# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001817
**Filing Date:** 2026-1
**Character Count:** 321593
**Document Hash:** fb1ccb42deeefb738e04e80b69520a29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001817.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001817

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 26571336

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

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

## Series and Classes Contracts Data

### JPMorgan Active High Yield ETF (Series ID: S000088770)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000255145 | JPMorgan Active High Yield ETF | JPHY            |

## Nport-Ex

**JPMorgan Active High Yield ETF**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 94.7%** | **Corporate Bonds — 94.7%** | **Corporate Bonds — 94.7%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 5.13%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp;&nbsp; 5480415 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. 6.25%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2772079 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6289017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 5/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2540110 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1295008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5171742 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 5.63%, 3/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 659000 | &nbsp;&nbsp;&nbsp;&nbsp; 669776 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC 6.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1302512 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 3.85%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8270000 | &nbsp;&nbsp;&nbsp;&nbsp; 8235168 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5427926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/31/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 754819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39938572 |
| **Automobile Components — 3.2%** | **Automobile Components — 3.2%** | **Automobile Components — 3.2%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9570000 | &nbsp;&nbsp;&nbsp;&nbsp; 10058347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5170000 | &nbsp;&nbsp;&nbsp;&nbsp; 5352413 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7670000 | &nbsp;&nbsp;&nbsp;&nbsp; 7783815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 726559 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4092446 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8970000 | &nbsp;&nbsp;&nbsp;&nbsp; 9201489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2151000 | &nbsp;&nbsp;&nbsp;&nbsp; 2212465 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50% (Cash), 3/31/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1331314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1246563 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. 4.50%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4188222 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3594785 |
| &nbsp;&nbsp;&nbsp; Forvia SE (France) 6.75%, 9/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 682075 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5355320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1667154 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP 5.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2071000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044385 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37% (Cash), 5/15/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3368514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp; 3302405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67371231 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6306761 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC 8.50% (Cash), 10/1/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 952500 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Broadline Retail — continued** | **Broadline Retail — continued** | **Broadline Retail — continued** |
| &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 6256105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1163000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8395276 |
| **Building Products — 3.3%** | **Building Products — 3.3%** | **Building Products — 3.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6370000 | &nbsp;&nbsp;&nbsp;&nbsp; 6494304 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. 6.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5770000 | &nbsp;&nbsp;&nbsp;&nbsp; 6009397 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.63%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14870000 | &nbsp;&nbsp;&nbsp;&nbsp; 15410569 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3374111 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3735810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 863589 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6170000 | &nbsp;&nbsp;&nbsp;&nbsp; 6365311 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3824000 | &nbsp;&nbsp;&nbsp;&nbsp; 3906419 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8670000 | &nbsp;&nbsp;&nbsp;&nbsp; 9002885 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp;&nbsp; 7397637 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4425000 | &nbsp;&nbsp;&nbsp;&nbsp; 4565029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2784000 | &nbsp;&nbsp;&nbsp;&nbsp; 2855396 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. 4.38%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 552691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70533148 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 869956 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6085337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2208459 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 628161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11670000 | &nbsp;&nbsp;&nbsp;&nbsp; 10473986 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6170000 | &nbsp;&nbsp;&nbsp;&nbsp; 5247585 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8270000 | &nbsp;&nbsp;&nbsp;&nbsp; 8848393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4294000 | &nbsp;&nbsp;&nbsp;&nbsp; 4560700 |
| &nbsp;&nbsp;&nbsp; Olin Corp. 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2307000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267294 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1831057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4646040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3992425 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980780 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 536592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12270000 | &nbsp;&nbsp;&nbsp;&nbsp; 12468652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1593000 | &nbsp;&nbsp;&nbsp;&nbsp; 1581279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68226696 |
| **Commercial Services & Supplies — 4.4%** | **Commercial Services & Supplies — 4.4%** | **Commercial Services & Supplies — 4.4%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5684051 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5711234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 455585 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5070000 | &nbsp;&nbsp;&nbsp;&nbsp; 5337985 |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc. 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136846 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4592000 | &nbsp;&nbsp;&nbsp;&nbsp; 4594741 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5495972 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 4.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1861876 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. 5.75%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1747733 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9870000 | &nbsp;&nbsp;&nbsp;&nbsp; 10398272 |
| &nbsp;&nbsp;&nbsp; Enviri Corp. 5.75%, 7/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 730891 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 3147401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1444000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482516 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4499513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393568 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. 3.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14070000 | &nbsp;&nbsp;&nbsp;&nbsp; 13805048 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 968788 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 8014838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2244947 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4458000 | &nbsp;&nbsp;&nbsp;&nbsp; 4470375 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2467181 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc. 7.38%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94010965 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5281541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4262613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11192652 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| &nbsp;&nbsp;&nbsp; AECOM 6.00%, 8/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2106000 | &nbsp;&nbsp;&nbsp;&nbsp; 2164842 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2152209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2796107 |
| &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1566075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10656207 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5370000 | &nbsp;&nbsp;&nbsp;&nbsp; 5647806 |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3240000 | &nbsp;&nbsp;&nbsp;&nbsp; 3239424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 672974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2338842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17300000 | &nbsp;&nbsp;&nbsp;&nbsp; 17124026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 6/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5658890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 9/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1002000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019747 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10170000 | &nbsp;&nbsp;&nbsp;&nbsp; 10234854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2115619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42404376 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18070000 | &nbsp;&nbsp;&nbsp;&nbsp; 18056552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 613268 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5155000 | &nbsp;&nbsp;&nbsp;&nbsp; 5154685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013360 |
| &nbsp;&nbsp;&nbsp; US Foods, Inc. 6.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 8450223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33288088 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |
| &nbsp;&nbsp;&nbsp; Ardagh Group SA 12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803139 |
| &nbsp;&nbsp;&nbsp; Ball Corp.  | &nbsp;&nbsp;&nbsp; Ball Corp.  | &nbsp;&nbsp;&nbsp; Ball Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 525577 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5317504 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267109 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 6.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 986397 |
| &nbsp;&nbsp;&nbsp; LABL, Inc. 8.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7170000 | &nbsp;&nbsp;&nbsp;&nbsp; 4378839 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5649000 | &nbsp;&nbsp;&nbsp;&nbsp; 5310063 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.  | &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.  | &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4323375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 774659 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. 6.13%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2308324 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 853684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30981193 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 872283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2718354 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 452411 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP 4.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4967376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5419787 |
| **Diversified Telecommunication Services — 6.3%** | **Diversified Telecommunication Services — 6.3%** | **Diversified Telecommunication Services — 6.3%** |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Escrow (France) 8.13%, 2/1/2027 ‡ (d) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) 9.50%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3788892 | &nbsp;&nbsp;&nbsp;&nbsp; 3888589 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30170000 | &nbsp;&nbsp;&nbsp;&nbsp; 30127448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10770000 | &nbsp;&nbsp;&nbsp;&nbsp; 10680062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20451000 | &nbsp;&nbsp;&nbsp;&nbsp; 20746231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp;&nbsp; 4486397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5570000 | &nbsp;&nbsp;&nbsp;&nbsp; 5117912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 423408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19470000 | &nbsp;&nbsp;&nbsp;&nbsp; 17104516 |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC 7.13%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1392000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414188 |
| &nbsp;&nbsp;&nbsp; Connect Holding II LLC 10.50%, 4/3/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2554554 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5670000 | &nbsp;&nbsp;&nbsp;&nbsp; 5677660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp;&nbsp; 7035379 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4796756 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6715000 | &nbsp;&nbsp;&nbsp;&nbsp; 6838469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2778894 | &nbsp;&nbsp;&nbsp;&nbsp; 2846254 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC 7.75%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5082000 | &nbsp;&nbsp;&nbsp;&nbsp; 5254384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 133133787 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2577127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 572403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6570000 | &nbsp;&nbsp;&nbsp;&nbsp; 6602764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3715321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2495366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2679000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2009000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040324 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4570000 | &nbsp;&nbsp;&nbsp;&nbsp; 4536675 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2805000 | &nbsp;&nbsp;&nbsp;&nbsp; 2813982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6470000 | &nbsp;&nbsp;&nbsp;&nbsp; 6804816 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC 7.38%, 11/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2167000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39237623 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7973000 | &nbsp;&nbsp;&nbsp;&nbsp; 7901495 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc. 6.63%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7320000 | &nbsp;&nbsp;&nbsp;&nbsp; 7652167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15553662 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6870000 | &nbsp;&nbsp;&nbsp;&nbsp; 6912182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204777 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7570000 | &nbsp;&nbsp;&nbsp;&nbsp; 8052338 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC  | &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC  | &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6537183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp;&nbsp; 666095 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2358258 |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd.  | &nbsp;&nbsp;&nbsp; Transocean International Ltd.  | &nbsp;&nbsp;&nbsp; Transocean International Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6870000 | &nbsp;&nbsp;&nbsp;&nbsp; 6988281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3909772 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2889838 |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC 6.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2244000 | &nbsp;&nbsp;&nbsp;&nbsp; 2244898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41763622 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3261482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2366025 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. 6.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18170000 | &nbsp;&nbsp;&nbsp;&nbsp; 18351246 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. 4.28%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3205000 | &nbsp;&nbsp;&nbsp;&nbsp; 2928569 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp. 3.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1742353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28649675 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5225717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 898000 | &nbsp;&nbsp;&nbsp;&nbsp; 915003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1322017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 718000 | &nbsp;&nbsp;&nbsp;&nbsp; 737929 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC 7.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2304432 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc. 7.88%, 9/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105725 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2641000 | &nbsp;&nbsp;&nbsp;&nbsp; 2854440 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2769572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3870000 | &nbsp;&nbsp;&nbsp;&nbsp; 4017300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 3017438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2377072 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146879 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7270000 | &nbsp;&nbsp;&nbsp;&nbsp; 7556525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39542599 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp;&nbsp; 5472853 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7270000 | &nbsp;&nbsp;&nbsp;&nbsp; 7506762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15467045 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2252000 | &nbsp;&nbsp;&nbsp;&nbsp; 2260803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4525363 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP  | &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP  | &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1572859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 931065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9290090 |
| **Ground Transportation — 2.8%** | **Ground Transportation — 2.8%** | **Ground Transportation — 2.8%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5108287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7270000 | &nbsp;&nbsp;&nbsp;&nbsp; 7486947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2337269 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9670000 | &nbsp;&nbsp;&nbsp;&nbsp; 9869744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2823547 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc. 6.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2231352 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3624000 | &nbsp;&nbsp;&nbsp;&nbsp; 3529471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10070000 | &nbsp;&nbsp;&nbsp;&nbsp; 10060798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250533 |
| &nbsp;&nbsp;&nbsp; RXO, Inc. 7.50%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2210688 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3670000 | &nbsp;&nbsp;&nbsp;&nbsp; 3745029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58961996 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8870000 | &nbsp;&nbsp;&nbsp;&nbsp; 8786226 |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. 4.63%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 670566 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13370000 | &nbsp;&nbsp;&nbsp;&nbsp; 13828858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5282311 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. 4.63%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31816697 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 7.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8270000 | &nbsp;&nbsp;&nbsp;&nbsp; 8427692 |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 558932 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1664864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3089154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5355000 | &nbsp;&nbsp;&nbsp;&nbsp; 4790794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4770000 | &nbsp;&nbsp;&nbsp;&nbsp; 5152196 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 528565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4443055 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. 4.50%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5770000 | &nbsp;&nbsp;&nbsp;&nbsp; 5759356 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 7.38%, 10/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1372000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445540 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.  | &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.  | &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 2194590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1599000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633401 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2312534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455765 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc. 8.50%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4361000 | &nbsp;&nbsp;&nbsp;&nbsp; 4529989 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC 7.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 2074735 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14558000 | &nbsp;&nbsp;&nbsp;&nbsp; 14559412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8270000 | &nbsp;&nbsp;&nbsp;&nbsp; 8453106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73073680 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP 8.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3455684 |
| **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2922000 | &nbsp;&nbsp;&nbsp;&nbsp; 2920066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4377000 | &nbsp;&nbsp;&nbsp;&nbsp; 4372037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8565000 | &nbsp;&nbsp;&nbsp;&nbsp; 8958690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16250793 |
| **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 768220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11670000 | &nbsp;&nbsp;&nbsp;&nbsp; 12039355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1963991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14771566 |
