbsp; Eaton Vance CLO Ltd., Series 2013-1A, Class AR4, (1.34% - 3 mo. USD Term SOFR, Floor 1.34%), <br> 0.00%, due 10/15/2038<br>| &nbsp;&nbsp; 1625000<br> <sup>(a)(c)(d)</sup><br>|
|  | 226737 | Elara HGV Timeshare Issuer LLC, Series 2023-A, Class A, 6.16%, due 2/25/2038 | &nbsp;&nbsp; 232554<br> <sup>(a)</sup><br>|
|  | 1500000 | &nbsp;&nbsp; Elmwood CLO 43 Ltd., Series 2025-6A, Class D, (3 mo. USD Term SOFR + 2.80%), 7.12%, due <br> 7/20/2038<br>| &nbsp;&nbsp; 1509399<br> <sup>(a)(c)</sup><br>|
|  | 1300000 | &nbsp;&nbsp; Flatiron CLO 26 Ltd., Series 2024-4A, Class A, (3 mo. USD Term SOFR + 1.33%), 5.65%, due <br> 1/15/2038<br>| &nbsp;&nbsp; 1304003<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $435000 | &nbsp;&nbsp; Fort Washington CLO Ltd., Series 2021-2A, Class A, (3 mo. USD Term SOFR + 1.48%), 5.81%, due <br> 10/20/2034<br>&nbsp;&nbsp; $435475<br> <sup>(a)(c)</sup><br>|
|  | Foundation Finance Trust |
| 94991 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.93%, due 3/15/2050<br> &nbsp;&nbsp; 94492<br> <sup>(a)</sup><br>|
| 94991 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 6.59%, due 3/15/2050<br> &nbsp;&nbsp; 95383<br> <sup>(a)</sup><br>|
| 185299 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.95%, due 4/15/2050<br> &nbsp;&nbsp; 186116<br> <sup>(a)</sup><br>|
| 464000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 4.67%, due 4/15/2052<br> &nbsp;&nbsp; 461899<br> <sup>(a)</sup><br>|
|  | Frontier Issuer LLC |
| 480000 | &nbsp;&nbsp;&nbsp; Series 2023-1, Class A2, 6.60%, due 8/20/2053<br> &nbsp;&nbsp; 486038<br> <sup>(a)</sup><br>|
| 322000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 7.02%, due 6/20/2054<br> &nbsp;&nbsp; 334336<br> <sup>(a)</sup><br>|
| 205000 | &nbsp;&nbsp; Gracie Point International Funding LLC, Series 2024-1A, Class A, (90 day USD SOFR Average + <br> 1.70%), 6.12%, due 3/1/2028<br>&nbsp;&nbsp; 205331<br> <sup>(a)(c)</sup><br>|
| 318000 | GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A3, 4.49%, due 4/16/2029<br> &nbsp;&nbsp; 317068<br> <sup>(a)</sup><br>|
|  | GreenSky Home Improvement Issuer Trust |
| 216000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.39%, due 3/25/2060<br> &nbsp;&nbsp; 217822<br> <sup>(a)</sup><br>|
| 179000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 5.07%, due 6/25/2060<br> &nbsp;&nbsp; 179138<br> <sup>(a)</sup><br>|
| 120000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.26%, due 6/25/2060<br> &nbsp;&nbsp; 120271<br> <sup>(a)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.56%, due 6/25/2060<br> &nbsp;&nbsp; 100242<br> <sup>(a)</sup><br>|
|  | GreenSky Home Improvement Trust |
| 229847 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class A4, 5.67%, due 6/25/2059<br> &nbsp;&nbsp; 233687<br> <sup>(a)</sup><br>|
| 640000 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 7.33%, due 6/25/2059<br> &nbsp;&nbsp; 660768<br> <sup>(a)</sup><br>|
|  | Hilton Grand Vacations Trust |
| 64037 | &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, due 1/25/2037<br> &nbsp;&nbsp; 63256<br> <sup>(a)</sup><br>|
| 204540 | &nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, 4.74%, due 1/25/2037<br> &nbsp;&nbsp; 202494<br> <sup>(a)</sup><br>|
| 87615 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.94%, due 1/25/2038<br> &nbsp;&nbsp; 89863<br> <sup>(a)</sup><br>|
| 160960 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.99%, due 3/25/2038<br> &nbsp;&nbsp; 162079<br> <sup>(a)</sup><br>|
| 122649 | &nbsp;&nbsp;&nbsp; Series 2024-1B, Class A, 5.75%, due 9/15/2039<br> &nbsp;&nbsp; 124058<br> <sup>(a)</sup><br>|
| 90761 | &nbsp;&nbsp;&nbsp; Series 2024-1B, Class B, 5.99%, due 9/15/2039<br> &nbsp;&nbsp; 91606<br> <sup>(a)</sup><br>|
| 49060 | &nbsp;&nbsp;&nbsp; Series 2024-1B, Class C, 6.62%, due 9/15/2039<br> &nbsp;&nbsp; 49562<br> <sup>(a)</sup><br>|
| 262257 | &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.98%, due 8/27/2040<br> &nbsp;&nbsp; 263176<br> <sup>(a)</sup><br>|
| 711041 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.52%, due 5/27/2042<br> &nbsp;&nbsp; 712908<br> <sup>(a)</sup><br>|
| 260000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035<br> &nbsp;&nbsp; 263094<br> <sup>(a)</sup><br>|
| 1000000 | &nbsp;&nbsp; Katayma CLO II Ltd., Series 2024-2A, Class A1, (3 mo. USD Term SOFR + 1.65%), 5.98%, due <br> 4/20/2037<br>&nbsp;&nbsp; 1004162<br> <sup>(a)(c)</sup><br>|
|  | Kubota Credit Owner Trust |
| 407000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.19%, due 7/17/2028<br> &nbsp;&nbsp; 411435<br> <sup>(a)</sup><br>|
| 436000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 4.67%, due 6/15/2029<br> &nbsp;&nbsp; 439801<br> <sup>(a)</sup><br>|
| 754000 | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 9/20/2065<br> &nbsp;&nbsp; 753994<br> <sup>(a)(d)</sup><br>|
| 680000 | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.40%, due 8/20/2055<br> &nbsp;&nbsp; 679943<br> <sup>(a)(d)</sup><br>|
|  | MVW LLC |
| 160419 | &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.43%, due 5/20/2039<br> &nbsp;&nbsp; 152096<br> <sup>(a)</sup><br>|
| 113811 | &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.83%, due 5/20/2039<br> &nbsp;&nbsp; 107869<br> <sup>(a)</sup><br>|
| 43714 | &nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B, 1.44%, due 1/22/2041<br> &nbsp;&nbsp; 41701<br> <sup>(a)</sup><br>|
| 185150 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.58%, due 3/20/2042<br> &nbsp;&nbsp; 181831<br> <sup>(a)</sup><br>|
| 119140 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 4.92%, due 3/20/2042<br> &nbsp;&nbsp; 115895<br> <sup>(a)</sup><br>|
| 151928 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.21%, due 9/22/2042<br> &nbsp;&nbsp; 151549<br> <sup>(a)</sup><br>|
| 123618 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.75%, due 9/22/2042<br> &nbsp;&nbsp; 123495<br> <sup>(a)</sup><br>|
| 128466 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.51%, due 2/20/2043<br> &nbsp;&nbsp; 129017<br> <sup>(a)</sup><br>|
| 72098 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.20%, due 2/20/2043<br> &nbsp;&nbsp; 72825<br> <sup>(a)</sup><br>|
| 193335 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.40%, due 11/25/2031<br> &nbsp;&nbsp; 195348<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $1200000 | &nbsp;&nbsp; Oaktree CLO Ltd., Series 2022-3A, Class A1R, (3 mo. USD Term SOFR + 1.38%), 5.70%, due <br> 10/15/2037<br>&nbsp;&nbsp; $1203689<br> <sup>(a)(c)</sup><br>|
| 2400000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2021-21A, Class D1R, (3 mo. USD Term SOFR + 2.65%), 6.98%, due <br> 1/20/2038<br>&nbsp;&nbsp; 2406778<br> <sup>(a)(c)</sup><br>|
| 1000000 | &nbsp;&nbsp; Octagon Investment Partners 43 Ltd., Series 2019-1A, Class D, (3 mo. USD Term SOFR + 4.16%), <br> 8.48%, due 10/25/2032<br>&nbsp;&nbsp; 1003993<br> <sup>(a)(c)</sup><br>|
| 159883 | OneMain Financial Issuance Trust, Series 2022-2A, Class A, 4.89%, due 10/14/2034<br> &nbsp;&nbsp; 159795<br> <sup>(a)</sup><br>|
| 292515 | OWN Equipment Fund I LLC, Series 2024-2M, Class A, 5.70%, due 12/20/2032<br> &nbsp;&nbsp; 295001<br> <sup>(a)</sup><br>|
| 1000000 | &nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-4A, Class D1, (3 mo. USD Term SOFR + 2.65%), 6.97%, due <br> 1/15/2038<br>&nbsp;&nbsp; 1004996<br> <sup>(a)(c)</sup><br>|
|  | PFS Financing Corp. |
| 872000 | &nbsp;&nbsp;&nbsp; Series 2024-D, Class A, 5.34%, due 4/15/2029<br> &nbsp;&nbsp; 883858<br> <sup>(a)</sup><br>|
| 613000 | &nbsp;&nbsp;&nbsp; Series 2025-D, Class A, 4.47%, due 5/15/2030<br> &nbsp;&nbsp; 612791<br> <sup>(a)</sup><br>|
| 1600000 | &nbsp;&nbsp; Rad CLO 18 Ltd., Series 2023-18A, Class D1R, (3 mo. USD Term SOFR + 3.30%), 7.62%, due <br> 7/15/2037<br>&nbsp;&nbsp; 1608871<br> <sup>(a)(c)</sup><br>|
| 1200000 | &nbsp;&nbsp; Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3 mo. USD Term SOFR + 1.55%), 5.87%, <br> due 4/25/2037<br>&nbsp;&nbsp; 1205183<br> <sup>(a)(c)</sup><br>|
|  | Sierra Timeshare Receivables Funding LLC |
| 65233 | &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.05%, due 10/20/2038<br> &nbsp;&nbsp; 64106<br> <sup>(a)</sup><br>|
| 87147 | &nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, 3.94%, due 10/20/2038<br> &nbsp;&nbsp; 85598<br> <sup>(a)</sup><br>|
| 91425 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.00%, due 1/20/2040<br> &nbsp;&nbsp; 93254<br> <sup>(a)</sup><br>|
| 89553 | &nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 7.30%, due 4/20/2040<br> &nbsp;&nbsp; 92125<br> <sup>(a)</sup><br>|
| 52289 | &nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, 5.04%, due 6/20/2040<br> &nbsp;&nbsp; 52007<br> <sup>(a)</sup><br>|
| 80944 | &nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 6.44%, due 9/20/2040<br> &nbsp;&nbsp; 82893<br> <sup>(a)</sup><br>|
| 103972 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.83%, due 6/20/2041<br> &nbsp;&nbsp; 104458<br> <sup>(a)</sup><br>|
| 222652 | &nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.32%, due 8/20/2041<br> &nbsp;&nbsp; 221985<br> <sup>(a)</sup><br>|
| 321246 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.81%, due 1/21/2042<br> &nbsp;&nbsp; 322237<br> <sup>(a)</sup><br>|
| 198359 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.94%, due 1/20/2043<br> &nbsp;&nbsp; 199474<br> <sup>(a)</sup><br>|
| 323000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 4.93%, due 4/20/2044<br> &nbsp;&nbsp; 322999<br> <sup>(a)</sup><br>|
| 210000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.32%, due 4/20/2044<br> &nbsp;&nbsp; 210519<br> <sup>(a)</sup><br>|
| 1000000 | &nbsp;&nbsp; Signal Peak CLO 8 Ltd., Series 2020-8A, Class A1R, (3 mo. USD Term SOFR + 1.39%), 5.72%, due <br> 10/20/2037<br>&nbsp;&nbsp; 1004050<br> <sup>(a)(c)</sup><br>|
| 634000 | Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, due 12/22/2031<br> &nbsp;&nbsp; 637969<br> <sup>(a)</sup><br>|
|  | Stack Infrastructure Issuer LLC |
| 548000 | &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2, 5.90%, due 10/25/2048<br> &nbsp;&nbsp; 551121<br> <sup>(a)</sup><br>|
| 190000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.00%, due 5/25/2050<br> &nbsp;&nbsp; 187240<br> <sup>(a)</sup><br>|
| 263012 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054<br> &nbsp;&nbsp; 266307<br> <sup>(a)</sup><br>|
|  | Taco Bell Funding LLC |
| 258750 | &nbsp;&nbsp;&nbsp; Series 2016-1A, Class A23, 4.97%, due 5/25/2046<br> &nbsp;&nbsp; 258406<br> <sup>(a)</sup><br>|
| 191587 | &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 1.95%, due 8/25/2051<br> &nbsp;&nbsp; 182703<br> <sup>(a)</sup><br>|
| 264663 | Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, due 6/21/2050<br> &nbsp;&nbsp; 264971<br> <sup>(a)</sup><br>|
| 1500000 | &nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class A1R, (3 mo. USD Term SOFR + 1.30%), 5.62%, <br> due 7/20/2038<br>&nbsp;&nbsp; 1503750<br> <sup>(a)(c)</sup><br>|
| 500000 | &nbsp;&nbsp; TICP CLO VII Ltd., Series 2017-7A, Class DR, (3 mo. USD Term SOFR + 3.46%), 7.78%, due <br> 4/15/2033<br>&nbsp;&nbsp; 502484<br> <sup>(a)(c)</sup><br>|
| 107383 | T-Mobile U.S. Trust, Series 2022-1A, Class A, 4.91%, due 5/22/2028<br> &nbsp;&nbsp; 107411<br> <sup>(a)</sup><br>|
| 415000 | Trafigura Securitisation Finance PLC, Series 2024-1A, Class A2, 5.98%, due 11/15/2027<br> &nbsp;&nbsp; 420279<br> <sup>(a)</sup><br>|
| 1500000 | &nbsp;&nbsp; Trestles CLO III Ltd., Series 2020-3A, Class D1R, (3 mo. USD Term SOFR + 3.15%), 7.48%, due <br> 10/20/2037<br>&nbsp;&nbsp; 1510127<br> <sup>(a)(c)</sup><br>|
| 2400000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.50%, due <br> 4/25/2038<br>&nbsp;&nbsp; 2399184<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
|  |  | Uniti Fiber ABS Issuer LLC |  |
| $| 266000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.88%, due 4/20/2055 | &nbsp;&nbsp; $270900<br> <sup>(a)</sup><br>|
|  | 235000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.37%, due 4/20/2055 | &nbsp;&nbsp; 239184<br> <sup>(a)</sup><br>|
|  | 192419 | Volofin Finance DAC, Series 2024-1A, Class A, 5.94%, due 6/15/2037 | &nbsp;&nbsp; 194005<br> <sup>(a)</sup><br>|
|  | 1200000 | &nbsp;&nbsp; Wellington Management CLO 1 Ltd., Series 2023-1A, Class A, (3 mo. USD Term SOFR + 1.80%), <br> 6.13%, due 10/20/2036<br>| &nbsp;&nbsp; 1203076<br> <sup>(a)(c)</sup><br>|
|  | 249418 | Willis Engine Structured Trust VIII, Series 2025-A, Class B, 6.07%, due 6/15/2050 | &nbsp;&nbsp; 250883<br> <sup>(a)</sup><br>|
|  |  | Wireless PropCo Funding LLC |  |
|  | 150000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.07%, due 6/25/2055 | &nbsp;&nbsp; 141976<br> <sup>(a)(f)</sup><br>|
|  | 163000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.30%, due 6/25/2055 | &nbsp;&nbsp; 152015<br> <sup>(a)</sup><br>|
|  |  | Ziply Fiber Issuer LLC |  |
|  | 196000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 6.64%, due 4/20/2054 | &nbsp;&nbsp; 200417<br> <sup>(a)</sup><br>|
|  | 506000 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 7.81%, due 4/20/2054 | &nbsp;&nbsp; 522251<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **50358956** |
| **Real Estate Investment Trusts 0.1%** | **Real Estate Investment Trusts 0.1%** | **Real Estate Investment Trusts 0.1%** | **Real Estate Investment Trusts 0.1%** |
|  | 432000 | American Tower Trust 1, 5.49%, due 3/15/2053 | &nbsp;&nbsp; **437939**<br> <sup>(a)</sup><br>|
| **Student Loan 0.8%** | **Student Loan 0.8%** | **Student Loan 0.8%** | **Student Loan 0.8%** |
|  |  | Bayview Opportunity Master Fund VII LLC |  |
|  | 66413 | &nbsp;&nbsp;&nbsp; Series 2024-EDU1, Class C, (30 day USD SOFR Average + 1.80%), 6.15%, due 6/25/2047 | &nbsp;&nbsp; 66188<br> <sup>(a)(c)</sup><br>|
|  | 27672 | &nbsp;&nbsp;&nbsp; Series 2024-EDU1, Class D, (30 day USD SOFR Average + 2.75%), 7.10%, due 6/25/2047 | &nbsp;&nbsp; 28199<br> <sup>(a)(c)</sup><br>|
|  |  | Navient Private Education Refi Loan Trust |  |
|  | 435439 | &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, due 7/15/2069 | &nbsp;&nbsp; 395140<br> <sup>(a)</sup><br>|
|  | 309394 | &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, due 10/15/2069 | &nbsp;&nbsp; 280199<br> <sup>(a)</sup><br>|
|  | 370564 | &nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, 0.97%, due 12/16/2069 | &nbsp;&nbsp; 330782<br> <sup>(a)</sup><br>|
|  | 409810 | &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, due 2/18/2070 | &nbsp;&nbsp; 361462<br> <sup>(a)</sup><br>|
|  | 804963 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, due 10/15/2072 | &nbsp;&nbsp; 820699<br> <sup>(a)</sup><br>|
|  | 490000 | SoFi Professional Loan Program LLC, Series 2018-C, Class BFX, 4.13%, due 1/25/2048 | &nbsp;&nbsp; 470726<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2753395** |
| **Total Asset-Backed Securities (Cost $64,662,675)** | **Total Asset-Backed Securities (Cost $64,662,675)** | **Total Asset-Backed Securities (Cost $64,662,675)** | &nbsp;&nbsp; **65014301** |
| **Corporate Bonds 37.6%** | **Corporate Bonds 37.6%** | **Corporate Bonds 37.6%** | **Corporate Bonds 37.6%** |
| **Advertising 0.2%** | **Advertising 0.2%** | **Advertising 0.2%** | **Advertising 0.2%** |
|  |  | Clear Channel Outdoor Holdings, Inc. |  |
|  | 150000 | &nbsp;&nbsp;&nbsp; 5.13%, due 8/15/2027 | &nbsp;&nbsp; 149796<br> <sup>(a)</sup><br>|
|  | 160000 | &nbsp;&nbsp;&nbsp; 7.88%, due 4/1/2030 | &nbsp;&nbsp; 164769<br> <sup>(a)</sup><br>|
|  | 305000 | Neptune Bidco U.S., Inc., 9.29%, due 4/15/2029 | &nbsp;&nbsp; 295173<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **609738** |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |
|  |  | Boeing Co. |  |
|  | 1880000 | &nbsp;&nbsp;&nbsp; 2.70%, due 2/1/2027 | &nbsp;&nbsp; 1826329 |
|  | 1965000 | &nbsp;&nbsp;&nbsp; 6.30%, due 5/1/2029 | &nbsp;&nbsp; 2074594 |
|  | 330000 | Bombardier, Inc., 7.50%, due 2/1/2029 | &nbsp;&nbsp; 342702<br> <sup>(a)</sup><br>|
|  | 1228000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.90%, due 5/5/2026 | &nbsp;&nbsp; 1230041<br> <sup>(c)</sup><br>|
|  | 1200000 | L3Harris Technologies, Inc., 5.40%, due 1/15/2027 | &nbsp;&nbsp; 1214798 |
|  | 725000 | RTX Corp., 4.13%, due 11/16/2028 | &nbsp;&nbsp; 719886 |
|  |  |  | &nbsp;&nbsp; **7408350** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Agriculture 0.4%** | **Agriculture 0.4%** | **Agriculture 0.4%** |
| $1420000 | Philip Morris International, Inc., 4.13%, due 4/28/2028 | &nbsp;&nbsp; **$1410742** |
| **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** |
| 480000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 4/20/2029 | &nbsp;&nbsp; 479832<br> <sup>(a)</sup><br>|
| 2025000 | Delta Air Lines, Inc., 4.95%, due 7/10/2028 | &nbsp;&nbsp; 2033983 |
| 38750 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/2025 | &nbsp;&nbsp; 38654<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2552469** |
| **Auto Manufacturers 0.4%** | **Auto Manufacturers 0.4%** | **Auto Manufacturers 0.4%** |
|  | Ford Motor Credit Co. LLC |  |
| 45000 | &nbsp;&nbsp;&nbsp; 6.95%, due 6/10/2026 | &nbsp;&nbsp; 45509 |
| 390000 | &nbsp;&nbsp;&nbsp; 7.35%, due 11/4/2027 | &nbsp;&nbsp; 404005 |
| 130000 | &nbsp;&nbsp;&nbsp; 6.80%, due 5/12/2028 | &nbsp;&nbsp; 134173 |
| 320000 | &nbsp;&nbsp;&nbsp; 2.90%, due 2/10/2029 | &nbsp;&nbsp; 291299 |
| 470000 | Jaguar Land Rover Automotive PLC, 5.50%, due 7/15/2029 | &nbsp;&nbsp; 468231<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1343217** |
| **Auto Parts & Equipment 0.2%** | **Auto Parts & Equipment 0.2%** | **Auto Parts & Equipment 0.2%** |
| 210000 | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 2/15/2030 | &nbsp;&nbsp; 216516<br> <sup>(a)</sup><br>|
| 440000 | ZF North America Capital, Inc., 6.88%, due 4/14/2028 | &nbsp;&nbsp; 439189<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **655705** |
| **Banks 12.1%** | **Banks 12.1%** | **Banks 12.1%** |
| 40000 | Banco Santander SA, 5.15%, due 8/18/2025 | &nbsp;&nbsp; 39997 |
|  | Bank of America Corp. |  |
| 3570000 | &nbsp;&nbsp;&nbsp; 2.55%, due 2/4/2028 | &nbsp;&nbsp; 3468680<br> <sup>(g)</sup><br>|
| 1650000 | &nbsp;&nbsp;&nbsp; 4.62%, due 5/9/2029 | &nbsp;&nbsp; 1656945<br> <sup>(g)</sup><br>|
| 390000 | Bank of New York Mellon, 4.73%, due 4/20/2029 | &nbsp;&nbsp; 394115<br> <sup>(g)</sup><br>|
|  | Barclays PLC |  |
| 975000 | &nbsp;&nbsp;&nbsp; 5.67%, due 3/12/2028 | &nbsp;&nbsp; 991115<br> <sup>(g)</sup><br>|
| 1200000 | &nbsp;&nbsp;&nbsp; 4.84%, due 9/10/2028 | &nbsp;&nbsp; 1206094<br> <sup>(g)</sup><br>|
|  | Citigroup, Inc. |  |
| 2265000 | &nbsp;&nbsp;&nbsp; 4.79%, due 3/4/2029 | &nbsp;&nbsp; 2276912<br> <sup>(g)</sup><br>|
| 1635000 | &nbsp;&nbsp;&nbsp; 4.54%, due 9/19/2030 | &nbsp;&nbsp; 1628365<br> <sup>(g)</sup><br>|
| 860000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 5.16%, due 1/28/2028 | &nbsp;&nbsp; 860232<br> <sup>(c)</sup><br>|
| 3750000 | Goldman Sachs Group, Inc., 1.95%, due 10/21/2027 | &nbsp;&nbsp; 3631463<br> <sup>(g)</sup><br>|
| 3215000 | JPMorgan Chase & Co., 4.92%, due 1/24/2029 | &nbsp;&nbsp; 3249970<br> <sup>(g)</sup><br>|
|  | Lloyds Banking Group PLC |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.46%, due 1/5/2028 | &nbsp;&nbsp; 758195<br> <sup>(g)</sup><br>|
| 1640000 | &nbsp;&nbsp;&nbsp; 5.09%, due 11/26/2028 | &nbsp;&nbsp; 1657815<br> <sup>(g)</sup><br>|
| 475000 | M&T Bank Corp., 4.83%, due 1/16/2029 | &nbsp;&nbsp; 477555<br> <sup>(g)</sup><br>|
| 815000 | Manufacturers & Traders Trust Co., 4.70%, due 1/27/2028 | &nbsp;&nbsp; 819951 |
| 3980000 | Mizuho Financial Group, Inc., (Secured Overnight Financing Rate + 1.25%), 5.63%, due 7/8/2031 | &nbsp;&nbsp; 4004397<br> <sup>(c)</sup><br>|
|  | Morgan Stanley |  |
| 1345000 | &nbsp;&nbsp;&nbsp; 1.59%, due 5/4/2027 | &nbsp;&nbsp; 1314656<br> <sup>(g)</sup><br>|
| 830000 | &nbsp;&nbsp;&nbsp; 5.65%, due 4/13/2028 | &nbsp;&nbsp; 845502<br> <sup>(g)</sup><br>|
| 1115000 | Morgan Stanley Bank NA, 5.02%, due 1/12/2029 | &nbsp;&nbsp; 1128795<br> <sup>(g)</sup><br>|
| 350000 | State Street Corp., (Secured Overnight Financing Rate + 0.85%), 5.18%, due 8/3/2026 | &nbsp;&nbsp; 351548<br> <sup>(c)</sup><br>|
|  | Truist Bank |  |
| 2015000 | &nbsp;&nbsp;&nbsp; 4.67%, due 5/20/2027 | &nbsp;&nbsp; 2014873<br> <sup>(g)</sup><br>|
| 2455000 | &nbsp;&nbsp;&nbsp; 4.42%, due 7/24/2028 | &nbsp;&nbsp; 2451442<br> <sup>(g)</sup><br>|
| 650000 | Truist Financial Corp., 5.90%, due 10/28/2026 | &nbsp;&nbsp; 651705<br> <sup>(g)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
| $| 1350000 | UBS Group AG, 1.36%, due 1/30/2027 | &nbsp;&nbsp; $1327826<br> <sup>(a)(g)</sup><br>|
|  |  | Wells Fargo & Co. |  |
|  | 1750000 | &nbsp;&nbsp;&nbsp; 3.58%, due 5/22/2028 | &nbsp;&nbsp; 1720798<br> <sup>(g)</sup><br>|
|  | 1000000 | &nbsp;&nbsp;&nbsp; 5.15%, due 4/23/2031 | &nbsp;&nbsp; 1020437<br> <sup>(g)</sup><br>|
|  |  |  | &nbsp;&nbsp; **39949383** |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
|  | 100000 | Camelot Return Merger Sub, Inc., 8.75%, due 8/1/2028 | &nbsp;&nbsp; 91627<br> <sup>(a)</sup><br>|
|  | 170000 | Jeld-Wen, Inc., 4.88%, due 12/15/2027 | &nbsp;&nbsp; 161275<br> <sup>(a)</sup><br>|
|  | 330000 | Standard Industries, Inc., 4.38%, due 7/15/2030 | &nbsp;&nbsp; 312424<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **565326** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
|  |  | Olympus Water U.S. Holding Corp. |  |
|  | 20000 | &nbsp;&nbsp;&nbsp; 7.13%, due 10/1/2027 | &nbsp;&nbsp; 20310<br> <sup>(a)</sup><br>|
|  | 205000 | &nbsp;&nbsp;&nbsp; 9.75%, due 11/15/2028 | &nbsp;&nbsp; 214906<br> <sup>(a)</sup><br>|
|  | 245000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026 | &nbsp;&nbsp; 243644<br> <sup>(a)</sup><br>|
|  | 350000 | WR Grace Holdings LLC, 4.88%, due 6/15/2027 | &nbsp;&nbsp; 348027<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **826887** |
| **Commercial Services 0.4%** | **Commercial Services 0.4%** | **Commercial Services 0.4%** | **Commercial Services 0.4%** |
|  | 190000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 175924<br> <sup>(a)</sup><br>|
|  | 290000 | Herc Holdings, Inc., 6.63%, due 6/15/2029 | &nbsp;&nbsp; 296900<br> <sup>(a)</sup><br>|
|  | 215000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 233033<br> <sup>(a)</sup><br>|
|  | 170000 | VM Consolidated, Inc., 5.50%, due 4/15/2029 | &nbsp;&nbsp; 166882<br> <sup>(a)</sup><br>|
|  | 360000 | Williams Scotsman, Inc., 6.63%, due 6/15/2029 | &nbsp;&nbsp; 368933<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1241672** |
| **Computers 0.0%**<sup>‡</sup> | **Computers 0.0%**<sup>‡</sup> | **Computers 0.0%**<sup>‡</sup> | **Computers 0.0%**<sup>‡</sup> |
|  | 90000 | ASGN, Inc., 4.63%, due 5/15/2028 | &nbsp;&nbsp; **87622**<br> <sup>(a)</sup><br>|
| **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** |
|  | 240000 | Gates Corp., 6.88%, due 7/1/2029 | &nbsp;&nbsp; 246979<br> <sup>(a)</sup><br>|
|  | 420000 | Resideo Funding, Inc., 4.00%, due 9/1/2029 | &nbsp;&nbsp; 392810<br> <sup>(a)</sup><br>|
|  | 400000 | Windsor Holdings III LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 423981<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1063770** |
| **Diversified Financial Services 2.4%** | **Diversified Financial Services 2.4%** | **Diversified Financial Services 2.4%** | **Diversified Financial Services 2.4%** |
|  | 1980000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 4/1/2028 | &nbsp;&nbsp; 1994702 |
|  | 790000 | Ally Financial, Inc., 5.74%, due 5/15/2029 | &nbsp;&nbsp; 804574<br> <sup>(g)</sup><br>|
|  | 775000 | American Express Co., 1.65%, due 11/4/2026 | &nbsp;&nbsp; 749183 |
|  | 240000 | Azorra Finance Ltd., 7.75%, due 4/15/2030 | &nbsp;&nbsp; 249964<br> <sup>(a)</sup><br>|
|  |  | Capital One Financial Corp. |  |
|  | 1565000 | &nbsp;&nbsp;&nbsp; 3.75%, due 3/9/2027 | &nbsp;&nbsp; 1548535 |
|  | 1555000 | &nbsp;&nbsp;&nbsp; 6.31%, due 6/8/2029 | &nbsp;&nbsp; 1624500<br> <sup>(g)</sup><br>|
|  | 330000 | Navient Corp., 5.50%, due 3/15/2029 | &nbsp;&nbsp; 322821 |
|  | 400000 | OneMain Finance Corp., 6.13%, due 5/15/2030 | &nbsp;&nbsp; 400672<br> <sup>(d)</sup><br>|
|  | 270000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; 282551<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **7977502** |
| **Electric 1.9%** | **Electric 1.9%** | **Electric 1.9%** | **Electric 1.9%** |
|  | 575000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 588411<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
|  |  | Dominion Energy, Inc. |  |
| $| 1135000 | &nbsp;&nbsp;&nbsp; 2.85%, due 8/15/2026 | &nbsp;&nbsp; $1114068 |
|  | 1300000 | &nbsp;&nbsp;&nbsp; 4.60%, due 5/15/2028 | &nbsp;&nbsp; 1305120 |
|  |  | NextEra Energy Capital Holdings, Inc. |  |
|  | 475000 | &nbsp;&nbsp;&nbsp; 4.69%, due 9/1/2027 | &nbsp;&nbsp; 477331<br> <sup>(d)</sup><br>|
|  | 890000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate Index + 0.80%), 5.14%, due 2/4/2028 | &nbsp;&nbsp; 897370<br> <sup>(c)</sup><br>|
|  | 160000 | NRG Energy, Inc., 10.25%, due 3/15/2028 | &nbsp;&nbsp; 176115<br> <sup>(a)(g)(h)</sup><br>|
|  | 427000 | NYSEG Storm Funding LLC, 4.71%, due 5/1/2029 | &nbsp;&nbsp; 428216 |
|  | 740000 | Pacific Gas & Electric Co., 5.00%, due 6/4/2028 | &nbsp;&nbsp; 744160 |
|  | 430000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 434198<br> <sup>(a)(g)(h)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6164989** |
| **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** |
|  | 260000 | Arcosa, Inc., 4.38%, due 4/15/2029 | &nbsp;&nbsp; 250808<br> <sup>(a)</sup><br>|
|  | 105000 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; 86955<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **337763** |
| **Entertainment 1.1%** | **Entertainment 1.1%** | **Entertainment 1.1%** | **Entertainment 1.1%** |
|  | 100000 | Caesars Entertainment, Inc., 7.00%, due 2/15/2030 | &nbsp;&nbsp; 103153<br> <sup>(a)</sup><br>|
|  | 200000 | Churchill Downs, Inc., 5.75%, due 4/1/2030 | &nbsp;&nbsp; 199506<br> <sup>(a)</sup><br>|
|  | 2220000 | Jets Stadium Development LLC, 4.80%, due 4/1/2047 | &nbsp;&nbsp; 2220000<br> <sup>(a)</sup><br>|
|  | 295000 | Live Nation Entertainment, Inc., 4.75%, due 10/15/2027 | &nbsp;&nbsp; 290440<br> <sup>(a)</sup><br>|
|  | 230000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 5/1/2029 | &nbsp;&nbsp; 221590<br> <sup>(a)</sup><br>|
|  | 474000 | Warnermedia Holdings, Inc., 3.76%, due 3/15/2027 | &nbsp;&nbsp; 464762 |
|  |  |  | &nbsp;&nbsp; **3499451** |
| **Food 0.4%** | **Food 0.4%** | **Food 0.4%** | **Food 0.4%** |
|  | 1190000 | Mars, Inc., 4.60%, due 3/1/2028 | &nbsp;&nbsp; **1196547**<br> <sup>(a)</sup><br>|
| **Food Service 0.1%** | **Food Service 0.1%** | **Food Service 0.1%** | **Food Service 0.1%** |
|  | 485000 | TKC Holdings, Inc., 6.88%, due 5/15/2028 | &nbsp;&nbsp; **484594**<br> <sup>(a)</sup><br>|
| **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** |
|  | 360000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; 375336<br> <sup>(a)</sup><br>|
|  | 150000 | Medline Borrower LP, 5.25%, due 10/1/2029 | &nbsp;&nbsp; 147069<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **522405** |
| **Healthcare - Services 0.5%** | **Healthcare - Services 0.5%** | **Healthcare - Services 0.5%** | **Healthcare - Services 0.5%** |
|  | 330000 | Acadia Healthcare Co., Inc., 5.50%, due 7/1/2028 | &nbsp;&nbsp; 325791<br> <sup>(a)</sup><br>|
|  | 400000 | LifePoint Health, Inc., 9.88%, due 8/15/2030 | &nbsp;&nbsp; 431115<br> <sup>(a)</sup><br>|
|  |  | UnitedHealth Group, Inc. |  |
|  | 200000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.50%), 4.84%, due 7/15/2026 | &nbsp;&nbsp; 200457<br> <sup>(c)</sup><br>|
|  | 545000 | &nbsp;&nbsp;&nbsp; 4.40%, due 6/15/2028 | &nbsp;&nbsp; 545320 |
|  |  |  | &nbsp;&nbsp; **1502683** |
| **Home Builders 0.1%** | **Home Builders 0.1%** | **Home Builders 0.1%** | **Home Builders 0.1%** |
|  | 95000 | Beazer Homes USA, Inc., 7.25%, due 10/15/2029 | &nbsp;&nbsp; 95610 |
|  | 370000 | LGI Homes, Inc., 4.00%, due 7/15/2029 | &nbsp;&nbsp; 337307<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **432917** |
| **Insurance 0.7%** | **Insurance 0.7%** | **Insurance 0.7%** | **Insurance 0.7%** |
|  | 430000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 10/15/2027 | &nbsp;&nbsp; 430382<br> <sup>(a)</sup><br>|
|  | 240000 | AmWINS Group, Inc., 6.38%, due 2/15/2029 | &nbsp;&nbsp; 244398<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| $| 1335000 | Athene Global Funding, 4.95%, due 1/7/2027 | &nbsp;&nbsp; $1341158<br> <sup>(a)</sup><br>|
|  | 160000 | HUB International Ltd., 5.63%, due 12/1/2029 | &nbsp;&nbsp; 158865<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2174803** |
| **Internet 0.4%** | **Internet 0.4%** | **Internet 0.4%** | **Internet 0.4%** |
|  | 1395000 | Uber Technologies, Inc., 4.50%, due 8/15/2029 | &nbsp;&nbsp; **1380070**<br> <sup>(a)</sup><br>|
| **Leisure Time 0.4%** | **Leisure Time 0.4%** | **Leisure Time 0.4%** | **Leisure Time 0.4%** |
|  | 405000 | Carnival Corp., 6.00%, due 5/1/2029 | &nbsp;&nbsp; 408592<br> <sup>(a)</sup><br>|
|  | 220000 | Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028 | &nbsp;&nbsp; 229282<br> <sup>(a)</sup><br>|
|  |  | NCL Corp. Ltd. |  |
|  | 210000 | &nbsp;&nbsp;&nbsp; 8.13%, due 1/15/2029 | &nbsp;&nbsp; 220613<br> <sup>(a)</sup><br>|
|  | 160000 | &nbsp;&nbsp;&nbsp; 6.25%, due 3/1/2030 | &nbsp;&nbsp; 161922<br> <sup>(a)</sup><br>|
|  | 160000 | Viking Cruises Ltd., 7.00%, due 2/15/2029 | &nbsp;&nbsp; 161230<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1181639** |
| **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** |
|  | 310000 | Manitowoc Co., Inc., 9.25%, due 10/1/2031 | &nbsp;&nbsp; **329375**<br> <sup>(a)</sup><br>|
| **Media 1.2%** | **Media 1.2%** | **Media 1.2%** | **Media 1.2%** |
|  |  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
|  | 90000 | &nbsp;&nbsp;&nbsp; 5.13%, due 5/1/2027 | &nbsp;&nbsp; 89263<br> <sup>(a)</sup><br>|
|  | 220000 | &nbsp;&nbsp;&nbsp; 6.38%, due 9/1/2029 | &nbsp;&nbsp; 222022<br> <sup>(a)</sup><br>|
|  | 2160000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, 6.15%, due <br> 11/10/2026<br>| &nbsp;&nbsp; 2191207 |
|  | 380000 | CSC Holdings LLC, 5.50%, due 4/15/2027 | &nbsp;&nbsp; 367809<br> <sup>(a)</sup><br>|
|  | 540000 | McGraw-Hill Education, Inc., 5.75%, due 8/1/2028 | &nbsp;&nbsp; 537869<br> <sup>(a)</sup><br>|
|  | 260000 | Sirius XM Radio LLC, 4.00%, due 7/15/2028 | &nbsp;&nbsp; 247465<br> <sup>(a)</sup><br>|
|  | 445000 | TCI Communications, Inc., 7.13%, due 2/15/2028 | &nbsp;&nbsp; 474484 |
|  |  |  | &nbsp;&nbsp; **4130119** |
| **Mining 0.2%** | **Mining 0.2%** | **Mining 0.2%** | **Mining 0.2%** |
|  | 360000 | Kaiser Aluminum Corp., 4.63%, due 3/1/2028 | &nbsp;&nbsp; 351898<br> <sup>(a)</sup><br>|
|  | 160000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; 164872<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **516770** |
| **Oil & Gas 1.1%** | **Oil & Gas 1.1%** | **Oil & Gas 1.1%** | **Oil & Gas 1.1%** |
|  | 425000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 417466<br> <sup>(a)</sup><br>|
|  | 2460000 | Diamondback Energy, Inc., 5.20%, due 4/18/2027 | &nbsp;&nbsp; 2483681 |
|  | 220000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 11/1/2028 | &nbsp;&nbsp; 220849<br> <sup>(a)</sup><br>|
|  | 350000 | Permian Resources Operating LLC, 5.88%, due 7/1/2029 | &nbsp;&nbsp; 350214<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **3472210** |
| **Oil & Gas Services 0.2%** | **Oil & Gas Services 0.2%** | **Oil & Gas Services 0.2%** | **Oil & Gas Services 0.2%** |
|  | 695000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; **712808**<br> <sup>(a)</sup><br>|
| **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** |
|  |  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |
|  | 280000 | &nbsp;&nbsp;&nbsp; 6.00%, due 6/15/2027 | &nbsp;&nbsp; 280247<br> <sup>(a)</sup><br>|
|  | 180000 | &nbsp;&nbsp;&nbsp; 3.25%, due 9/1/2028 | &nbsp;&nbsp; 169717<br> <sup>(a)</sup><br>|
|  | 580000 | Mauser Packaging Solutions Holding Co., 7.88%, due 4/15/2027 | &nbsp;&nbsp; 585061<br> <sup>(a)</sup><br>|
|  | 320000 | Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, due 2/15/2031 | &nbsp;&nbsp; 332609<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1367634** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** | **Pharmaceuticals 1.1%** |
| $3475000 | CVS Health Corp., 4.30%, due 3/25/2028 | &nbsp;&nbsp; $3451770 |
| 90000 | Grifols SA, 4.75%, due 10/15/2028 | &nbsp;&nbsp; 86698<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **3538468** |
| **Pipelines 1.8%** | **Pipelines 1.8%** | **Pipelines 1.8%** |
| 200000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 6/15/2029 | &nbsp;&nbsp; 198319<br> <sup>(a)</sup><br>|
|  | Enbridge, Inc. |  |
| 360000 | &nbsp;&nbsp;&nbsp; 5.90%, due 11/15/2026 | &nbsp;&nbsp; 365524 |
| 359000 | &nbsp;&nbsp;&nbsp; 5.25%, due 4/5/2027 | &nbsp;&nbsp; 363134 |
| 545000 | &nbsp;&nbsp;&nbsp; 4.60%, due 6/20/2028 | &nbsp;&nbsp; 547250 |
| 980000 | Energy Transfer LP, 6.05%, due 12/1/2026 | &nbsp;&nbsp; 996988 |
| 305000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, due 1/15/2029 | &nbsp;&nbsp; 318115 |
| 1215000 | Kinder Morgan, Inc., 5.00%, due 2/1/2029 | &nbsp;&nbsp; 1230684 |
|  | Kinetik Holdings LP |  |
| 210000 | &nbsp;&nbsp;&nbsp; 6.63%, due 12/15/2028 | &nbsp;&nbsp; 214769<br> <sup>(a)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 5.88%, due 6/15/2030 | &nbsp;&nbsp; 200162<br> <sup>(a)</sup><br>|
| 690000 | Plains All American Pipeline LP/PAA Finance Corp., 4.65%, due 10/15/2025 | &nbsp;&nbsp; 689788 |
| 460000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 3/1/2027 | &nbsp;&nbsp; 458486<br> <sup>(a)</sup><br>|
| 320000 | Venture Global LNG, Inc., 8.13%, due 6/1/2028 | &nbsp;&nbsp; 331300<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **5914519** |
| **Real Estate Investment Trusts 0.9%** | **Real Estate Investment Trusts 0.9%** | **Real Estate Investment Trusts 0.9%** |
| 845000 | American Tower Corp., 1.45%, due 9/15/2026 | &nbsp;&nbsp; 816162 |
| 230000 | Blackstone Mortgage Trust, Inc., 3.75%, due 1/15/2027 | &nbsp;&nbsp; 223264<br> <sup>(a)</sup><br>|
| 390000 | Global Net Lease, Inc., 4.50%, due 9/30/2028 | &nbsp;&nbsp; 375129<br> <sup>(a)</sup><br>|
| 250000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 249026<br> <sup>(a)</sup><br>|
| 270000 | RLJ Lodging Trust LP, 4.00%, due 9/15/2029 | &nbsp;&nbsp; 251978<br> <sup>(a)</sup><br>|
| 360000 | Starwood Property Trust, Inc., 7.25%, due 4/1/2029 | &nbsp;&nbsp; 376502<br> <sup>(a)</sup><br>|
|  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |
| 235000 | &nbsp;&nbsp;&nbsp; 10.50%, due 2/15/2028 | &nbsp;&nbsp; 248367<br> <sup>(a)</sup><br>|
| 130000 | &nbsp;&nbsp;&nbsp; 4.75%, due 4/15/2028 | &nbsp;&nbsp; 125985<br> <sup>(a)</sup><br>|
| 370000 | XHR LP, 6.63%, due 5/15/2030 | &nbsp;&nbsp; 376059<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **3042472** |
| **Retail 0.1%** | **Retail 0.1%** | **Retail 0.1%** |
| 230000 | Nordstrom, Inc., 4.00%, due 3/15/2027 | &nbsp;&nbsp; **225007** |
| **Semiconductors 1.6%** | **Semiconductors 1.6%** | **Semiconductors 1.6%** |
|  | Broadcom, Inc. |  |
| 1342000 | &nbsp;&nbsp;&nbsp; 5.05%, due 7/12/2027 | &nbsp;&nbsp; 1357968 |
| 530000 | &nbsp;&nbsp;&nbsp; 4.60%, due 7/15/2030 | &nbsp;&nbsp; 530203 |
| 1935000 | Foundry JV Holdco LLC, 5.90%, due 1/25/2030 | &nbsp;&nbsp; 2018229<br> <sup>(a)</sup><br>|
| 1560000 | Intel Corp., 3.75%, due 8/5/2027 | &nbsp;&nbsp; 1537101 |
|  |  | &nbsp;&nbsp; **5443501** |
| **Software 1.0%** | **Software 1.0%** | **Software 1.0%** |
| 330000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 324407<br> <sup>(a)</sup><br>|
| 310000 | Capstone Borrower, Inc., 8.00%, due 6/15/2030 | &nbsp;&nbsp; 322158<br> <sup>(a)</sup><br>|
| 170000 | Cloud Software Group, Inc., 6.50%, due 3/31/2029 | &nbsp;&nbsp; 171680<br> <sup>(a)</sup><br>|
| 400000 | Open Text Holdings, Inc., 4.13%, due 2/15/2030 | &nbsp;&nbsp; 374923<br> <sup>(a)</sup><br>|
| 900000 | Oracle Corp., 1.65%, due 3/25/2026 | &nbsp;&nbsp; 882354 |