| **Hotels, Restaurants & Leisure — 6.2%** | **Hotels, Restaurants & Leisure — 6.2%** | **Hotels, Restaurants & Leisure — 6.2%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) 4.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925362 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 5.63%, 12/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 402100 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2848000 | &nbsp;&nbsp;&nbsp;&nbsp; 2802680 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5455520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5360391 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 560179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6570000 | &nbsp;&nbsp;&nbsp;&nbsp; 6897403 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2955098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4821000 | &nbsp;&nbsp;&nbsp;&nbsp; 4942070 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 571048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 547000 | &nbsp;&nbsp;&nbsp;&nbsp; 544554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 871000 | &nbsp;&nbsp;&nbsp;&nbsp; 877745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103604 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 5.75%, 9/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044220 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC 6.63%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2117000 | &nbsp;&nbsp;&nbsp;&nbsp; 2156160 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12670000 | &nbsp;&nbsp;&nbsp;&nbsp; 12668149 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2167023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5839347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1406205 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd. 5.88%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746721 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC 6.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 788000 | &nbsp;&nbsp;&nbsp;&nbsp; 799989 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5070000 | &nbsp;&nbsp;&nbsp;&nbsp; 5246178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21570000 | &nbsp;&nbsp;&nbsp;&nbsp; 22208834 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 710779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6770000 | &nbsp;&nbsp;&nbsp;&nbsp; 6455432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8314000 | &nbsp;&nbsp;&nbsp;&nbsp; 8293694 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC  | &nbsp;&nbsp;&nbsp; Station Casinos LLC  | &nbsp;&nbsp;&nbsp; Station Casinos LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7470000 | &nbsp;&nbsp;&nbsp;&nbsp; 7388824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1193000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128904 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Vail Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Vail Resorts, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1174000 | &nbsp;&nbsp;&nbsp;&nbsp; 1191228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp; 3295228 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd. 5.88%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3177000 | &nbsp;&nbsp;&nbsp;&nbsp; 3228506 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp;&nbsp; 4894438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2376748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 131644361 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213121 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc. 4.95%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2263692 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6526919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6025302 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2794524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2685208 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.  | &nbsp;&nbsp;&nbsp; TopBuild Corp.  | &nbsp;&nbsp;&nbsp; TopBuild Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2286590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/31/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26092830 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2331775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4399699 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
| &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3279172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2650365 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC 6.25%, 2/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6092000 | &nbsp;&nbsp;&nbsp;&nbsp; 6207285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12136822 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5170000 | &nbsp;&nbsp;&nbsp;&nbsp; 5325798 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4984000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000492 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 8051319 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc. 4.63%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 852352 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2856786 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  | &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  | &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3109180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3444000 | &nbsp;&nbsp;&nbsp;&nbsp; 3116455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22986584 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846163 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.  | &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.  | &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 564082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 742905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1306987 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. 9.50%, 1/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5626357 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. 6.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4372339 |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2744210 |
| &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 1214035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7470000 | &nbsp;&nbsp;&nbsp;&nbsp; 7626594 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6470000 | &nbsp;&nbsp;&nbsp;&nbsp; 6737308 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7661412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35982255 |
| **Media — 9.1%** | **Media — 9.1%** | **Media — 9.1%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp;&nbsp; 5471597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 8081278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6484000 | &nbsp;&nbsp;&nbsp;&nbsp; 6748593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3240000 | &nbsp;&nbsp;&nbsp;&nbsp; 3405454 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 584000 | &nbsp;&nbsp;&nbsp;&nbsp; 423296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 907546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1670651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5193940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 838565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 453566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5176000 | &nbsp;&nbsp;&nbsp;&nbsp; 2926435 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5271555 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC 5.00%, 9/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 791058 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9900000 | &nbsp;&nbsp;&nbsp;&nbsp; 9692201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11970000 | &nbsp;&nbsp;&nbsp;&nbsp; 11693883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3159932 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11670000 | &nbsp;&nbsp;&nbsp;&nbsp; 12185931 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (PIK), 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2876236 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9370000 | &nbsp;&nbsp;&nbsp;&nbsp; 10098124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5230000 | &nbsp;&nbsp;&nbsp;&nbsp; 4035765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2715000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3481000 | &nbsp;&nbsp;&nbsp;&nbsp; 3487022 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13270000 | &nbsp;&nbsp;&nbsp;&nbsp; 12278996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5770000 | &nbsp;&nbsp;&nbsp;&nbsp; 4748338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937936 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3155000 | &nbsp;&nbsp;&nbsp;&nbsp; 3182136 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 441977 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. 5.63%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13260000 | &nbsp;&nbsp;&nbsp;&nbsp; 13270330 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC 7.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3770000 | &nbsp;&nbsp;&nbsp;&nbsp; 3995280 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6170000 | &nbsp;&nbsp;&nbsp;&nbsp; 6427721 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7270000 | &nbsp;&nbsp;&nbsp;&nbsp; 7271628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11270000 | &nbsp;&nbsp;&nbsp;&nbsp; 10986369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4291969 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4505000 | &nbsp;&nbsp;&nbsp;&nbsp; 4377712 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2110318 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5867000 | &nbsp;&nbsp;&nbsp;&nbsp; 6054644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1316750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2333200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1179000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 193450279 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 4.13%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3406000 | &nbsp;&nbsp;&nbsp;&nbsp; 3335287 |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd. 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 822604 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2675805 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3106148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp;&nbsp; 7144571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 814000 | &nbsp;&nbsp;&nbsp;&nbsp; 844627 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. 5.75%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1727000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766080 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. 8.00%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 3196039 |
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty. Ltd. (Australia) 6.13%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2369371 |
| &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1049000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29241871 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.  | &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.  | &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6370000 | &nbsp;&nbsp;&nbsp;&nbsp; 6320965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 489935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6810900 |
| **Oil, Gas & Consumable Fuels — 12.5%** | **Oil, Gas & Consumable Fuels — 12.5%** | **Oil, Gas & Consumable Fuels — 12.5%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1646951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5980000 | &nbsp;&nbsp;&nbsp;&nbsp; 5999720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326526 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4338320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2290882 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 6.63%, 7/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9670000 | &nbsp;&nbsp;&nbsp;&nbsp; 9855611 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4218928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2653000 | &nbsp;&nbsp;&nbsp;&nbsp; 2695201 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 7.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3140000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274860 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2156245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5770000 | &nbsp;&nbsp;&nbsp;&nbsp; 6043267 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.00%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3649000 | &nbsp;&nbsp;&nbsp;&nbsp; 3679247 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7070000 | &nbsp;&nbsp;&nbsp;&nbsp; 7624804 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp. 7.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5570000 | &nbsp;&nbsp;&nbsp;&nbsp; 5782211 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp;&nbsp; 5439865 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4223000 | &nbsp;&nbsp;&nbsp;&nbsp; 4111771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1996000 | &nbsp;&nbsp;&nbsp;&nbsp; 1891264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2453000 | &nbsp;&nbsp;&nbsp;&nbsp; 2419149 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 4.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4570000 | &nbsp;&nbsp;&nbsp;&nbsp; 4486627 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; EQT Corp. 7.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 985278 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. 4.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13170000 | &nbsp;&nbsp;&nbsp;&nbsp; 13024779 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4459873 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2549767 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP 7.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6370000 | &nbsp;&nbsp;&nbsp;&nbsp; 6460244 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP 5.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5175000 | &nbsp;&nbsp;&nbsp;&nbsp; 5176009 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4377813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127043 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2665106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250682 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6070000 | &nbsp;&nbsp;&nbsp;&nbsp; 6118384 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4470000 | &nbsp;&nbsp;&nbsp;&nbsp; 4578523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 680433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4963310 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 8.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8470000 | &nbsp;&nbsp;&nbsp;&nbsp; 8713275 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp;&nbsp; 6988484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 676850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2692283 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11670000 | &nbsp;&nbsp;&nbsp;&nbsp; 11707659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2259677 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP 9.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5447383 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2466692 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122629 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4170000 | &nbsp;&nbsp;&nbsp;&nbsp; 4217784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5101000 | &nbsp;&nbsp;&nbsp;&nbsp; 4990785 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1309729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4132496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6470000 | &nbsp;&nbsp;&nbsp;&nbsp; 6828144 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10170000 | &nbsp;&nbsp;&nbsp;&nbsp; 10552555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4983333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2224000 | &nbsp;&nbsp;&nbsp;&nbsp; 2226629 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC 6.25%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191170 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 235439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15700000 | &nbsp;&nbsp;&nbsp;&nbsp; 16345772 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10424000 | &nbsp;&nbsp;&nbsp;&nbsp; 10781574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019770 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 7.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8270000 | &nbsp;&nbsp;&nbsp;&nbsp; 8014564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 264807035 |
| **Passenger Airlines — 1.9%** | **Passenger Airlines — 1.9%** | **Passenger Airlines — 1.9%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5394984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15270000 | &nbsp;&nbsp;&nbsp;&nbsp; 15449728 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7279715 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4670000 | &nbsp;&nbsp;&nbsp;&nbsp; 4664112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 766104 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp;&nbsp; 3491660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp; 3283020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40329323 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2464820 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10270000 | &nbsp;&nbsp;&nbsp;&nbsp; 10617280 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2959335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 9/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2372759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3138450 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.65%, 8/28/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080542 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 592957 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8770000 | &nbsp;&nbsp;&nbsp;&nbsp; 7344479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 508442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 992000 | &nbsp;&nbsp;&nbsp;&nbsp; 834207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33843494 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. 5.88%, 11/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041954 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. 7.13%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6488704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7530658 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2466026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4871073 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 5.88%, 10/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1459000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485291 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4193000 | &nbsp;&nbsp;&nbsp;&nbsp; 4485520 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. 5.95%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13470000 | &nbsp;&nbsp;&nbsp;&nbsp; 13789441 |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan) 6.25%, 7/24/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4409000 | &nbsp;&nbsp;&nbsp;&nbsp; 4536910 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1402000 | &nbsp;&nbsp;&nbsp;&nbsp; 1366717 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 733820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2318000 | &nbsp;&nbsp;&nbsp;&nbsp; 2402218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28799917 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5045000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010428 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.  | &nbsp;&nbsp;&nbsp; Fair Isaac Corp.  | &nbsp;&nbsp;&nbsp; Fair Isaac Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 207626 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. 6.25%, 4/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512674 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4715000 | &nbsp;&nbsp;&nbsp;&nbsp; 4671003 |
| &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. (Canada) 4.13%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2296087 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6671725 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9875000 | &nbsp;&nbsp;&nbsp;&nbsp; 9873416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 905401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32400219 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5070000 | &nbsp;&nbsp;&nbsp;&nbsp; 5207894 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  | &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  | &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2186000 | &nbsp;&nbsp;&nbsp;&nbsp; 2230000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9596963 |
| **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. 4.75%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 559593 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. 7.50%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5070000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157763 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.88%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 528680 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 798000 | &nbsp;&nbsp;&nbsp;&nbsp; 801988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122917 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC 7.50%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6302000 | &nbsp;&nbsp;&nbsp;&nbsp; 6350261 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1926143 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12270000 | &nbsp;&nbsp;&nbsp;&nbsp; 12059458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29507809 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2303932 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd. 5.88%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3570000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676008 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| &nbsp;&nbsp;&nbsp; Xerox Corp. 10.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3352721 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 833060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10165721 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. 4.88%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2244307 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 7.00%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9570000 | &nbsp;&nbsp;&nbsp;&nbsp; 10045935 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7279691 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 804123 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4343000 | &nbsp;&nbsp;&nbsp;&nbsp; 4342400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2604155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1094000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9570000 | &nbsp;&nbsp;&nbsp;&nbsp; 9994908 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2687876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46131480 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6658746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $1,994,526,909)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2006391438 |
|  | **SHARES** |  |
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |
| **Investment Companies — 3.7%** | **Investment Companies — 3.7%** | **Investment Companies — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.95% (f) (g) <br>(Cost $79,515,669)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79515669 | &nbsp;&nbsp;&nbsp;&nbsp; 79515669 |
| **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.05% (f) (g) <br>(Cost $79,200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79200 | &nbsp;&nbsp;&nbsp;&nbsp; 79200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $79,594,869)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 79594869 |
| **Total Investments — 98.4%** <br>**(Cost $2,074,121,778)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **2085986307** |
| **Other Assets in Excess of Liabilities — 1.6%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **33434215** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2119420522** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of
 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The security or a portion of this security is on loan at November 30, 2025. The total
 value of securities on loan at November 30, 2025 is $80,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Step bond. Interest rate is a fixed rate for an initial period that either resets
 at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November
 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment in an affiliated fund, which is registered under the Investment Company
 Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of November 30, 2025.

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value ("NAV") of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.

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

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

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

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

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

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

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

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $39938572 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $39938572 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67371231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67371231 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6306761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6306761 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8395276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8395276 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70533148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70533148 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68226696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68226696 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94010965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94010965 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11192652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11192652 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10656207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10656207 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5647806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5647806 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42404376 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42404376 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33288088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33288088 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30981193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30981193 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2718354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2718354 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5419787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5419787 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133053787 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 133133787 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39237623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39237623 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15553662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15553662 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41763622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41763622 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28649675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28649675 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39542599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39542599 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15467045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15467045 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9290090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9290090 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58961996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58961996 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31816697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31816697 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73073680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73073680 |
| &nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3455684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3455684 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16250793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16250793 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14771566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14771566 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131644361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131644361 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26092830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26092830 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4399699 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4399699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12136822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12136822 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5325798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5325798 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22986584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22986584 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1846163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1846163 |
| &nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1306987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1306987 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35982255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35982255 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193450279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193450279 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29241871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29241871 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6810900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6810900 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 264807035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 264807035 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40329323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40329323 |

---

------

**JPMorgan Active High Yield ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2464820 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2464820 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33843494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33843494 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7530658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7530658 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4871073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4871073 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28799917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28799917 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32400219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32400219 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9596963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9596963 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29507809 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29507809 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10165721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10165721 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46131480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46131480 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6658746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6658746 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2006311438 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006391438 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 79515669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79515669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79200 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 79594869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79594869 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $79594869 | &nbsp;&nbsp;&nbsp;&nbsp; $2006311438 | &nbsp;&nbsp;&nbsp;&nbsp; $80000 | &nbsp;&nbsp;&nbsp;&nbsp; $2085986307 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**June 24,** <br>**2025(a)**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.05% (b) (c)<br>| $— | $20468250 | $20389050 | $— | $— | $79200 | 79200 | $55069 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 3.95% (b) (c)<br>|  | 296524731 | 217009062 |  |  | 79515669 | 79515669 | 1039759 |  |
| **Total** | $— | $316992981 | $237398112 | $— | $— | $79594869 |  | $1094828 | $— |