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 1170000 | Synopsys, Inc., 4.55%, due 4/1/2027 | &nbsp;&nbsp; $1171834 |
|  |  | &nbsp;&nbsp; **3247356** |
| **Telecommunications 2.1%** | **Telecommunications 2.1%** | **Telecommunications 2.1%** |
|  | AT&T, Inc. |  |
| 515000 | &nbsp;&nbsp;&nbsp; 1.65%, due 2/1/2028 | &nbsp;&nbsp; 482120 |
| 2935000 | &nbsp;&nbsp;&nbsp; 4.70%, due 8/15/2030 | &nbsp;&nbsp; 2957320 |
| 125194 | Level 3 Financing, Inc., 11.00%, due 11/15/2029 | &nbsp;&nbsp; 141942<br> <sup>(a)</sup><br>|
| 1040000 | NTT Finance Corp., (Secured Overnight Financing Rate + 1.08%), 5.46%, due 7/16/2028 | &nbsp;&nbsp; 1049835<br> <sup>(a)(c)</sup><br>|
| 1010000 | T-Mobile USA, Inc., 3.75%, due 4/15/2027 | &nbsp;&nbsp; 998038 |
| 785000 | Verizon Communications, Inc., 2.10%, due 3/22/2028 | &nbsp;&nbsp; 741973 |
| 350000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/1/2031 | &nbsp;&nbsp; 366411<br> <sup>(a)</sup><br>|
| 370000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 351453<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **7089092** |
| **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** |
| 330000 | XPO, Inc., 7.13%, due 6/1/2031 | &nbsp;&nbsp; **341392**<br> <sup>(a)</sup><br>|
| **Total Corporate Bonds (Cost $123,123,780)** | **Total Corporate Bonds (Cost $123,123,780)** | &nbsp;&nbsp; **123940967** |
| **Loan Assignments**<sup>(c)</sup> **2.4%** | **Loan Assignments**<sup>(c)</sup> **2.4%** | **Loan Assignments**<sup>(c)</sup> **2.4%** |
| **Capital Markets 0.1%** | **Capital Markets 0.1%** | **Capital Markets 0.1%** |
| 448825 | Jane Street Group LLC, Term Loan B1, (3 mo. USD Term SOFR + 2.00%), 6.33%, due 12/15/2031 | &nbsp;&nbsp; **446702** |
| **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** |
| 330000 | Olympus Water U.S. Holding Corp., Term Loan, (3 mo. USD Term SOFR), due 6/20/2031 | &nbsp;&nbsp; **328515**<br> <sup>(i)(j)</sup><br>|
| **Construction Materials 0.3%** | **Construction Materials 0.3%** | **Construction Materials 0.3%** |
| 886672 | Quikrete Holdings, Inc., Term Loan B1, (1 mo. USD Term SOFR + 2.25%), 6.61%, due 4/14/2031 | &nbsp;&nbsp; **885688** |
| **Diversified Telecommunication Services 0.2%** | **Diversified Telecommunication Services 0.2%** | **Diversified Telecommunication Services 0.2%** |
| 510000 | Cable One, Inc., Term Loan B4, (1 mo. USD Term SOFR + 2.00%), 6.47%, due 5/3/2028 | &nbsp;&nbsp; **490620** |
| **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** |
| 438900 | CNT Holdings I Corp., Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.81%, due 11/8/2032 | &nbsp;&nbsp; 439475 |
| 424625 | Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.30%, due 9/27/2030 | &nbsp;&nbsp; 419496 |
|  |  | &nbsp;&nbsp; **858971** |
| **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** |
| 448864 | &nbsp;&nbsp; Caesars Entertainment, Inc., Term Loan B1, (1 mo. USD Term SOFR + 2.25%), 6.61%, due <br> 2/6/2031<br>| &nbsp;&nbsp; **447854** |
| **Independent Power & Renewable Electricity Producers 0.1%** | **Independent Power & Renewable Electricity Producers 0.1%** | **Independent Power & Renewable Electricity Producers 0.1%** |
| 438900 | &nbsp;&nbsp; Cogentrix Finance Holdco I LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 7.11%, due <br> 2/26/2032<br>| &nbsp;&nbsp; **439264** |
| **Insurance 0.5%** | **Insurance 0.5%** | **Insurance 0.5%** |
| 448869 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC, Term Loan B6, (1 mo. USD Term SOFR + 2.75%), 7.10%, due <br> 9/19/2031<br>| &nbsp;&nbsp; 448825 |
| 500000 | Gainwell Acquisition Corp., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.40%, due 10/1/2027 | &nbsp;&nbsp; 492345 |
| 337179 | HUB International Ltd., Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.83%, due 6/20/2030 | &nbsp;&nbsp; 337448 |
| 437794 | USI, Inc., Term Loan C, (3 mo. USD Term SOFR + 2.25%), 6.55%, due 9/29/2030 | &nbsp;&nbsp; 436836 |
|  |  | &nbsp;&nbsp; **1715454** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Leisure Products 0.1%** | **Leisure Products 0.1%** | **Leisure Products 0.1%** |
| $437800 | SRAM LLC, Term Loan B, (1 mo. USD Term SOFR + 2.00%), 6.36%, due 2/27/2032 | &nbsp;&nbsp; **$436342** |
| **Machinery 0.2%** | **Machinery 0.2%** | **Machinery 0.2%** |
| 448869 | EMRLD Borrower LP, Term Loan B, (1 mo. USD Term SOFR + 2.50%), 6.86%, due 8/4/2031 | &nbsp;&nbsp; **448901** |
| **Media 0.2%** | **Media 0.2%** | **Media 0.2%** |
| 438900 | &nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Term Loan, (1 mo. USD Term SOFR + 2.25%), 6.61%, due <br> 2/13/2032<br>| &nbsp;&nbsp; 437118 |
| 170000 | Neptune Bidco U.S., Inc., Term Loan B, (3 mo. USD Term SOFR), due 4/11/2029 | &nbsp;&nbsp; 162960<br> <sup>(i)(j)</sup><br>|
|  |  | &nbsp;&nbsp; **600078** |
| **Passenger Airlines 0.0%**<sup>‡</sup> | **Passenger Airlines 0.0%**<sup>‡</sup> | **Passenger Airlines 0.0%**<sup>‡</sup> |
| 116708 | American Airlines, Inc., Term Loan, (3 mo. USD Term SOFR + 2.25%), 6.58%, due 4/20/2028 | &nbsp;&nbsp; **116124** |
| **Specialty Retail 0.1%** | **Specialty Retail 0.1%** | **Specialty Retail 0.1%** |
| 175597 | &nbsp;&nbsp; Petco Health & Wellness Co., Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.81%, due <br> 3/3/2028<br>| &nbsp;&nbsp; **163876** |
| **Transportation Infrastructure 0.1%** | **Transportation Infrastructure 0.1%** | **Transportation Infrastructure 0.1%** |
| 437800 | KKR Apple Bidco LLC, Term Loan, (1 mo. USD Term SOFR + 2.50%), 6.86%, due 9/23/2031 | &nbsp;&nbsp; **438789** |
| **Total Loan Assignments (Cost $7,822,274)** | **Total Loan Assignments (Cost $7,822,274)** | &nbsp;&nbsp; **7817178** |
| **Municipal Notes 1.5%** | **Municipal Notes 1.5%** | **Municipal Notes 1.5%** |
| **New York 1.5%** | **New York 1.5%** | **New York 1.5%** |
| 5165069 | &nbsp;&nbsp; Mizuho Floater Residual Trust Revenue, (LOC: Mizuho Capital Markets LLC), Series 2023, 4.76%, <br> due 12/1/2052 **(Cost $5,165,069)**<br>| &nbsp;&nbsp; 5165069<br> <sup>(a)</sup><br>|
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 6.1%** | **Short-Term Investments 6.1%** | **Short-Term Investments 6.1%** |
| **Investment Companies 6.1%** | **Investment Companies 6.1%** | **Investment Companies 6.1%** |
| 20131948 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 4.25%<sup>(k)</sup> <br> **(Cost $20,131,948)**<br>| &nbsp;&nbsp; **20131948** |
| **Total Investments 100.9% (Cost $333,426,126)** | **Total Investments 100.9% (Cost $333,426,126)** | &nbsp;&nbsp; **332813501** |
| Liabilities Less Other Assets (0.9)% | Liabilities Less Other Assets (0.9)% | &nbsp;&nbsp; (3092025)<sup>(l)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$329721476** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At July 31, 2025, these securities amounted to $163,617,322, which represents 49.6% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security where the stated interest rate is not based on
 a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current
 interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current
 rate as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. The interest rate shown was the current rate as
 of July 31, 2025 and changes periodically.

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) When-issued security. Total value of all such securities at July 31, 2025 amounted
 to $5,565,024, which represents 1.7% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Interest only security. These securities represent the right to receive the monthly
 interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of
 the "interest only" holding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security fair valued as of July 31, 2025 in accordance with procedures approved by
 the valuation designee. Total value of all such securities at July 31, 2025 amounted to $141,976, which represents
 0.0% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security. Perpetual securities have no stated maturity date, but they may
 be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) All or a portion of this security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security had not settled as of July 31, 2025 and thus may
 not have an interest rate in effect. Interest rates do not take effect until settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents 7-day effective yield as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Includes the impact of the Fund's open positions in derivatives at July 31, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| United States | $269374035 | 81.7% |
| Cayman Islands | 23164366 | 7.0% |
| United Kingdom | 5081450 | 1.6% |
| Japan | 5054232 | 1.5% |
| Jersey | 3511241 | 1.1% |
| Ireland | 2608986 | 0.8% |
| Canada | 1993533 | 0.6% |
| Switzerland | 1327826 | 0.4% |
| Germany | 439189 | 0.1% |
| Other countries, each representing less than 0.05% of net assets of the Fund | 126695 | 0.0% |
| Short-Term Investments and Other Liabilities—Net | 17039923 | 5.2% |
|  | **$329721476** | **100.0%** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At July 31, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $215056767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(381522)<br>|
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$215056767** | &nbsp;&nbsp;&nbsp;&nbsp; **$(381522)**<br>|

---

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

**Short Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2169563)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(49875)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6552687)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61109)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32018875)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90914)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9272406)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110411)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1290438)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25000)<br>|
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$(51303969)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$(337309)**<br>|
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$(718831)**<br>|

---

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Mortgage-Backed Securities<sup>#</sup> <br>| $— | $110744038 | $— | $110744038 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 65014301 |  | 65014301 |
| Corporate Bonds<sup>#</sup> <br>|  | 123940967 |  | 123940967 |
| Loan Assignments<sup>#</sup> <br>|  | 7817178 |  | 7817178 |
| Municipal Notes<sup>#</sup> <br>|  | 5165069 |  | 5165069 |
| Short-Term Investments |  | 20131948 |  | 20131948 |
| **Total Investments** | **$—** | **$332813501** | **$—** | **$332813501** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's derivatives as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Liabilities | (718831)<br>|  |  | (718831)<br>|
| **Total** | **$(718831)**<br>| **$—** | **$—** | **$(718831)**<br>|

---

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

@ Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

See Notes to Schedule of Investments

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited)

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **U.S. Treasury Obligations 3.2%** | **U.S. Treasury Obligations 3.2%** | **U.S. Treasury Obligations 3.2%** |
|  | U.S. Treasury Bonds |  |
| $135000 | &nbsp;&nbsp;&nbsp; 3.00%, due 11/15/2044 | &nbsp;&nbsp; $102753 |
| 140000 | &nbsp;&nbsp;&nbsp; 2.00%, due 8/15/2051 | &nbsp;&nbsp; 79527 |
| 505000 | &nbsp;&nbsp;&nbsp; 4.63%, due 2/15/2055 | &nbsp;&nbsp; 483774 |
| 610000 | &nbsp;&nbsp;&nbsp; 4.75%, due 5/15/2055 | &nbsp;&nbsp; 596656 |
| 390000 | U.S. Treasury Notes, 4.25%, due 5/15/2035 | &nbsp;&nbsp; 386587 |
| **Total U.S. Treasury Obligations (Cost $1,644,396)** | **Total U.S. Treasury Obligations (Cost $1,644,396)** | &nbsp;&nbsp; **1649297** |
| **U.S. Government Agency Securities 0.2%** | **U.S. Government Agency Securities 0.2%** | **U.S. Government Agency Securities 0.2%** |
| 80000 | Tennessee Valley Authority, 5.25%, due 2/1/2055 **(Cost $78,821)** | &nbsp;&nbsp; **77469** |
| **Mortgage-Backed Securities 27.7%** | **Mortgage-Backed Securities 27.7%** | **Mortgage-Backed Securities 27.7%** |
| **Collateralized Mortgage Obligations 5.3%** | **Collateralized Mortgage Obligations 5.3%** | **Collateralized Mortgage Obligations 5.3%** |
| 126739 | Angel Oak Mortgage Trust, Series 2022-5, Class A1, 4.50%, due 5/25/2067 | &nbsp;&nbsp; 125221<br> <sup>(a)</sup><br>|
| 109358 | Chase Home Lending Mortgage Trust, Series 2025-1, Class A4, 6.00%, due 11/25/2055 | &nbsp;&nbsp; 110208<br> <sup>(a)(b)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |  |
| 116693 | &nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2, (30 day USD SOFR Average + 1.50%), 5.85%, due 10/25/2041 | &nbsp;&nbsp; 117210<br> <sup>(a)(c)</sup><br>|
| 135000 | &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1B, (30 day USD SOFR Average + 3.70%), 8.05%, due 9/25/2042 | &nbsp;&nbsp; 141828<br> <sup>(a)(c)</sup><br>|
| 87837 | &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class M1, (30 day USD SOFR Average + 1.20%), 5.55%, due 5/25/2044 | &nbsp;&nbsp; 88058<br> <sup>(a)(c)</sup><br>|
| 125000 | &nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class M2, (30 day USD SOFR Average + 1.45%), 5.80%, due 10/25/2044 | &nbsp;&nbsp; 125239<br> <sup>(a)(c)</sup><br>|
| 67000 | &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, (30 day USD SOFR Average + 1.65%), 6.00%, due 2/25/2045 | &nbsp;&nbsp; 67265<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |  |
| 125000 | &nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, (30 day USD SOFR Average + 1.90%), 6.25%, due 12/25/2041 | &nbsp;&nbsp; 126355<br> <sup>(a)(c)</sup><br>|
| 120000 | &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.45%, due 3/25/2042 | &nbsp;&nbsp; 123684<br> <sup>(a)(c)</sup><br>|
| 120000 | &nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.85%, due 3/25/2042 | &nbsp;&nbsp; 124313<br> <sup>(a)(c)</sup><br>|
| 120000 | &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, (30 day USD SOFR Average + 3.00%), 7.35%, due 4/25/2042 | &nbsp;&nbsp; 123037<br> <sup>(a)(c)</sup><br>|
| 115000 | &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, (30 day USD SOFR Average + 3.85%), 8.20%, due 5/25/2042 | &nbsp;&nbsp; 120331<br> <sup>(a)(c)</sup><br>|
| 111727 | &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, (30 day USD SOFR Average + 2.95%), 7.30%, due 6/25/2042 | &nbsp;&nbsp; 114451<br> <sup>(a)(c)</sup><br>|
| 115000 | &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 9.00%, due 6/25/2042 | &nbsp;&nbsp; 122304<br> <sup>(a)(c)</sup><br>|
| 120000 | &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, (30 day USD SOFR Average + 2.70%), 7.05%, due 7/25/2043 | &nbsp;&nbsp; 124048<br> <sup>(a)(c)</sup><br>|
| 95000 | &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2045 | &nbsp;&nbsp; 95356<br> <sup>(a)(c)</sup><br>|
| 59401 | JP Morgan Mortgage Trust, Series 2024-NQM1, Class A1, 5.59%, due 2/25/2064 | &nbsp;&nbsp; 59415<br> <sup>(a)</sup><br>|
| 108496 | New Residential Mortgage Loan Trust, Series 2025-NQM3, Class A3, 5.99%, due 5/25/2065 | &nbsp;&nbsp; 108845<br> <sup>(a)</sup><br>|
|  | OBX Trust |  |
| 95145 | &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A3, 5.86%, due 5/25/2055 | &nbsp;&nbsp; 95496<br> <sup>(a)</sup><br>|
| 87267 | &nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class A1, 6.45%, due 2/25/2064 | &nbsp;&nbsp; 88117<br> <sup>(a)</sup><br>|
|  | Verus Securitization Trust |  |
| 113273 | &nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, due 7/25/2067 | &nbsp;&nbsp; 112836<br> <sup>(a)</sup><br>|
| 101778 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A1, 6.22%, due 6/25/2069 | &nbsp;&nbsp; 102582<br> <sup>(a)</sup><br>|
| 106108 | &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, due 9/25/2069 | &nbsp;&nbsp; 105314<br> <sup>(a)(b)</sup><br>|
| 96125 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A3, 5.93%, due 5/25/2070 | &nbsp;&nbsp; 96686<br> <sup>(a)</sup><br>|
| 130000 | &nbsp;&nbsp;&nbsp; Series 2025-6, Class A3, 5.72%, due 7/25/2070 | &nbsp;&nbsp; 129804<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2748003** |
| **Commercial Mortgage-Backed 6.7%** | **Commercial Mortgage-Backed 6.7%** | **Commercial Mortgage-Backed 6.7%** |
| 125000 | 1211 Avenue of the Americas Trust, Series 2015-1211, Class B, 4.09%, due 8/10/2035 | &nbsp;&nbsp; 118680<br> <sup>(a)(b)</sup><br>|
| 100000 | BAHA Trust, Series 2024-MAR, Class A, 5.97%, due 12/10/2041 | &nbsp;&nbsp; 102691<br> <sup>(a)(b)</sup><br>|
|  | BANK5 |  |
| 26000 | &nbsp;&nbsp;&nbsp; Series 2023-5YR2, Class C, 7.16%, due 7/15/2056 | &nbsp;&nbsp; 26751<br> <sup>(b)</sup><br>|
| 85000 | &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; 74757<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
|  | BBCMS Mortgage Trust |  |
| $74000 | &nbsp;&nbsp;&nbsp; Series 2024-C24, Class C, 6.00%, due 2/15/2057 | &nbsp;&nbsp; $72994 |
| 114000 | &nbsp;&nbsp;&nbsp; Series 2025-C32, Class B, 6.13%, due 2/15/2062 | &nbsp;&nbsp; 117429 |
|  | Benchmark Mortgage Trust |  |
| 55000 | &nbsp;&nbsp;&nbsp; Series 2023-V2, Class C, 6.77%, due 5/15/2055 | &nbsp;&nbsp; 55981<br> <sup>(b)</sup><br>|
| 95000 | &nbsp;&nbsp;&nbsp; Series 2024-V7, Class B, 6.85%, due 5/15/2056 | &nbsp;&nbsp; 99405<br> <sup>(b)</sup><br>|
| 41000 | &nbsp;&nbsp;&nbsp; Series 2023-V3, Class C, 7.17%, due 7/15/2056 | &nbsp;&nbsp; 41741<br> <sup>(b)</sup><br>|
| 71000 | &nbsp;&nbsp;&nbsp; Series 2024-V5, Class C, 6.97%, due 1/10/2057 | &nbsp;&nbsp; 73171<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), 6.59%, <br> due 3/15/2042<br>| &nbsp;&nbsp; 99002<br> <sup>(a)(c)</sup><br>|
|  | BMO Mortgage Trust |  |
| 72000 | &nbsp;&nbsp;&nbsp; Series 2024-5C3, Class C, 6.86%, due 2/15/2057 | &nbsp;&nbsp; 73399<br> <sup>(b)</sup><br>|
| 74000 | &nbsp;&nbsp;&nbsp; Series 2024-C8, Class C, 6.23%, due 3/15/2057 | &nbsp;&nbsp; 74828<br> <sup>(b)</sup><br>|
| 26000 | &nbsp;&nbsp;&nbsp; Series 2025-5C10, Class C, 6.49%, due 5/15/2058 | &nbsp;&nbsp; 26501<br> <sup>(b)</sup><br>|
| 113353 | &nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.86%, <br> due 9/15/2036<br>| &nbsp;&nbsp; 113070<br> <sup>(a)(c)</sup><br>|
|  | BX Trust |  |
| 114553 | &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.33%, due 3/15/2030 | &nbsp;&nbsp; 113694<br> <sup>(a)(c)</sup><br>|
| 90000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class C, 3.86%, due 12/9/2041 | &nbsp;&nbsp; 84357<br> <sup>(a)</sup><br>|
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-GW, Class D, (1 mo. USD Term SOFR + 2.75%), 7.09%, due 7/15/2042 | &nbsp;&nbsp; 100250<br> <sup>(a)(c)</sup><br>|
| 78000 | &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, (1 mo. USD Term SOFR + 3.25%), 7.55%, due 7/15/2044 | &nbsp;&nbsp; 78292<br> <sup>(a)(c)</sup><br>|
| 102000 | &nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 5.88%, due 6/13/2047 | &nbsp;&nbsp; 102694<br> <sup>(a)(b)</sup><br>|
| 70000 | COMM Mortgage Trust, Series 2024-277P, Class B, 7.00%, due 8/10/2044 | &nbsp;&nbsp; 74137<br> <sup>(a)(b)</sup><br>|
| 100000 | Fashion Show Mall LLC, Series 2024-SHOW, Class C, 6.07%, due 10/10/2041 | &nbsp;&nbsp; 99705<br> <sup>(a)(b)</sup><br>|
| 25000 | FIVE Mortgage Trust, Series 2023-V1, Class C, 6.30%, due 2/10/2056 | &nbsp;&nbsp; 25178<br> <sup>(b)</sup><br>|
| 134000 | FREMF Mortgage Trust, Series K-171, Class A2, 4.40%, due 6/25/2035 | &nbsp;&nbsp; 130392<br> <sup>(b)</sup><br>|
| 49000 | GS Mortgage Securities Trust, Series 2019-GSA1, Class C, 3.80%, due 11/10/2052 | &nbsp;&nbsp; 44398<br> <sup>(b)</sup><br>|
| 100000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class E, 6.68%, due 1/13/2040 | &nbsp;&nbsp; 102943<br> <sup>(a)(b)</sup><br>|
| 152000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.59%, due <br> 3/15/2042<br>| &nbsp;&nbsp; 151620<br> <sup>(a)(c)</sup><br>|
|  | IP Mortgage Trust |  |
| 22000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class A, 5.25%, due 6/10/2042 | &nbsp;&nbsp; 22156<br> <sup>(a)(b)</sup><br>|
| 36000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class D, 6.31%, due 6/10/2042 | &nbsp;&nbsp; 36143<br> <sup>(a)(b)</sup><br>|
| 19000 | &nbsp;&nbsp;&nbsp; Series 2025-IP, Class E, 6.85%, due 6/10/2042 | &nbsp;&nbsp; 19036<br> <sup>(a)(b)</sup><br>|
| 100000 | IRV Trust, Series 2025-200P, Class C, 5.73%, due 3/14/2047 | &nbsp;&nbsp; 98713<br> <sup>(a)(b)</sup><br>|
| 100000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.02%, due <br> 1/5/2039<br>| &nbsp;&nbsp; 90997<br> <sup>(a)</sup><br>|
| 100000 | Manhattan West Mortgage Trust, Series 2020-1MW, Class D, 2.33%, due 9/10/2039 | &nbsp;&nbsp; 92564<br> <sup>(a)(b)</sup><br>|
| 100000 | NY Commercial Mortgage Trust, Series 2025-299P, Class C, 6.17%, due 2/10/2047 | &nbsp;&nbsp; 101375<br> <sup>(a)(b)</sup><br>|
|  | NYC Commercial Mortgage Trust |  |
| 100000 | &nbsp;&nbsp;&nbsp; Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), 6.78%, due 2/15/2042 | &nbsp;&nbsp; 99423<br> <sup>(a)(c)</sup><br>|
| 64000 | &nbsp;&nbsp;&nbsp; Series 2025-300P, Class D, 6.16%, due 7/13/2042 | &nbsp;&nbsp; 63718<br> <sup>(a)(b)</sup><br>|
| 105000 | ONNI Commercial Mortgage Trust, Series 2024-APT, Class D, 7.00%, due 7/15/2039 | &nbsp;&nbsp; 108054<br> <sup>(a)(b)</sup><br>|
| 100000 | PRM Trust, Series 2025-PRM6, Class D, 5.68%, due 7/5/2033 | &nbsp;&nbsp; 99105<br> <sup>(a)(b)</sup><br>|
| 50000 | RFR Trust, Series 2025-SGRM, Class A, 5.38%, due 3/11/2041 | &nbsp;&nbsp; 50726<br> <sup>(a)(b)</sup><br>|
| 77000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.28%, due 4/15/2042 | &nbsp;&nbsp; 76873<br> <sup>(a)(c)</sup><br>|
| 41000 | &nbsp;&nbsp; SFO Commercial Mortgage Trust, Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), 6.86%, <br> due 5/15/2038<br>| &nbsp;&nbsp; 40694<br> <sup>(a)(c)</sup><br>|
| 125000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), <br> 6.33%, due 12/15/2039<br>| &nbsp;&nbsp; 125313<br> <sup>(a)(c)</sup><br>|
| 44000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C3, Class C, 6.23%, due 1/15/2058 | &nbsp;&nbsp; 44435<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **3447385** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. 7.5%** | **Federal Home Loan Mortgage Corp. 7.5%** | **Federal Home Loan Mortgage Corp. 7.5%** |
|  | Pass-Through Certificates |  |
| $550230 | &nbsp;&nbsp;&nbsp; 2.50%, due 4/1/2052 | &nbsp;&nbsp; $452826 |
| 375777 | &nbsp;&nbsp;&nbsp; 3.50%, due 5/1/2052 | &nbsp;&nbsp; 336316 |
| 400916 | &nbsp;&nbsp;&nbsp; 4.00%, due 12/1/2052 | &nbsp;&nbsp; 370441 |
| 362846 | &nbsp;&nbsp;&nbsp; 4.50%, due 9/1/2052 - 5/1/2053 | &nbsp;&nbsp; 345184 |
| 341072 | &nbsp;&nbsp;&nbsp; 5.00%, due 11/1/2053 - 10/1/2054 | &nbsp;&nbsp; 332642 |
| 1331737 | &nbsp;&nbsp;&nbsp; 5.50%, due 11/1/2053 - 11/1/2054 | &nbsp;&nbsp; 1326648 |
| 668074 | &nbsp;&nbsp;&nbsp; 6.00%, due 5/1/2054 - 7/1/2054 | &nbsp;&nbsp; 677901 |
|  |  | &nbsp;&nbsp; **3841958** |
| **Federal National Mortgage Association 7.0%** | **Federal National Mortgage Association 7.0%** | **Federal National Mortgage Association 7.0%** |
|  | Pass-Through Certificates |  |
| 1109377 | &nbsp;&nbsp;&nbsp; 2.50%, due 1/1/2052 - 4/1/2052 | &nbsp;&nbsp; 912259 |
| 1570821 | &nbsp;&nbsp;&nbsp; 3.00%, due 5/1/2052 - 4/1/2053 | &nbsp;&nbsp; 1421967 |
| 1160064 | &nbsp;&nbsp;&nbsp; 5.00%, due 12/1/2052 - 10/1/2054 | &nbsp;&nbsp; 1133178 |
| 131855 | &nbsp;&nbsp;&nbsp; 6.00%, due 10/1/2054 | &nbsp;&nbsp; 133697 |
|  |  | &nbsp;&nbsp; **3601101** |
| **Government National Mortgage Association 1.2%** | **Government National Mortgage Association 1.2%** | **Government National Mortgage Association 1.2%** |
|  | Pass-Through Certificates |  |
| 191179 | &nbsp;&nbsp;&nbsp; 2.50%, due 4/20/2052 | &nbsp;&nbsp; 160858 |
| 225351 | &nbsp;&nbsp;&nbsp; 4.50%, due 11/20/2054 | &nbsp;&nbsp; 213946 |
| 104256 | &nbsp;&nbsp;&nbsp; 5.00%, due 2/20/2053 | &nbsp;&nbsp; 102193 |
| 122514 | &nbsp;&nbsp;&nbsp; 5.50%, due 12/20/2054 | &nbsp;&nbsp; 122333 |
|  |  | &nbsp;&nbsp; **599330** |
| **Total Mortgage-Backed Securities (Cost $14,258,057)** | **Total Mortgage-Backed Securities (Cost $14,258,057)** | &nbsp;&nbsp; **14237777** |
| **Asset-Backed Securities 12.8%** | **Asset-Backed Securities 12.8%** | **Asset-Backed Securities 12.8%** |
| **Automobiles 2.0%** | **Automobiles 2.0%** | **Automobiles 2.0%** |
| 100000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class C, 6.18%, due 10/20/2027 | &nbsp;&nbsp; 100424<br> <sup>(a)</sup><br>|
| 123000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49%, due 5/15/2031 | &nbsp;&nbsp; 124417 |
| 62000 | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D, 5.59%, due 1/15/2031 | &nbsp;&nbsp; 62969<br> <sup>(a)</sup><br>|
|  | GLS Auto Select Receivables Trust |  |
| 119000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.04%, due 2/15/2031 | &nbsp;&nbsp; 120195<br> <sup>(a)</sup><br>|
| 22000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.26%, due 3/15/2031 | &nbsp;&nbsp; 22212<br> <sup>(a)</sup><br>|
| 75000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3, 4.57%, due 9/21/2029 | &nbsp;&nbsp; 75480 |
| 103000 | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, due 6/17/2030 | &nbsp;&nbsp; 103726<br> <sup>(a)</sup><br>|
| 136000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class D, 5.43%, due 3/17/2031 | &nbsp;&nbsp; 137329 |
| 125000 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class C, 5.54%, due 2/20/2032 | &nbsp;&nbsp; 127333<br> <sup>(a)</sup><br>|
|  | Westlake Automobile Receivables Trust |  |
| 68000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, due 11/15/2030 | &nbsp;&nbsp; 68827<br> <sup>(a)</sup><br>|
| 77000 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.85%, due 1/15/2031 | &nbsp;&nbsp; 77119<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1020031** |
| **Home Equity 0.4%** | **Home Equity 0.4%** | **Home Equity 0.4%** |
| 101202 | &nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, (30 day USD SOFR Average + 1.20%), 5.55%, <br> due 10/20/2054<br>| &nbsp;&nbsp; 101301<br> <sup>(a)(c)</sup><br>|
| 115980 | OBX Trust, Series 2025-HE1, Class A1, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2055 | &nbsp;&nbsp; 116392<br> <sup>(a)(c)</sup><br>|
|  |  | &nbsp;&nbsp; **217693** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other 10.1%** | **Other 10.1%** | **Other 10.1%** |
| $500000 | AIMCO CLO, Series 2017-AA, Class AR2, (3 mo. USD Term SOFR + 1.14%), 5.47%, due 1/20/2038 | &nbsp;&nbsp; $499516<br> <sup>(a)(c)</sup><br>|
| 100000 | Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class D, 5.68%, due 8/20/2032 | &nbsp;&nbsp; 100765<br> <sup>(a)</sup><br>|
| 128000 | Barings Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, due 8/13/2032 | &nbsp;&nbsp; 129509<br> <sup>(a)</sup><br>|
| 89115 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 90739<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Canyon Capital CLO Ltd., Series 2022-2A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.50%, due <br> 4/15/2038<br>| &nbsp;&nbsp; 499826<br> <sup>(a)(c)</sup><br>|
| 100000 | CCG Receivables Trust, Series 2025-1, Class B, 4.69%, due 10/14/2032 | &nbsp;&nbsp; 99810<br> <sup>(a)</sup><br>|
| 120000 | Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 121339<br> <sup>(a)</sup><br>|
| 100000 | &nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class B, 6.51%, <br> due 5/20/2055<br>| &nbsp;&nbsp; 101999<br> <sup>(a)</sup><br>|
|  | CyrusOne Data Centers Issuer I LLC |  |
| 38000 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 4.30%, due 4/20/2048 | &nbsp;&nbsp; 36948<br> <sup>(a)</sup><br>|
| 66000 | &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 66441<br> <sup>(a)</sup><br>|
| 88660 | Foundation Finance Trust, Series 2025-1A, Class A, 4.95%, due 4/15/2050 | &nbsp;&nbsp; 89051<br> <sup>(a)</sup><br>|
| 125000 | Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, due 8/20/2053 | &nbsp;&nbsp; 126572<br> <sup>(a)</sup><br>|
| 100000 | GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class B, 5.39%, due 3/25/2060 | &nbsp;&nbsp; 100843<br> <sup>(a)</sup><br>|
| 79857 | Hilton Grand Vacations Trust, Series 2022-2A, Class A, 4.30%, due 1/25/2037 | &nbsp;&nbsp; 78884<br> <sup>(a)</sup><br>|
| 100000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035 | &nbsp;&nbsp; 101190<br> <sup>(a)</sup><br>|
| 129000 | Kubota Credit Owner Trust, Series 2025-1A, Class A3, 4.67%, due 6/15/2029 | &nbsp;&nbsp; 130125<br> <sup>(a)</sup><br>|
| 129000 | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 9/20/2065 | &nbsp;&nbsp; 128999<br> <sup>(a)(d)</sup><br>|
| 107000 | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.40%, due 8/20/2055 | &nbsp;&nbsp; 106991<br> <sup>(a)(d)</sup><br>|
|  | MVW LLC |  |
| 43949 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.54%, due 10/20/2040 | &nbsp;&nbsp; 44815<br> <sup>(a)</sup><br>|
| 55075 | &nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, 6.33%, due 11/20/2040 | &nbsp;&nbsp; 55979<br> <sup>(a)</sup><br>|
| 100625 | &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.58%, due 3/20/2042 | &nbsp;&nbsp; 98821<br> <sup>(a)</sup><br>|
| 94365 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.21%, due 9/22/2042 | &nbsp;&nbsp; 94130<br> <sup>(a)</sup><br>|
| 65544 | &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, due 2/20/2043 | &nbsp;&nbsp; 66446<br> <sup>(a)</sup><br>|
| 125000 | OneMain Financial Issuance Trust, Series 2023-2A, Class A1, 5.84%, due 9/15/2036 | &nbsp;&nbsp; 127345<br> <sup>(a)</sup><br>|
| 93927 | OWN Equipment Fund I LLC, Series 2024-2M, Class A, 5.70%, due 12/20/2032 | &nbsp;&nbsp; 94725<br> <sup>(a)</sup><br>|
| 250000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 2/15/2029 | &nbsp;&nbsp; 251705<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Sixth Street CLO XVII Ltd., Series 2021-17A, Class A1R, (3 mo. USD Term SOFR + 1.15%), 5.47%, due <br> 4/17/2038<br>| &nbsp;&nbsp; 499626<br> <sup>(a)(c)</sup><br>|
| 100000 | Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, due 12/22/2031 | &nbsp;&nbsp; 100626<br> <sup>(a)</sup><br>|
| 115000 | Stack Infrastructure Issuer LLC, Series 2023-2A, Class A2, 5.90%, due 7/25/2048 | &nbsp;&nbsp; 115632<br> <sup>(a)</sup><br>|
| 99250 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054 | &nbsp;&nbsp; 100493<br> <sup>(a)</sup><br>|
| 112987 | Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, due 8/25/2051 | &nbsp;&nbsp; 102484<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.50%, due <br> 4/25/2038<br>| &nbsp;&nbsp; 499830<br> <sup>(a)(c)</sup><br>|
| 131000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 4/20/2055 | &nbsp;&nbsp; 133413<br> <sup>(a)</sup><br>|
|  | Wireless PropCo Funding LLC |  |
| 27000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.07%, due 6/25/2055 | &nbsp;&nbsp; 25556<br> <sup>(a)(e)</sup><br>|
| 26000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.30%, due 6/25/2055 | &nbsp;&nbsp; 24248<br> <sup>(a)</sup><br>|
| 120000 | Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, 6.64%, due 4/20/2054 | &nbsp;&nbsp; 122704<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **5168125** |
| **Student Loan 0.3%** | **Student Loan 0.3%** | **Student Loan 0.3%** |
|  | Navient Private Education Refi Loan Trust |  |
| 50710 | &nbsp;&nbsp;&nbsp; Series 2020-CA, Class A2A, 2.15%, due 11/15/2068 | &nbsp;&nbsp; 48225<br> <sup>(a)</sup><br>|
| 72061 | &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, due 7/15/2069 | &nbsp;&nbsp; 65392<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Student Loan – cont'd** | **Student Loan – cont'd** | **Student Loan – cont'd** |
| 48586 | &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, due 10/15/2069 | &nbsp;&nbsp; $44001<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **157618** |
| **Total Asset-Backed Securities (Cost $6,542,656)** | **Total Asset-Backed Securities (Cost $6,542,656)** | &nbsp;&nbsp; **6563467** |
| **Corporate Bonds 50.2%** | **Corporate Bonds 50.2%** | **Corporate Bonds 50.2%** |
| **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** |
|  | Boeing Co. |  |
| 225000 | &nbsp;&nbsp;&nbsp; 5.04%, due 5/1/2027 | &nbsp;&nbsp; 226304 |
| 70000 | &nbsp;&nbsp;&nbsp; 3.90%, due 5/1/2049 | &nbsp;&nbsp; 50736 |
| 435000 | &nbsp;&nbsp;&nbsp; 5.81%, due 5/1/2050 | &nbsp;&nbsp; 419813 |
| 120000 | Bombardier, Inc., 7.00%, due 6/1/2032 | &nbsp;&nbsp; 124139<br> <sup>(a)</sup><br>|
| 90000 | General Dynamics Corp., 4.95%, due 8/15/2035 | &nbsp;&nbsp; 90195 |
| 80000 | Goat Holdco LLC, 6.75%, due 2/1/2032 | &nbsp;&nbsp; 80645<br> <sup>(a)</sup><br>|
|  | Northrop Grumman Corp. |  |
| 45000 | &nbsp;&nbsp;&nbsp; 4.65%, due 7/15/2030 | &nbsp;&nbsp; 45278 |
| 30000 | &nbsp;&nbsp;&nbsp; 5.25%, due 7/15/2035 | &nbsp;&nbsp; 30478 |
|  | TransDigm, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.88%, due 12/15/2030 | &nbsp;&nbsp; 259093<br> <sup>(a)</sup><br>|
| 10000 | &nbsp;&nbsp;&nbsp; 7.13%, due 12/1/2031 | &nbsp;&nbsp; 10412<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1337093** |
| **Agriculture 1.7%** | **Agriculture 1.7%** | **Agriculture 1.7%** |
| 85000 | BAT Capital Corp., 6.25%, due 8/15/2055 | &nbsp;&nbsp; 85873 |
| 140000 | Bunge Ltd. Finance Corp., 5.15%, due 8/4/2035 | &nbsp;&nbsp; 139546 |
|  | Imperial Brands Finance PLC |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.50%, due 2/1/2030 | &nbsp;&nbsp; 205623<br> <sup>(a)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 5.63%, due 7/1/2035 | &nbsp;&nbsp; 200182<br> <sup>(a)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 6.38%, due 7/1/2055 | &nbsp;&nbsp; 201792<br> <sup>(a)</sup><br>|
| 45000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 4/20/2035 | &nbsp;&nbsp; 46433<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **879449** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| 70000 | American Airlines, Inc., 8.50%, due 5/15/2029 | &nbsp;&nbsp; 73159<br> <sup>(a)</sup><br>|
| 64572 | United Airlines Pass-Through Trust, Class B, 4.88%, due 7/15/2027 | &nbsp;&nbsp; 64467 |
|  |  | &nbsp;&nbsp; **137626** |
| **Apparel 0.2%** | **Apparel 0.2%** | **Apparel 0.2%** |
| 100000 | Tapestry, Inc., 5.50%, due 3/11/2035 | &nbsp;&nbsp; **100459** |
| **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** |
| 130000 | General Motors Co., 6.80%, due 10/1/2027 | &nbsp;&nbsp; **135224** |
| **Auto Parts & Equipment 0.3%** | **Auto Parts & Equipment 0.3%** | **Auto Parts & Equipment 0.3%** |
| 140000 | Goodyear Tire & Rubber Co., 5.25%, due 4/30/2031 | &nbsp;&nbsp; **132957** |
| **Banks 9.1%** | **Banks 9.1%** | **Banks 9.1%** |
| 200000 | Banco Santander SA, 6.92%, due 8/8/2033 | &nbsp;&nbsp; 217814 |
|  | Bank of America Corp. |  |
| 75000 | &nbsp;&nbsp;&nbsp; 4.38%, due 1/27/2027 | &nbsp;&nbsp; 73199<br> <sup>(f)(g)</sup><br>|
| 425000 | &nbsp;&nbsp;&nbsp; 5.51%, due 1/24/2036 | &nbsp;&nbsp; 435507<br> <sup>(f)</sup><br>|
| 35000 | Bank of New York Mellon Corp., 3.75%, due 12/20/2026 | &nbsp;&nbsp; 33788<br> <sup>(f)(g)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
|  |  | Citigroup, Inc. |  |
| $| 35000 | &nbsp;&nbsp;&nbsp; 3.88%, due 2/18/2026 | &nbsp;&nbsp; $34589<br> <sup>(f)(g)</sup><br>|
|  | 75000 | &nbsp;&nbsp;&nbsp; 3.89%, due 1/10/2028 | &nbsp;&nbsp; 74233<br> <sup>(f)</sup><br>|
|  | 35000 | &nbsp;&nbsp;&nbsp; 7.00%, due 8/15/2034 | &nbsp;&nbsp; 36364<br> <sup>(f)(g)</sup><br>|
|  | 190000 | &nbsp;&nbsp;&nbsp; 6.02%, due 1/24/2036 | &nbsp;&nbsp; 194718<br> <sup>(f)</sup><br>|
|  | 150000 | Deutsche Bank AG, 4.95%, due 8/4/2031 | &nbsp;&nbsp; 150248<br> <sup>(d)(f)</sup><br>|
|  |  | Goldman Sachs Group, Inc. |  |
|  | 50000 | &nbsp;&nbsp;&nbsp; 3.65%, due 8/10/2026 | &nbsp;&nbsp; 48920<br> <sup>(f)(g)</sup><br>|
|  | 25000 | &nbsp;&nbsp;&nbsp; 7.50%, due 2/10/2029 | &nbsp;&nbsp; 26406<br> <sup>(f)(g)</sup><br>|
|  | 565000 | &nbsp;&nbsp;&nbsp; 5.54%, due 1/28/2036 | &nbsp;&nbsp; 577638<br> <sup>(f)</sup><br>|
|  | 35000 | Huntington Bancshares, Inc., 4.45%, due 10/15/2027 | &nbsp;&nbsp; 34380<br> <sup>(f)(g)</sup><br>|
|  |  | JPMorgan Chase & Co. |  |
|  | 75000 | &nbsp;&nbsp;&nbsp; 3.65%, due 6/1/2026 | &nbsp;&nbsp; 73755<br> <sup>(f)(g)</sup><br>|
|  | 400000 | &nbsp;&nbsp;&nbsp; 5.50%, due 1/24/2036 | &nbsp;&nbsp; 410384<br> <sup>(f)</sup><br>|
|  | 335000 | &nbsp;&nbsp;&nbsp; 5.57%, due 4/22/2036 | &nbsp;&nbsp; 345948<br> <sup>(f)</sup><br>|
|  | 110000 | &nbsp;&nbsp;&nbsp; 5.58%, due 7/23/2036 | &nbsp;&nbsp; 111425<br> <sup>(f)</sup><br>|
|  | 200000 | Lloyds Banking Group PLC, 5.59%, due 11/26/2035 | &nbsp;&nbsp; 203713<br> <sup>(f)</sup><br>|
|  | 80000 | M&T Bank Corp., 3.50%, due 9/1/2026 | &nbsp;&nbsp; 76885<br> <sup>(f)(g)</sup><br>|
|  |  | Morgan Stanley |  |
|  | 130000 | &nbsp;&nbsp;&nbsp; 3.63%, due 1/20/2027 | &nbsp;&nbsp; 128731 |
|  | 70000 | &nbsp;&nbsp;&nbsp; 5.42%, due 7/21/2034 | &nbsp;&nbsp; 71688<br> <sup>(f)</sup><br>|
|  | 90000 | &nbsp;&nbsp;&nbsp; 5.83%, due 4/19/2035 | &nbsp;&nbsp; 94343<br> <sup>(f)</sup><br>|
|  | 200000 | NatWest Group PLC, 5.12%, due 5/23/2031 | &nbsp;&nbsp; 203026<br> <sup>(f)</sup><br>|
|  |  | PNC Financial Services Group, Inc. |  |
|  | 55000 | &nbsp;&nbsp;&nbsp; 3.40%, due 9/15/2026 | &nbsp;&nbsp; 52996<br> <sup>(f)(g)</sup><br>|
|  | 105000 | &nbsp;&nbsp;&nbsp; 5.58%, due 1/29/2036 | &nbsp;&nbsp; 107676<br> <sup>(f)</sup><br>|
|  | 50000 | &nbsp;&nbsp;&nbsp; 5.37%, due 7/21/2036 | &nbsp;&nbsp; 50518<br> <sup>(f)</sup><br>|
|  | 40000 | Santander Holdings USA, Inc., 6.12%, due 5/31/2027 | &nbsp;&nbsp; 40409<br> <sup>(f)</sup><br>|
|  | 215000 | Societe Generale SA, 1.49%, due 12/14/2026 | &nbsp;&nbsp; 212291<br> <sup>(a)(f)</sup><br>|
|  | 80000 | U.S. Bancorp, 3.70%, due 1/15/2027 | &nbsp;&nbsp; 76908<br> <sup>(f)(g)</sup><br>|
|  | 200000 | UBS AG, 5.65%, due 9/11/2028 | &nbsp;&nbsp; 207644 |
|  |  | Wells Fargo & Co. |  |
|  | 50000 | &nbsp;&nbsp;&nbsp; 3.90%, due 3/15/2026 | &nbsp;&nbsp; 49533<br> <sup>(f)(g)</sup><br>|
|  | 35000 | &nbsp;&nbsp;&nbsp; 7.63%, due 9/15/2028 | &nbsp;&nbsp; 37256<br> <sup>(f)(g)</sup><br>|
|  | 155000 | &nbsp;&nbsp;&nbsp; 5.50%, due 1/23/2035 | &nbsp;&nbsp; 158840<br> <sup>(f)</sup><br>|
|  |  |  | &nbsp;&nbsp; **4651773** |
| **Beverages 0.8%** | **Beverages 0.8%** | **Beverages 0.8%** | **Beverages 0.8%** |
|  | 190000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, due 2/1/2036 | &nbsp;&nbsp; 184235 |
|  | 40000 | Molson Coors Beverage Co., 4.20%, due 7/15/2046 | &nbsp;&nbsp; 31714 |
|  |  | PepsiCo, Inc. |  |
|  | 100000 | &nbsp;&nbsp;&nbsp; 4.65%, due 7/23/2032 | &nbsp;&nbsp; 99919 |
|  | 120000 | &nbsp;&nbsp;&nbsp; 5.00%, due 7/23/2035 | &nbsp;&nbsp; 120244 |
|  |  |  | &nbsp;&nbsp; **436112** |
| **Biotechnology 0.2%** | **Biotechnology 0.2%** | **Biotechnology 0.2%** | **Biotechnology 0.2%** |
|  | 125000 | Gilead Sciences, Inc., 4.75%, due 3/1/2046 | &nbsp;&nbsp; **111408** |
| **Building Materials 0.7%** | **Building Materials 0.7%** | **Building Materials 0.7%** | **Building Materials 0.7%** |
|  |  | Amrize Finance U.S. LLC |  |
|  | 50000 | &nbsp;&nbsp;&nbsp; 4.95%, due 4/7/2030 | &nbsp;&nbsp; 50493<br> <sup>(a)</sup><br>|
|  | 75000 | &nbsp;&nbsp;&nbsp; 5.40%, due 4/7/2035 | &nbsp;&nbsp; 75650<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Building Materials – cont'd** | **Building Materials – cont'd** | **Building Materials – cont'd** | **Building Materials – cont'd** |
| $| 120000 | Quikrete Holdings, Inc., 6.38%, due 3/1/2032 | &nbsp;&nbsp; $123072<br> <sup>(a)</sup><br>|
|  | 25000 | Standard Building Solutions, Inc., 6.50%, due 8/15/2032 | &nbsp;&nbsp; 25529<br> <sup>(a)</sup><br>|
|  | 90000 | Standard Industries, Inc., 4.75%, due 1/15/2028 | &nbsp;&nbsp; 88763<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **363507** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
|  |  | WR Grace Holdings LLC |  |
|  | 80000 | &nbsp;&nbsp;&nbsp; 4.88%, due 6/15/2027 | &nbsp;&nbsp; 79549<br> <sup>(a)</sup><br>|
|  | 10000 | &nbsp;&nbsp;&nbsp; 7.38%, due 3/1/2031 | &nbsp;&nbsp; 10293<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **89842** |
| **Commercial Services 0.7%** | **Commercial Services 0.7%** | **Commercial Services 0.7%** | **Commercial Services 0.7%** |
|  | 90000 | Block, Inc., 6.50%, due 5/15/2032 | &nbsp;&nbsp; 92357 |
|  | 100000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 1/15/2028 | &nbsp;&nbsp; 99993<br> <sup>(a)</sup><br>|
|  | 45000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 8/15/2032 | &nbsp;&nbsp; 46484<br> <sup>(a)</sup><br>|
|  | 50000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 54194<br> <sup>(a)</sup><br>|
|  | 70000 | Wand NewCo 3, Inc., 7.63%, due 1/30/2032 | &nbsp;&nbsp; 73498<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **366526** |
| **Computers 0.1%** | **Computers 0.1%** | **Computers 0.1%** | **Computers 0.1%** |
|  | 50000 | ASGN, Inc., 4.63%, due 5/15/2028 | &nbsp;&nbsp; **48679**<br> <sup>(a)</sup><br>|
| **Cosmetics - Personal Care 0.6%** | **Cosmetics - Personal Care 0.6%** | **Cosmetics - Personal Care 0.6%** | **Cosmetics - Personal Care 0.6%** |
|  | 200000 | L'Oreal SA, 5.00%, due 5/20/2035 | &nbsp;&nbsp; 201732<br> <sup>(a)</sup><br>|
|  | 80000 | Perrigo Finance Unlimited Co., 6.13%, due 9/30/2032 | &nbsp;&nbsp; 80837 |
|  |  |  | &nbsp;&nbsp; **282569** |
| **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** |
|  | 70000 | Resideo Funding, Inc., 4.00%, due 9/1/2029 | &nbsp;&nbsp; 65469<br> <sup>(a)</sup><br>|
|  | 60000 | Windsor Holdings III LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 63597<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **129066** |
| **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** |
|  | 85000 | Ally Financial, Inc., 4.70%, due 5/15/2028 | &nbsp;&nbsp; 77537<br> <sup>(f)(g)</sup><br>|
|  |  | Capital One Financial Corp. |  |
|  | 65000 | &nbsp;&nbsp;&nbsp; 5.88%, due 7/26/2035 | &nbsp;&nbsp; 67120<br> <sup>(f)</sup><br>|
|  | 325000 | &nbsp;&nbsp;&nbsp; 6.18%, due 1/30/2036 | &nbsp;&nbsp; 333647<br> <sup>(f)</sup><br>|
|  | 100000 | Charles Schwab Corp., 4.00%, due 6/1/2026 | &nbsp;&nbsp; 98576<br> <sup>(f)(g)</sup><br>|
|  | 120000 | Jane Street Group/JSG Finance, Inc., 7.13%, due 4/30/2031 | &nbsp;&nbsp; 123939<br> <sup>(a)</sup><br>|
|  | 160000 | Nationstar Mortgage Holdings, Inc., 6.50%, due 8/1/2029 | &nbsp;&nbsp; 163649<br> <sup>(a)</sup><br>|
|  | 140000 | OneMain Finance Corp., 3.88%, due 9/15/2028 | &nbsp;&nbsp; 133519 |
|  | 100000 | PennyMac Financial Services, Inc., 7.13%, due 11/15/2030 | &nbsp;&nbsp; 103080<br> <sup>(a)</sup><br>|
|  | 50000 | UWM Holdings LLC, 6.63%, due 2/1/2030 | &nbsp;&nbsp; 50022<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1151089** |
| **Electric 4.4%** | **Electric 4.4%** | **Electric 4.4%** | **Electric 4.4%** |
|  | 85000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 86982<br> <sup>(a)</sup><br>|
|  | 120000 | Ameren Corp., 5.38%, due 3/15/2035 | &nbsp;&nbsp; 120835 |
|  | 65000 | Ameren Illinois Co., 5.63%, due 3/1/2055 | &nbsp;&nbsp; 64531 |
|  | 250000 | Comision Federal de Electricidad, 3.35%, due 2/9/2031 | &nbsp;&nbsp; 218610<br> <sup>(a)</sup><br>|
|  | 60000 | Dominion Energy, Inc., 5.00%, due 6/15/2030 | &nbsp;&nbsp; 61019 |
|  | 247627 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due 1/31/2041 | &nbsp;&nbsp; 253298<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
|  |  | NextEra Energy Capital Holdings, Inc. |  |
| $| 90000 | &nbsp;&nbsp;&nbsp; 4.90%, due 2/28/2028 | &nbsp;&nbsp; $90925 |
|  | 105000 | &nbsp;&nbsp;&nbsp; 5.45%, due 3/15/2035 | &nbsp;&nbsp; 106825 |
|  | 140000 | NRG Energy, Inc., 6.00%, due 2/1/2033 | &nbsp;&nbsp; 140380<br> <sup>(a)</sup><br>|
|  | 127000 | NYSEG Storm Funding LLC, 4.71%, due 5/1/2029 | &nbsp;&nbsp; 127362 |
|  |  | Pacific Gas & Electric Co. |  |
|  | 75000 | &nbsp;&nbsp;&nbsp; 6.40%, due 6/15/2033 | &nbsp;&nbsp; 79132 |
|  | 100000 | &nbsp;&nbsp;&nbsp; 6.95%, due 3/15/2034 | &nbsp;&nbsp; 108787 |
|  | 55000 | &nbsp;&nbsp;&nbsp; 5.70%, due 3/1/2035 | &nbsp;&nbsp; 55185 |
|  | 155000 | &nbsp;&nbsp;&nbsp; 4.95%, due 7/1/2050 | &nbsp;&nbsp; 128095 |
|  |  | Pinnacle West Capital Corp. |  |
|  | 78000 | &nbsp;&nbsp;&nbsp; 4.90%, due 5/15/2028 | &nbsp;&nbsp; 78693 |
|  | 45000 | &nbsp;&nbsp;&nbsp; 5.15%, due 5/15/2030 | &nbsp;&nbsp; 45873 |
|  | 161000 | Public Service Co. of Oklahoma, 5.20%, due 1/15/2035 | &nbsp;&nbsp; 160639 |
|  | 40000 | Public Service Enterprise Group, Inc., 4.90%, due 3/15/2030 | &nbsp;&nbsp; 40527 |
|  | 115000 | San Diego Gas & Electric Co., 5.40%, due 4/15/2035 | &nbsp;&nbsp; 117242 |
|  | 35000 | Southern California Edison Co., 2.50%, due 6/1/2031 | &nbsp;&nbsp; 30438 |
|  | 140000 | Vistra Operations Co. LLC, 6.88%, due 4/15/2032 | &nbsp;&nbsp; 145467<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2260845** |
| **Electronics 0.1%** | **Electronics 0.1%** | **Electronics 0.1%** | **Electronics 0.1%** |
|  | 70000 | Imola Merger Corp., 4.75%, due 5/15/2029 | &nbsp;&nbsp; **67916**<br> <sup>(a)</sup><br>|
| **Entertainment 2.1%** | **Entertainment 2.1%** | **Entertainment 2.1%** | **Entertainment 2.1%** |
|  | 125000 | Churchill Downs, Inc., 6.75%, due 5/1/2031 | &nbsp;&nbsp; 127628<br> <sup>(a)</sup><br>|
|  | 70000 | Penn Entertainment, Inc., 4.13%, due 7/1/2029 | &nbsp;&nbsp; 64880<br> <sup>(a)</sup><br>|
|  | 80000 | Six Flags Entertainment Corp., 7.25%, due 5/15/2031 | &nbsp;&nbsp; 81534<br> <sup>(a)</sup><br>|
|  | 130000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, due <br> 7/15/2029<br>| &nbsp;&nbsp; 126325 |
|  |  | Warnermedia Holdings, Inc. |  |
|  | 1005000 | &nbsp;&nbsp;&nbsp; 5.05%, due 3/15/2042 | &nbsp;&nbsp; 671792 |
|  | 14000 | &nbsp;&nbsp;&nbsp; 5.14%, due 3/15/2052 | &nbsp;&nbsp; 8647 |
|  |  |  | &nbsp;&nbsp; **1080806** |
| **Food 0.7%** | **Food 0.7%** | **Food 0.7%** | **Food 0.7%** |
|  | 90000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, due 2/15/2028 | &nbsp;&nbsp; 89929<br> <sup>(a)</sup><br>|
|  | 65000 | Campbell's Co., 4.75%, due 3/23/2035 | &nbsp;&nbsp; 62136 |
|  |  | Performance Food Group, Inc. |  |
|  | 80000 | &nbsp;&nbsp;&nbsp; 5.50%, due 10/15/2027 | &nbsp;&nbsp; 79877<br> <sup>(a)</sup><br>|
|  | 20000 | &nbsp;&nbsp;&nbsp; 4.25%, due 8/1/2029 | &nbsp;&nbsp; 19229<br> <sup>(a)</sup><br>|
|  | 100000 | Post Holdings, Inc., 6.25%, due 10/15/2034 | &nbsp;&nbsp; 100125<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **351296** |
| **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** |
|  | 70000 | Medline Borrower LP, 3.88%, due 4/1/2029 | &nbsp;&nbsp; **66757**<br> <sup>(a)</sup><br>|
| **Healthcare - Services 1.3%** | **Healthcare - Services 1.3%** | **Healthcare - Services 1.3%** | **Healthcare - Services 1.3%** |
|  |  | HCA, Inc. |  |
|  | 50000 | &nbsp;&nbsp;&nbsp; 5.45%, due 4/1/2031 | &nbsp;&nbsp; 51391 |
|  | 220000 | &nbsp;&nbsp;&nbsp; 3.50%, due 7/15/2051 | &nbsp;&nbsp; 144664 |
|  | 90000 | Molina Healthcare, Inc., 6.25%, due 1/15/2033 | &nbsp;&nbsp; 88795<br> <sup>(a)</sup><br>|
|  |  | Tenet Healthcare Corp. |  |
|  | 110000 | &nbsp;&nbsp;&nbsp; 4.63%, due 6/15/2028 | &nbsp;&nbsp; 108129 |

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Healthcare - Services – cont'd** | **Healthcare - Services – cont'd** | **Healthcare - Services – cont'd** | **Healthcare - Services – cont'd** |
| $| 20000 | &nbsp;&nbsp;&nbsp; 6.88%, due 11/15/2031 | &nbsp;&nbsp; $21309 |
|  |  | UnitedHealth Group, Inc. |  |
|  | 80000 | &nbsp;&nbsp;&nbsp; 4.40%, due 6/15/2028 | &nbsp;&nbsp; 80047 |
|  | 135000 | &nbsp;&nbsp;&nbsp; 4.65%, due 1/15/2031 | &nbsp;&nbsp; 135093 |
|  | 30000 | &nbsp;&nbsp;&nbsp; 5.95%, due 6/15/2055 | &nbsp;&nbsp; 30004 |
|  |  |  | &nbsp;&nbsp; **659432** |
| **Home Builders 0.3%** | **Home Builders 0.3%** | **Home Builders 0.3%** | **Home Builders 0.3%** |
|  | 100000 | Beazer Homes USA, Inc., 5.88%, due 10/15/2027 | &nbsp;&nbsp; 99740 |
|  | 80000 | LGI Homes, Inc., 7.00%, due 11/15/2032 | &nbsp;&nbsp; 77000<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **176740** |
| **Housewares 0.1%** | **Housewares 0.1%** | **Housewares 0.1%** | **Housewares 0.1%** |
|  | 40000 | Newell Brands, Inc., 6.63%, due 9/15/2029 | &nbsp;&nbsp; **39823** |
| **Insurance 1.5%** | **Insurance 1.5%** | **Insurance 1.5%** | **Insurance 1.5%** |
|  | 155000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 4/15/2028 | &nbsp;&nbsp; 157096<br> <sup>(a)</sup><br>|
|  | 70000 | AmWINS Group, Inc., 4.88%, due 6/30/2029 | &nbsp;&nbsp; 67990<br> <sup>(a)</sup><br>|
|  |  | Arthur J Gallagher & Co. |  |
|  | 15000 | &nbsp;&nbsp;&nbsp; 4.85%, due 12/15/2029 | &nbsp;&nbsp; 15133 |
|  | 120000 | &nbsp;&nbsp;&nbsp; 5.15%, due 2/15/2035 | &nbsp;&nbsp; 119298 |
|  | 40000 | &nbsp;&nbsp;&nbsp; 5.55%, due 2/15/2055 | &nbsp;&nbsp; 37735 |
|  | 75000 | Equitable Holdings, Inc., 6.70%, due 3/28/2055 | &nbsp;&nbsp; 76452<br> <sup>(f)</sup><br>|
|  | 45000 | Global Atlantic Fin Co., 7.95%, due 10/15/2054 | &nbsp;&nbsp; 47025<br> <sup>(a)(f)</sup><br>|
|  | 100000 | HUB International Ltd., 7.25%, due 6/15/2030 | &nbsp;&nbsp; 104244<br> <sup>(a)</sup><br>|
|  |  | Travelers Cos., Inc. |  |
|  | 35000 | &nbsp;&nbsp;&nbsp; 5.05%, due 7/24/2035 | &nbsp;&nbsp; 35086 |
|  | 90000 | &nbsp;&nbsp;&nbsp; 5.70%, due 7/24/2055 | &nbsp;&nbsp; 90614 |
|  |  |  | &nbsp;&nbsp; **750673** |
| **Internet 0.6%** | **Internet 0.6%** | **Internet 0.6%** | **Internet 0.6%** |
|  |  | Alphabet, Inc. |  |
|  | 125000 | &nbsp;&nbsp;&nbsp; 5.25%, due 5/15/2055 | &nbsp;&nbsp; 122650 |
|  | 35000 | &nbsp;&nbsp;&nbsp; 5.30%, due 5/15/2065 | &nbsp;&nbsp; 33986 |
|  | 80000 | Gen Digital, Inc., 6.25%, due 4/1/2033 | &nbsp;&nbsp; 81558<br> <sup>(a)</sup><br>|
|  | 60000 | Meta Platforms, Inc., 5.55%, due 8/15/2064 | &nbsp;&nbsp; 58211 |
|  | 30000 | Uber Technologies, Inc., 5.35%, due 9/15/2054 | &nbsp;&nbsp; 28025 |
|  |  |  | &nbsp;&nbsp; **324430** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
|  | 75000 | Blackstone Private Credit Fund, 6.00%, due 1/29/2032 | &nbsp;&nbsp; **75964** |
| **Iron - Steel 0.5%** | **Iron - Steel 0.5%** | **Iron - Steel 0.5%** | **Iron - Steel 0.5%** |
|  | 100000 | ATI, Inc., 4.88%, due 10/1/2029 | &nbsp;&nbsp; 97774 |
|  | 160000 | Cleveland-Cliffs, Inc., 7.00%, due 3/15/2032 | &nbsp;&nbsp; 156098<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **253872** |
| **Leisure Time 0.8%** | **Leisure Time 0.8%** | **Leisure Time 0.8%** | **Leisure Time 0.8%** |
|  | 155000 | Carnival Corp., 6.13%, due 2/15/2033 | &nbsp;&nbsp; 157750<br> <sup>(a)</sup><br>|
|  | 70000 | Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028 | &nbsp;&nbsp; 72953<br> <sup>(a)</sup><br>|
|  | 10000 | Lindblad Expeditions LLC, 6.75%, due 2/15/2027 | &nbsp;&nbsp; 10006<br> <sup>(a)</sup><br>|
|  | 70000 | NCL Corp. Ltd., 6.75%, due 2/1/2032 | &nbsp;&nbsp; 71898<br> <sup>(a)</sup><br>|
|  | 40000 | Viking Cruises Ltd., 7.00%, due 2/15/2029 | &nbsp;&nbsp; 40308<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Leisure Time – cont'd** | **Leisure Time – cont'd** | **Leisure Time – cont'd** |
| 80000 | Viking Ocean Cruises Ship VII Ltd., 5.63%, due 2/15/2029 | &nbsp;&nbsp; $79469<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **432384** |
| **Machinery - Construction & Mining 0.2%** | **Machinery - Construction & Mining 0.2%** | **Machinery - Construction & Mining 0.2%** |
| 60000 | Caterpillar, Inc., 5.20%, due 5/15/2035 | &nbsp;&nbsp; 61167 |
| 50000 | Terex Corp., 6.25%, due 10/15/2032 | &nbsp;&nbsp; 50078<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **111245** |
| **Machinery - Diversified 0.1%** | **Machinery - Diversified 0.1%** | **Machinery - Diversified 0.1%** |
| 45000 | Otis Worldwide Corp., 5.13%, due 11/19/2031 | &nbsp;&nbsp; **45983** |
| **Media 0.9%** | **Media 0.9%** | **Media 0.9%** |
| 300000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 6/1/2033 | &nbsp;&nbsp; 266321<br> <sup>(a)</sup><br>|
| 85000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, due <br> 6/1/2041<br>| &nbsp;&nbsp; 60559 |
| 130000 | Sirius XM Radio LLC, 4.13%, due 7/1/2030 | &nbsp;&nbsp; 118591<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **445471** |
| **Mining 0.2%** | **Mining 0.2%** | **Mining 0.2%** |
| 80000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; **82436**<br> <sup>(a)</sup><br>|
| **Multi-National 0.2%** | **Multi-National 0.2%** | **Multi-National 0.2%** |
| 120000 | Corp. Andina de Fomento, 5.00%, due 1/22/2030 | &nbsp;&nbsp; **123183** |
| **Office - Business Equipment 0.1%** | **Office - Business Equipment 0.1%** | **Office - Business Equipment 0.1%** |
| 50000 | CDW LLC/CDW Finance Corp., 2.67%, due 12/1/2026 | &nbsp;&nbsp; **48687** |
| **Oil & Gas 1.9%** | **Oil & Gas 1.9%** | **Oil & Gas 1.9%** |
| 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/2032 | &nbsp;&nbsp; 122065<br> <sup>(a)</sup><br>|
| 45000 | Chevron USA, Inc., 4.69%, due 4/15/2030 | &nbsp;&nbsp; 45645 |
| 100000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 98870<br> <sup>(a)</sup><br>|
| 50000 | Diamondback Energy, Inc., 5.20%, due 4/18/2027 | &nbsp;&nbsp; 50481 |
| 90000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, due 5/15/2034 | &nbsp;&nbsp; 86660<br> <sup>(a)</sup><br>|
| 250000 | KazMunayGas National Co. JSC, 5.75%, due 4/19/2047 | &nbsp;&nbsp; 219301<br> <sup>(a)</sup><br>|
| 60000 | Permian Resources Operating LLC, 7.00%, due 1/15/2032 | &nbsp;&nbsp; 61957<br> <sup>(a)</sup><br>|
| 250000 | Petroleos Mexicanos, 7.69%, due 1/23/2050 | &nbsp;&nbsp; 211941 |
| 95000 | Phillips 66, 1.30%, due 2/15/2026 | &nbsp;&nbsp; 93281 |
|  |  | &nbsp;&nbsp; **990201** |
| **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** |
|  | Archrock Partners LP/Archrock Partners Finance Corp. |  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.88%, due 4/1/2027 | &nbsp;&nbsp; 50027<br> <sup>(a)</sup><br>|
| 90000 | &nbsp;&nbsp;&nbsp; 6.63%, due 9/1/2032 | &nbsp;&nbsp; 91334<br> <sup>(a)</sup><br>|
| 65000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; 66666<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **208027** |
| **Packaging & Containers 0.5%** | **Packaging & Containers 0.5%** | **Packaging & Containers 0.5%** |
| 65000 | Clydesdale Acquisition Holdings, Inc., 6.75%, due 4/15/2032 | &nbsp;&nbsp; 66580<br> <sup>(a)</sup><br>|
| 120000 | Mauser Packaging Solutions Holding Co., 7.88%, due 4/15/2027 | &nbsp;&nbsp; 121047<br> <sup>(a)</sup><br>|
| 65000 | Sealed Air Corp., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 66946<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **254573** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |
|  | AbbVie, Inc. |  |
| $405000 | &nbsp;&nbsp;&nbsp; 2.95%, due 11/21/2026 | &nbsp;&nbsp; $397882 |
| 95000 | &nbsp;&nbsp;&nbsp; 4.95%, due 3/15/2031 | &nbsp;&nbsp; 96936 |
| 45000 | &nbsp;&nbsp;&nbsp; 4.05%, due 11/21/2039 | &nbsp;&nbsp; 39255 |
|  | CVS Health Corp. |  |
| 115000 | &nbsp;&nbsp;&nbsp; 3.00%, due 8/15/2026 | &nbsp;&nbsp; 113035 |
| 20000 | &nbsp;&nbsp;&nbsp; 5.63%, due 2/21/2053 | &nbsp;&nbsp; 18376 |
| 155000 | Eli Lilly & Co., 4.90%, due 2/12/2032 | &nbsp;&nbsp; 158457 |
|  |  | &nbsp;&nbsp; **823941** |
| **Pipelines 2.2%** | **Pipelines 2.2%** | **Pipelines 2.2%** |
| 80000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 2/1/2032 | &nbsp;&nbsp; 82237<br> <sup>(a)</sup><br>|
|  | Enbridge, Inc. |  |
| 15000 | &nbsp;&nbsp;&nbsp; 5.30%, due 4/5/2029 | &nbsp;&nbsp; 15336 |
| 95000 | &nbsp;&nbsp;&nbsp; 5.63%, due 4/5/2034 | &nbsp;&nbsp; 97216 |
|  | Energy Transfer LP |  |
| 35000 | &nbsp;&nbsp;&nbsp; 6.13%, due 12/15/2045 | &nbsp;&nbsp; 34477 |
| 25000 | &nbsp;&nbsp;&nbsp; 5.00%, due 5/15/2050 | &nbsp;&nbsp; 20894 |
| 65000 | &nbsp;&nbsp;&nbsp; 6.20%, due 4/1/2055 | &nbsp;&nbsp; 63741 |
| 120000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, due 2/1/2028 | &nbsp;&nbsp; 121198 |
| 85000 | Harvest Midstream I LP, 7.50%, due 9/1/2028 | &nbsp;&nbsp; 86035<br> <sup>(a)</sup><br>|
|  | Howard Midstream Energy Partners LLC |  |
| 60000 | &nbsp;&nbsp;&nbsp; 8.88%, due 7/15/2028 | &nbsp;&nbsp; 62561<br> <sup>(a)</sup><br>|
| 40000 | &nbsp;&nbsp;&nbsp; 7.38%, due 7/15/2032 | &nbsp;&nbsp; 41357<br> <sup>(a)</sup><br>|
|  | Kinder Morgan, Inc. |  |
| 25000 | &nbsp;&nbsp;&nbsp; 5.15%, due 6/1/2030 | &nbsp;&nbsp; 25510 |
| 30000 | &nbsp;&nbsp;&nbsp; 5.85%, due 6/1/2035 | &nbsp;&nbsp; 30975 |
| 85000 | Kinetik Holdings LP, 5.88%, due 6/15/2030 | &nbsp;&nbsp; 85069<br> <sup>(a)</sup><br>|
| 90000 | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, due 2/15/2029 | &nbsp;&nbsp; 89062<br> <sup>(a)</sup><br>|
| 90000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/2030 | &nbsp;&nbsp; 88178<br> <sup>(a)</sup><br>|
| 180000 | Venture Global LNG, Inc., 8.38%, due 6/1/2031 | &nbsp;&nbsp; 186184<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1130030** |
| **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** |
|  | Blackstone Mortgage Trust, Inc. |  |
| 45000 | &nbsp;&nbsp;&nbsp; 3.75%, due 1/15/2027 | &nbsp;&nbsp; 43682<br> <sup>(a)</sup><br>|
| 40000 | &nbsp;&nbsp;&nbsp; 7.75%, due 12/1/2029 | &nbsp;&nbsp; 42284<br> <sup>(a)</sup><br>|
| 60000 | Crown Castle, Inc., 1.05%, due 7/15/2026 | &nbsp;&nbsp; 58012 |
| 70000 | Iron Mountain, Inc., 5.63%, due 7/15/2032 | &nbsp;&nbsp; 69087<br> <sup>(a)</sup><br>|
| 90000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 89649<br> <sup>(a)</sup><br>|
| 70000 | RHP Hotel Properties LP/RHP Finance Corp., 4.75%, due 10/15/2027 | &nbsp;&nbsp; 69246 |
| 120000 | Service Properties Trust, 8.38%, due 6/15/2029 | &nbsp;&nbsp; 124343 |
| 90000 | Starwood Property Trust, Inc., 6.50%, due 7/1/2030 | &nbsp;&nbsp; 92572<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **588875** |
| **Retail 0.7%** | **Retail 0.7%** | **Retail 0.7%** |
| 80000 | Bath & Body Works, Inc., 6.63%, due 10/1/2030 | &nbsp;&nbsp; 81887<br> <sup>(a)</sup><br>|
| 80000 | Cougar JV Subsidiary LLC, 8.00%, due 5/15/2032 | &nbsp;&nbsp; 84611<br> <sup>(a)</sup><br>|
| 200000 | Walmart, Inc., 4.90%, due 4/28/2035 | &nbsp;&nbsp; 201314 |
|  |  | &nbsp;&nbsp; **367812** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Savings & Loans 0.4%** | **Savings & Loans 0.4%** | **Savings & Loans 0.4%** |
| $200000 | Nationwide Building Society, 5.54%, due 7/14/2036 | &nbsp;&nbsp; **$202132**<br> <sup>(a)(f)</sup><br>|
| **Semiconductors 3.3%** | **Semiconductors 3.3%** | **Semiconductors 3.3%** |
|  | Broadcom, Inc. |  |
| 25000 | &nbsp;&nbsp;&nbsp; 3.15%, due 11/15/2025 | &nbsp;&nbsp; 24884 |
| 100000 | &nbsp;&nbsp;&nbsp; 5.05%, due 7/12/2029 | &nbsp;&nbsp; 102065 |
| 80000 | &nbsp;&nbsp;&nbsp; 4.60%, due 7/15/2030 | &nbsp;&nbsp; 80031 |
| 90000 | &nbsp;&nbsp;&nbsp; 5.15%, due 11/15/2031 | &nbsp;&nbsp; 92225 |
| 260000 | &nbsp;&nbsp;&nbsp; 5.20%, due 7/15/2035 | &nbsp;&nbsp; 261230 |
|  | Foundry JV Holdco LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.50%, due 1/25/2031 | &nbsp;&nbsp; 204123<br> <sup>(a)</sup><br>|
| 110000 | &nbsp;&nbsp;&nbsp; 6.25%, due 1/25/2035 | &nbsp;&nbsp; 114583<br> <sup>(a)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 6.10%, due 1/25/2036 | &nbsp;&nbsp; 204390<br> <sup>(a)</sup><br>|
| 200000 | &nbsp;&nbsp;&nbsp; 6.20%, due 1/25/2037 | &nbsp;&nbsp; 205549<br> <sup>(a)</sup><br>|
| 95000 | Intel Corp., 4.75%, due 3/25/2050 | &nbsp;&nbsp; 75269 |
|  | Micron Technology, Inc. |  |
| 35000 | &nbsp;&nbsp;&nbsp; 5.65%, due 11/1/2032 | &nbsp;&nbsp; 36180 |
| 270000 | &nbsp;&nbsp;&nbsp; 6.05%, due 11/1/2035 | &nbsp;&nbsp; 281008 |
|  |  | &nbsp;&nbsp; **1681537** |
| **Software 2.1%** | **Software 2.1%** | **Software 2.1%** |
|  | AppLovin Corp. |  |
| 165000 | &nbsp;&nbsp;&nbsp; 5.13%, due 12/1/2029 | &nbsp;&nbsp; 166994 |
| 100000 | &nbsp;&nbsp;&nbsp; 5.38%, due 12/1/2031 | &nbsp;&nbsp; 101902 |
| 130000 | Cloud Software Group, Inc., 8.25%, due 6/30/2032 | &nbsp;&nbsp; 138428<br> <sup>(a)</sup><br>|
|  | Synopsys, Inc. |  |
| 380000 | &nbsp;&nbsp;&nbsp; 5.15%, due 4/1/2035 | &nbsp;&nbsp; 381349 |
| 225000 | &nbsp;&nbsp;&nbsp; 5.70%, due 4/1/2055 | &nbsp;&nbsp; 221869 |
| 65000 | UKG, Inc., 6.88%, due 2/1/2031 | &nbsp;&nbsp; 66733<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1077275** |
| **Telecommunications 1.3%** | **Telecommunications 1.3%** | **Telecommunications 1.3%** |
| 145000 | AT&T, Inc., 3.50%, due 9/15/2053 | &nbsp;&nbsp; 97686 |
| 200000 | NTT Finance Corp., 5.50%, due 7/16/2035 | &nbsp;&nbsp; 203100<br> <sup>(a)</sup><br>|
| 160000 | T-Mobile USA, Inc., 3.38%, due 4/15/2029 | &nbsp;&nbsp; 153613 |
|  | Verizon Communications, Inc. |  |
| 105000 | &nbsp;&nbsp;&nbsp; 5.05%, due 5/9/2033 | &nbsp;&nbsp; 105952 |
| 56000 | &nbsp;&nbsp;&nbsp; 5.25%, due 4/2/2035 | &nbsp;&nbsp; 56225 |
| 70000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 66491<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **683067** |
| **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** |
| 40000 | XPO, Inc., 7.13%, due 2/1/2032 | &nbsp;&nbsp; **41579**<br> <sup>(a)</sup><br>|
| **Total Corporate Bonds (Cost $25,649,537)** | **Total Corporate Bonds (Cost $25,649,537)** | &nbsp;&nbsp; **25800371** |
| **Foreign Government Securities 4.4%** | **Foreign Government Securities 4.4%** | **Foreign Government Securities 4.4%** |
| 250000 | Brazil Government International Bonds, 6.13%, due 3/15/2034 | &nbsp;&nbsp; 247212 |
| 200000 | Chile Government International Bonds, 5.65%, due 1/13/2037 | &nbsp;&nbsp; 206190 |
| 250000 | Colombia Government International Bonds, 8.00%, due 11/14/2035 | &nbsp;&nbsp; 256250 |
| 250000 | Oman Government International Bonds, 6.50%, due 3/8/2047 | &nbsp;&nbsp; 262506<br> <sup>(a)</sup><br>|
| 250000 | Panama Government International Bonds, 2.25%, due 9/29/2032 | &nbsp;&nbsp; 191390 |
| 250000 | Paraguay Government International Bonds, 5.40%, due 3/30/2050 | &nbsp;&nbsp; 217500<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** | **Foreign Government Securities – cont'd** |
| $| 130000 | Province of Alberta, 4.50%, due 1/24/2034 | &nbsp;&nbsp; $129129 |
|  | 95000 | Province of British Columbia, 4.80%, due 6/11/2035 | &nbsp;&nbsp; 95563 |
|  | 125000 | Province of Manitoba, 4.90%, due 5/31/2034 | &nbsp;&nbsp; 127016 |
|  | 125000 | Province of Quebec, 4.25%, due 9/5/2034 | &nbsp;&nbsp; 121438 |
|  | 250000 | Qatar Government International Bonds, 3.75%, due 4/16/2030 | &nbsp;&nbsp; 244845<br> <sup>(a)</sup><br>|
|  | 250000 | Republic of South Africa Government International Bonds, 5.65%, due 9/27/2047 | &nbsp;&nbsp; 187438 |
| **Total Foreign Government Securities (Cost $2,252,033)** | **Total Foreign Government Securities (Cost $2,252,033)** | **Total Foreign Government Securities (Cost $2,252,033)** | &nbsp;&nbsp; **2286477** |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
|  | 689051 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.25%<sup>(h)</sup> **(Cost $689,051)**<br>| &nbsp;&nbsp; **689051** |
| **Total Investments 99.9% (Cost $51,114,551)** | **Total Investments 99.9% (Cost $51,114,551)** | **Total Investments 99.9% (Cost $51,114,551)** | &nbsp;&nbsp; **51303909** |
| Other Assets Less Liabilities 0.1% | Other Assets Less Liabilities 0.1% | Other Assets Less Liabilities 0.1% | &nbsp;&nbsp; 72525<br> <sup>(i)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$51376434** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At July 31, 2025, these securities amounted to $22,196,575, which represents 43.2% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security where the stated interest rate is not based on
 a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current
 interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current
 rate as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. The interest rate shown was the current rate as
 of July 31, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(d) When-issued security. Total value of all such securities at July 31, 2025 amounted
 to $386,238, which represents 0.8% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security fair valued as of July 31, 2025 in accordance with procedures approved by
 the valuation designee. Total value of all such securities at July 31, 2025 amounted to $25,556, which represents
 0.0% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security. Perpetual securities have no stated maturity date, but they may
 be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents 7-day effective yield as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes the impact of the Fund's open positions in derivatives at July 31, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

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

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| United States | $42135449 | 82.0% |
| Cayman Islands | 1750677 | 3.4% |
| United Kingdom | 1302341 | 2.5% |
| Canada | 709837 | 1.4% |
| Mexico | 683849 | 1.3% |
| Jersey | 499826 | 1.0% |
| France | 414023 | 0.8% |
| Oman | 262506 | 0.5% |
| Colombia | 256250 | 0.5% |
| Brazil | 247212 | 0.5% |
| Qatar | 244845 | 0.5% |
| Kazakhstan | 219301 | 0.4% |
| Spain | 217814 | 0.4% |
| Paraguay | 217500 | 0.4% |
| Switzerland | 207644 | 0.4% |
| Chile | 206190 | 0.4% |
| Japan | 203100 | 0.4% |
| Panama | 191390 | 0.4% |
| South Africa | 187438 | 0.4% |
| Belgium | 184235 | 0.4% |
| Germany | 150248 | 0.3% |
| Supranational | 123183 | 0.2% |
| Short-Term Investments and Other Assets—Net | 761576 | 1.5% |
|  | **$51376434** | **100.0%** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At July 31, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2169563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37703 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14923 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6623500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16143)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7031172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27828 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$17156985** | &nbsp;&nbsp;&nbsp;&nbsp; **$64311** |

---

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

**Short Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2487719)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(13390)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1290438)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21320)<br>|
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$(3778157)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$(34710)**<br>|
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$29601** |

---

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $1649297 | $— | $1649297 |
| U.S. Government Agency Securities |  | 77469 |  | 77469 |
| Mortgage-Backed Securities<sup>#</sup> <br>|  | 14237777 |  | 14237777 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 6563467 |  | 6563467 |
| Corporate Bonds<sup>#</sup> <br>|  | 25800371 |  | 25800371 |
| Foreign Government Securities |  | 2286477 |  | 2286477 |
| Short-Term Investments |  | 689051 |  | 689051 |
| **Total Investments** | **$—** | **$51303909** | **$—** | **$51303909** |

---

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

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's derivatives as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets | $80454 | $— | $— | $80454 |
| &nbsp;&nbsp;&nbsp; Liabilities | (50853)<br>|  |  | (50853)<br>|
| **Total** | **$29601** | **$—** | **$—** | **$29601** |

---

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

@ Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

See Notes to Schedule of Investments

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

July 31, 2025

Notes to Schedule of Investments ETF Trust (Unaudited)

In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Energy Transition & Infrastructure ETF, Neuberger Berman Flexible Credit Income ETF, Neuberger Berman Short Duration Income ETF and Neuberger Berman Total Return Bond ETF (each individually a "Fund," and collectively, the "Funds") are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in equity securities and master limited partnerships and limited partnerships, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

*Corporate Bonds.* Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").

*U.S. Treasury Obligations.* Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

*U.S. Government Agency Securities.* Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

------

Notes to Schedule of Investments ETF Trust (Unaudited) (cont'd)

*Asset-Backed Securities and Mortgage-Backed Securities.* Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

*Collateralized Loan Obligations (CLOs)*. The value of collateralized loan obligations is primarily determined by cash flow data, relevant loan pricing data and market color, and research from market participants and trading desks (Level 2 or 3 inputs).

*High Yield Securities.* Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.

*Municipal Debt Securities.* Inputs used to value municipal debt securities include current trades, bid-wanted lists (which informs the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.

*Emerging Markets Debt and Foreign Government Securities.* Inputs used to value emerging markets debt and foreign government securities generally include dealer quotes, bond market activity, discounted cash flow models, and other relevant information such as credit spreads, benchmark curves and Other Market Information.

The value of credit linked notes is determined by obtaining a valuation from a calculation agent and is primarily based on the underlying reference security (Level 2 inputs).

The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of credit default swaps is determined by Management by obtaining valuations from independent pricing services using a model that considers a number of factors, which may include default probabilities, credit curves, recovery rates and cash flows (Level 2 inputs).

The value of forward foreign currency contracts ("forward FX contracts") is determined by Management by obtaining valuations from independent pricing services based on actual traded currency rates on independent pricing services' networks, along with other traded and quoted currency rates provided to the pricing services by leading market participants (Level 2 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs), when available.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Funds' Board of Trustees designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

------

Notes to Schedule of Investments ETF Trust (Unaudited) (cont'd)

assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). Management has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time at which a Fund's share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time at which a Fund's share price is calculated, Management has determined based on available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

------

Notes to Schedule of Investments ETF Trust (Unaudited) (cont'd)

Legend

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

---

| | |
|:---|:---|
| **Clearinghouses:** | **Clearinghouses:** |
| ICE CC | = ICE Clear Credit LLC |
| **Counterparties:** | **Counterparties:** |
| GSI | = Goldman Sachs International |
| JPM | = JPMorgan Chase Bank N.A. |
| RBC | = Royal Bank of Canada |
| SSB | = State Street Bank and Trust Company |
| WBC | = Westpac Banking Corp. |
| **Index Periods/Payment Frequencies:** | **Index Periods/Payment Frequencies:** |
| 3M | = 3 Months |
| **Other Abbreviations:** | **Other Abbreviations:** |
| JSC | = Joint Stock Company |
| Management | = Neuberger Berman Investment Advisers LLC |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | = Euro |
| GBP | = Pound Sterling |
| USD | = United States Dollar |

---

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Neuberger Berman ETF Trust

- **b. Investment Company Act file number:** 811-23761

- **c. CIK number of Registrant:** 0001506001

- **d. LEI of Registrant:** 549300GPREY1N686GS02

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 AVENUE OF THE AMERICAS

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10104

  - **Telephone number:** 877-628-2583

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

- **a. Name of Series:** Neuberger Berman Flexible Credit Income ETF

- **b. EDGAR series identifier (if any):** S000085536

- **c. LEI of Series:** 2549008ASCDI2PAL2M84

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $56022126.33

**Total Liabilities:** $2516728.12

**Net Assets:** $53505398.21

**Delayed Delivery Securities:** $2211550.11

**Cash Not Reported:** $374371.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -27.72000000 | **1-Year:** -709.10000000 | **5-Year:** -2167.11000000 | **10-Year:** -3564.93000000 | **30-Year:** -373.30000000

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

- **3-Month:** -126.81000000 | **1-Year:** -3001.65000000 | **5-Year:** -7035.92000000 | **10-Year:** -3337.93000000 | **30-Year:** -406.49000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250828 | 1.70%                | 1.84%                | 0.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28245.09                | $543934.92                                 |
| Month 2  | $3094.84                 | $570871.36                                 |
| Month 3  | $101160.09               | $-130101.55                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JANE STREET GRP/JSG FIN                                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $71636.67     | 0.13%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SDAL Trust                                                       | SDAL Trust 2025-DAL                                                              | CUSIP: 78437RAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $79868.46     | 0.15%             | 2042-04-15      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    310000 | PA      | $264240.70    | 0.49%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                           | One Market Plaza Trust 2017-1MKT                                                 | CUSIP: 68245HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     73045 | PA      | $69915.71     | 0.13%             | 2032-02-10      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| AssuredPartners Inc                                              | AssuredPartners Inc 2024 Incremental Term Loan B5                                | CUSIP: 04621HAW3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |    496231 | PA      | $497178.96    | 0.93%             | 2031-02-14      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Lightstone Holdco LLC                                            | Lightstone Holdco LLC 2022 Extended Term Loan C                                  | CUSIP: 53226GAL5<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |     26372 | PA      | $26333.91     | 0.05%             | 2027-01-29      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                             | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $116489.94    | 0.22%             | 2029-12-04      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                          | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    135000 | PA      | $141566.00    | 0.26%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                              | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261367.00    | 0.49%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024 VLT4                                               | BX TRUST 2024 VLT4                                                               | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99625.00     | 0.19%             | 2029-07-15      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46168.68     | 0.09%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                            | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    131276 | PA      | $107365.94    | 0.20%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                                            | Provident Funding Associates LP / PFG Finance Corp                               | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $73253.95     | 0.14%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                     | Business Jet Securities 2024-1 LLC                                               | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81013 | PA      | $82489.77     | 0.15%             | 2039-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                       | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124000 | PA      | $128612.61    | 0.24%             | 2041-11-13      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | US 10YR ULTRA FUT SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        19 | NC      | $20781.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                                         | Century Aluminum Co                                                              | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    205000 | PA      | $207124.91    | 0.39%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                            | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      9729 | PA      | $9218.64      | 0.02%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104855.05    | 0.20%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                             | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    170000 | PA      | $170203.32    | 0.32%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                 | Deutsche Bank AG/New York NY                                                     | CUSIP: 251526DB2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $150248.37    | 0.28%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                            | Molina Healthcare Inc                                                            | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    165000 | PA      | $162790.35    | 0.30%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                               | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |      5000 | PA      | $5038.45      | 0.01%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $13311.60     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                                           | Calderys Financing LLC                                                           | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52826.34     | 0.10%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                                 | ABN AMRO Bank NV                                                                 | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $239287.82    | 0.45%             | 2034-09-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Commercial Mortgage Trust 2024-GPA2                                           | CUSIP: 12433DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72000 | PA      | $72225.00     | 0.13%             | 2041-11-15      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $225342.73    | 0.42%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                     | ING Groep NV                                                                     | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $172721.96    | 0.32%             | 2031-05-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                              | Kinetik Holdings LP                                                              | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    205000 | PA      | $205165.85    | 0.38%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                      | Vistra Corp                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136318.01    | 0.25%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $17233.05     | 0.03%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                                         | Cougar JV Subsidiary LLC                                                         | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $216816.00    | 0.41%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                         | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201485.80    | 0.38%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82565.28     | 0.15%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                             | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $114255.53    | 0.21%             | 2029-03-13      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                                        | ORL Trust 2024-GLKS                                                              | CUSIP: 67120DAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100062.50    | 0.19%             | 2039-12-15      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                      | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $221814.91    | 0.41%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EDELMAN FINANCIAL CENTER LLC                                     | Edelman Financial Center LLC 2024 2nd Lien Term Loan                             | CUSIP: 27943TAC3<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |    250000 | PA      | $250937.50    | 0.47%             | 2028-10-06      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $157004.98    | 0.29%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $1007.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $169552.73    | 0.32%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                                           | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co  | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5091.54      | 0.01%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                                    | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    145000 | PA      | $152694.48    | 0.29%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                         | Trident TPI Holdings Inc 2024 Term Loan B7                                       | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |    496256 | PA      | $484703.39    | 0.91%             | 2028-09-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                             | Bank of America Corp                                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76803.98     | 0.14%             | 2030-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO                  | CUSIP: 46655AAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $85029.78     | 0.16%             | 2039-01-05      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                           | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $91124.89     | 0.17%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                           | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263164.46    | 0.49%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122522 | PA      | $121603.23    | 0.23%             | 2030-03-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                                  | Goat Holdco LLC                                                                  | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $231855.35    | 0.43%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                          | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $149918.55    | 0.28%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CART                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $59847.55     | 0.11%             | 2041-08-15      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55767.39     | 0.10%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                         | Rogers Communications Inc                                                        | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51165.16     | 0.10%             | 2055-04-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                                           | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205603.55    | 0.38%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                               | Mongolia Government International Bond                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $189223.08    | 0.35%             | 2027-07-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VISTA OIL & GAS ARGENTIN                                         | Vista Energy Argentina SAU                                                       | CUSIP: 92841RAA8<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |    172000 | PA      | $168766.40    | 0.32%             | 2035-12-10      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                                                | Amsted Industries Inc                                                            | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96516.11     | 0.18%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                            | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $180967.05    | 0.34%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Wellington Management CLO                                        | Wellington Management Clo 3 Ltd                                                  | CUSIP: 949575AG9<br>LEI: 2138007662K4YWZ79U31 | Long             | ABS-CBDO         | CORP              | JE        |   1250000 | PA      | $1254746.88   | 2.35%             | 2037-07-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                                      | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $55957.72     | 0.10%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                                                  | Hillenbrand Inc                                                                  | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    220000 | PA      | $197307.90    | 0.37%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                               | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    225000 | PA      | $242081.10    | 0.45%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                            | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152003.16    | 0.28%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                                 | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $116792.00    | 0.22%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143583.30    | 0.27%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust 2024-4                                                | CUSIP: 92540GAB4<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |     75392 | PA      | $76116.93     | 0.14%             | 2069-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC                                                     | SPX FLOW Inc                                                                     | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129100.75    | 0.24%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | EURO-SCHATZ FUT SEP25                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -4 | NC      | $1637.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Inc                                                    | CommScope Inc 2024 Term Loan                                                     | CUSIP: 000000000<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |    479661 | PA      | $487186.95    | 0.91%             | 2029-12-17      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Bank5                                                            | BANK5 2024-5YR7                                                                  | CUSIP: 06211UAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $79154.95     | 0.15%             | 2057-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                                   | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    160000 | PA      | $162894.22    | 0.30%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS LLC                                     | Focus Financial Partners LLC 2025 Incremental Term Loan B                        | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    497500 | PA      | $497614.43    | 0.93%             | 2031-09-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $9030.63      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                                             | Constellation Oil Services Holding SA                                            | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204874.00    | 0.38%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $288854.63    | 0.54%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $72589.15     | 0.14%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                                        | IP 2025-IP Mortgage Trust                                                        | CUSIP: 449843AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37000 | PA      | $37147.15     | 0.07%             | 2042-06-10      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $11495.08     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                                | Sierra Timeshare 2023-3 Receivables Funding LLC                                  | CUSIP: 826944AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38181 | PA      | $39175.48     | 0.07%             | 2040-09-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                    | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    105000 | PA      | $97977.96     | 0.18%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                 | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    175000 | PA      | $163693.08    | 0.31%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                                  | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112142.58    | 0.21%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                                         | BroadStreet Partners Inc                                                         | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134091.48    | 0.25%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                         | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $328819.52    | 0.61%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44966.07     | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                      | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    100000 | PA      | $105362.79    | 0.20%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $49125.23     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                             | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    295000 | PA      | $301880.29    | 0.56%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                                            | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96821.82     | 0.18%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Trust 2025-VLT7                                                               | CUSIP: 123913AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82000 | PA      | $82307.38     | 0.15%             | 2044-07-15      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                            | Foundry JV Holdco LLC                                                            | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261543.80    | 0.49%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    190000 | PA      | $209136.09    | 0.39%             | 2028-03-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                | NatWest Group PLC                                                                | CUSIP: 639057AK4<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    245000 | PA      | $254010.73    | 0.47%             | 2029-09-13      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| XPO INC                                                          | XPO Inc                                                                          | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    295000 | PA      | $306647.49    | 0.57%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                         | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5106.25      | 0.01%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TAP SA                                                           | Transportes Aereos Portugueses SA                                                | CUSIP: 000000000<br>LEI: 213800XBTDYWRYHKH878 | Long             | DBT              | CORP              | PT        |    100000 | PA      | $117962.96    | 0.22%             | 2029-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                                               | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $208160.00    | 0.39%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $452.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                         | OBX 2025-HE1 Trust                                                               | CUSIP: 67121CAB2<br>LEI: 2549002GJHC7CO92J583 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100355.31    | 0.19%             | 2055-02-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                             | WR Grace Holdings LLC                                                            | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154394.55    | 0.29%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                             | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4662.92      | 0.01%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                            | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    105000 | PA      | $108126.27    | 0.20%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                                     | Synopsys Inc                                                                     | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    245000 | PA      | $245869.72    | 0.46%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                             | Egypt Government International Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $164538.17    | 0.31%             | 2049-03-01      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                     | State Street Institutional US Government Money Market Fund                       | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1214418 | NS      | $1214418.09   | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                             | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $107010.54    | 0.20%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                         | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAG0<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    265000 | PA      | $259464.20    | 0.48%             | 2028-11-03      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| RACKSPACE FINANCE LLC                                            | Rackspace Finance LLC                                                            | CUSIP: 75008WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $11812.50     | 0.02%             | 2028-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                          | Zayo Group Holdings Inc USD Term Loan                                            | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |     35000 | PA      | $33735.10     | 0.06%             | 2027-03-09      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $323206.00    | 0.60%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |    121000 | PA      | $127882.36    | 0.24%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                                        | Bausch & Lomb Corporation 2025 Term Loan B                                       | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    750000 | PA      | $752062.50    | 1.41%             | 2031-01-15      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 207942AC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    135000 | PA      | $145642.05    | 0.27%             | 2043-06-25      | Floating      | 9.10%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30839.31     | 0.06%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                         | Olympus Water US Holding Corp                                                    | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    105000 | PA      | $110074.13    | 0.21%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                             | Garda World Security Corp                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $78469.04     | 0.15%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WATER US HOLDING CORP                                    | OLYMPUS WATER US HOLDING CORP 2025 USD TERM LOAN B                               | CUSIP: 68163YAK1<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |    500000 | PA      | $498375.00    | 0.93%             | 2032-07-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                                              | VM Consolidated Inc                                                              | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19633.17     | 0.04%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                           | Lumen Technologies Inc 2024 Extended Term Loan B2                                | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    248732 | PA      | $247060.69    | 0.46%             | 2030-04-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                           | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $124181.52    | 0.23%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                | Ghana Government International Bond                                              | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      3520 | PA      | $3372.45      | 0.01%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $52260.65     | 0.10%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                            | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $198798.00    | 0.37%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAA1<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85075.48     | 0.16%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                          | HCA Inc                                                                          | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259750.76    | 0.49%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                                 | Symphony CLO 45 Ltd                                                              | CUSIP: 87170FAA5<br>LEI: 254900UNCLK6JV7XFW77 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1256144.75   | 2.35%             | 2037-10-15      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                                  | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89385.90     | 0.17%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                            | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     30000 | PA      | $31591.20     | 0.06%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| STAR HOLDING LLC                                                 | Star Holding LLC                                                                 | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88193.19     | 0.16%             | 2031-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                               | Ally Financial Inc                                                               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    280000 | PA      | $271803.92    | 0.51%             | 2026-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                           | Galaxy Pipeline Assets Bidco Ltd                                                 | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $171646.94    | 0.32%             | 2036-03-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Commercial Mortgage Trust 2021-VOLT                                           | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96883 | PA      | $96641.26     | 0.18%             | 2036-09-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                                              | Artera Services LLC                                                              | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16562.85     | 0.03%             | 2031-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                       | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $120411.68    | 0.23%             | 2030-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     55000 | PA      | $56083.23     | 0.10%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    240000 | PA      | $237538.92    | 0.44%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                                        | IP 2025-IP Mortgage Trust                                                        | CUSIP: 449843AJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19000 | PA      | $19035.75     | 0.04%             | 2042-06-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                            | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                  | CUSIP: 95003PAG6<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100509.42    | 0.19%             | 2035-07-15      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                | Argentina Republic Government International Bonds                                | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    169909 | PA      | $108784.29    | 0.20%             | 2046-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | CCPCDX--2I65BRAD4-20300620                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |   1399000 | OU      | $108834.30    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                             | YPF SA                                                                           | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    100000 | PA      | $105791.00    | 0.20%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                                             | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $216775.40    | 0.41%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                             | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     99000 | PA      | $104999.40    | 0.20%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754TAH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     47000 | PA      | $47302.86     | 0.09%             | 2045-02-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                                         | Team Health Holdings Inc                                                         | CUSIP: 87817AAB3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |     40900 | PA      | $44120.88     | 0.08%             | 2028-06-30      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                             | Samarco Mineracao SA                                                             | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     43730 | PA      | $43308.24     | 0.08%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                                  | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    220000 | PA      | $214184.76    | 0.40%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AURIS LUXEMBOURG III SARL                                        | Auris Luxembourg III Sarl 2024 Term Loan B4                                      | CUSIP: 000000000<br>LEI: 213800VO63L2OE6QXG55 | Long             | LON              | CORP              | LU        |    495009 | PA      | $498415.02    | 0.93%             | 2029-02-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $150329.77    | 0.28%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    175000 | PA      | $146954.50    | 0.27%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122305.32    | 0.23%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101884.40    | 0.19%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                          | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |    100000 | PA      | $126579.73    | 0.24%             | 2029-12-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                                         | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AJ7<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113841.03    | 0.21%             | 2026-11-20      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                                 | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    290000 | PA      | $304491.59    | 0.57%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                          | Colombia Government International Bonds                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $199400.00    | 0.37%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC 2019 Term Loan B5                                               | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    248684 | PA      | $244643.10    | 0.46%             | 2027-04-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                                | Iliad Holding SASU                                                               | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $116237.27    | 0.22%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                               | Subway Funding LLC                                                               | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99250 | PA      | $100493.07    | 0.19%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                           | Ecuador Government International Bonds                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    173365 | PA      | $129416.97    | 0.24%             | 2035-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                                           | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |    105000 | PA      | $110994.14    | 0.21%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $7456.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100998.60    | 0.19%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                                          | ONE 2021-PARK Mortgage Trust                                                     | CUSIP: 682413AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94551.35     | 0.18%             | 2036-03-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                                                 | Beazer Homes USA Inc                                                             | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141589.56    | 0.26%             | 2031-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                                   | OPAL BIDCO                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     60000 | PA      | $60602.15     | 0.11%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                              | COMM 2024-CBM Mortgage Trust                                                     | CUSIP: 12674GAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102465.85    | 0.19%             | 2041-12-10      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Trust 2025-LIFE                                                               | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100680.36    | 0.19%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank                                                             | BANK 2023-BNK45                                                                  | CUSIP: 06541BCC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $75561.88     | 0.14%             | 2056-02-15      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85741.71     | 0.16%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Ziply Fiber Issuer, LLC                                          | Ziply Fiber Issuer LLC                                                           | CUSIP: 98979QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $77408.77     | 0.14%             | 2054-04-20      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING II                                            | Calderys Financing II LLC                                                        | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82434.16     | 0.15%             | 2028-06-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                     | AES Corp/The                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67446.53     | 0.13%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Wireless PropCo Funding LLC                                      | Wireless PropCo Funding LLC                                                      | CUSIP: 97655EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63000 | PA      | $58754.09     | 0.11%             | 2055-06-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $71398.82     | 0.13%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                               | BMO 2025-5C10 Mortgage Trust                                                     | CUSIP: 05615BAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41000 | PA      | $41789.59     | 0.08%             | 2058-05-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                        | Boeing Co/The                                                                    | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    300000 | PA      | $283011.33    | 0.53%             | 2031-02-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                          | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    320000 | PA      | $328532.80    | 0.61%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                           | Ecuador Government International Bonds                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     73904 | PA      | $64813.81     | 0.12%             | 2030-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                                            | Foundation Building Materials Inc                                                | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70341.47     | 0.13%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                                    | SFO Commercial Mortgage Trust 2021-555                                           | CUSIP: 78432WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42000 | PA      | $41686.83     | 0.08%             | 2038-05-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    225000 | PA      | $244770.66    | 0.46%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                | Ghana Government International Bond                                              | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     53240 | PA      | $50594.41     | 0.09%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                                | Sierra Timeshare 2024-2 Receivables Funding LLC                                  | CUSIP: 82650DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54435 | PA      | $54690.16     | 0.10%             | 2041-06-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEH5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246788.74    | 0.46%             | 2028-06-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                         | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $56230.42     | 0.11%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                             | OneMain Finance Corp                                                             | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    105000 | PA      | $108217.62    | 0.20%             | 2032-09-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    230000 | PA      | $153743.50    | 0.29%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                             | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112341.63    | 0.21%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                                         | Team Health Holdings Inc                                                         | CUSIP: 87817AAE7<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160817.60    | 0.30%             | 2028-06-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                | Argentina Republic Government International Bonds                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    208000 | PA      | $160865.12    | 0.30%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                            | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114831.53    | 0.21%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     67000 | PA      | $67251.09     | 0.13%             | 2045-02-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                             | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53889.32     | 0.10%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                              | Resideo Funding Inc                                                              | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    195000 | PA      | $197816.19    | 0.37%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                           | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              |  | US        |     90000 | PA      | $89649.24     | 0.17%             | 2028-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA                                           | SierraCol Energy Andina LLC                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $187651.02    | 0.35%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC                                          | Champions Financing Inc                                                          | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    190000 | PA      | $175923.60    | 0.33%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    275000 | PA      | $261712.79    | 0.49%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    240000 | PA      | $239915.88    | 0.45%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INVERSION ESCROW ISSUER                                          | Inversion Escrow Issuer LLC                                                      | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192691.64    | 0.36%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                         | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    275000 | PA      | $283053.65    | 0.53%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                           | GreenSky Home Improvement Issuer Trust 2025-1                                    | CUSIP: 39571NAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101801.10    | 0.19%             | 2060-03-25      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | LONG GILT FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        -1 | NC      | $-2113.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LGI HOMES INC                                                    | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    275000 | PA      | $264687.50    | 0.49%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JELD-WEN INC                                                     | JELD-WEN Inc                                                                     | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    145000 | PA      | $108787.70    | 0.20%             | 2032-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                              | Dominion Energy Inc                                                              | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107591.19    | 0.20%             | 2055-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35043.86     | 0.07%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                                | Ares Capital Corp                                                                | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    255000 | PA      | $261202.89    | 0.49%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                                            | Ellucian Holdings Inc                                                            | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55715.88     | 0.10%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $311.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                                | Ghana Government International Bond                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     76560 | PA      | $61470.30     | 0.11%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                                           | Penn Entertainment Inc                                                           | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $55611.03     | 0.10%             | 2029-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                                           | MIWD Holdco II LLC / MIWD Finance Corp                                           | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $66628.98     | 0.12%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                             | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81597.36     | 0.15%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                           | Sempra                                                                           | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82015.60     | 0.15%             | 2055-04-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Lightstone Holdco LLC                                            | Lightstone Holdco LLC 2022 Extended Term Loan B                                  | CUSIP: 53226GAK7<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |    466225 | PA      | $465544.55    | 0.87%             | 2027-01-29      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                           | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $205285.77    | 0.38%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $136.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                            | Zambia Government International Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    141412 | PA      | $131605.71    | 0.25%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48144.56     | 0.09%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | EURO-BUND FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -2 | NC      | $570.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCHILL DOWNS INC                                              | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    165000 | PA      | $168469.46    | 0.31%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                          | Latam Airlines Group SA                                                          | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |     25000 | PA      | $25862.50     | 0.05%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                         | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76111.95     | 0.14%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                                | Vedanta Resources Finance II PLC                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204372.50    | 0.38%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                                             | Eleven Madison Trust 2015-11MD Mortgage Trust                                    | CUSIP: 556227AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $95559.96     | 0.18%             | 2035-09-10      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | US 10YR NOTE (CBT)SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         7 | NC      | $-1818.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                                               | Banco Santander SA                                                               | CUSIP: 05964HBD6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $210023.74    | 0.39%             | 2034-03-14      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                                  | Sealed Air Corp                                                                  | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5149.69      | 0.01%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                         | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $206361.40    | 0.39%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                           | Nigeria Government International Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $177211.05    | 0.33%             | 2038-02-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    530000 | PA      | $522451.21    | 0.98%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                                            | Ahead DB Holdings LLC                                                            | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276178.38    | 0.52%             | 2028-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                            | McGraw-Hill Education Inc                                                        | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109140.68    | 0.20%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ziply Fiber Issuer, LLC                                          | Ziply Fiber Issuer LLC                                                           | CUSIP: 98979QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $51126.72     | 0.10%             | 2054-04-20      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                              | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KUE7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | USGSE             | US        |    130000 | PA      | $141100.04    | 0.26%             | 2042-03-25      | Floating      | 11.35%                | No            |                  2 | On Loan: No      |
| CPI PROPERTY GROUP SA                                            | CPI Property Group SA                                                            | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $116209.24    | 0.22%             | 2032-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                             | M&T Bank Corp                                                                    | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    240000 | PA      | $230655.50    | 0.43%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                              | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $260574.11    | 0.49%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89332.99     | 0.17%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                            | Level 3 Financing Inc                                                            | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42187.50     | 0.08%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                         | Capital One Financial Corp                                                       | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143725.02    | 0.27%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                            | Foundry JV Holdco LLC                                                            | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205852.14    | 0.38%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                    | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    120000 | PA      | $122128.92    | 0.23%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK                                            | Zorlu Enerji Elektrik Uretim AS                                                  | CUSIP: 000000000<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $193496.66    | 0.36%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH                                                 | Gruenenthal GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $116360.86    | 0.22%             | 2031-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                         | Standard Building Solutions Inc                                                  | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20190.53     | 0.04%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                        | Block Inc                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128273.50    | 0.24%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                             | Garda World Security Corp                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $113416.21    | 0.21%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                                             | Excelerate Energy LP                                                             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    220000 | PA      | $230307.44    | 0.43%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                    | Ballyrock CLO 27 Ltd                                                             | CUSIP: 05874UAJ4<br>LEI: 254900WCB773D35B5908 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1258622.13   | 2.35%             | 2037-10-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Bank5                                                            | BANK5 2024-5YR7                                                                  | CUSIP: 06211UBY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $78671.27     | 0.15%             | 2057-06-15      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | US ULTRA BOND CBT SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        -3 | NC      | $-8179.69     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                               | Energy Transfer LP                                                               | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252166.89    | 0.47%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                                          | Borr IHC Ltd / Borr Finance LLC                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    178049 | PA      | $170240.14    | 0.32%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                                         | Raven Acquisition Holdings LLC                                                   | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $121203.23    | 0.23%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                                        | PRM Trust 2025-PRM6                                                              | CUSIP: 74277DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99215.06     | 0.19%             | 2033-07-05      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5141.36      | 0.01%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                         | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    216407 | PA      | $152631.83    | 0.29%             | 2037-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     87000 | PA      | $90089.72     | 0.17%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                                         | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $110785.54    | 0.21%             | 2030-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                                          | TransMontaigne Partners LLC                                                      | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52266.90     | 0.10%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                            | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     30000 | PA      | $31499.88     | 0.06%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                            | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     76208 | PA      | $63878.87     | 0.12%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                             | LifePoint Health Inc                                                             | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88241.39     | 0.16%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC                                          | Aris Water Holdings LLC                                                          | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215380.83    | 0.40%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                     | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164871.36    | 0.31%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104352.30    | 0.20%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL SA                                                    | Pluspetrol SA                                                                    | CUSIP: 72942BAA3<br>LEI: 254900QSCHBUBX6J6H71 | Long             | DBT              | CORP              | AR        |     40000 | PA      | $40800.00     | 0.08%             | 2032-05-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5164.13      | 0.01%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                         | BX Trust 2025-GW                                                                 | CUSIP: 12433GAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101000 | PA      | $101252.50    | 0.19%             | 2042-07-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM2                         | CUSIP: 617941AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100753.62    | 0.19%             | 2070-01-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30275.73     | 0.06%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUALITYTECH LP                                                   | QualityTech LP Term Loan B                                                       | CUSIP: 74758JAB3<br>LEI: 549300GWD2FYVWRWCZ90 | Long             | LON              | CORP              | US        |    498750 | PA      | $499996.88    | 0.93%             | 2031-10-30      | Floating      | 7.83%                 | No            |                  3 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                         | Citizens Financial Group Inc                                                     | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    245000 | PA      | $252987.81    | 0.47%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                                       | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5007.79      | 0.01%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI                                         | Midcontinent Communications                                                      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79136.40     | 0.15%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                           | NRM FNT1 Excess LLC                                                              | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     84059 | PA      | $84933.74     | 0.16%             | 2031-11-25      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                             | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67240.68     | 0.13%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO                                            | Pagaya US Holdings Co LLC                                                        | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9934.72      | 0.02%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                      | OCP CLO Ltd                                                                      | CUSIP: 671026AS1<br>LEI: 2549004IE8HHQL34D058 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502042.95    | 0.94%             | 2037-01-17      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                          | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    165000 | PA      | $156729.23    | 0.29%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $129597.41    | 0.24%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                           | Lumen Technologies Inc 2024 Extended Term Loan B1                                | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    248732 | PA      | $247217.38    | 0.46%             | 2029-04-16      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                             | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $194989.08    | 0.36%             | 2027-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE                                                      | Gol Finance Inc                                                                  | CUSIP: 36254VAN8<br>LEI: 549300FRXVB8W0960Y03 | Long             | DBT              | CORP              | KY        |     37000 | PA      | $35982.50     | 0.07%             | 2030-06-06      | Fixed         | 14.38%                | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                    | NYC Commercial Mortgage Trust 2025-3BP                                           | CUSIP: 67120UAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99422.76     | 0.19%             | 2042-02-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                     | Cloudera Inc 2021 Second Lien Term Loan                                          | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    250000 | PA      | $217970.00    | 0.41%             | 2029-10-08      | Floating      | 10.46%                | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                                         | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $109923.45    | 0.21%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                                       | AB BSL CLO 5 Ltd                                                                 | CUSIP: 00038GAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $503239.45    | 0.94%             | 2038-01-20      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                                         | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $211955.79    | 0.40%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                         | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     45000 | PA      | $46083.51     | 0.09%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | EURO-OAT FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -1 | NC      | $1529.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                                         | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    205000 | PA      | $199537.14    | 0.37%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60162.78     | 0.11%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30435.72     | 0.06%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                                      | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $71042.31     | 0.13%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                   | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $177515.02    | 0.33%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71793.70     | 0.13%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds          | Republic of South Africa Government International Bonds                          | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $192720.20    | 0.36%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                         | Trident TPI Holdings Inc                                                         | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58838.67     | 0.11%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                         | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAX1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    245000 | PA      | $251526.77    | 0.47%             | 2035-01-05      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| FRESSNAPF HOLDING SE                                             | Fressnapf Holding SE                                                             | CUSIP: 000000000<br>LEI: 529900NLSO3VLFW8JQ35 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $116783.52    | 0.22%             | 2031-10-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                            | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     41436 | PA      | $37188.81     | 0.07%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     95000 | PA      | $89005.57     | 0.17%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                             | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $123508.71    | 0.23%             | 2030-02-03      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Island Finance Trust 2025-1                                      | Island Finance Trust 2025-1                                                      | CUSIP: 463920AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101190.07    | 0.19%             | 2035-03-19      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                         | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $114925.05    | 0.21%             | 2026-01-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81903.57     | 0.15%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                              | MEDLINE BORROWER LP 2025 INCREMENTAL TERM LOAN B                                 | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    500000 | PA      | $500940.00    | 0.94%             | 2030-10-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| KAISER ALUMINUM CORP                                             | Kaiser Aluminum Corp                                                             | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $171061.66    | 0.32%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                            | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    320000 | PA      | $333579.52    | 0.62%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | EURO-BOBL FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -7 | NC      | $4119.73      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                                                       | Intel Corp                                                                       | CUSIP: 458140BM1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $118845.34    | 0.22%             | 2050-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                          | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $56814.73     | 0.11%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | US LONG BOND(CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         8 | NC      | $15875.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EquipmentShare                                                   | Crockett Partners Equipment Co IIA LLC                                           | CUSIP: 22689LAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81721 | PA      | $82855.66     | 0.15%             | 2031-01-20      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE                                            | Fortress Intermediate 3 Inc                                                      | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |    175000 | PA      | $183659.53    | 0.34%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                           | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $217513.76    | 0.41%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                           | NRM FHT1 Excess Owner LLC                                                        | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92793 | PA      | $92580.12     | 0.17%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                        | Boeing Co/The                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33778.11     | 0.06%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                  | CMS Energy Corp                                                                  | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100831.30    | 0.19%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                             | BANK 2024-BNK47                                                                  | CUSIP: 06540GBA5<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $75876.83     | 0.14%             | 2057-06-15      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS HO                                          | Lindblad Expeditions Holdings Inc                                                | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109429.96    | 0.20%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                                           | Verisure Midholding AB                                                           | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $114944.40    | 0.21%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                           | Dominican Republic International Bonds                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    280000 | PA      | $279496.00    | 0.52%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                          | Romanian Government International Bond                                           | CUSIP: 77586RAL4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    138000 | PA      | $120499.67    | 0.23%             | 2032-03-27      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                                      | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105373.28    | 0.20%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                           | AthenaHealth Group Inc                                                           | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176949.34    | 0.33%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | US 5YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        54 | NC      | $10731.86     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNERSTONE GENERATION LLC                                       | CORNERSTONE GENERATION LLC TERM LOAN B                                           | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |    500000 | PA      | $503125.00    | 0.94%             | 2031-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99599.65     | 0.19%             | 2040-08-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                             | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $116967.08    | 0.22%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                                    | Schaeffler AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $115851.83    | 0.22%             | 2030-03-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99822.52     | 0.19%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | US 2YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -11 | NC      | $1436.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $106083.50    | 0.20%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC 2022 Term Loan B6                                               | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    248724 | PA      | $247756.94    | 0.46%             | 2028-01-18      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                                     | AGL CLO 33 Ltd                                                                   | CUSIP: 00121EAA1<br>LEI: 254900FQ0489DHYW7509 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1265479.75   | 2.37%             | 2037-07-21      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                            | Level 3 Financing Inc                                                            | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     44712 | PA      | $50693.35     | 0.09%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CIA DE MINAS BUENAVENTUR                                         | Cia de Minas Buenaventura SAA                                                    | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $204270.00    | 0.38%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                           | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111087.35    | 0.21%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              |  | US        |     70000 | PA      | $70999.24     | 0.13%             | 2032-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     95000 | PA      | $97715.01     | 0.18%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ascend Learning LLC                                              | Ascend Learning, LLC 2021 2nd Lien Term Loan                                     | CUSIP: 04349HAM6<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    117550 | PA      | $117432.12    | 0.22%             | 2029-12-10      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                         | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    205000 | PA      | $210186.48    | 0.39%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                  | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40033.12     | 0.07%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    132000 | PA      | $136426.70    | 0.25%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                                    | BLP Commercial Mortgage Trust 2025-IND                                           | CUSIP: 05625BAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99002.07     | 0.19%             | 2042-03-15      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 209031AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101998.74    | 0.19%             | 2055-05-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| COVENTRY BLDG SOCIETY                                            | Coventry Building Society                                                        | CUSIP: 000000000<br>LEI: 2138004G59FXEAZ6IO10 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $278527.16    | 0.52%             | 2029-06-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                         | Capital One Financial Corp                                                       | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    180000 | PA      | $202686.50    | 0.38%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                                          | Surgery Center Holdings Inc                                                      | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133666.91    | 0.25%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                                       | Terex Corp                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    195000 | PA      | $190334.04    | 0.36%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** Neuberger Berman ETF Trust

**Signature:** John McGovern

**Name of Signer:** John McGovern

**Title:** Treasuer