---

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

(a) Commencement of operations was June 24, 2025.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of November 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22903

- **c. CIK number of Registrant:** 0001485894

- **d. LEI of Registrant:** 5493001E1K1DVWDV2464

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

  - **Street Address 1:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan Active High Yield ETF

- **b. EDGAR series identifier (if any):** S000088770

- **c. LEI of Series:** 254900IXT4DDMWOARG47

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2121281307.56

**Total Liabilities:** $1864910.02

**Net Assets:** $2119416397.54

**Cash Not Reported:** $12711558.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 504.58234000 | **1-Year:** 8058.53228000 | **5-Year:** 21593.51463000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 8072.40483000 | **1-Year:** 113150.03218000 | **5-Year:** 293146.00239000 | **10-Year:** 25101.58595000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255145 | 0.72%                | 0.14%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $427171.97               | $3612022.68                                |
| Month 2  | $247260.32               | $-7888459.41                               |
| Month 3  | $289893.87               | $2669281.26                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCO Brands Corp.                                   | ACCO Brands Corp.                                    | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $5684050.94   | 0.27%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                            | ADT Security Corp. (The)                             | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $5711234.11   | 0.27%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                           | AHP Health Partners, Inc.                            | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    570000 | PA      | $558931.74    | 0.03%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                                  | APi Group DE, Inc.                                   | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1136845.83   | 0.05%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ASGN, Inc.                                          | ASGN, Inc.                                           | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    870000 | PA      | $852351.44    | 0.04%             | 2028-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                              | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15270000 | PA      | $15449727.90  | 0.73%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                         | Acadia Healthcare Co., Inc.                          | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   8270000 | PA      | $8427692.36   | 0.40%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Acushnet Co.                                        | Acushnet Co.                                         | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |    399000 | PA      | $402100.07    | 0.02%             | 2033-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                         | Adient Global Holdings Ltd.                          | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   9570000 | PA      | $10058347.53  | 0.47%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                         | Adient Global Holdings Ltd.                          | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   5170000 | PA      | $5352413.11   | 0.25%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AECOM                                               | AECOM                                                | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |   2106000 | PA      | $2164841.64   | 0.10%             | 2033-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage Systems, Inc.                     | Advanced Drainage Systems, Inc.                      | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   6370000 | PA      | $6494304.18   | 0.31%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                               | Ahead DB Holdings LLC                                | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |   4984000 | PA      | $5000492.06   | 0.24%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18070000 | PA      | $18056552.31  | 0.85%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    605000 | PA      | $613267.93    | 0.03%             | 2031-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                          | Alcoa Nederland Holding BV                           | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   3406000 | PA      | $3335287.01   | 0.16%             | 2029-03-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                           | ATI, Inc.                                            | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5480414.88   | 0.26%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                         | Allied Universal Holdco LLC                          | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   5070000 | PA      | $5337984.99   | 0.25%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                         | Allied Universal Holdco LLC                          | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3070000 | PA      | $3013535.33   | 0.14%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                          | Allison Transmission, Inc.                           | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1162960.32   | 0.05%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                          | Allison Transmission, Inc.                           | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   7670000 | PA      | $7783815.13   | 0.37%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                          | Allison Transmission, Inc.                           | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    720000 | PA      | $726558.85    | 0.03%             | 2033-12-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                    | Altice France SA                                     | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3850500 | PA      | $3951818.63   | 0.19%             | 2029-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                   | Alumina Pty. Ltd.                                    | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    800000 | PA      | $822603.88    | 0.04%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                     | Amer Sports Co.                                      | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1846163.10   | 0.09%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                              | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5394983.58   | 0.25%             | 2028-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                 | American Axle & Manufacturing, Inc.                  | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4092445.71   | 0.19%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                | AmeriGas Partners LP                                 | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2252000 | PA      | $2260803.07   | 0.11%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                | AmeriGas Partners LP                                 | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4525363.08   | 0.21%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                              | Amkor Technology, Inc.                               | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |   1459000 | PA      | $1485291.18   | 0.07%             | 2033-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                        | ams-OSRAM AG                                         | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   4193000 | PA      | $4485520.45   | 0.21%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                              | Antero Resources Corp.                               | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4338320.00   | 0.20%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                              | Antero Resources Corp.                               | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2290881.73   | 0.11%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                         | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1645000 | PA      | $1646950.97   | 0.08%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                         | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5980000 | PA      | $5999719.59   | 0.28%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                         | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1326526.08   | 0.06%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                              | Aramark Services, Inc.                               | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   4592000 | PA      | $4594741.42   | 0.22%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                  | Arches Buyer, Inc.                                   | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   8170000 | PA      | $8051318.50   | 0.38%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                | Archrock Partners LP                                 | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6870000 | PA      | $6912181.80   | 0.33%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                | Archrock Partners LP                                 | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1204777.08   | 0.06%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                     | Ardagh Group SA                                      | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |   2000000 | PA      | $1810000.00   | 0.09%             | 2030-12-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                       | Asbury Automotive Group, Inc.                        | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    570000 | PA      | $559593.17    | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                 | Ascent Resources Utica Holdings LLC                  | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9670000 | PA      | $9855611.30   | 0.47%             | 2033-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                               | Avantor Funding, Inc.                                | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   8870000 | PA      | $8786225.51   | 0.41%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                           | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5108287.42   | 0.24%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                           | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2213789.58   | 0.10%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                           | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7486947.27   | 0.35%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                           | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2337269.18   | 0.11%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                          | Axalta Coating Systems LLC                           | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    870000 | PA      | $869956.24    | 0.04%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                               | Axon Enterprise, Inc.                                | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2772079.44   | 0.13%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                              | BWX Technologies, Inc.                               | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1295007.91   | 0.06%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                              | BWX Technologies, Inc.                               | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5171741.90   | 0.24%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Ball Corp.                                          | Ball Corp.                                           | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    570000 | PA      | $525577.05    | 0.02%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                          | Ball Corp.                                           | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1204171.02   | 0.06%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                                 | Bausch + Lomb Corp.                                  | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2085000.00   | 0.10%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                             | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   4270000 | PA      | $3138450.00   | 0.15%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                             | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   4270000 | PA      | $3395043.27   | 0.16%             | 2029-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                             | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   3270000 | PA      | $2959334.86   | 0.14%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                             | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   2270000 | PA      | $2372759.11   | 0.11%             | 2028-09-30      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                 | Baytex Energy Corp.                                  | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4218927.56   | 0.20%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                 | Baytex Energy Corp.                                  | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   2653000 | PA      | $2695201.27   | 0.13%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                                 | Big River Steel LLC                                  | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2675804.58   | 0.13%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                            | Blue Racer Midstream LLC                             | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3140000 | PA      | $3274859.86   | 0.15%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Boise Cascade Co.                                   | Boise Cascade Co.                                    | CUSIP: 09739DAD2<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2244307.23   | 0.11%             | 2030-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                    | Bombardier, Inc.                                     | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   2270000 | PA      | $2540109.57   | 0.12%             | 2034-05-01      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                    | Bombardier, Inc.                                     | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   6270000 | PA      | $6289016.91   | 0.30%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                     | Boyne USA, Inc.                                      | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2848000 | PA      | $2802680.63   | 0.13%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                   | Brink's Co. (The)                                    | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1311355.01   | 0.06%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                   | Brink's Co. (The)                                    | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5495972.33   | 0.26%             | 2032-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP                                  | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2156244.80   | 0.10%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP                                  | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   5770000 | PA      | $6043267.20   | 0.29%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                          | Builders FirstSource, Inc.                           | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   5770000 | PA      | $6009397.30   | 0.28%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30170000 | PA      | $30127448.23  | 1.42%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10770000 | PA      | $10680061.88  | 0.50%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2030452.51   | 0.10%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4870000 | PA      | $4486397.41   | 0.21%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19470000 | PA      | $17104515.71  | 0.81%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $423408.10    | 0.02%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5570000 | PA      | $5117912.06   | 0.24%             | 2032-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20451000 | PA      | $20746230.64  | 0.98%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                               | Churchill Downs, Inc.                                | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    871000 | PA      | $877745.02    | 0.04%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                             | CD&R Smokey Buyer, Inc.                              | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3270000 | PA      | $2213121.29   | 0.10%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                       | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1664864.14   | 0.08%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                       | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   5355000 | PA      | $4790793.99   | 0.23%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                       | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3089153.89   | 0.15%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                       | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   4770000 | PA      | $5152196.25   | 0.24%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    584000 | PA      | $423295.58    | 0.02%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   8270000 | PA      | $5193939.59   | 0.25%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $838564.79    | 0.04%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $453565.90    | 0.02%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $1260617.94   | 0.06%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5176000 | PA      | $2926435.35   | 0.14%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $907546.30    | 0.04%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                     | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $1670651.16   | 0.08%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                 | CNX Resources Corp.                                  | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   5570000 | PA      | $5782211.43   | 0.27%             | 2031-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                          | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5455519.81   | 0.26%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                          | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5360391.04   | 0.25%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                       | Calpine Corp.                                        | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3279172.35   | 0.15%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                       | Calpine Corp.                                        | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2650365.09   | 0.13%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                       | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    570000 | PA      | $560179.36    | 0.03%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                       | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   6570000 | PA      | $6897402.81   | 0.33%             | 2029-08-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                       | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2870000 | PA      | $2955098.37   | 0.14%             | 2031-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                       | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   4821000 | PA      | $4942069.77   | 0.23%             | 2032-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                          | Carpenter Technology Corp.                           | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    659000 | PA      | $669775.97    | 0.03%             | 2034-03-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                             | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2067924.20   | 0.10%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                             | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2331774.85   | 0.11%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.      | Charles River Laboratories International, Inc.       | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    570000 | PA      | $564082.26    | 0.03%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.      | Charles River Laboratories International, Inc.       | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    770000 | PA      | $742904.55    | 0.04%             | 2029-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                              | Chart Industries, Inc.                               | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5626357.40   | 0.27%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                  | Chemours Co. (The)                                   | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6085337.21   | 0.29%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                  | Chemours Co. (The)                                   | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2208459.17   | 0.10%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                               | Churchill Downs, Inc.                                | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    547000 | PA      | $544553.65    | 0.03%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                               | Churchill Downs, Inc.                                | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    570000 | PA      | $571047.66    | 0.03%             | 2027-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                               | Churchill Downs, Inc.                                | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1103604.42   | 0.05%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                  | Cinemark USA, Inc.                                   | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3261481.65   | 0.15%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                  | Cinemark USA, Inc.                                   | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2366025.54   | 0.11%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cipher Compute LLC                                  | Cipher Compute LLC                                   | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1392000 | PA      | $1414188.22   | 0.07%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                             | Civitas Resources, Inc.                              | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1010102.71   | 0.05%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                             | Civitas Resources, Inc.                              | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   7070000 | PA      | $7624804.11   | 0.36%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                    | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8970000 | PA      | $9201488.79   | 0.43%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                    | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2151000 | PA      | $2212464.83   | 0.10%             | 2032-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                    | Clarivate Science Holdings Corp.                     | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1861875.96   | 0.09%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                 | Clean Harbors, Inc.                                  | CUSIP: 184496AR8<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1747732.86   | 0.08%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                 | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5471597.24   | 0.26%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                 | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   8170000 | PA      | $8081277.89   | 0.38%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                 | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   6484000 | PA      | $6748592.59   | 0.32%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                 | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3405453.84   | 0.16%             | 2033-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                               | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1399563.23   | 0.07%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                               | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   6970000 | PA      | $7144570.62   | 0.34%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                               | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $3106147.77   | 0.15%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                               | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    814000 | PA      | $844626.75    | 0.04%             | 2034-01-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.               | Clydesdale Acquisition Holdings, Inc.                | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5317503.78   | 0.25%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                     | Permian Resources Operating LLC                      | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |  11670000 | PA      | $11707659.09  | 0.55%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Commercial Metals Co.                               | Commercial Metals Co.                                | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |   1727000 | PA      | $1766080.08   | 0.08%             | 2033-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                        | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4262612.90   | 0.20%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                        | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1648497.50   | 0.08%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                        | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5281541.30   | 0.25%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Compass Minerals International, Inc.                | Compass Minerals International, Inc.                 | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   3070000 | PA      | $3196038.85   | 0.15%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                            | Comstock Resources, Inc.                             | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5439864.68   | 0.26%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Conduent Business Services LLC                      | Conduent Business Services LLC                       | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3270000 | PA      | $2856786.12   | 0.13%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL                                  | Connect Finco SARL                                   | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6658746.27   | 0.31%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Connect Holding II LLC                              | Connect Holding II LLC                               | CUSIP: 20753PAD3<br>LEI: 254900LCX7S2QHYUOI31 | Long             | DBT              | CORP              | US        |   2695000 | PA      | $2554553.61   | 0.12%             | 2031-04-03      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                    | Cooper-Standard Automotive, Inc.                     | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1331314.33   | 0.06%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                    | Cooper-Standard Automotive, Inc.                     | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1246562.53   | 0.06%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CoreCivic, Inc.                                     | CoreCivic, Inc.                                      | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   9870000 | PA      | $10398272.01  | 0.49%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                     | CoreWeave, Inc.                                      | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3109180.10   | 0.15%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave, Inc.                                     | CoreWeave, Inc.                                      | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   3444000 | PA      | $3116455.28   | 0.15%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                                  | DT Midstream, Inc.                                   | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4570000 | PA      | $4486627.30   | 0.21%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                           | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4188222.24   | 0.20%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                        | DaVita, Inc.                                         | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    570000 | PA      | $528565.39    | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                        | DaVita, Inc.                                         | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4443054.56   | 0.21%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                           | Diamond Foreign Asset Co.                            | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7570000 | PA      | $8052337.69   | 0.38%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                               | Diebold Nixdorf, Inc.                                | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2303932.40   | 0.11%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                               | Directv Financing LLC                                | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5271554.65   | 0.25%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Discovery Communications LLC                        | Discovery Communications LLC                         | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    930000 | PA      | $791058.00    | 0.04%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                  | DISH Network Corp.                                   | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  11670000 | PA      | $12185930.70  | 0.57%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                       | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9900000 | PA      | $9692200.98   | 0.46%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                       | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1183893.62   | 0.06%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                       | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11970000 | PA      | $11693883.22  | 0.55%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                       | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3159932.45   | 0.15%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                       | Dornoch Debt Merger Sub, Inc.                        | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4270000 | PA      | $3594785.33   | 0.17%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                           | EQT Corp.                                            | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    970000 | PA      | $985278.10    | 0.05%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                      | EchoStar Corp.                                       | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2876755.80   | 0.14%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                      | EchoStar Corp.                                       | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $3274425.00   | 0.15%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                          | Edgewell Personal Care Co.                           | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2464819.67   | 0.12%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                          | Elanco Animal Health, Inc.                           | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $2080542.02   | 0.10%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                   | EMRLD Borrower LP                                    | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14870000 | PA      | $15410569.11  | 0.73%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                              | Encompass Health Corp.                               | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   5770000 | PA      | $5759355.50   | 0.27%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                         | Endo Finance Holdings, Inc.                          | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $592957.32    | 0.03%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                      | Entegris, Inc.                                       | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |  13470000 | PA      | $13789441.05  | 0.65%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                            | EquipmentShare.com, Inc.                             | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   9670000 | PA      | $9869743.52   | 0.47%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                            | EquipmentShare.com, Inc.                             | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2823546.87   | 0.13%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                        | Fortescue Treasury Pty. Ltd.                         | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   2270000 | PA      | $2369371.52   | 0.11%             | 2032-04-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                    | Fair Isaac Corp.                                     | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1251858.94   | 0.06%             | 2028-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                    | Fair Isaac Corp.                                     | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    202000 | PA      | $207625.70    | 0.01%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                           | Forvia SE                                            | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    670000 | PA      | $682074.74    | 0.03%             | 2033-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                            | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  17300000 | PA      | $17124026.13  | 0.81%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                            | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $2338842.53   | 0.11%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                            | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    670000 | PA      | $672973.89    | 0.03%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                            | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5658889.80   | 0.27%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                            | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $1019746.58   | 0.05%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                            | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3239424.38   | 0.15%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                | Frontier Communications Holdings LLC                 | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5670000 | PA      | $5677659.55   | 0.27%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                | Frontier Communications Holdings LLC                 | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6970000 | PA      | $7035378.60   | 0.33%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                               | GEO Group, Inc. (The)                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4499512.50   | 0.21%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                               | GEO Group, Inc. (The)                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1393568.36   | 0.07%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| GCI LLC                                             | GCI LLC                                              | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |   4950000 | PA      | $4796755.92   | 0.23%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                             | GFL Environmental, Inc.                              | CUSIP: 36168QAM6<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |  14070000 | PA      | $13805047.83  | 0.65%             | 2028-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                            | Boost Newco Borrower LLC                             | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2304431.50   | 0.11%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                     | Gap, Inc. (The)                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    570000 | PA      | $528680.36    | 0.02%             | 2031-10-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                           | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   2870000 | PA      | $2817854.68   | 0.13%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                           | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   3070000 | PA      | $3147400.84   | 0.15%             | 2028-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                           | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1444000 | PA      | $1482516.30   | 0.07%             | 2031-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                             | Genesee & Wyoming, Inc.                              | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2231352.41   | 0.11%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                   | Genesis Energy LP                                    | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2970000 | PA      | $2989943.55   | 0.14%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                   | Genesis Energy LP                                    | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4459872.89   | 0.21%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Global Medical Response, Inc.                       | Global Medical Response, Inc.                        | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   1372000 | PA      | $1445540.16   | 0.07%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.               | Global Infrastructure Solutions, Inc.                | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   2145000 | PA      | $2152209.35   | 0.10%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.               | Global Infrastructure Solutions, Inc.                | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   2660000 | PA      | $2796106.88   | 0.13%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Goat Holdco LLC                                     | Goat Holdco LLC                                      | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1302512.00   | 0.06%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                    | Goodyear Tire & Rubber Co. (The)                     | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1667154.15   | 0.08%             | 2033-04-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                    | Goodyear Tire & Rubber Co. (The)                     | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5355320.14   | 0.25%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                          | Graham Packaging Co., Inc.                           | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1267108.59   | 0.06%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                 | Graphic Packaging International LLC                  | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    970000 | PA      | $986397.25    | 0.05%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                     | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2041828.24   | 0.10%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                     | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   5230000 | PA      | $4035765.06   | 0.19%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                     | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   9370000 | PA      | $10098123.96  | 0.48%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                     | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3481000 | PA      | $3487022.13   | 0.16%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                       | Griffon Corp.                                        | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3374111.40   | 0.16%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                     | Gulfport Energy Operating Corp.                      | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2549766.75   | 0.12%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Enviri Corp.                                        | Enviri Corp.                                         | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    730000 | PA      | $730891.33    | 0.03%             | 2027-07-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Harvest Midstream I LP                              | Harvest Midstream I LP                               | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |   6370000 | PA      | $6460243.79   | 0.30%             | 2028-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                 | Herc Holdings, Inc.                                  | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   9570000 | PA      | $10045935.24  | 0.47%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                    | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   3624000 | PA      | $3529470.50   | 0.17%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                    | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $2250533.36   | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                    | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |  10070000 | PA      | $10060798.03  | 0.47%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                        | Hess Midstream Operations LP                         | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5175000 | PA      | $5176009.13   | 0.24%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                  | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4377813.23   | 0.21%             | 2033-11-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                  | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2127042.66   | 0.10%             | 2034-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                   | Hillenbrand, Inc.                                    | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4372339.09   | 0.21%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                  | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $3044220.30   | 0.14%             | 2033-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Borrower LLC                 | Hilton Grand Vacations Borrower LLC                  | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2117000 | PA      | $2156160.27   | 0.10%             | 2032-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                        | Hilton Worldwide Finance LLC                         | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12670000 | PA      | $12668148.91  | 0.60%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                       | Hologic, Inc.                                        | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    670000 | PA      | $670566.15    | 0.03%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                | Howard Midstream Energy Partners LLC                 | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2525000 | PA      | $2665105.58   | 0.13%             | 2032-07-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                | Howard Midstream Energy Partners LLC                 | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1250681.66   | 0.06%             | 2034-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                | IHO Verwaltungs GmbH                                 | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   3370000 | PA      | $3368513.83   | 0.16%             | 2029-05-15      | Fixed         | 6.37%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                | IHO Verwaltungs GmbH                                 | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   3170000 | PA      | $3302404.56   | 0.16%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                   | INEOS Finance plc                                    | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    670000 | PA      | $628160.91    | 0.03%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                   | INEOS Finance plc                                    | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |  11670000 | PA      | $10473986.05  | 0.49%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                         | IQVIA, Inc.                                          | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2922000 | PA      | $2920065.64   | 0.14%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                | Icahn Enterprises LP                                 | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2071000 | PA      | $2044385.16   | 0.10%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                           | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |  13270000 | PA      | $12278996.40  | 0.58%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                           | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   5770000 | PA      | $4748338.35   | 0.22%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                           | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $1937935.84   | 0.09%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Imola Merger Corp.                                  | Imola Merger Corp.                                   | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7370000 | PA      | $7279690.97   | 0.34%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                         | Crescent Energy Finance LLC                          | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   4223000 | PA      | $4111771.29   | 0.19%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                         | Crescent Energy Finance LLC                          | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1996000 | PA      | $1891263.67   | 0.09%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                         | Crescent Energy Finance LLC                          | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   2453000 | PA      | $2419148.60   | 0.11%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                         | INEOS Quattro Finance 2 plc                          | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   6170000 | PA      | $5247585.00   | 0.25%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Interface, Inc.                                     | Interface, Inc.                                      | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |    970000 | PA      | $968787.50    | 0.05%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ION Platform Finance US, Inc.                       | ION Platform Finance US, Inc.                        | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2105725.35   | 0.10%             | 2032-09-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                         | IQVIA, Inc.                                          | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   4377000 | PA      | $4372037.36   | 0.21%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                         | IQVIA, Inc.                                          | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   8565000 | PA      | $8958690.23   | 0.42%             | 2032-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                 | Iron Mountain, Inc.                                  | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1091140.67   | 0.05%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                 | Iron Mountain, Inc.                                  | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   5070000 | PA      | $5207893.86   | 0.25%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc.  | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $452411.24    | 0.02%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                      | JELD-WEN, Inc.                                       | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $3735809.58   | 0.18%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                      | JELD-WEN, Inc.                                       | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $863588.98    | 0.04%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                               | JetBlue Airways Corp.                                | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7370000 | PA      | $7279714.99   | 0.34%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund          | JPMorgan U.S. Government Money Market Fund, Class IM | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  67064480 | NS      | $67064480.14  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings LP                                 | Kinetik Holdings LP                                  | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $6118383.97   | 0.29%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Kinetik Holdings LP                                 | Kinetik Holdings LP                                  | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1203618.84   | 0.06%             | 2028-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                               | Kioxia Holdings Corp.                                | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |   4409000 | PA      | $4536909.50   | 0.21%             | 2030-07-24      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                   | Knife River Corp.                                    | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5370000 | PA      | $5647806.21   | 0.27%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                             | Kodiak Gas Services LLC                              | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6537183.51   | 0.31%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                             | Kodiak Gas Services LLC                              | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    653000 | PA      | $666095.26    | 0.03%             | 2033-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                          | LABL, Inc.                                           | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   7170000 | PA      | $4378839.46   | 0.21%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                              | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   5070000 | PA      | $5157763.22   | 0.24%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                          | Lamb Weston Holdings, Inc.                           | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5472852.71   | 0.26%             | 2028-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                  | Vital Energy, Inc.                                   | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |   8270000 | PA      | $8014563.68   | 0.38%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                             | Level 3 Financing, Inc.                              | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2031127.90   | 0.10%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                             | Level 3 Financing, Inc.                              | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   6715000 | PA      | $6838468.71   | 0.32%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                             | Level 3 Financing, Inc.                              | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2778894 | PA      | $2846254.39   | 0.13%             | 2034-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                  | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1122916.98   | 0.05%             | 2031-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                  | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    798000 | PA      | $801987.82    | 0.04%             | 2030-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                     | Live Nation Entertainment, Inc.                      | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |  18170000 | PA      | $18351245.75  | 0.87%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                            | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2167022.76   | 0.10%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                            | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $5839346.86   | 0.28%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                            | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1406204.99   | 0.07%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| M/I Homes, Inc.                                     | M/I Homes, Inc.                                      | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2263692.35   | 0.11%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP                        | MPT Operating Partnership LP                         | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3455683.68   | 0.16%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                     | Madison IAQ LLC                                      | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   8170000 | PA      | $8014837.81   | 0.38%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                     | Madison IAQ LLC                                      | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2244946.69   | 0.11%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                          | Warnermedia Holdings, Inc.                           | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3205000 | PA      | $2928568.75   | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Masterbrand, Inc.                                   | Masterbrand, Inc.                                    | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |   6170000 | PA      | $6365311.35   | 0.30%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                               | Matador Resources Co.                                | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   4470000 | PA      | $4578522.66   | 0.22%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                               | Matador Resources Co.                                | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    670000 | PA      | $680433.24    | 0.03%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                               | Matador Resources Co.                                | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   4970000 | PA      | $4963309.88   | 0.23%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.              | Mauser Packaging Solutions Holding Co.               | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1928351.60   | 0.09%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.              | Mauser Packaging Solutions Holding Co.               | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   5649000 | PA      | $5310063.28   | 0.25%             | 2030-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                  | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13370000 | PA      | $13828858.40  | 0.65%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                 | Stagwell Global LLC                                  | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   4505000 | PA      | $4377711.68   | 0.21%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                         | Midcontinent Communications                          | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   3155000 | PA      | $3182136.16   | 0.15%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties, Inc.                           | Millrose Properties, Inc.                            | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2186000 | PA      | $2229999.81   | 0.11%             | 2030-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties, Inc.                           | Millrose Properties, Inc.                            | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1056000 | PA      | $1067928.58   | 0.05%             | 2032-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                            | AthenaHealth Group, Inc.                             | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   5045000 | PA      | $5010428.63   | 0.24%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.               | Miter Brands Acquisition Holdco, Inc.                | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3824000 | PA      | $3906418.67   | 0.18%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                             | Molina Healthcare, Inc.                              | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2255000 | PA      | $2194589.90   | 0.10%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                             | Molina Healthcare, Inc.                              | CUSIP: 60855RAN0<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   1599000 | PA      | $1633401.33   | 0.08%             | 2031-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                  | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5282310.72   | 0.25%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                     | NCR Voyix Corp.                                      | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   4715000 | PA      | $4671002.92   | 0.22%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                      | NCL Corp. Ltd.                                       | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1770000 | PA      | $1746721.31   | 0.08%             | 2031-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                            | NGL Energy Operating LLC                             | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8470000 | PA      | $8713275.34   | 0.41%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2577126.61   | 0.12%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    570000 | PA      | $572402.98    | 0.03%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3970000 | PA      | $3715320.93   | 0.18%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2495366.51   | 0.12%             | 2032-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1186922.11   | 0.06%             | 2033-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   6570000 | PA      | $6602764.13   | 0.31%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2679000 | PA      | $2700477.54   | 0.13%             | 2034-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                     | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2009000 | PA      | $2040324.33   | 0.10%             | 2036-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                    | NCR Atleos Corp.                                     | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   2641000 | PA      | $2854440.34   | 0.13%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                              | Neptune Bidco US, Inc.                               | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    444000 | PA      | $441976.65    | 0.02%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                 | Newell Brands, Inc.                                  | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6025301.96   | 0.28%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                 | Newell Brands, Inc.                                  | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6526919.52   | 0.31%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                 | Nexstar Media, Inc.                                  | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |  13260000 | PA      | $13270329.54  | 0.63%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Noble Finance II LLC                                | Noble Finance II LLC                                 | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2358257.60   | 0.11%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital, Inc.                                   | Gen Digital, Inc.                                    | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1512674.10   | 0.07%             | 2033-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                 | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   8270000 | PA      | $8848392.88   | 0.42%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                 | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   4294000 | PA      | $4560700.34   | 0.22%             | 2031-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                        | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1523241.93   | 0.07%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                        | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1058534.36   | 0.05%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                  | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    670000 | PA      | $676850.08    | 0.03%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                  | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   6970000 | PA      | $6988484.44   | 0.33%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                  | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2692283.17   | 0.13%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                  | Chord Energy Corp.                                   | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   3649000 | PA      | $3679246.56   | 0.17%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Olin Corp.                                          | Olin Corp.                                           | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   2307000 | PA      | $2267293.76   | 0.11%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                              | ON Semiconductor Corp.                               | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   1402000 | PA      | $1366717.41   | 0.06%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                      | 1011778 BC ULC                                       | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3070000 | PA      | $2925362.48   | 0.14%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2115618.66   | 0.10%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                     | 1261229 BC Ltd.                                      | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  10270000 | PA      | $10617280.05  | 0.50%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Open Text Holdings, Inc.                            | Open Text Holdings, Inc.                             | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2296086.81   | 0.11%             | 2031-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                        | CUSIP: 68622FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $508441.52    | 0.02%             | 2034-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                        | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    992000 | PA      | $834207.32    | 0.04%             | 2034-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                        | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8770000 | PA      | $7344478.60   | 0.35%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                          | Outfront Media Capital LLC                           | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3770000 | PA      | $3995280.12   | 0.19%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                 | Owens & Minor, Inc.                                  | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $2312533.67   | 0.11%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                 | Owens & Minor, Inc.                                  | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $1455764.85   | 0.07%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                | Owens-Brockway Glass Container, Inc.                 | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4323375.00   | 0.20%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                | Owens-Brockway Glass Container, Inc.                 | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    770000 | PA      | $774658.50    | 0.04%             | 2032-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                          | PG&E Corp.                                           | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   4570000 | PA      | $4536675.10   | 0.21%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                        | Performance Food Group, Inc.                         | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   5155000 | PA      | $5154684.51   | 0.24%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                        | Performance Food Group, Inc.                         | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1013360.12   | 0.05%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                     | Permian Resources Operating LLC                      | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2259677.42   | 0.11%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PetSmart LLC                                        | PetSmart LLC                                         | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6302000 | PA      | $6350260.72   | 0.30%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                          | Pike Corp.                                           | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1566075.00   | 0.07%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                          | Pike Corp.                                           | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1976973.84   | 0.09%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                  | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1197564.79   | 0.06%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                  | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7506762.09   | 0.35%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                  | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1289865.34   | 0.06%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Prairie Acquiror LP                                 | Prairie Acquiror LP                                  | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5447382.93   | 0.26%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                | Prime Security Services Borrower LLC                 | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4458000 | PA      | $4470375.41   | 0.21%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                            | ADT Security Corp. (The)                             | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    470000 | PA      | $455584.58    | 0.02%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                          | Primo Water Holdings, Inc.                           | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6306761.01   | 0.30%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                             | Qnity Electronics, Inc.                              | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    715000 | PA      | $733819.52    | 0.03%             | 2032-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                             | Qnity Electronics, Inc.                              | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   2318000 | PA      | $2402217.58   | 0.11%             | 2033-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| QXO Building Products, Inc.                         | QXO Building Products, Inc.                          | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    770000 | PA      | $804123.32    | 0.04%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                  | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2192549.87   | 0.10%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                  | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2146879.29   | 0.10%             | 2031-03-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                             | Quikrete Holdings, Inc.                              | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   8670000 | PA      | $9002884.65   | 0.42%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                              | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $768219.68    | 0.04%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                              | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11670000 | PA      | $12039355.50  | 0.57%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                              | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1895000 | PA      | $1963991.27   | 0.09%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                            | Radiology Partners, Inc.                             | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   4361000 | PA      | $4529988.75   | 0.21%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                               | Range Resources Corp.                                | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2466692.50   | 0.12%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                      | Raven Acquisition Holdings LLC                       | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2467180.80   | 0.12%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                      | Anywhere Real Estate Group LLC                       | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1221390.37   | 0.06%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                      | Anywhere Real Estate Group LLC                       | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1183657.02   | 0.06%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                      | Anywhere Real Estate Group LLC                       | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2466025.85   | 0.12%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW, Inc.                                      | SPX FLOW, Inc.                                       | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2744209.98   | 0.13%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                   | RingCentral, Inc.                                    | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6671725.17   | 0.31%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Rivers Enterprise Lender LLC                        | Rivers Enterprise Lender LLC                         | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    788000 | PA      | $799988.63    | 0.04%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                   | Rocket Cos., Inc.                                    | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3870000 | PA      | $4017299.94   | 0.19%             | 2030-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                   | Rocket Cos., Inc.                                    | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2377071.36   | 0.11%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                   | Rocket Cos., Inc.                                    | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2769572.31   | 0.13%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                   | Rocket Cos., Inc.                                    | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2870000 | PA      | $3017437.64   | 0.14%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                        | Rockies Express Pipeline LLC                         | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1122629.02   | 0.05%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                         | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   5070000 | PA      | $5246177.78   | 0.25%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                         | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  21570000 | PA      | $22208833.73  | 1.05%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                       | SM Energy Co.                                        | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   4170000 | PA      | $4217784.03   | 0.20%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                       | SM Energy Co.                                        | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   5101000 | PA      | $4990785.24   | 0.24%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                             | SS&C Technologies, Inc.                              | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   9875000 | PA      | $9873416.05   | 0.47%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                             | SS&C Technologies, Inc.                              | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    870000 | PA      | $905401.17    | 0.04%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Science Applications International Corp.            | Science Applications International Corp.             | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |   1046000 | PA      | $1041954.28   | 0.05%             | 2033-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                        | Scotts Miracle-Gro Co. (The)                         | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1831056.88   | 0.09%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                        | Scotts Miracle-Gro Co. (The)                         | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $3992424.81   | 0.19%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                        | Scotts Miracle-Gro Co. (The)                         | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   4970000 | PA      | $4646039.50   | 0.22%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.           | Seagate Data Storage Technology Pte. Ltd.            | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   3570000 | PA      | $3676007.58   | 0.17%             | 2030-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corp.                                    | Sealed Air Corp.                                     | CUSIP: 812127AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2308324.41   | 0.11%             | 2028-02-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                          | Sensata Technologies, Inc.                           | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |   7320000 | PA      | $7652166.96   | 0.36%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                         | Service Corp. International                          | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    870000 | PA      | $872282.88    | 0.04%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Service Corp. International                         | Service Corp. International                          | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1846071.04   | 0.09%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments LLC                                 | Shift4 Payments LLC                                  | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7556525.24   | 0.36%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                              | Shutterfly Finance LLC                               | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $952500.00    | 0.04%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                     | Sinclair Television Group, Inc.                      | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   6170000 | PA      | $6427720.90   | 0.30%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                  | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7271628.48   | 0.34%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                  | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4291969.15   | 0.20%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                  | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |  11270000 | PA      | $10986369.04  | 0.52%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                        | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    720000 | PA      | $710779.13    | 0.03%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                        | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   6770000 | PA      | $6455431.75   | 0.30%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                        | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8314000 | PA      | $8293693.64   | 0.39%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                       | Smyrna Ready Mix Concrete LLC                        | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   6970000 | PA      | $7397637.38   | 0.35%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                          | Snap, Inc.                                           | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   5170000 | PA      | $5325797.95   | 0.25%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Solstice Advanced Materials, Inc.                   | Solstice Advanced Materials, Inc.                    | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1980779.84   | 0.09%             | 2033-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                              | Sonic Automotive, Inc.                               | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1926143.47   | 0.09%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                          | Sotera Health Holdings LLC                           | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $2074735.27   | 0.10%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                 | Expand Energy Corp.                                  | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |  13170000 | PA      | $13024778.62  | 0.61%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |  10170000 | PA      | $10234854.09  | 0.48%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                            | Spirit AeroSystems, Inc.                             | CUSIP: 85205TAG5<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   8270000 | PA      | $8235168.41   | 0.39%             | 2026-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                          | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5225717.24   | 0.25%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                          | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1322017.35   | 0.06%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                          | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    898000 | PA      | $915002.73    | 0.04%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                          | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    718000 | PA      | $737929.08    | 0.03%             | 2033-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                   | Standard Building Solutions, Inc.                    | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   4425000 | PA      | $4565029.13   | 0.22%             | 2032-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                   | Standard Building Solutions, Inc.                    | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   2784000 | PA      | $2855395.68   | 0.13%             | 2033-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                           | Standard Industries, Inc.                            | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $552690.81    | 0.03%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                       | Staples, Inc.                                        | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  12270000 | PA      | $12059457.84  | 0.57%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                       | Staples, Inc.                                        | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1001005.62   | 0.05%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                        | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   6370000 | PA      | $6320965.01   | 0.30%             | 2026-07-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                        | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    470000 | PA      | $489934.58    | 0.02%             | 2030-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                 | Station Casinos LLC                                  | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   7470000 | PA      | $7388824.26   | 0.35%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                 | Station Casinos LLC                                  | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   1193000 | PA      | $1128904.14   | 0.05%             | 2031-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Suburban Propane Partners LP                        | Suburban Propane Partners LP                         | CUSIP: 864486AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1572859.65   | 0.07%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP                        | Suburban Propane Partners LP                         | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $931064.69    | 0.04%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                           | Sunoco LP                                            | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1309729.41   | 0.06%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                           | Sunoco LP                                            | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3970000 | PA      | $4132496.15   | 0.19%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                           | Sunoco LP                                            | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   6470000 | PA      | $6828144.52   | 0.32%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Talen Energy Supply LLC                             | Talen Energy Supply LLC                              | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   6092000 | PA      | $6207285.01   | 0.29%             | 2034-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                         | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4983333.00   | 0.24%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                         | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10170000 | PA      | $10552554.72  | 0.50%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                         | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2224000 | PA      | $2226628.77   | 0.11%             | 2034-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                         | TEGNA, Inc.                                          | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   2130000 | PA      | $2110318.37   | 0.10%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Teleflex, Inc.                                      | Teleflex, Inc.                                       | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1163735.82   | 0.05%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Somnigroup International, Inc.                      | Somnigroup International, Inc.                       | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2794523.88   | 0.13%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                      | Somnigroup International, Inc.                       | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2685207.59   | 0.13%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                               | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  14558000 | PA      | $14559412.13  | 0.69%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                               | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   8270000 | PA      | $8453106.07   | 0.40%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                         | Terex Corp.                                          | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   1222000 | PA      | $1214035.37   | 0.06%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                         | Terex Corp.                                          | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   7470000 | PA      | $7626593.61   | 0.36%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TopBuild Corp.                                      | TopBuild Corp.                                       | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $2286589.75   | 0.11%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| TopBuild Corp.                                      | TopBuild Corp.                                       | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1297473.86   | 0.06%             | 2034-01-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                      | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5427926.09   | 0.26%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                      | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    728000 | PA      | $754818.79    | 0.04%             | 2034-01-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                       | Transocean International Ltd.                        | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3909772.50   | 0.18%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                       | Transocean International Ltd.                        | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   6870000 | PA      | $6988280.79   | 0.33%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                        | TriMas Corp.                                         | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |    870000 | PA      | $853683.67    | 0.04%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                                  | TriNet Group, Inc.                                   | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |   6270000 | PA      | $6488703.87   | 0.31%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Trinity Industries, Inc.                            | Trinity Industries, Inc.                             | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |   6470000 | PA      | $6737308.05   | 0.32%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Coherent Corp.                                      | Coherent Corp.                                       | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   7973000 | PA      | $7901494.95   | 0.37%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                      | US Foods, Inc.                                       | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   8170000 | PA      | $8450222.83   | 0.40%             | 2028-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   4670000 | PA      | $4664112.06   | 0.22%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    770000 | PA      | $766104.35    | 0.04%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                   | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   4343000 | PA      | $4342399.80   | 0.20%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                   | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2604155.30   | 0.12%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                   | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   9570000 | PA      | $9994908.00   | 0.47%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                   | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1094000 | PA      | $1096512.39   | 0.05%             | 2033-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                       | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1381000 | PA      | $1316749.80   | 0.06%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                       | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2333200.50   | 0.11%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                       | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   5867000 | PA      | $6054644.26   | 0.29%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                       | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1179000 | PA      | $1251581.60   | 0.06%             | 2032-08-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                  | Vail Resorts, Inc.                                   | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3295227.68   | 0.16%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                  | Vail Resorts, Inc.                                   | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |   1174000 | PA      | $1191228.45   | 0.06%             | 2030-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                        | Valaris Ltd.                                         | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2770000 | PA      | $2889838.51   | 0.14%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                   | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |  10424000 | PA      | $10781574.47  | 0.51%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                   | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1927000 | PA      | $2019770.48   | 0.10%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                   | Venture Global Calcasieu Pass LLC                    | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2191170.52   | 0.10%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                            | Venture Global LNG, Inc.                             | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  15700000 | PA      | $16345772.40  | 0.77%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                            | Venture Global LNG, Inc.                             | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    240000 | PA      | $235438.84    | 0.01%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                                  | VICI Properties LP                                   | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4970000 | PA      | $4967375.49   | 0.23%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                 | Viking Cruises Ltd.                                  | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   3177000 | PA      | $3228505.68   | 0.15%             | 2033-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                          | VistaJet Malta Finance plc                           | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3470000 | PA      | $3491659.74   | 0.16%             | 2027-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                            | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2805000 | PA      | $2813981.61   | 0.13%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                            | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1030325.27   | 0.05%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                            | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   6470000 | PA      | $6804816.03   | 0.32%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                          | VistaJet Malta Finance plc                           | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3283020.01   | 0.15%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| VoltaGrid LLC                                       | VoltaGrid LLC                                        | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |   2167000 | PA      | $2161120.06   | 0.10%             | 2030-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WMG Acquisition Corp.                               | WMG Acquisition Corp.                                | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1742353.43   | 0.08%             | 2031-02-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    570000 | PA      | $536591.76    | 0.03%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |  12270000 | PA      | $12468652.40  | 0.59%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   1593000 | PA      | $1581278.87   | 0.07%             | 2032-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WBI Operating LLC                                   | WBI Operating LLC                                    | CUSIP: 92944BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2244000 | PA      | $2244897.69   | 0.11%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corp.                               | Wabash National Corp.                                | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |   8370000 | PA      | $7661411.70   | 0.36%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                         | Wayfair LLC                                          | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $6256105.12   | 0.30%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                         | Wayfair LLC                                          | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1186670.54   | 0.06%             | 2032-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                            | WESCO Distribution, Inc.                             | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $5031571.99   | 0.24%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                            | WESCO Distribution, Inc.                             | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2687875.62   | 0.13%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                             | Williams Scotsman, Inc.                              | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1218859.20   | 0.06%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WULF Compute LLC                                    | WULF Compute LLC                                     | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5082000 | PA      | $5254383.78   | 0.25%             | 2030-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                            | Wynn Resorts Finance LLC                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4870000 | PA      | $4894437.66   | 0.23%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                            | Wynn Resorts Finance LLC                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2376748.00   | 0.11%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| RXO, Inc.                                           | RXO, Inc.                                            | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2210687.50   | 0.10%             | 2027-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                           | XPO, Inc.                                            | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3745029.48   | 0.18%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                           | XPO, Inc.                                            | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $5094541.09   | 0.24%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                         | Xerox Corp.                                          | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3352721.19   | 0.16%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                | Xerox Holdings Corp.                                 | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $833060.26    | 0.04%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer