# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001812
**Filing Date:** 2026-1
**Character Count:** 667482
**Document Hash:** 2cf6caf54b54e8eacd09633b0aeca578
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001812.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001812

**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:** 26571331

**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 International Bond Opportunities ETF (Series ID: S000054802)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000172241 | JPMorgan International Bond Opportunities ETF | JPIB            |

## Nport-Ex

**JPMorgan International Bond Opportunities 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 International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 61.2%** | **Corporate Bonds — 61.2%** | **Corporate Bonds — 61.2%** |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. 2.00%, 7/15/2030 (a) | &nbsp;&nbsp; EUR150,000 | &nbsp;&nbsp; 165893 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia 2.69%, 3/11/2031 (b) (c) | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1138940 |
| &nbsp;&nbsp;&nbsp; Glencore Capital Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 4/29/2031 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1925830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/4/2032 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1761920 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/8/2028 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 462253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/6/2030 (b) | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 31344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/27/2031 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 415349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 9/23/2031 (b) | &nbsp;&nbsp; 398000 | &nbsp;&nbsp; 359317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/4/2034 (b) | &nbsp;&nbsp; 2433000 | &nbsp;&nbsp; 2552712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 4/1/2035 (b) | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp; 2176310 |
|  |  | &nbsp;&nbsp; 10989868 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| &nbsp;&nbsp;&nbsp; Benteler International AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2031 (b) | &nbsp;&nbsp; EUR253,000 | &nbsp;&nbsp; 314789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2031 (a) | &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1679707 |
| &nbsp;&nbsp;&nbsp; Lenzing AG (EURIBOR ICE Swap Rate 3 Year + 12.11%), 9.00%, 4/9/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 461355 |
|  |  | &nbsp;&nbsp; 2455851 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| &nbsp;&nbsp;&nbsp; Azelis Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/15/2028 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1540105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/25/2029 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1306335 |
| &nbsp;&nbsp;&nbsp; KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1278346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (b) (f) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.25%), 4.75%, 4/17/2035 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 610087 |
| &nbsp;&nbsp;&nbsp; Ontex Group NV 5.25%, 4/15/2030 (a) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2500128 |
| &nbsp;&nbsp;&nbsp; Shurgard Luxembourg SARL 4.00%, 5/27/2035 (a) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2437786 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 925928 |
|  |  | &nbsp;&nbsp; 10805288 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| &nbsp;&nbsp;&nbsp; Acu Petroleo Luxembourg SARL 7.50%, 1/13/2032 (a) | &nbsp;&nbsp; 318310 | &nbsp;&nbsp; 321493 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV 7.25%, 2/13/2033 (a) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 124659 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/15/2034 (b) | &nbsp;&nbsp; 1014143 | &nbsp;&nbsp; 983952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/15/2034 (a) | &nbsp;&nbsp; 602339 | &nbsp;&nbsp; 584408 |
| &nbsp;&nbsp;&nbsp; Klabin Austria GmbH 7.00%, 4/3/2049 (a) | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1017718 |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/2034 (b) | &nbsp;&nbsp; 735982 | &nbsp;&nbsp; 723102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 587321 | &nbsp;&nbsp; 577043 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 45095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/16/2047 (a) | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 554066 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/12/2033 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1910646 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/28/2054 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 527896 |
| &nbsp;&nbsp;&nbsp; Yinson Bergenia Production BV 8.50%, 1/31/2045 (b) | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1470332 |
|  |  | &nbsp;&nbsp; 8840410 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/2/2032 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1271028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (c) (f) | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 556516 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. 3.50%, 5/1/2050 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 65949 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP 2.64%, 6/15/2031 | &nbsp;&nbsp; 6772000 | &nbsp;&nbsp; 6091712 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 6/20/2035 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp; 4939484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (f) | &nbsp;&nbsp; 1253000 | &nbsp;&nbsp; 1338789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (f) | &nbsp;&nbsp; 2023000 | &nbsp;&nbsp; 2320929 |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. 4.63%, 3/1/2034 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1472422 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (f) | &nbsp;&nbsp; 757000 | &nbsp;&nbsp; 757628 |
|  |  | &nbsp;&nbsp; 18814457 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA 4.55%, 9/27/2051 (b) | &nbsp;&nbsp; 334723 | &nbsp;&nbsp; 272883 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| &nbsp;&nbsp;&nbsp; CFAMC III Co. Ltd. 4.25%, 11/7/2027 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198586 |
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (a) (g) | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 49290 |
| &nbsp;&nbsp;&nbsp; Far East Horizon Ltd. 5.88%, 3/5/2028 (a) | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 593592 |
|  |  | &nbsp;&nbsp; 841468 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (a) | &nbsp;&nbsp; 646000 | &nbsp;&nbsp; 581400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (b) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225000 |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA 5.38%, 12/30/2030 (a) | &nbsp;&nbsp; 643000 | &nbsp;&nbsp; 597186 |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa SA 9.00%, 5/12/2035 (a) | &nbsp;&nbsp; 507000 | &nbsp;&nbsp; 571326 |
|  |  | &nbsp;&nbsp; 1974912 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| &nbsp;&nbsp;&nbsp; CPI Property Group SA 4.75%, 7/22/2030 (a) | &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1519478 |
| **Denmark — 0.4%** | **Denmark — 0.4%** | **Denmark — 0.4%** |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 0.88%), 0.75%, 6/9/2029 (a) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 773683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.70%), 4.75%, 6/21/2030 (a) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2216430 |
| &nbsp;&nbsp;&nbsp; Orsted A/S (EUR Swap Annual 5 Year + 2.62%), 5.25%, 12/8/3022 (a) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2133499 |
|  |  | &nbsp;&nbsp; 5123612 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mehilainen Yhtiot Oy 5.13%, 6/30/2032 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 945090 |
| **France — 8.0%** | **France — 8.0%** | **France — 8.0%** |
| &nbsp;&nbsp;&nbsp; Airbus SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 6/9/2030 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1215255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 5/13/2031 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 322115 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp; Alstom SA (EURIBOR ICE Swap Rate 5 Year + 2.93%), 5.87%, 5/29/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR2,600,000 | &nbsp;&nbsp; 3185502 |
| &nbsp;&nbsp;&nbsp; Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/1/2029 (b) | &nbsp;&nbsp; EUR1,771,230 | &nbsp;&nbsp; 2053075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (b) | &nbsp;&nbsp; EUR1,617,210 | &nbsp;&nbsp; 1792544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2031 (b) | &nbsp;&nbsp; EUR231,030 | &nbsp;&nbsp; 258549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 559557 |
| &nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 4/20/2026 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 924363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/19/2033 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 692934 |
| &nbsp;&nbsp;&nbsp; AXA SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.60%), 4.25%, 3/10/2043 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1070132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 702216 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; EUR1,468,000 | &nbsp;&nbsp; 1765503 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS 6.50%, 7/18/2030 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 938944 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1063314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1075178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 509644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.95%), 4.13%, 9/26/2032 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 608563 |
| &nbsp;&nbsp;&nbsp; BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (b) (f) | &nbsp;&nbsp; 2038000 | &nbsp;&nbsp; 2041867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 457220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/13/2028 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1086889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (f) | &nbsp;&nbsp; 3716000 | &nbsp;&nbsp; 3304678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.12%, 10/19/2032 (b) (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 6.29%, 1/14/2036 (b) (f) | &nbsp;&nbsp; 1077000 | &nbsp;&nbsp; 1162478 |
| &nbsp;&nbsp;&nbsp; Cerba Healthcare SACA 3.50%, 5/31/2028 (a) | &nbsp;&nbsp; EUR419,000 | &nbsp;&nbsp; 355427 |
| &nbsp;&nbsp;&nbsp; Chrome Holdco SAS 5.00%, 5/31/2029 (a) | &nbsp;&nbsp; EUR175,000 | &nbsp;&nbsp; 26378 |
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA 3.50%, 4/4/2033 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1986472 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (f) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (U.K. Government Bonds 1 Year Note Generic Bid Yield + 2.60%), 5.75%, 11/29/2027 (a) (f) | &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 670695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/25/2029 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 224415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.21%), 6.50%, 9/23/2029 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 367112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 6.32%, 10/3/2029 (b) (f) | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; 1628737 |
| &nbsp;&nbsp;&nbsp; Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (a) (d) (e) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 904219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 3038917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR3,400,000 | &nbsp;&nbsp; 3767924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/23/2033 (b) | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4640884 |
| &nbsp;&nbsp;&nbsp; Elis SA 1.63%, 4/3/2028 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1356878 |
| &nbsp;&nbsp;&nbsp; Engie SA 1.25%, 10/24/2041 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 150903 |
| &nbsp;&nbsp;&nbsp; Eutelsat SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/13/2028 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1774537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/13/2029 (a) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2359700 |
| &nbsp;&nbsp;&nbsp; Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/15/2027 (a) | &nbsp;&nbsp; EUR117,000 | &nbsp;&nbsp; 134975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,650,000 | &nbsp;&nbsp; 1915351 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2030 (b) | &nbsp;&nbsp; EUR234,000 | &nbsp;&nbsp; 282797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2030 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1450239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2031 (b) | &nbsp;&nbsp; EUR1,005,000 | &nbsp;&nbsp; 1201332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/2031 (a) | &nbsp;&nbsp; EUR1,750,000 | &nbsp;&nbsp; 2102138 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (a) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 530104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2031 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 991141 |
| &nbsp;&nbsp;&nbsp; iliad SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/14/2027 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 717215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/11/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1131613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/15/2029 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 612111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2030 (a) | &nbsp;&nbsp; EUR2,600,000 | &nbsp;&nbsp; 3252297 |
| &nbsp;&nbsp;&nbsp; Loxam SAS 4.50%, 2/15/2027 (a) | &nbsp;&nbsp; EUR388,000 | &nbsp;&nbsp; 452018 |
| &nbsp;&nbsp;&nbsp; New Immo Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/23/2027 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1386452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/17/2028 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1558807 |
| &nbsp;&nbsp;&nbsp; Orange SA (EUR Swap Annual 5 Year + 2.10%), 1.75%, 7/15/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1220800 |
| &nbsp;&nbsp;&nbsp; Paprec Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2028 (a) | &nbsp;&nbsp; EUR1,073,000 | &nbsp;&nbsp; 1244503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/2030 (b) | &nbsp;&nbsp; EUR648,000 | &nbsp;&nbsp; 761853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/2032 (b) | &nbsp;&nbsp; EUR482,000 | &nbsp;&nbsp; 571155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/2032 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1658956 |
| &nbsp;&nbsp;&nbsp; Picard Groupe SAS 6.38%, 7/1/2029 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 845682 |
| &nbsp;&nbsp;&nbsp; RCI Banque SA (EURIBOR ICE Swap Rate 5 Year + 2.75%), 5.50%, 10/9/2034 (a) (f) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1821830 |
| &nbsp;&nbsp;&nbsp; Renault SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/28/2026 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1037248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/2/2027 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 692392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/4/2027 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2022352 |
| &nbsp;&nbsp;&nbsp; Rexel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2051343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/2030 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1568337 |
| &nbsp;&nbsp;&nbsp; SNF Group SACA 4.50%, 3/15/2032 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1554817 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 485141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1099795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 500062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.90%), 4.88%, 11/21/2031 (a) (f) | &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2477144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (b) (f) | &nbsp;&nbsp; 3277000 | &nbsp;&nbsp; 3476059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.40%), 3.75%, 9/2/2033 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1048041 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA 3.13%, 5/29/2050 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 849363 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA 5.28%, 9/10/2054 | &nbsp;&nbsp; 4208000 | &nbsp;&nbsp; 4046729 |
| &nbsp;&nbsp;&nbsp; Valeo SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/28/2027 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1433326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/11/2030 (a) | &nbsp;&nbsp; EUR2,900,000 | &nbsp;&nbsp; 3424340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/20/2031 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1078618 |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1264320 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.82%), 5.99%, 11/22/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1110995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.05%), 4.37%, 5/20/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR3,100,000 | &nbsp;&nbsp; 3643608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 1.84%), 4.32%, 10/24/2032 (a) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 463708 |
| &nbsp;&nbsp;&nbsp; Vinci SA 1.75%, 9/26/2030 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 109948 |
| &nbsp;&nbsp;&nbsp; Viridien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2030 (b) | &nbsp;&nbsp; EUR369,747 | &nbsp;&nbsp; 449666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2030 (a) | &nbsp;&nbsp; EUR814,211 | &nbsp;&nbsp; 990198 |
|  |  | &nbsp;&nbsp; 114381806 |
| **Germany — 6.5%** | **Germany — 6.5%** | **Germany — 6.5%** |
| &nbsp;&nbsp;&nbsp; Allianz SE (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 5.60%, 9/3/2054 (b) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 409831 |
| &nbsp;&nbsp;&nbsp; Aroundtown Finance SARL (EURIBOR ICE Swap Rate 5 Year + 2.35%), 5.00%, 4/16/2029 (d) (e) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1242978 |
| &nbsp;&nbsp;&nbsp; ASK Chemicals Deutschland Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (b) | &nbsp;&nbsp; EUR382,000 | &nbsp;&nbsp; 433223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (a) | &nbsp;&nbsp; EUR250,000 | &nbsp;&nbsp; 283523 |
| &nbsp;&nbsp;&nbsp; Bayer AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (EUR Swap Annual 5 Year + 3.43%), 6.63%, 9/25/2083 (a) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 370021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.90%), 7.00%, 9/25/2083 (a) (f) | &nbsp;&nbsp; EUR3,000,000 | &nbsp;&nbsp; 3817324 |
| &nbsp;&nbsp;&nbsp; Birkenstock Financing SARL 5.25%, 4/30/2029 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2117700 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1149055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1562807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/15/2031 (b) | &nbsp;&nbsp; EUR685,000 | &nbsp;&nbsp; 810922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/15/2031 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 355148 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.13%), 7.88%, 10/9/2031 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2342190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1061, (EURIBOR 3 Month + 1.38%), 3.63%, 1/14/2032 (a) (f) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2949418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.25%), 4.00%, 7/16/2032 (a) (f) | &nbsp;&nbsp; EUR3,900,000 | &nbsp;&nbsp; 4677275 |
| &nbsp;&nbsp;&nbsp; CT Investment GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2030 (b) | &nbsp;&nbsp; EUR197,000 | &nbsp;&nbsp; 236850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2030 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1803423 |
| &nbsp;&nbsp;&nbsp; CTEC II GmbH 5.25%, 2/15/2030 (a) | &nbsp;&nbsp; EUR850,000 | &nbsp;&nbsp; 904795 |
| &nbsp;&nbsp;&nbsp; Deutsche Bahn AG Series CB, (EUR Swap Annual 5 Year + 1.89%), 1.60%, 7/18/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 325419 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 2.05%), 1.75%, 11/19/2030 (a) (f) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2084087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.50%), 1.38%, 2/17/2032 (a) (f) | &nbsp;&nbsp; EUR3,000,000 | &nbsp;&nbsp; 3141008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 3.74%, 1/7/2033 (f) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 419933 |
| &nbsp;&nbsp;&nbsp; Fressnapf Holding SE 5.25%, 10/31/2031 (a) | &nbsp;&nbsp; EUR2,300,000 | &nbsp;&nbsp; 2689580 |
| &nbsp;&nbsp;&nbsp; Heidelberg Materials Finance Luxembourg SA 4.88%, 11/21/2033 (a) | &nbsp;&nbsp; EUR4,650,000 | &nbsp;&nbsp; 5893180 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.75% (Cash), 5/15/2028 (a) (h) (i) | &nbsp;&nbsp; EUR1,263,169 | &nbsp;&nbsp; 1531154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (Cash), 11/15/2031 (a) (h) | &nbsp;&nbsp; EUR2,223,000 | &nbsp;&nbsp; 2776395 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/21/2030 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1926298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/23/2030 (b) | &nbsp;&nbsp; EUR832,000 | &nbsp;&nbsp; 985490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/23/2030 (a) | &nbsp;&nbsp; EUR250,000 | &nbsp;&nbsp; 296121 |
| &nbsp;&nbsp;&nbsp; Phoenix PIB Dutch Finance BV 4.88%, 7/10/2029 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 2064929 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp;&nbsp; Progroup AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1535652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/2031 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 352545 |
| &nbsp;&nbsp;&nbsp; Schaeffler AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/12/2028 (a) | &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2316967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/14/2029 (a) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2273052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/2031 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1831675 |
| &nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij NV 3.63%, 5/27/2036 (a) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2932146 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH 5.38%, 7/15/2029 (a) | &nbsp;&nbsp; EUR2,296,000 | &nbsp;&nbsp; 2748494 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH 4.38%, 7/15/2027 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1278094 |
| &nbsp;&nbsp;&nbsp; TUI Cruises GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2029 (b) | &nbsp;&nbsp; EUR124,000 | &nbsp;&nbsp; 149820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,850,000 | &nbsp;&nbsp; 2235215 |
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services NV 5.25%, 7/14/2031 (a) | &nbsp;&nbsp; GBP1,300,000 | &nbsp;&nbsp; 1728409 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC 5.80%, 3/27/2035 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207779 |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 352895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/2030 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 697275 |
| &nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH 4.00%, 4/11/2031 (a) | &nbsp;&nbsp; EUR5,050,000 | &nbsp;&nbsp; 6064204 |
| &nbsp;&nbsp;&nbsp; Vonovia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 9/1/2032 (a) | &nbsp;&nbsp; EUR4,500,000 | &nbsp;&nbsp; 4362769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/10/2034 (a) | &nbsp;&nbsp; EUR2,700,000 | &nbsp;&nbsp; 3234490 |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV (EURIBOR ICE Swap Rate 5 Year + 3.94%), 6.12%, 5/8/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2143457 |
| &nbsp;&nbsp;&nbsp; ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/23/2027 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1691958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/13/2029 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1785605 |
| &nbsp;&nbsp;&nbsp; ZF Finance GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/3/2028 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1637724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/21/2028 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1574716 |
|  |  | &nbsp;&nbsp; 92735018 |
| **Greece — 0.7%** | **Greece — 0.7%** | **Greece — 0.7%** |
| &nbsp;&nbsp;&nbsp; Alpha Bank SA (EURIBOR ICE Swap Rate 5 Year + 3.27%), 6.00%, 9/13/2034 (a) (f) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 2004935 |
| &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and Holdings SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.71%), 6.25%, 4/25/2034 (a) (f) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1989811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.00%), 4.25%, 4/30/2035 (a) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 465681 |
| &nbsp;&nbsp;&nbsp; Intralot Capital Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2031 (b) | &nbsp;&nbsp; EUR445,000 | &nbsp;&nbsp; 501639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2031 (a) | &nbsp;&nbsp; EUR750,000 | &nbsp;&nbsp; 845459 |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA (EURIBOR ICE Swap Rate 5 Year + 3.15%), 5.88%, 6/28/2035 (a) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2236835 |
| &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.77%), 7.25%, 4/17/2034 (a) (f) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1786037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.15%), 5.38%, 9/18/2035 (a) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 729279 |
|  |  | &nbsp;&nbsp; 10559676 |
| **Hungary — 0.0% ^** | **Hungary — 0.0% ^** | **Hungary — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; OTP Bank Nyrt. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 7.30%, 7/30/2035 (a) (f) | &nbsp;&nbsp; 553000 | &nbsp;&nbsp; 583763 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (b) | &nbsp;&nbsp; 173000 | &nbsp;&nbsp; 171054 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | &nbsp;&nbsp; 1447462 | &nbsp;&nbsp; 1376898 |
|  |  | &nbsp;&nbsp; 1547952 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium PT 5.45%, 5/15/2030 (b) | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp; 1793831 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 3.65%, 7/30/2029 (b) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 389000 |
|  |  | &nbsp;&nbsp; 2182831 |
| **Ireland — 1.8%** | **Ireland — 1.8%** | **Ireland — 1.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/2027 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 647172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/2028 | &nbsp;&nbsp; 342000 | &nbsp;&nbsp; 354569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/10/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/30/2032 | &nbsp;&nbsp; 3758000 | &nbsp;&nbsp; 3481168 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (EUR Swap Annual 1 Year + 1.95%), 4.63%, 7/23/2029 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 607499 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/4/2028 (b) | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 296970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (b) | &nbsp;&nbsp; 3030000 | &nbsp;&nbsp; 3135747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (b) | &nbsp;&nbsp; 567000 | &nbsp;&nbsp; 588830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/15/2030 (b) | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp; 1870857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/30/2030 (b) | &nbsp;&nbsp; 7654000 | &nbsp;&nbsp; 7856831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/2032 (b) | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 985622 |
| &nbsp;&nbsp;&nbsp; eircom Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR1,810,000 | &nbsp;&nbsp; 2184306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/30/2031 (a) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2484290 |
|  |  | &nbsp;&nbsp; 24960878 |
| **Italy — 6.0%** | **Italy — 6.0%** | **Italy — 6.0%** |
| &nbsp;&nbsp;&nbsp; Agrifarma SpA 4.50%, 10/31/2028 (a) | &nbsp;&nbsp; EUR2,150,000 | &nbsp;&nbsp; 2508413 |
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA (EURIBOR 3 Month + 1.30%), 3.50%, 5/28/2031 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1056115 |
| &nbsp;&nbsp;&nbsp; Banco BPM SpA (EURIBOR ICE Swap Rate 5 Year + 1.80%), 4.00%, 1/1/2036 (a) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1408177 |
| &nbsp;&nbsp;&nbsp; Dolcetto Holdco SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/14/2032 (b) | &nbsp;&nbsp; EUR545,000 | &nbsp;&nbsp; 641768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/14/2032 (a) | &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1589701 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 7/12/2026 (b) (j) | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 994453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/6/2028 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 7/12/2028 (b) (j) | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 403653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 6/17/2030 (a) (j) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 210501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 1/17/2031 (a) | &nbsp;&nbsp; EUR493,000 | &nbsp;&nbsp; 513464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/12/2031 (b) (j) | &nbsp;&nbsp; 3036000 | &nbsp;&nbsp; 2738623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2032 (b) | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6129701 |
| &nbsp;&nbsp;&nbsp; Enel SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.38%, 8/24/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 930044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 529310 |
| &nbsp;&nbsp;&nbsp; Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/9/2029 (b) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250713 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/19/2035 (b) | &nbsp;&nbsp; 4190000 | &nbsp;&nbsp; 4407446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 5/15/2054 (b) | &nbsp;&nbsp; 860000 | &nbsp;&nbsp; 864355 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/25/2026 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 465605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/12/2027 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 572938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/2028 (a) | &nbsp;&nbsp; EUR2,234,000 | &nbsp;&nbsp; 2754539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/18/2029 | &nbsp;&nbsp; EUR1,602,000 | &nbsp;&nbsp; 1737128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 2009534 |
| &nbsp;&nbsp;&nbsp; Generali |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 7/14/2031 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 221997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 242143 |
| &nbsp;&nbsp;&nbsp; Gruppo San Donato SpA 6.50%, 10/31/2031 (b) | &nbsp;&nbsp; EUR790,000 | &nbsp;&nbsp; 933864 |
| &nbsp;&nbsp;&nbsp; Guala Closures SpA 3.25%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,284,000 | &nbsp;&nbsp; 1457356 |
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/21/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 895600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/2030 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 117688 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR276,000 | &nbsp;&nbsp; 333067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 5.56%), 6.38%, 3/30/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 241958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/13/2030 (a) | &nbsp;&nbsp; EUR1,595,000 | &nbsp;&nbsp; 2019130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/29/2031 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 511806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.35%), 7.00%, 5/20/2032 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,300,000 | &nbsp;&nbsp; 2875675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.48%), 3.85%, 9/16/2032 (a) (f) | &nbsp;&nbsp; EUR4,750,000 | &nbsp;&nbsp; 5651064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/20/2033 (b) | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1350022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (b) (f) | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 579971 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group Spa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/31/2031 (b) | &nbsp;&nbsp; EUR472,000 | &nbsp;&nbsp; 563521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1671460 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group SpA 5.38%, 6/1/2030 (a) | &nbsp;&nbsp; EUR1,491,000 | &nbsp;&nbsp; 1790814 |
| &nbsp;&nbsp;&nbsp; Mundys SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 7/13/2027 (a) | &nbsp;&nbsp; EUR284,000 | &nbsp;&nbsp; 324822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/12/2028 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1585982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/24/2029 (a) | &nbsp;&nbsp; EUR2,800,000 | &nbsp;&nbsp; 3394944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/24/2030 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 727154 |
| &nbsp;&nbsp;&nbsp; Neopharmed Gentili SpA 7.13%, 4/8/2030 (a) | &nbsp;&nbsp; EUR1,808,000 | &nbsp;&nbsp; 2181146 |
| &nbsp;&nbsp;&nbsp; Pro-Gest SpA 3.25%, 12/15/2024 (a) (g) | &nbsp;&nbsp; EUR477,000 | &nbsp;&nbsp; 246302 |
| &nbsp;&nbsp;&nbsp; Rekeep SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2029 (b) | &nbsp;&nbsp; EUR261,000 | &nbsp;&nbsp; 272106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2029 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 729786 |
| &nbsp;&nbsp;&nbsp; Rossini SARL 6.75%, 12/31/2029 (a) | &nbsp;&nbsp; EUR2,432,000 | &nbsp;&nbsp; 2969022 |
| &nbsp;&nbsp;&nbsp; TeamSystem SpA 3.50%, 2/15/2028 (a) | &nbsp;&nbsp; EUR185,000 | &nbsp;&nbsp; 213788 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Finance SA 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR325,000 | &nbsp;&nbsp; 470601 |
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/2028 (a) | &nbsp;&nbsp; EUR1,096,000 | &nbsp;&nbsp; 1367301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/31/2028 (a) | &nbsp;&nbsp; EUR2,160,000 | &nbsp;&nbsp; 2793380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/18/2029 (a) | &nbsp;&nbsp; EUR898,000 | &nbsp;&nbsp; 997709 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 473423 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (f) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.61%), 4.45%, 12/3/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 232464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.85%), 0.93%, 1/18/2028 (a) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 684413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (a) (f) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1575400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.21%), 6.50%, 12/3/2031 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1235773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.80%), 2.73%, 1/15/2032 (a) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 231562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (b) (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 381607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.40%), 3.80%, 1/16/2033 (a) (f) | &nbsp;&nbsp; EUR3,700,000 | &nbsp;&nbsp; 4375131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 6/11/2034 (a) | &nbsp;&nbsp; EUR2,600,000 | &nbsp;&nbsp; 3128247 |
|  |  | &nbsp;&nbsp; 85160365 |
| **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. 8.63%, 8/1/2032 (b) | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 617660 |
| **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, <br> 1/19/2028 (f)<br>| &nbsp;&nbsp; 707000 | &nbsp;&nbsp; 693328 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/17/2029 (b) | &nbsp;&nbsp; EUR505,000 | &nbsp;&nbsp; 599044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/17/2029 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1660716 |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (EUR Swap Annual 5 Year + 4.74%), 4.25%, 4/22/2027 (a) (d) (e) (f) | &nbsp;&nbsp; EUR2,625,000 | &nbsp;&nbsp; 2926091 |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. 5.25%, 10/10/2029 (a) | &nbsp;&nbsp; EUR850,000 | &nbsp;&nbsp; 1001378 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/2028 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1137090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/9/2029 | &nbsp;&nbsp; EUR363,000 | &nbsp;&nbsp; 394632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 7/5/2034 | &nbsp;&nbsp; 2842000 | &nbsp;&nbsp; 2951425 |
|  |  | &nbsp;&nbsp; 11363704 |
| **Jersey — 0.2%** | **Jersey — 0.2%** | **Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp; Deepocean Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2031 (b) | &nbsp;&nbsp; EUR613,000 | &nbsp;&nbsp; 723040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 589755 |
| &nbsp;&nbsp;&nbsp; Waga Bondco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/2030 (b) | &nbsp;&nbsp; GBP220,000 | &nbsp;&nbsp; 259133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/2030 (a) | &nbsp;&nbsp; GBP900,000 | &nbsp;&nbsp; 1060088 |
|  |  | &nbsp;&nbsp; 2632016 |
| **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2030 (a) | &nbsp;&nbsp; 1705000 | &nbsp;&nbsp; 1740396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/19/2047 (a) | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp; 1538174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/24/2048 (a) | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 896124 |
|  |  | &nbsp;&nbsp; 4174694 |
| **Luxembourg — 1.8%** | **Luxembourg — 1.8%** | **Luxembourg — 1.8%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA 3.00%, 1/15/2028 (a) | &nbsp;&nbsp; EUR950,000 | &nbsp;&nbsp; 823850 |
| &nbsp;&nbsp;&nbsp; Altice France Lux 3 10.00%, 1/15/2033 (b) | &nbsp;&nbsp; 350449 | &nbsp;&nbsp; 333841 |
| &nbsp;&nbsp;&nbsp; Essendi SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 (a) | &nbsp;&nbsp; EUR2,155,000 | &nbsp;&nbsp; 2619763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2031 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1780336 |
| &nbsp;&nbsp;&nbsp; Herens Midco SARL 5.25%, 5/15/2029 (a) | &nbsp;&nbsp; EUR1,113,000 | &nbsp;&nbsp; 680767 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Luxembourg — continued** | **Luxembourg — continued** | **Luxembourg — continued** |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2028 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 765987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,198,000 | &nbsp;&nbsp; 1280465 |
| &nbsp;&nbsp;&nbsp; Logicor Financing SARL 1.63%, 1/17/2030 (a) | &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2171841 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA 4.50%, 1/30/2030 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 593576 |
| &nbsp;&nbsp;&nbsp; Maxam Prill SARL 6.00%, 7/15/2030 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1767433 |
| &nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA 8.75%, 5/1/2028 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 764935 |
| &nbsp;&nbsp;&nbsp; PLT VII Finance SARL 6.00%, 6/15/2031 (a) | &nbsp;&nbsp; EUR3,127,000 | &nbsp;&nbsp; 3764452 |
| &nbsp;&nbsp;&nbsp; SELP Finance SARL, REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 5/27/2029 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1508722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/16/2032 (a) | &nbsp;&nbsp; EUR2,700,000 | &nbsp;&nbsp; 3159967 |
| &nbsp;&nbsp;&nbsp; SES SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.19%), 2.88%, 5/27/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1830178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/4/2027 (a) | &nbsp;&nbsp; EUR130,000 | &nbsp;&nbsp; 145211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.23%), 5.50%, 9/12/2054 (a) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1127948 |
|  |  | &nbsp;&nbsp; 25119272 |
| **Macau — 0.0% ^** | **Macau — 0.0% ^** | **Macau — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. 5.63%, 8/26/2028 (a) | &nbsp;&nbsp; 593000 | &nbsp;&nbsp; 588464 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 3.40%, 4/28/2061 (b) | &nbsp;&nbsp; 1846000 | &nbsp;&nbsp; 1284742 |
| **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** |
| &nbsp;&nbsp;&nbsp; Alpek SAB de CV 3.25%, 2/25/2031 (a) | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 561006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (c) (f)<br>| &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1260524 |
| &nbsp;&nbsp;&nbsp; Bimbo Bakeries USA, Inc. 5.38%, 1/9/2036 (b) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 408284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (b) <br> (d) (e) (f)<br>| &nbsp;&nbsp; 1148000 | &nbsp;&nbsp; 1143523 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (b) | &nbsp;&nbsp; 2011720 | &nbsp;&nbsp; 2106110 |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV 6.80%, 5/13/2030 (a) | &nbsp;&nbsp; 556000 | &nbsp;&nbsp; 551135 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/2/2029 | &nbsp;&nbsp; 1273745 | &nbsp;&nbsp; 1362907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/28/2031 | &nbsp;&nbsp; 1895000 | &nbsp;&nbsp; 1826894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/7/2033 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1211805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2035 | &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 168887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/2050 | &nbsp;&nbsp; 3225000 | &nbsp;&nbsp; 2875732 |
| &nbsp;&nbsp;&nbsp; Saavi Energia SARL 8.88%, 2/10/2035 (b) | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp; 1268697 |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. 5.88%, 4/23/2045 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 144369 |
|  |  | &nbsp;&nbsp; 14889873 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| &nbsp;&nbsp;&nbsp; OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/30/2030 (b) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 583625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/25/2044 (a) | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 982668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/2/2054 (a) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 442452 |
|  |  | &nbsp;&nbsp; 2008745 |
| **Netherlands — 1.6%** | **Netherlands — 1.6%** | **Netherlands — 1.6%** |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV 4.50%, 7/15/2031 (a) | &nbsp;&nbsp; EUR290,000 | &nbsp;&nbsp; 348368 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1165521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (b) (f) | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 884710 |
| &nbsp;&nbsp;&nbsp; Flora Food Management BV 6.88%, 7/2/2029 (a) | &nbsp;&nbsp; EUR817,000 | &nbsp;&nbsp; 935674 |
| &nbsp;&nbsp;&nbsp; ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (c) (d) (e) (f) | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 496263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 4.36%), 8.00%, 5/16/2030 (a) (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 432617 |
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV (EURIBOR ICE Swap Rate 5 Year + 1.97%), 4.88%, 6/18/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2515322 |
| &nbsp;&nbsp;&nbsp; Q-Park Holding I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/2027 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 460327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2029 (a) | &nbsp;&nbsp; EUR1,193,000 | &nbsp;&nbsp; 1422471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/2030 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1912057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 353475 |
| &nbsp;&nbsp;&nbsp; Sunrise HoldCo IV BV 3.88%, 6/15/2029 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1724733 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 (b) | &nbsp;&nbsp; EUR307,000 | &nbsp;&nbsp; 373086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2187477 |
| &nbsp;&nbsp;&nbsp; VZ Vendor Financing II BV 2.88%, 1/15/2029 (a) | &nbsp;&nbsp; EUR3,000,000 | &nbsp;&nbsp; 3273391 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV 3.75%, 4/3/2031 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 838607 |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV 3.38%, 2/28/2030 (a) | &nbsp;&nbsp; EUR3,300,000 | &nbsp;&nbsp; 3413585 |
|  |  | &nbsp;&nbsp; 22737684 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l Ltd. 2.55%, 2/13/2030 (b) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 460665 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl, 5.38%, 3/22/2030 (a) | &nbsp;&nbsp; 624083 | &nbsp;&nbsp; 602047 |
| **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
| &nbsp;&nbsp;&nbsp; EDP Finance BV 1.50%, 11/22/2027 (a) | &nbsp;&nbsp; EUR750,000 | &nbsp;&nbsp; 855362 |
| &nbsp;&nbsp;&nbsp; EDP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.40%), 4.63%, 9/16/2054 (a) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2141604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.38%), 1.88%, 8/2/2081 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 576424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (a) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 454933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.18%), 5.94%, 4/23/2083 (a) (f) | &nbsp;&nbsp; EUR4,400,000 | &nbsp;&nbsp; 5410904 |
|  |  | &nbsp;&nbsp; 9439227 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/14/2035 (a) | &nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1770637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 1/29/2054 (a) | &nbsp;&nbsp; 2190000 | &nbsp;&nbsp; 2072967 |
|  |  | &nbsp;&nbsp; 3843604 |
| **South Africa — 0.6%** | **South Africa — 0.6%** | **South Africa — 0.6%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/2/2033 (b) | &nbsp;&nbsp; 6145000 | &nbsp;&nbsp; 6381644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/5/2034 (b) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1580992 |
|  |  | &nbsp;&nbsp; 7962636 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — 4.3%** | **Spain — 4.3%** | **Spain — 4.3%** |
| &nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (a) (d) (e) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1033419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2392456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.35%), 4.75%, 11/23/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1185663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, <br> 3/19/2029 (c) (d) (e) (f)<br>| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1334999 |
| &nbsp;&nbsp;&nbsp; Banco de Sabadell SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 5.17%), 5.00%, 5/19/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 234391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.83%), 9.38%, 7/18/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 519651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.25%), 3.50%, 5/27/2031 (a) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1415080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.25%), 3.38%, 2/18/2033 (a) (f) | &nbsp;&nbsp; EUR3,300,000 | &nbsp;&nbsp; 3820890 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (f) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 784680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (c) (d) (e) (f) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 667750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.43%), 7.00%, 11/20/2029 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 750242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/18/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 629896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 482873 |
| &nbsp;&nbsp;&nbsp; Bankinter SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.10%), 3.50%, 9/10/2032 (a) (f) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 2006811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.20%), 3.63%, 2/4/2033 (a) (f) | &nbsp;&nbsp; EUR4,200,000 | &nbsp;&nbsp; 4905432 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 3/27/2026 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1156715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.65%), 5.00%, 7/19/2029 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1102996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.30%), 7.50%, 1/16/2030 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1544751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.50%), 4.13%, 2/9/2032 (a) (f) | &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 2905141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.30%), 3.63%, 9/19/2032 (a) (f) | &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 2834942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.00%), 6.13%, 5/30/2034 (a) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 251432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.77%), 6.84%, 9/13/2034 (b) (f) | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp; 2443603 |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA 2.25%, 4/12/2026 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 579941 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International Sarl 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR149,000 | &nbsp;&nbsp; 179618 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/31/2028 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1332788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1326043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/2031 (b) | &nbsp;&nbsp; EUR1,155,000 | &nbsp;&nbsp; 1370347 |
| &nbsp;&nbsp;&nbsp; eDreams ODIGEO SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/30/2030 (b) | &nbsp;&nbsp; EUR661,000 | &nbsp;&nbsp; 722854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/30/2030 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1312291 |
| &nbsp;&nbsp;&nbsp; Grifols SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 (a) | &nbsp;&nbsp; EUR765,000 | &nbsp;&nbsp; 879889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2028 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1831907 |
| &nbsp;&nbsp;&nbsp; Grupo Antolin Irausa SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/2028 (a) | &nbsp;&nbsp; EUR850,000 | &nbsp;&nbsp; 682582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 1/30/2030 (a) | &nbsp;&nbsp; EUR448,000 | &nbsp;&nbsp; 366509 |
| &nbsp;&nbsp;&nbsp; Iberdrola International BV Series NC5, (EUR Swap Annual 5 Year + 2.32%), 1.87%, 1/28/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 347208 |
| &nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (a) | &nbsp;&nbsp; EUR1,142,000 | &nbsp;&nbsp; 1342184 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2027 (a) | &nbsp;&nbsp; EUR1,666,000 | &nbsp;&nbsp; 1935867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/30/2029 (a) | &nbsp;&nbsp; EUR1,150,000 | &nbsp;&nbsp; 1386456 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA 4.67%, 3/6/2038 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138211 |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1047223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 6 Year + 2.87%), 2.88%, 2/24/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1587471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR5,300,000 | &nbsp;&nbsp; 6559543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 8 Year + 3.62%), 6.75%, 6/7/2031 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1799723 |
|  |  | &nbsp;&nbsp; 61132468 |
| **Sweden — 0.8%** | **Sweden — 0.8%** | **Sweden — 0.8%** |
| &nbsp;&nbsp;&nbsp; Asmodee Group AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (b) | &nbsp;&nbsp; EUR104,000 | &nbsp;&nbsp; 126759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR1,360,000 | &nbsp;&nbsp; 1657616 |
| &nbsp;&nbsp;&nbsp; Assemblin Caverion Group AB 6.25%, 7/1/2030 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1209538 |
| &nbsp;&nbsp;&nbsp; Heimstaden Bostad AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.91%), 3.38%, 1/15/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1273176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.19%), 6.25%, 12/4/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR850,000 | &nbsp;&nbsp; 1026766 |
| &nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget I Norden Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 7/12/2027 (a) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 490809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 9/26/2029 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 649998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, <br> 3/1/2031 (a) (c) (d) (e) (f)<br>| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 948401 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2030 (b) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 541088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR879,000 | &nbsp;&nbsp; 1056925 |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB 5.25%, 2/15/2029 (a) | &nbsp;&nbsp; EUR1,650,000 | &nbsp;&nbsp; 1919468 |
| &nbsp;&nbsp;&nbsp; Volvo Car AB 2.50%, 10/7/2027 (a) | &nbsp;&nbsp; EUR740,000 | &nbsp;&nbsp; 853701 |
|  |  | &nbsp;&nbsp; 11754245 |
| **Switzerland — 1.4%** | **Switzerland — 1.4%** | **Switzerland — 1.4%** |
| &nbsp;&nbsp;&nbsp; Dufry One BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,575,000 | &nbsp;&nbsp; 1809577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/18/2031 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 2042875 |
| &nbsp;&nbsp;&nbsp; Holcim Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 4/23/2031 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1413762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/19/2033 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 480784 |
| &nbsp;&nbsp;&nbsp; Holcim Sterling Finance Netherlands BV 2.25%, 4/4/2034 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 321498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, <br> 4/2/2049 (b) (f)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201650 |
| &nbsp;&nbsp;&nbsp; Tyco Electronics Group SA 3.25%, 1/31/2033 | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 461816 |
| &nbsp;&nbsp;&nbsp; UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (f) | &nbsp;&nbsp; 1122000 | &nbsp;&nbsp; 1125557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp; 1898000 | &nbsp;&nbsp; 1900849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 641007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 0.78%), 2.88%, 2/12/2030 (a) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1391815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%), 4.19%, 4/1/2031 (b) (f) | &nbsp;&nbsp; 974000 | &nbsp;&nbsp; 967140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.10%, 2/11/2032 (b) (f) | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 249174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.60%), 4.75%, 3/17/2032 (a) (f) | &nbsp;&nbsp; EUR2,900,000 | &nbsp;&nbsp; 3614466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (f) | &nbsp;&nbsp; 561000 | &nbsp;&nbsp; 522955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/18/2033 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1148887 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (f) | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 386610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 937350 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 815855 |
|  |  | &nbsp;&nbsp; 20433627 |
| **Taiwan — 0.1%** | **Taiwan — 0.1%** | **Taiwan — 0.1%** |
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp. 4.25%, 4/22/2032 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 382804 |
| &nbsp;&nbsp;&nbsp; TSMC Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 4/23/2026 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 692216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/23/2031 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 637770 |
|  |  | &nbsp;&nbsp; 1712790 |
| **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** |
| &nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd 7.75%, 6/16/2033 (b) | &nbsp;&nbsp; 691000 | &nbsp;&nbsp; 711557 |
| **United Kingdom — 8.3%** | **United Kingdom — 8.3%** | **United Kingdom — 8.3%** |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 5/15/2030 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 232228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/30/2031 (b) | &nbsp;&nbsp; EUR643,000 | &nbsp;&nbsp; 625934 |
| &nbsp;&nbsp;&nbsp; Amber Finco plc 6.63%, 7/15/2029 (a) | &nbsp;&nbsp; EUR2,215,000 | &nbsp;&nbsp; 2697728 |
| &nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC 5.00%, 2/26/2034 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1287445 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 6/3/2029 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 966503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2042 | &nbsp;&nbsp; 3990000 | &nbsp;&nbsp; 3491577 |
| &nbsp;&nbsp;&nbsp; Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.22%), 6.49%, 9/13/2029 (f) | &nbsp;&nbsp; 2770000 | &nbsp;&nbsp; 2932150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GBP SWAP OIS SONIA 1 Year + 2.55%), 7.09%, 11/6/2029 (a) (f) | &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 705600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA + 2.06%), 5.85%, 3/21/2035 (a) (f) | &nbsp;&nbsp; GBP2,000,000 | &nbsp;&nbsp; 2716102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.55%), 4.35%, 5/8/2035 (a) (f) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1569603 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. 7.08%, 8/2/2043 | &nbsp;&nbsp; 2505000 | &nbsp;&nbsp; 2836585 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/2028 (a) | &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1486424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/10/2031 (b) | &nbsp;&nbsp; EUR961,000 | &nbsp;&nbsp; 1040984 |
| &nbsp;&nbsp;&nbsp; Bellis Acquisition Co. plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 5/14/2030 (a) | &nbsp;&nbsp; GBP900,000 | &nbsp;&nbsp; 1110571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 7/1/2031 (b) | &nbsp;&nbsp; EUR615,000 | &nbsp;&nbsp; 695226 |
| &nbsp;&nbsp;&nbsp; Boots Group Finco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/31/2032 (b) | &nbsp;&nbsp; EUR816,000 | &nbsp;&nbsp; 972540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/31/2032 (a) | &nbsp;&nbsp; EUR750,000 | &nbsp;&nbsp; 893878 |
| &nbsp;&nbsp;&nbsp; Cadent Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 3/19/2030 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 838402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/16/2033 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1759401 |
| &nbsp;&nbsp;&nbsp; Centrica plc 4.38%, 3/13/2029 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 264821 |
| &nbsp;&nbsp;&nbsp; EC Finance plc 3.25%, 10/15/2026 (a) (j) | &nbsp;&nbsp; EUR1,349,000 | &nbsp;&nbsp; 1508701 |
| &nbsp;&nbsp;&nbsp; Eversholt Funding plc 2.74%, 6/30/2040 (a) | &nbsp;&nbsp; GBP615,385 | &nbsp;&nbsp; 701050 |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo. SARL 4.75%, 8/1/2032 (a) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2220251 |
| &nbsp;&nbsp;&nbsp; Gatwick Funding Ltd. 2.50%, 4/15/2030 (a) | &nbsp;&nbsp; GBP700,000 | &nbsp;&nbsp; 852891 |
| &nbsp;&nbsp;&nbsp; Hammerson plc, REIT 5.88%, 10/8/2036 (a) | &nbsp;&nbsp; GBP700,000 | &nbsp;&nbsp; 926619 |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/3/2026 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 405936 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/11/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 326962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/8/2030 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1054149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/5/2032 (a) | &nbsp;&nbsp; GBP600,000 | &nbsp;&nbsp; 818620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/11/2033 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 613247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 3/14/2034 (a) | &nbsp;&nbsp; EUR250,000 | &nbsp;&nbsp; 252436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/13/2041 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 391728 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/20/2027 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 270938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (f) | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 386114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (f) | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp; 3139080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (f) | &nbsp;&nbsp; 374000 | &nbsp;&nbsp; 370199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (c) (d) (e) (f) | &nbsp;&nbsp; 695000 | &nbsp;&nbsp; 659290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 2.87%, 11/22/2032 (f) | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp; 2222173 |
| &nbsp;&nbsp;&nbsp; Iceland Bondco plc 10.88%, 12/15/2027 (a) | &nbsp;&nbsp; GBP816,000 | &nbsp;&nbsp; 1143284 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 815021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; EUR1,024,000 | &nbsp;&nbsp; 970354 |
| &nbsp;&nbsp;&nbsp; INEOS Styrolution Ludwigshafen GmbH 2.25%, 1/16/2027 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 555587 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2026 (a) | &nbsp;&nbsp; EUR280,000 | &nbsp;&nbsp; 324905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/2028 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 701720 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/2025 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 414942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobico Group plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.14%), 4.25%, 12/8/2025 (a) (d) (e) <br> (f)<br>| &nbsp;&nbsp; GBP194,000 | &nbsp;&nbsp; 136026 |
| &nbsp;&nbsp;&nbsp; National Grid plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 6/30/2026 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1043803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 9/1/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1087566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/16/2035 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1211136 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (EURIBOR 3 Month + 1.15%), 3.83%, 7/24/2032 (a) (f) | &nbsp;&nbsp; EUR3,200,000 | &nbsp;&nbsp; 3810617 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (e) (f) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (f) | &nbsp;&nbsp; 1885000 | &nbsp;&nbsp; 1932104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (a) (f) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2742175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.12%, 5/23/2031 (f) | &nbsp;&nbsp; 6435000 | &nbsp;&nbsp; 6624103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 447700 |
| &nbsp;&nbsp;&nbsp; NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (f) | &nbsp;&nbsp; EUR1,730,000 | &nbsp;&nbsp; 1975170 |
| &nbsp;&nbsp;&nbsp; Nomad Foods Bondco plc 2.50%, 6/24/2028 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2042139 |
| &nbsp;&nbsp;&nbsp; OEG Finance plc 7.25%, 9/27/2029 (a) | &nbsp;&nbsp; EUR1,709,000 | &nbsp;&nbsp; 2070976 |
| &nbsp;&nbsp;&nbsp; PeopleCert Wisdom Issuer plc 5.75%, 9/15/2026 (a) | &nbsp;&nbsp; EUR1,150,000 | &nbsp;&nbsp; 1329356 |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc 8.25%, 10/11/2028 (a) | &nbsp;&nbsp; EUR1,187,000 | &nbsp;&nbsp; 1440521 |
| &nbsp;&nbsp;&nbsp; Punch Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (b) | &nbsp;&nbsp; GBP571,000 | &nbsp;&nbsp; 769010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (a) | &nbsp;&nbsp; GBP1,300,000 | &nbsp;&nbsp; 1750811 |
| &nbsp;&nbsp;&nbsp; RAC Bond Co. plc 5.25%, 11/4/2027 (a) | &nbsp;&nbsp; GBP2,419,000 | &nbsp;&nbsp; 3176533 |
| &nbsp;&nbsp;&nbsp; RELX Finance BV 0.88%, 3/10/2032 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 706243 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%), 1.67%, 6/14/2027 (f) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 887378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.53%, 1/10/2029 (f) | &nbsp;&nbsp; 6875000 | &nbsp;&nbsp; 7191862 |
| &nbsp;&nbsp;&nbsp; Scottish Hydro Electric Transmission plc 3.38%, 9/4/2032 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 815791 |
| &nbsp;&nbsp;&nbsp; South Eastern Power Networks plc 5.63%, 9/30/2030 (a) | &nbsp;&nbsp; GBP400,000 | &nbsp;&nbsp; 556510 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (b) (f) | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp; 2315479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (b) (f) | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp; 2880153 |
| &nbsp;&nbsp;&nbsp; Synthomer plc 7.38%, 5/2/2029 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1716238 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance plc 3.75%, 7/15/2030 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1300054 |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/31/2029 (a) | &nbsp;&nbsp; GBP600,000 | &nbsp;&nbsp; 751792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2113433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/2032 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1527020 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/28/2054 | &nbsp;&nbsp; 3595000 | &nbsp;&nbsp; 3545497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1070631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f) | &nbsp;&nbsp; 429000 | &nbsp;&nbsp; 449610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (a) (f) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2792671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (a) (f) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2647425 |
|  |  | &nbsp;&nbsp; 118577585 |
| **United States — 10.8%** | **United States — 10.8%** | **United States — 10.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/2034 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1493498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | &nbsp;&nbsp; 897000 | &nbsp;&nbsp; 757239 |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc. 4.25%, 10/4/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170411 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) 3.95%, 7/15/2030 (b) | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 40962 |
| &nbsp;&nbsp;&nbsp; American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (e) (f) | &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 102154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 5.67%, 4/25/2036 (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265414 |
| &nbsp;&nbsp;&nbsp; American Medical Systems Europe BV 1.63%, 3/8/2031 | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 108344 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 4.88%, 3/1/2053 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224763 |
| &nbsp;&nbsp;&nbsp; Ardagh Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/1/2030 (b) | &nbsp;&nbsp; 507000 | &nbsp;&nbsp; 546479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00% (Blend (Cash 4.50% + PIK 7.50%)), 12/1/2030 (a) (h) (i) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2028185 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/1/2035 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1245831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2053 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 89441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 67845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/15/2056 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 711560 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.08%, 1/20/2027 (f) | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 210205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (f) | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 171897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, 4/25/2029 (f) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, 9/15/2029 (f) | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1128975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (d) (e) (f) | &nbsp;&nbsp; 317000 | &nbsp;&nbsp; 328743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.35%), 6.25%, 7/26/2030 (d) (e) (f) | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 980851 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (f) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 516178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, 4/22/2032 (f) | &nbsp;&nbsp; 249000 | &nbsp;&nbsp; 229244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.30%, 7/21/2032 (f) | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 421608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.47%, 1/23/2035 (f) | &nbsp;&nbsp; 312000 | &nbsp;&nbsp; 328144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.43%, 8/15/2035 (f) | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 819360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, 1/24/2036 (f) | &nbsp;&nbsp; 196000 | &nbsp;&nbsp; 206865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 3.85%, 3/8/2037 (f) | &nbsp;&nbsp; 812000 | &nbsp;&nbsp; 767793 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. 5.80%, 6/15/2031 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 804727 |
| &nbsp;&nbsp;&nbsp; BG Energy Capital plc 2.25%, 11/21/2029 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 226767 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) 3.95%, 8/1/2059 | &nbsp;&nbsp; 377000 | &nbsp;&nbsp; 271915 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 1/12/2032 | &nbsp;&nbsp; 881000 | &nbsp;&nbsp; 805258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 2/13/2033 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2442157 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets BV 3.36%, 9/12/2031 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1406933 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,350,000 | &nbsp;&nbsp; 1567666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 231804 |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery Holdings BV 4.25%, 3/15/2030 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 471018 |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery plc 2.38%, 4/15/2028 (a) | &nbsp;&nbsp; EUR2,200,000 | &nbsp;&nbsp; 2520509 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/22/2034 | &nbsp;&nbsp; 4297000 | &nbsp;&nbsp; 4509484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/22/2054 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 232373 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/15/2032 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 182130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (b) | &nbsp;&nbsp; 1838000 | &nbsp;&nbsp; 1609791 |
| &nbsp;&nbsp;&nbsp; Carnival plc 4.13%, 7/15/2031 (b) | &nbsp;&nbsp; EUR959,000 | &nbsp;&nbsp; 1126492 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. 4.50%, 11/29/2032 | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 616979 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (b) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 139803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (b) | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 608013 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 1/19/2029 (j) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 481976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2031 | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 340713 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 3/15/2031 | &nbsp;&nbsp; 3185000 | &nbsp;&nbsp; 2946861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/22/2032 | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 588777 |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc. 4.95%, 6/1/2043 | &nbsp;&nbsp; 224000 | &nbsp;&nbsp; 203176 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/1/2035 | &nbsp;&nbsp; 1755000 | &nbsp;&nbsp; 1758990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp; 198207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/2052 | &nbsp;&nbsp; 282000 | &nbsp;&nbsp; 185132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 133727 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/30/2033 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 573867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2034 | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp; 1795825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035 (b) | &nbsp;&nbsp; 2120000 | &nbsp;&nbsp; 2181073 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 159820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) (f) | &nbsp;&nbsp; 686000 | &nbsp;&nbsp; 683280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (d) (e) (f) | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 686729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (d) (e) (f) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 292226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.73%), 6.95%, 2/15/2030 (d) (e) (f) | &nbsp;&nbsp; 413000 | &nbsp;&nbsp; 422759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GG, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 6.88%, 8/15/2030 (d) (e) (f) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 501533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (f) | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 761889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 4.50%, 9/11/2031 (f) | &nbsp;&nbsp; 718000 | &nbsp;&nbsp; 723035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 2.56%, 5/1/2032 (f) | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 291172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.52%, 11/3/2032 (f) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 125688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.27%, 11/17/2033 (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.83%, 2/13/2035 (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 428775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%), 5.33%, 3/27/2036 (f) | &nbsp;&nbsp; 2865000 | &nbsp;&nbsp; 2956528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.61%), 4.30%, 7/23/2036 (f) | &nbsp;&nbsp; EUR416,000 | &nbsp;&nbsp; 491689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.17%, 9/11/2036 (f) | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 244922 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 8/15/2030 (b) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 849324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214771 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 77652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/2053 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1258313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/1/2056 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 168318 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 5.60%, 6/15/2042 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 79017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 6.38%, <br> 9/15/2054 (f)<br>| &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 180510 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 5.40%, 2/15/2035 | &nbsp;&nbsp; 2228000 | &nbsp;&nbsp; 2272798 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., REIT 4.80%, 9/1/2028 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192503 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 3/24/2031 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 258916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/18/2054 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 559189 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (f) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (f) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (f) | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 651996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.26%), 6.00%, 2/15/2056 (f) | &nbsp;&nbsp; 804000 | &nbsp;&nbsp; 813472 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC 5.40%, 4/1/2053 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34050 |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2033 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 4/1/2053 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15122 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC 5.55%, 3/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15052 |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 125043 |
| &nbsp;&nbsp;&nbsp; Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (f) | &nbsp;&nbsp; 344000 | &nbsp;&nbsp; 355224 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.38%, 12/15/2030 (a) | &nbsp;&nbsp; EUR2,632,000 | &nbsp;&nbsp; 3183465 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (f) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 522477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.50%, 2/15/2056 (f) | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 1518222 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (f) | &nbsp;&nbsp; 1344000 | &nbsp;&nbsp; 1413492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.18%), 5.88%, 6/15/2056 (f) | &nbsp;&nbsp; 267000 | &nbsp;&nbsp; 266664 |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC 5.80%, 4/15/2055 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 50408 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. 1.75%, 3/15/2031 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 101482 |
| &nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 6.25%, 4/1/2056 (f) | &nbsp;&nbsp; 1046000 | &nbsp;&nbsp; 1047128 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 866959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 1/15/2035 | &nbsp;&nbsp; 382000 | &nbsp;&nbsp; 396724 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (b) | &nbsp;&nbsp; 274000 | &nbsp;&nbsp; 270239 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 2.87%, 9/15/2028 (b) | &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 680897 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC 2.90%, 2/10/2029 | &nbsp;&nbsp; 2215000 | &nbsp;&nbsp; 2071656 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/25/2031 (b) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 270378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/25/2035 (b) | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 669198 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/2028 | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 118644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/2030 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp; 158252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2030 | &nbsp;&nbsp; 203000 | &nbsp;&nbsp; 204095 |
| &nbsp;&nbsp;&nbsp; General Electric Co. 4.13%, 9/19/2035 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 121360 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/2031 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 417483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/18/2031 | &nbsp;&nbsp; 334000 | &nbsp;&nbsp; 348575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 1/7/2035 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1219153 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 5.55%, 11/15/2035 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 934234 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e) (f) | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 461101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (f) | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 348023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (d) (e) (f) | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 860232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.85%, 2/10/2030 (d) (e) (f) | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 212634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.69%, 10/23/2030 (f) | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 701315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.21%, 1/28/2031 (f) | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 331540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, 4/23/2031 (f) | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 404052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 2.62%, 4/22/2032 (f) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 265232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, 7/21/2032 (f) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 170851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.65%, 10/21/2032 (f) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 271862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.33%, 7/23/2035 (f) | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 394361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 4.94%, 10/21/2036 (f) | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 168626 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/1/2028 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 174326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 7/15/2031 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 331850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 629779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2035 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 834202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/15/2035 | &nbsp;&nbsp; 387000 | &nbsp;&nbsp; 385528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/2047 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 87643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2049 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 460805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 104329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 | &nbsp;&nbsp; 614000 | &nbsp;&nbsp; 513127 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/2054 | &nbsp;&nbsp; 924000 | &nbsp;&nbsp; 930191 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, REIT 5.25%, 12/15/2032 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp; 378958 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (b) | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 551560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (a) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/8/2031 (b) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 196162 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 | &nbsp;&nbsp; 1043000 | &nbsp;&nbsp; 1157626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2036 (b) | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1453516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/2/2052 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 94579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2053 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 330138 |
| &nbsp;&nbsp;&nbsp; JBS USA LUX SARL 5.95%, 4/20/2035 (b) | &nbsp;&nbsp; 2565000 | &nbsp;&nbsp; 2711308 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (f) | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 703781 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 5.20%, 6/1/2033 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 237472 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 6.08%, 3/13/2032 (f) | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 452212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 5.39%, 1/16/2036 (f) | &nbsp;&nbsp; 523000 | &nbsp;&nbsp; 533359 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. 5.35%, 3/15/2035 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 227750 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 5.20%, 3/1/2035 (b) | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 641463 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/15/2031 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 296963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 7/15/2035 | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 359630 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | &nbsp;&nbsp; 536000 | &nbsp;&nbsp; 544013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2035 | &nbsp;&nbsp; 934000 | &nbsp;&nbsp; 944123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp; 865282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 8/15/2052 | &nbsp;&nbsp; 148000 | &nbsp;&nbsp; 124659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 8/15/2054 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 480096 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 3.30%, 3/21/2029 (b) | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 180619 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (f) | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 682463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, 4/20/2028 (f) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.12%, 2/1/2029 (f) | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 464711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, 4/20/2029 (f) | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 588687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.45%, 7/20/2029 (f) | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 899123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, 10/18/2030 (f) | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 771215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, 1/15/2031 (f) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 620593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 5.19%, 4/17/2031 (f) | &nbsp;&nbsp; 497000 | &nbsp;&nbsp; 514395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, 10/20/2032 (f) | &nbsp;&nbsp; 2388000 | &nbsp;&nbsp; 2150362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 5.42%, 7/21/2034 (f) | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 188684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.32%, 7/19/2035 (f) | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 477729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 2.48%, 9/16/2036 (f) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 123255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (SOFR + 1.31%), 4.89%, 10/22/2036 (f) | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 396280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (f) | &nbsp;&nbsp; 1531000 | &nbsp;&nbsp; 1618091 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. 5.38%, 11/15/2029 (b) | &nbsp;&nbsp; 357000 | &nbsp;&nbsp; 374157 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (f) | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 236084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (f) | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249406 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (f) | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 8/15/2055 (f) | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89937 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (f) | &nbsp;&nbsp; 862000 | &nbsp;&nbsp; 898060 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 5.41%, 10/15/2035 (b) | &nbsp;&nbsp; 634000 | &nbsp;&nbsp; 634806 |
| &nbsp;&nbsp;&nbsp; OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2028 (a) | &nbsp;&nbsp; EUR380,000 | &nbsp;&nbsp; 453801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2029 (b) | &nbsp;&nbsp; EUR261,000 | &nbsp;&nbsp; 311563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2029 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 596865 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/27/2054 | &nbsp;&nbsp; 356000 | &nbsp;&nbsp; 304094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/3/2055 | &nbsp;&nbsp; 753000 | &nbsp;&nbsp; 699606 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 3/15/2027 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp; 361553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 1/15/2033 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 490461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/15/2033 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 390683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/2035 | &nbsp;&nbsp; 1118000 | &nbsp;&nbsp; 1181143 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (f) | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; 772289 |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 46389 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 2.81%), 6.25%, 3/15/2030 (d) (e) (f) | &nbsp;&nbsp; 573000 | &nbsp;&nbsp; 588754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 4.81%, 10/21/2032 (f) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 265282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.68%, 1/22/2035 (f) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.37%, 7/21/2036 (f) | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 170928 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc. 5.25%, 9/1/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, <br> 3/15/2054 (f)<br>| &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 310785 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., REIT 4.88%, 7/6/2030 | &nbsp;&nbsp; EUR2,200,000 | &nbsp;&nbsp; 2730611 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP, REIT 2.95%, 9/15/2029 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 91043 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 2.95%, 9/15/2029 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 153062 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE 3.38%, 9/3/2036 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2056303 |
| &nbsp;&nbsp;&nbsp; SCIL IV LLC 9.50%, 7/15/2028 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1093814 |
| &nbsp;&nbsp;&nbsp; Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.38%, 4/1/2056 (f) | &nbsp;&nbsp; 252000 | &nbsp;&nbsp; 256710 |
| &nbsp;&nbsp;&nbsp; State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (d) (e) (f) | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 43590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.70%, 9/15/2029 (d) (e) (f) | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 281229 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/18/2030 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 718813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 3/18/2035 (b) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 426688 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. 5.70%, 4/1/2055 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220535 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/14/2027 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 208897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/12/2029 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 44563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/12/2034 | &nbsp;&nbsp; 172000 | &nbsp;&nbsp; 180567 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031 | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 102573 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. 2.63%, 2/15/2029 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 32438 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.30%), 6.12%, 10/28/2033 (f) | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 102799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.12%, 1/26/2034 (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 418715 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 5.87%, 6/8/2034 (f) | &nbsp;&nbsp; 336000 | &nbsp;&nbsp; 358334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, 1/24/2035 (f) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%), 4.96%, 10/23/2036 (f) | &nbsp;&nbsp; 2735000 | &nbsp;&nbsp; 2721123 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 9/15/2035 | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1464335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 9/15/2054 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 67763 |
| &nbsp;&nbsp;&nbsp; UGI International LLC 2.50%, 12/1/2029 (a) | &nbsp;&nbsp; EUR350,000 | &nbsp;&nbsp; 386759 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 62631 |
| &nbsp;&nbsp;&nbsp; US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (f) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116947 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP, REIT 5.00%, 1/15/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 326794 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/2030 (b) | &nbsp;&nbsp; 187000 | &nbsp;&nbsp; 186602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2034 (b) | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 759971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034 (b) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2035 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 448821 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.57%, 7/25/2029 (f) | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 808398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (d) (e) (f) | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 675635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, 1/24/2031 (f) | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 493569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 5.56%, 7/25/2034 (f) | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 646105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, 1/23/2035 (f) | &nbsp;&nbsp; 3905000 | &nbsp;&nbsp; 4106200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.61%, 4/23/2036 (f) | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1087122 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, REIT 2.80%, 6/1/2031 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 204337 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) 5.30%, 9/30/2035 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp; 7578422 |
|  |  | &nbsp;&nbsp; 153942893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $851,169,347)<br>|  | &nbsp;&nbsp; 870685804 |
| **Foreign Government Securities — 30.9%** | **Foreign Government Securities — 30.9%** | **Foreign Government Securities — 30.9%** |
| **Argentina — 0.3%** | **Argentina — 0.3%** | **Argentina — 0.3%** |
| &nbsp;&nbsp;&nbsp; Argentine Republic 4.12%, 7/9/2035 (j) | &nbsp;&nbsp; 5663970 | &nbsp;&nbsp; 4027791 |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/21/2032 | &nbsp;&nbsp; AUD19,398,000 | &nbsp;&nbsp; 10586772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/21/2047 (a) | &nbsp;&nbsp; AUD2,140,000 | &nbsp;&nbsp; 1032939 |
|  |  | &nbsp;&nbsp; 11619711 |
| **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Commonwealth of the Bahamas 8.25%, 6/24/2036 (b) | &nbsp;&nbsp; 589000 | &nbsp;&nbsp; 638181 |
| **Benin — 0.2%** | **Benin — 0.2%** | **Benin — 0.2%** |
| &nbsp;&nbsp;&nbsp; Benin Government Bond 7.96%, 2/13/2038 (a) | &nbsp;&nbsp; 2681000 | &nbsp;&nbsp; 2724191 |
| **Brazil — 3.3%** | **Brazil — 3.3%** | **Brazil — 3.3%** |
| &nbsp;&nbsp;&nbsp; Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/2027 | &nbsp;&nbsp; BRL201,900,000 | &nbsp;&nbsp; 36556312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 1/1/2031 | &nbsp;&nbsp; BRL60,000,000 | &nbsp;&nbsp; 10489188 |
|  |  | &nbsp;&nbsp; 47045500 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Canada — 9.2%** | **Canada — 9.2%** | **Canada — 9.2%** |
| &nbsp;&nbsp;&nbsp; Canada Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 3/1/2026 | &nbsp;&nbsp; CAD16,062,000 | &nbsp;&nbsp; 11437818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/2026 | &nbsp;&nbsp; CAD18,245,000 | &nbsp;&nbsp; 13089085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2026 | &nbsp;&nbsp; CAD13,162,000 | &nbsp;&nbsp; 9487528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2026 | &nbsp;&nbsp; CAD46,752,000 | &nbsp;&nbsp; 33830255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/2027 | &nbsp;&nbsp; CAD45,105,000 | &nbsp;&nbsp; 32522595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/1/2035 | &nbsp;&nbsp; CAD42,596,000 | &nbsp;&nbsp; 30746725 |
|  |  | &nbsp;&nbsp; 131114006 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/19/2032 | &nbsp;&nbsp; EUR743,000 | &nbsp;&nbsp; 834566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/2/2034 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 846860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1380730 |
|  |  | &nbsp;&nbsp; 3062156 |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica 7.30%, 11/13/2054 (b) | &nbsp;&nbsp; 1091000 | &nbsp;&nbsp; 1210192 |
| **Czech Republic — 1.3%** | **Czech Republic — 1.3%** | **Czech Republic — 1.3%** |
| &nbsp;&nbsp;&nbsp; Czech Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/14/2034 | &nbsp;&nbsp; CZK161,970,000 | &nbsp;&nbsp; 7970976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/30/2035 | &nbsp;&nbsp; CZK230,000,000 | &nbsp;&nbsp; 10142144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 7/30/2037 | &nbsp;&nbsp; CZK27,460,000 | &nbsp;&nbsp; 992324 |
|  |  | &nbsp;&nbsp; 19105444 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt 7.63%, 5/29/2032 (a) | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2583075 |
| **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** |
| &nbsp;&nbsp;&nbsp; Bundesobligation 2.10%, 4/12/2029 (a) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2897075 |
| &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 8/15/2032 (a) | &nbsp;&nbsp; EUR2,370,000 | &nbsp;&nbsp; 2627733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/15/2033 (a) | &nbsp;&nbsp; EUR1,090,000 | &nbsp;&nbsp; 1248972 |
| &nbsp;&nbsp;&nbsp; Bundesschatzanweisungen 2.90%, 6/18/2026 (a) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2915002 |
|  |  | &nbsp;&nbsp; 9688782 |
| **Guatemala — 0.2%** | **Guatemala — 0.2%** | **Guatemala — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala 6.05%, 8/6/2031 (b) | &nbsp;&nbsp; 2155000 | &nbsp;&nbsp; 2237256 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/26/2036 (b) | &nbsp;&nbsp; 2826000 | &nbsp;&nbsp; 2826706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/25/2052 (b) | &nbsp;&nbsp; 1269000 | &nbsp;&nbsp; 1366713 |
|  |  | &nbsp;&nbsp; 4193419 |
| **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 | &nbsp;&nbsp; IDR110,609,000,000 | &nbsp;&nbsp; 6886913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR65,489,000,000 | &nbsp;&nbsp; 4110536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR200,899,000,000 | &nbsp;&nbsp; 12416991 |
|  |  | &nbsp;&nbsp; 23414440 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| &nbsp;&nbsp;&nbsp; Italian Republic Government Bond 2.88%, 10/17/2029 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp; 1091586 |
| **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (b) | &nbsp;&nbsp; 1988000 | &nbsp;&nbsp; 2063961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/30/2037 (a) | &nbsp;&nbsp; 920000 | &nbsp;&nbsp; 960141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 (b) | &nbsp;&nbsp; EUR2,055,000 | &nbsp;&nbsp; 2280197 |
|  |  | &nbsp;&nbsp; 5304299 |
| **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** |
| &nbsp;&nbsp;&nbsp; Japan Government Bond 2.40%, 3/20/2055 | &nbsp;&nbsp; JPY946,800,000 | &nbsp;&nbsp; 5025153 |
| **Jordan — 0.2%** | **Jordan — 0.2%** | **Jordan — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/7/2030 (a) | &nbsp;&nbsp; 2152000 | &nbsp;&nbsp; 2161684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047 (a) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399300 |
|  |  | &nbsp;&nbsp; 2560984 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 3/5/2036 (b) | &nbsp;&nbsp; 1503000 | &nbsp;&nbsp; 1521036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80%, 10/9/2038 (b) | &nbsp;&nbsp; 599000 | &nbsp;&nbsp; 579347 |
|  |  | &nbsp;&nbsp; 2100383 |
| **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/22/2024 (a) (g) | &nbsp;&nbsp; 227000 | &nbsp;&nbsp; 49826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (a) (g) | &nbsp;&nbsp; 2226000 | &nbsp;&nbsp; 488607 |
|  |  | &nbsp;&nbsp; 538433 |
| **Mexico — 4.3%** | **Mexico — 4.3%** | **Mexico — 4.3%** |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco SARL 5.50%, 8/17/2030 (b) | &nbsp;&nbsp; 2888000 | &nbsp;&nbsp; 2929558 |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN310,700,000 | &nbsp;&nbsp; 17146987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN118,020,000 | &nbsp;&nbsp; 6259394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/26/2033 | &nbsp;&nbsp; MXN165,870,000 | &nbsp;&nbsp; 8512631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/23/2034 | &nbsp;&nbsp; MXN242,000,000 | &nbsp;&nbsp; 12414252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/24/2035 | &nbsp;&nbsp; MXN205,230,000 | &nbsp;&nbsp; 10523419 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/13/2055 | &nbsp;&nbsp; 1229000 | &nbsp;&nbsp; 1346984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 5/24/2061 | &nbsp;&nbsp; 2397000 | &nbsp;&nbsp; 1499324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/19/2071 | &nbsp;&nbsp; 741000 | &nbsp;&nbsp; 444971 |
|  |  | &nbsp;&nbsp; 61077520 |
| **Morocco — 0.2%** | **Morocco — 0.2%** | **Morocco — 0.2%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/8/2033 (a) | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1273700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2050 (a) | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1118152 |
|  |  | &nbsp;&nbsp; 2391852 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Zealand Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/2027 (a) | &nbsp;&nbsp; NZD952,000 | &nbsp;&nbsp; 558891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/15/2037 (a) | &nbsp;&nbsp; NZD3,201,000 | &nbsp;&nbsp; 1555845 |
|  |  | &nbsp;&nbsp; 2114736 |
| **Nigeria — 0.3%** | **Nigeria — 0.3%** | **Nigeria — 0.3%** |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria 9.13%, 1/13/2046 (b) | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 3605700 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/5/2027 (a) | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1190955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/8/2051 (a) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 383000 |
|  |  | &nbsp;&nbsp; 1573955 |
| **Paraguay — 0.4%** | **Paraguay — 0.4%** | **Paraguay — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (b) | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1370880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/9/2036 (a) | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1906884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (a) | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1408035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (a) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 554400 |
|  |  | &nbsp;&nbsp; 5240199 |
| **Poland — 0.9%** | **Poland — 0.9%** | **Poland — 0.9%** |
| &nbsp;&nbsp;&nbsp; Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/25/2036 | &nbsp;&nbsp; PLN39,495,990 | &nbsp;&nbsp; 9876151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/2054 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp; 2844810 |
|  |  | &nbsp;&nbsp; 12720961 |
| **Romania — 0.4%** | **Romania — 0.4%** | **Romania — 0.4%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/27/2029 (b) | &nbsp;&nbsp; EUR776,000 | &nbsp;&nbsp; 985477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/22/2036 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 689631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/10/2037 (b) | &nbsp;&nbsp; 1328000 | &nbsp;&nbsp; 1456444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/7/2037 (b) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2097820 |
|  |  | &nbsp;&nbsp; 5229372 |
| **South Africa — 1.7%** | **South Africa — 1.7%** | **South Africa — 1.7%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR336,529,000 | &nbsp;&nbsp; 19247364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/27/2047 | &nbsp;&nbsp; 841000 | &nbsp;&nbsp; 712113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 4/20/2052 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 3627252 |
|  |  | &nbsp;&nbsp; 23586729 |
| **Suriname — 0.1%** | **Suriname — 0.1%** | **Suriname — 0.1%** |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 11/6/2030 (b) | &nbsp;&nbsp; 444000 | &nbsp;&nbsp; 456099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/6/2035 (b) | &nbsp;&nbsp; 1219000 | &nbsp;&nbsp; 1312327 |
|  |  | &nbsp;&nbsp; 1768426 |
| **Turkey — 1.2%** | **Turkey — 1.2%** | **Turkey — 1.2%** |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/9/2025 (a) | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 419622 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Turkey—continued** | **Turkey—continued** | **Turkey—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/6/2028 (a) | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1401370 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY368,175,253 | &nbsp;&nbsp; 8582562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY121,536,334 | &nbsp;&nbsp; 2696776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/29/2032 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp; 3370358 |
| &nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi A/S 6.38%, 10/3/2030 (b) | &nbsp;&nbsp; 1257000 | &nbsp;&nbsp; 1255818 |
|  |  | &nbsp;&nbsp; 17726506 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond 4.00%, 7/28/2050 (b) | &nbsp;&nbsp; 2445000 | &nbsp;&nbsp; 1709984 |
| **United Kingdom — 1.3%** | **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Kingdom of Great Britain and Northern Ireland 4.25%, 3/7/2036 (a) | &nbsp;&nbsp; GBP14,321,937 | &nbsp;&nbsp; 18499367 |
| **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond 6.95%, 5/25/2032 (a) | &nbsp;&nbsp; 2540000 | &nbsp;&nbsp; 2727960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $437,292,341)<br>|  | &nbsp;&nbsp; 439258249 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; BANK Series 2018-BN13, Class C, 4.71%, 8/15/2061 (i) | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 103054 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (i) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 249145 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust Series 2024-MF, Class B, 5.65%, 2/15/2039 (b) (i) | &nbsp;&nbsp; 283345 | &nbsp;&nbsp; 283345 |
| &nbsp;&nbsp;&nbsp; CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.53%, 11/15/2050 (i) | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 25867 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust Series 2016-CD2, Class C, 4.10%, 11/10/2049 (i) | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 12450 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X1, IO, 1.17%, 9/25/2027 (i) | &nbsp;&nbsp; 1958665 | &nbsp;&nbsp; 28070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.21%, 12/25/2045 (i) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 16979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class X3, IO, 2.38%, 1/25/2046 (i) | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 57414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X3, IO, 2.29%, 6/25/2046 (i) | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 91004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.35%, 2/25/2047 (i) | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 59916 |
| &nbsp;&nbsp;&nbsp; FREMF Series 2018-KF46, Class B, 6.27%, 3/25/2028 (b) (i) | &nbsp;&nbsp; 17009 | &nbsp;&nbsp; 16440 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust Series 2017-KF38, Class B, 6.82%, 9/25/2024 (b) (i) | &nbsp;&nbsp; 18958 | &nbsp;&nbsp; 18918 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust Series 2015-GC30, Class C, 4.14%, 5/10/2050 (i) | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 30690 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.26%, 7/15/2048 (i) | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 49290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.69%, 8/15/2048 (i) | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 17947 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.52%, 12/15/2049 (i) | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 23823 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.07%, 5/15/2048 (i) | &nbsp;&nbsp; 15756 | &nbsp;&nbsp; 15622 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HQ7, Class E, 5.44%, 11/14/2042 (i) | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class B, 4.29%, 5/15/2048 (i) | &nbsp;&nbsp; 27405 | &nbsp;&nbsp; 26377 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, 5.70%, 5/15/2039 (b) (i) | &nbsp;&nbsp; 378000 | &nbsp;&nbsp; 377056 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (i) | &nbsp;&nbsp; 106000 | &nbsp;&nbsp; 102845 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (i) | &nbsp;&nbsp; 35901 | &nbsp;&nbsp; 35254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1, 3.94%, 3/25/2049 (b) (i) | &nbsp;&nbsp; 52286 | &nbsp;&nbsp; 49575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $1,860,336)<br>|  | &nbsp;&nbsp; 1691171 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| **Cayman Islands — 0.0% ^** | **Cayman Islands — 0.0% ^** | **Cayman Islands — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. Series 2019-68A, Class ARR, 5.00%, 7/15/2035 (b) (i) | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 329904 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (b) | &nbsp;&nbsp; 25563 | &nbsp;&nbsp; 25213 |
| &nbsp;&nbsp;&nbsp; Chase Funding Trust Series 2003-6, Class 1A7, 4.85%, 11/25/2034 (j) | &nbsp;&nbsp; 42182 | &nbsp;&nbsp; 42001 |
| &nbsp;&nbsp;&nbsp; Credit-Based Asset Servicing and Securitization LLC Series 2004-CB5, Class M1, 4.98%, 1/25/2034 (i) | &nbsp;&nbsp; 57667 | &nbsp;&nbsp; 61861 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series 2024-3A, Class D, 5.98%, 9/16/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304891 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2023-1, Class B, 5.05%, 1/18/2028 (b) | &nbsp;&nbsp; 54959 | &nbsp;&nbsp; 54938 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2019-1, Class A, 2.95%, 5/15/2028 | &nbsp;&nbsp; 35978 | &nbsp;&nbsp; 33440 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (b) | &nbsp;&nbsp; 262648 | &nbsp;&nbsp; 210928 |
|  |  | &nbsp;&nbsp; 733272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $1,113,172)<br>|  | &nbsp;&nbsp; 1063176 |
| **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | &nbsp;&nbsp; 58719 | &nbsp;&nbsp; 51458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | &nbsp;&nbsp; 41358 | &nbsp;&nbsp; 35486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037 | &nbsp;&nbsp; 105623 | &nbsp;&nbsp; 53626 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 6.47%, 2/25/2037 (i) | &nbsp;&nbsp; 3962 | &nbsp;&nbsp; 3971 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037 | &nbsp;&nbsp; 39944 | &nbsp;&nbsp; 16466 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 6.37%, 1/25/2043 (b) (i) | &nbsp;&nbsp; 214939 | &nbsp;&nbsp; 219215 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4305, Class SK, IF, IO, 2.34%, 2/15/2044 (i) | &nbsp;&nbsp; 291876 | &nbsp;&nbsp; 45240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4689, Class SD, IF, IO, 1.89%, 6/15/2047 (i) | &nbsp;&nbsp; 197684 | &nbsp;&nbsp; 24972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5022, IO, 3.00%, 9/25/2050 | &nbsp;&nbsp; 309359 | &nbsp;&nbsp; 52185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp; 547899 | &nbsp;&nbsp; 90897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4839, Class WS, IF, IO, 1.84%, 8/15/2056 (i) | &nbsp;&nbsp; 1475806 | &nbsp;&nbsp; 221042 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-146, Class AI, IO, 3.00%, 1/25/2028 | &nbsp;&nbsp; 113160 | &nbsp;&nbsp; 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class BI, IO, 3.00%, 10/25/2031 | &nbsp;&nbsp; 217347 | &nbsp;&nbsp; 10811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class SE, IF, IO, 1.91%, 9/25/2042 (i) | &nbsp;&nbsp; 56021 | &nbsp;&nbsp; 6680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-124, Class UI, IO, 4.00%, 11/25/2042 | &nbsp;&nbsp; 58534 | &nbsp;&nbsp; 10313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LS, IF, IO, 1.98%, 6/25/2045 (i) | &nbsp;&nbsp; 148751 | &nbsp;&nbsp; 17578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-31, Class SG, IF, IO, 1.91%, 5/25/2047 (i) | &nbsp;&nbsp; 515228 | &nbsp;&nbsp; 63704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-39, Class ST, IF, IO, 1.91%, 5/25/2047 (i) | &nbsp;&nbsp; 144932 | &nbsp;&nbsp; 18057 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i) | &nbsp;&nbsp; 4404 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; GNMA Series 2015-H13, Class GI, IO, 1.59%, 4/20/2065 (i) | &nbsp;&nbsp; 20260 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 4.63%, 7/25/2029 (i) | &nbsp;&nbsp; 4794 | &nbsp;&nbsp; 4759 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 5.76%, 7/25/2034 (i) | &nbsp;&nbsp; 7055 | &nbsp;&nbsp; 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $1,143,797)<br>|  | &nbsp;&nbsp; 955848 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Europe — 0.0% ^** | **Europe — 0.0% ^** | **Europe — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altice France Sa ‡ | &nbsp;&nbsp; 32241 | &nbsp;&nbsp; 541990 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altice France SA ‡ \* | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 11483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $499,736)<br>|  | &nbsp;&nbsp; 553473 |
| **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** |
| **Investment Companies — 5.2%** | **Investment Companies — 5.2%** | **Investment Companies — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.95% (k) (l) <br>(Cost $74,917,682)<br>| &nbsp;&nbsp; 74917682 | &nbsp;&nbsp; 74917682 |
| **Total Investments — 97.6%** <br>**(Cost $1,367,996,411)**<br>|  | &nbsp;&nbsp; **1389125403** |
| **Other Assets in Excess of Liabilities — 2.4%** |  | &nbsp;&nbsp; **33512577** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **1422637980** |

---

&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** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those <br> associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking <br> interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.<br>|
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of November 30, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PIK | Payment In Kind |
| PLN | Polish Zloty |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|
| TRY | Turkish Lira |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

USD United States Dollar <br> ZAR South African Rand

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2025 is $29,079,171 or 2.04% of the <br> Fund's net assets as of November 30, 2025.<br>|
| (d) | Security is an interest bearing note with preferred security characteristics. |
| (e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of November 30, 2025.<br>|
| (f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (g) | Defaulted security. |
| (h) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (i) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (j) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (k) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (l) | The rate shown is the current yield as of November 30, 2025. |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8623118 | &nbsp;&nbsp;&nbsp;&nbsp; 8811 |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 43661418 | &nbsp;&nbsp;&nbsp;&nbsp; 1047555 |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7128077 | &nbsp;&nbsp;&nbsp;&nbsp; (82087)<br>|
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26810490 | &nbsp;&nbsp;&nbsp;&nbsp; (21064)<br>|
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 33607539 | &nbsp;&nbsp;&nbsp;&nbsp; (511805)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 110623500 | &nbsp;&nbsp;&nbsp;&nbsp; 177216 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 90858625 | &nbsp;&nbsp;&nbsp;&nbsp; 591342 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 15266875 | &nbsp;&nbsp;&nbsp;&nbsp; 93218 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 10667751 | &nbsp;&nbsp;&nbsp;&nbsp; 12940 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52632563 | &nbsp;&nbsp;&nbsp;&nbsp; (4308)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1311818 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (88538047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (516798)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (46655613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 268163 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (13601250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28765)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (34856250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (139119)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2583625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20146)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (33983437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (253153)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2088594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (47528516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59182)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (748757)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 563061 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 431594052 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 499778834 | BNP Paribas | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1048700 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 416000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 479498 | Citibank, NA | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3234 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 15857718 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 20954380 | TD Bank Financial Group | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 36467 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 15892631 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 13625166 | HSBC Bank, NA | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 81806 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2101081 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1802802 | Morgan Stanley | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9086 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 411841 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 308622 | Citibank, NA | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3318 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 15565106889 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16635121 | HSBC Bank, NA<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 141558 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp; 89865667 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 12687513 | HSBC Bank, NA<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 44494 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1198140 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1577301 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8683 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5307992 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6984556 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 41661 |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp; 114128173356 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6823685 | Citibank, NA<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33592 |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 2110582882 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1434570 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| RON | &nbsp;&nbsp;&nbsp;&nbsp; 15027120 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2943810 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| RON | &nbsp;&nbsp;&nbsp;&nbsp; 15027950 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2944809 | Merrill Lynch International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 671 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp; 222301608 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6857986 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 58457 |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp; 43581393 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1000770 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7912 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17697320 | BRL | &nbsp;&nbsp;&nbsp;&nbsp; 94696768 | Barclays Bank plc<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38123 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7358294 | CHF | &nbsp;&nbsp;&nbsp;&nbsp; 5799328 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 117763 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12841510 | CZK | &nbsp;&nbsp;&nbsp;&nbsp; 266660376 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38230 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10321960 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8857626 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32306 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6864568 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1060963631 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56817 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6798136 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1049747813 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 62352 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6857986 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1067580550 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7776 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6054237 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 26495997 | Standard Chartered Bank | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21612 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13705614 | TWD | &nbsp;&nbsp;&nbsp;&nbsp; 426209747 | Citibank, NA<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 143499 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 927979 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 15897420 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 432688 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 499538 | Morgan Stanley | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 2048749 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2706245 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3150320 | Morgan Stanley | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9956)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4472455 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3855275 | BNP Paribas | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1258)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 481556058 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 415433055 | HSBC Bank, NA | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (518039)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19194033 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 14610043 | HSBC Bank, NA | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (145269)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1236546 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 939052 | Morgan Stanley | 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6477)<br>|
| CHF | &nbsp;&nbsp;&nbsp;&nbsp; 5390388 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6829752 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (99787)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6021909 | CHF | &nbsp;&nbsp;&nbsp;&nbsp; 5617719 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (18308)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 11382320 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13263568 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (41048)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5867737 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6845830 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29446)<br>|
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 1186917568 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13352100 | Merrill Lynch International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (84565)<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 235895693 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1534879 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (21237)<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 2132440235 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13778210 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (95250)<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4184798341 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 27163161 | Merrill Lynch International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (311092)<br>|
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 8235935734 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5657560 | Merrill Lynch International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (39498)<br>|
| PLN | &nbsp;&nbsp;&nbsp;&nbsp; 10810607 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2974490 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (12822)<br>|
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 180497883 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5804467 | Citibank, NA\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (60973)<br>|
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 424571551 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13952401 | Standard Chartered Bank\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (442414)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 25174537 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 38514890 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (63132)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 131404136 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 183974660 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (392563)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6882695 | CNY | &nbsp;&nbsp;&nbsp;&nbsp; 48894031 | Goldman Sachs International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (44524)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6884709 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5960591 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (39541)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13733044 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 10467432 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (122751)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17382049 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 13223056 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (121382)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3440664 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2629937 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (40597)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 12825637 | HUF | &nbsp;&nbsp;&nbsp;&nbsp; 4254167648 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (100941)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6852664 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 114802680621 | Bank of America NA\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (45140)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 35670173 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 596822281307 | HSBC Bank, NA\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (189297)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6882695 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1080369721 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (49577)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13765390 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 2164423061 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (122791)<br>|

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 64741773 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 1194509600 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (390992)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4461681 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 82233399 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (22242)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2023988 | NZD | &nbsp;&nbsp;&nbsp;&nbsp; 3557996 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (20068)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1781369 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 30591611 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3686)<br>|
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 58373234 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3414510 | Standard Chartered Bank | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (8367)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7369276 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6382786 | Barclays Bank plc | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (51273)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 500704604 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 431594052 | BNP Paribas | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1061377)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3524794 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3044291 | Morgan Stanley | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (14463)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 433721 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 329147 | Citibank, NA | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1973)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 20954789 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 15857718 | TD Bank Financial Group | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (36221)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (4880337)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (2831588)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chile Peso |
| CNY | China Yuan |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

\*\* Non-deliverable forward.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| iTraxx.Europe.Crossover.44-V1 | 5.00 | Quarterly | 12/20/2030 | 2.56 | EUR 19,623,000 | &nbsp;&nbsp; (2309744)<br>| &nbsp;&nbsp; (337458)<br>| &nbsp;&nbsp; (2647202)<br>|

---

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

---

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

---

------

**JPMorgan International Bond Opportunities 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;(b) The notional amount is the maximum amount that a seller of credit protection would
 be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the
 initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads,
 interest rates and other relevant factors).

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |

---

**Centrally Cleared interest rate swap contracts outstanding as of November 30, 2025:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 6 month EURIBOR semi-annually | 2.28 annually | Pay | 12/18/2029 | EUR10,465,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 121380 | &nbsp;&nbsp; 121380 |
| 6 month EURIBOR semi-annually | 2.92 annually | Receive | 7/14/2057 | EUR8,925,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 459703 | &nbsp;&nbsp; 459703 |
| 6 month EURIBOR semi-annually | 2.96 annually | Receive | 7/16/2057 | EUR8,550,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 371440 | &nbsp;&nbsp; 371440 |
| 1 day SONIA annually | 3.76 annually | Pay | 9/15/2028 | GBP413,390,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071097 | &nbsp;&nbsp; 1071097 |
| 1 day CDI at termination | 12.73 at termination | Pay | 1/2/2029 | BRL38,828,452 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9694 | &nbsp;&nbsp; 9694 |
| 1 day CDI at termination | 13.26 at termination | Pay | 1/2/2029 | BRL54,286,772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155570 | &nbsp;&nbsp; 155570 |
| 1 day CDI at termination | 14.38 at termination | Pay | 1/2/2029 | BRL16,812,211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162876 | &nbsp;&nbsp; 162876 |
|  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2351760 | &nbsp;&nbsp; 2351760 |
| 6 month PRIBOR semi-annually | 3.66 annually | Pay | 7/22/2028 | CZK151,877,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23030)<br>| &nbsp;&nbsp; (23030)<br>|
| 6 month PRIBOR semi-annually | 3.64 annually | Pay | 7/22/2028 | CZK25,987,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4671)<br>| &nbsp;&nbsp; (4671)<br>|
| 6 month PRIBOR semi-annually | 3.64 annually | Pay | 7/22/2028 | CZK25,987,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4671)<br>| &nbsp;&nbsp; (4671)<br>|
| 6 month EURIBOR semi-annually | 2.39 annually | Pay | 12/15/2028 | EUR354,970,000 | &nbsp;&nbsp; 7617 | &nbsp;&nbsp; (103659)<br>| &nbsp;&nbsp; (96042)<br>|
| 1 day SOFR annually | 3.60 annually | Receive | 8/15/2035 | USD14,377,000 | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; (23630)<br>| &nbsp;&nbsp; (22103)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 9144 | &nbsp;&nbsp; (159661)<br>| &nbsp;&nbsp; (150517)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 9144 | &nbsp;&nbsp; 2192099 | &nbsp;&nbsp; 2201243 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| BRL | Brazilian Real |
| CDI | Certificate of interbank deposits |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | British Pound |
| PRIBOR | Prague Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| USD | United States Dollar |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at November 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; 1 Day CDI | 2.21% |
| &nbsp;&nbsp;&nbsp; 1 day SOFR | 4.12 |
| &nbsp;&nbsp;&nbsp; 1 Day SONIA | 3.97 |
| &nbsp;&nbsp;&nbsp; 6 month EURIBOR | 2.11 |
| &nbsp;&nbsp;&nbsp; 6 month PRIBOR | 3.59 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

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

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

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

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

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

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 International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1063176 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1063176 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 955848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 955848 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1691171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1691171 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 553473 | &nbsp;&nbsp;&nbsp;&nbsp; 553473 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 870685804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 870685804 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439258249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439258249 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 74917682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74917682 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $74917682 | &nbsp;&nbsp;&nbsp;&nbsp; $1313654248 | &nbsp;&nbsp;&nbsp;&nbsp; $553473 | &nbsp;&nbsp;&nbsp;&nbsp; $1389125403 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2048749 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2048749 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2199488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2199488 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2351760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2351760 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4880337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4880337)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1124622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (511805)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1636427)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (497119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (497119)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1074866 | &nbsp;&nbsp;&nbsp;&nbsp; $(1488752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(413886)<br>|

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 3.95% (a) (b)<br>| $14100041 | $542383443 | $481565802 | $— | $— | $74917682 | 74917682 | $1602694 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2025.

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

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

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

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

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

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

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

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

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

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

**(3). Swaps** — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

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

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

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

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

<u>Credit Default Swaps</u>

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

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

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

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

<u>Interest Rate Swaps</u>

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.

------

## 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 International Bond Opportunities ETF

- **b. EDGAR series identifier (if any):** S000054802

- **c. LEI of Series:** 549300PP3H1CINB2QS44

**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:** $1425314401.03

**Total Liabilities:** $12444368.09

**Net Assets:** $1412870032.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -10592.79292000 | **1-Year:** 17264.25900000 | **5-Year:** 126865.78630000 | **10-Year:** 138719.49029000 | **30-Year:** 54706.78594000

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

- **3-Month:** 770.07178000 | **1-Year:** 21581.89033000 | **5-Year:** 77408.96720000 | **10-Year:** 9768.74111000 | **30-Year:** 13337.43939000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172241 | 0.77%                | 0.63%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $874569.26               | $6012843.38                                |
| Month 2  | $1115287.86              | $-10447098.92                              |
| Month 3  | $41250.63                | $4396352.77                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp. (The)                                                           | AES Corp. (The)                                                                 | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |        42000 | PA      | $40961.94     | 0.00%             | 2030-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| ANZ New Zealand Int'l Ltd.                                                | ANZ New Zealand Int'l Ltd.                                                      | CUSIP: 00182EBM0<br>LEI: 213800VD256NU2D97H12 | Long             | DBT              | CORP              | NZ        |       490000 | PA      | $460665.13    | 0.03%             | 2030-02-13      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |       130000 | PA      | $89440.92     | 0.01%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |        99000 | PA      | $67845.25     | 0.00%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |       690000 | PA      | $711559.80    | 0.05%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RNC2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1250000 | PA      | $1245830.69   | 0.09%             | 2035-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                    | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |       897000 | PA      | $757238.87    | 0.05%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                    | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      1440000 | PA      | $1493498.19   | 0.11%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets LLC                                                    | Accelerated Assets LLC, Series 2018-1, Class C                                  | CUSIP: 00436MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        25563 | PA      | $25212.74     | 0.00%             | 2033-12-02      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                                   | Accenture Capital, Inc.                                                         | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |       170000 | PA      | $170411.33    | 0.01%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      3758000 | PA      | $3481167.87   | 0.25%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBC8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       342000 | PA      | $354569.44    | 0.03%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       635000 | PA      | $647172.36    | 0.05%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       150000 | PA      | $151790.17    | 0.01%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                        | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |       250000 | PA      | $225000.00    | 0.02%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                                       | Alfa Desarrollo SpA                                                             | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |       334723 | PA      | $272882.56    | 0.02%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Allianz SE                                                                | Allianz SE                                                                      | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |       400000 | PA      | $409830.80    | 0.03%             | 2054-09-03      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Altice France Lux 3/Altice Holdings 1                                     | Altice France Lux 3                                                             | CUSIP: 020956AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       350449 | PA      | $333841.05    | 0.02%             | 2033-01-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2007-2CB, Class 1A6                              | CUSIP: 02149HAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       105623 | PA      | $53625.86     | 0.00%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                      | American Express Co.                                                            | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |       104000 | PA      | $102153.77    | 0.01%             | 2026-09-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                      | American Express Co.                                                            | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |       250000 | PA      | $265414.11    | 0.02%             | 2036-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                                             | Cencora, Inc.                                                                   | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      3185000 | PA      | $2946861.44   | 0.21%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                               | Amgen, Inc.                                                                     | CUSIP: 031162DK3<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |       250000 | PA      | $224763.43    | 0.02%             | 2053-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Anglo American Capital plc                                                | Anglo American Capital plc                                                      | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      6145000 | PA      | $6381643.95   | 0.45%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                                                | Anglo American Capital plc                                                      | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      1500000 | PA      | $1580992.50   | 0.11%             | 2034-04-05      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                                           | Ardagh Group SA                                                                 | CUSIP: 039959AA9<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |       507000 | PA      | $546479.08    | 0.04%             | 2030-12-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                              | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      5663970 | PA      | $4027790.67   | 0.29%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization LLC                       | Credit-Based Asset Servicing and Securitization LLC, Series 2004-CB5, Class M1  | CUSIP: 04542BHY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        57667 | PA      | $61860.89     | 0.00%             | 2034-01-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                                           | AstraZeneca plc                                                                 | CUSIP: 046353AG3<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |      3990000 | PA      | $3491576.58   | 0.25%             | 2042-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Astrazeneca Finance LLC                                                   | Astrazeneca Finance LLC                                                         | CUSIP: 04636NAN3<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |      1235000 | PA      | $1287444.93   | 0.09%             | 2034-02-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       315000 | PA      | $315226.80    | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       285000 | PA      | $296970.00    | 0.02%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3030000 | PA      | $3135747.00   | 0.22%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       567000 | PA      | $588829.50    | 0.04%             | 2029-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      1840000 | PA      | $1870856.80   | 0.13%             | 2030-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      7654000 | PA      | $7856831.00   | 0.56%             | 2030-05-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       995000 | PA      | $985622.13    | 0.07%             | 2032-10-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                                         | BAT Capital Corp.                                                               | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      2505000 | PA      | $2836585.35   | 0.20%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico       | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |      1290000 | PA      | $1260523.50   | 0.09%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1063314.00   | 0.08%             | 2028-08-14      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      1020000 | PA      | $1075177.92   | 0.08%             | 2029-08-16      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      1077000 | PA      | $1162478.17   | 0.08%             | 2036-01-14      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |       250000 | PA      | $225022.96    | 0.02%             | 2032-10-19      | Variable      | 3.12%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05583JAJ1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      3716000 | PA      | $3304678.23   | 0.23%             | 2032-01-20      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      2038000 | PA      | $2041867.04   | 0.14%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2024-MF, Class B                           | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       283345 | PA      | $283345.36    | 0.02%             | 2039-02-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                                               | Commonwealth of the Bahamas                                                     | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |       589000 | PA      | $638181.50    | 0.05%             | 2036-06-24      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                        | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      1200000 | PA      | $1334998.80   | 0.09%             | 2029-03-19      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |       800000 | PA      | $784679.82    | 0.06%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |       600000 | PA      | $667749.60    | 0.05%             | 2028-11-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |       400000 | PA      | $482872.80    | 0.03%             | 2033-05-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple          | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      2011720 | PA      | $2106110.43   | 0.15%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp., Series N                                                 | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       560000 | PA      | $516178.14    | 0.04%             | 2032-03-11      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       249000 | PA      | $229244.45    | 0.02%             | 2032-04-22      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       470000 | PA      | $421608.31    | 0.03%             | 2032-07-21      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       175000 | PA      | $171896.63    | 0.01%             | 2028-02-04      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       812000 | PA      | $767792.82    | 0.05%             | 2037-03-08      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       210000 | PA      | $210205.32    | 0.01%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       500000 | PA      | $512769.11    | 0.04%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1080000 | PA      | $1128974.54   | 0.08%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       312000 | PA      | $328143.51    | 0.02%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       795000 | PA      | $819360.14    | 0.06%             | 2035-08-15      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       196000 | PA      | $206864.52    | 0.01%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       317000 | PA      | $328742.95    | 0.02%             | 2030-05-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       970000 | PA      | $980851.39    | 0.07%             | 2030-07-26      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                 | Bank of Nova Scotia (The)                                                       | CUSIP: 06417XAE1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |      1420000 | PA      | $1271027.63   | 0.09%             | 2032-02-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                 | Bank of Nova Scotia (The)                                                       | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |       570000 | PA      | $556515.55    | 0.04%             | 2037-05-04      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2018-BN13, Class C                                                 | CUSIP: 06539LBG4<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |       118000 | PA      | $103053.57    | 0.01%             | 2061-08-15      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                    | CUSIP: 06738ECK9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      2770000 | PA      | $2932149.51   | 0.21%             | 2029-09-13      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2019-B11, Class C                              | CUSIP: 08162BBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       315000 | PA      | $249145.50    | 0.02%             | 2052-05-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                                        | Berry Global, Inc.                                                              | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |       760000 | PA      | $804727.11    | 0.06%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Bimbo Bakeries USA, Inc.                                                  | Bimbo Bakeries USA, Inc.                                                        | CUSIP: 09031WAE3<br>LEI: 549300HOXXHHT7926W92 | Long             | DBT              | CORP              | US        |       400000 | PA      | $408284.00    | 0.03%             | 2036-01-09      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       377000 | PA      | $271915.36    | 0.02%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087L51<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     16062000 | PA      | $11437817.50  | 0.81%             | 2026-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                          | BP Capital Markets America, Inc.                                                | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |       881000 | PA      | $805257.85    | 0.06%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                          | BP Capital Markets America, Inc.                                                | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      2400000 | PA      | $2442157.03   | 0.17%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      4297000 | PA      | $4509484.42   | 0.32%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |       230000 | PA      | $232372.61    | 0.02%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                  | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      1838000 | PA      | $1609791.38   | 0.11%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                  | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       180000 | PA      | $182129.49    | 0.01%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       140000 | PA      | $139802.54    | 0.01%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       660000 | PA      | $608012.79    | 0.04%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCUBS Commercial Mortgage Trust                                           | CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C                        | CUSIP: 12508GAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        28000 | PA      | $25867.28     | 0.00%             | 2050-11-15      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2016-CD2, Class C                                     | CUSIP: 12515ABJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        21000 | PA      | $12449.65     | 0.00%             | 2049-11-10      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                                       | CF Industries, Inc.                                                             | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |       224000 | PA      | $203175.67    | 0.01%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                           | CHL Mortgage Pass-Through Trust, Series 2007-16, Class A1                       | CUSIP: 12544MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        39944 | PA      | $16465.76     | 0.00%             | 2037-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2005-6CB, Class 1A6                              | CUSIP: 12667F5H4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        41358 | PA      | $35485.83     | 0.00%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2004-25CB, Class A1                              | CUSIP: 12667FWJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        58719 | PA      | $51457.88     | 0.00%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                                      | Coterra Energy, Inc.                                                            | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |      2228000 | PA      | $2272798.24   | 0.16%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: 12803RAC8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      2175000 | PA      | $2443602.69   | 0.17%             | 2034-09-13      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                              | Canadian Pacific Railway Co.                                                    | CUSIP: 13648TAG2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |        90000 | PA      | $65949.53     | 0.00%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                                           | Cemex SAB de CV                                                                 | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      1148000 | PA      | $1143522.80   | 0.08%             | 2026-06-08      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       308000 | PA      | $198207.14    | 0.01%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       282000 | PA      | $185131.56    | 0.01%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       165000 | PA      | $133726.50    | 0.01%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1755000 | PA      | $1758989.69   | 0.12%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Chase Funding Trust                                                       | Chase Funding Trust, Series 2003-6, Class 1A7                                   | CUSIP: 161546HC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        42182 | PA      | $42001.34     | 0.00%             | 2034-11-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                              | Chase Mortgage Finance Trust, Series 2007-A1, Class 1A5                         | CUSIP: 161630AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         3962 | PA      | $3970.88      | 0.00%             | 2037-02-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |       540000 | PA      | $573867.23    | 0.04%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      1715000 | PA      | $1795825.17   | 0.13%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      2120000 | PA      | $2181072.56   | 0.15%             | 2035-10-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                             | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       382000 | PA      | $396724.08    | 0.03%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series W                                                       | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       160000 | PA      | $159820.00    | 0.01%             | 2025-12-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series X                                                       | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       686000 | PA      | $683280.01    | 0.05%             | 2026-02-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       320000 | PA      | $291172.20    | 0.02%             | 2032-05-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       140000 | PA      | $125688.35    | 0.01%             | 2032-11-03      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       250000 | PA      | $273914.78    | 0.02%             | 2033-11-17      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       410000 | PA      | $428774.99    | 0.03%             | 2035-02-13      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series CC                                                      | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       670000 | PA      | $686729.23    | 0.05%             | 2029-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series EE                                                      | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       290000 | PA      | $292225.60    | 0.02%             | 2030-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       718000 | PA      | $723035.42    | 0.05%             | 2031-09-11      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       240000 | PA      | $244922.38    | 0.02%             | 2036-09-11      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       755000 | PA      | $761889.44    | 0.05%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series FF                                                      | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       413000 | PA      | $422759.19    | 0.03%             | 2030-02-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2865000 | PA      | $2956527.93   | 0.21%             | 2036-03-27      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series GG                                                      | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       490000 | PA      | $501532.64    | 0.04%             | 2030-08-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $9085.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $3318.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $50455.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $31351.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $3234.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-68063.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-334938.67   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-175026.06   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-77204.53    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-4056.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-8074.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $1642.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-21237.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-8366.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $671.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $62351.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-9956.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-81332.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-57.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $33592.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-20068.35    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-41048.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-39796.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-23279.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $32305.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $7911.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-12821.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $44494.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $346.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $117763.30    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $38230.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $21611.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-311092.29   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $41660.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-100940.54   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-99787.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-29445.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-392563.24   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-390991.64   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-37739.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-39498.35    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-442413.29   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-189296.69   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-60973.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $38122.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $95118.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-84564.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $8682.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-1257.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-2420.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $81312.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $56816.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $62185.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $7775.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $58457.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-45140.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-44524.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-85012.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-49577.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-122791.12   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-39541.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-71772.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-39697.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-40597.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $46440.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $3499.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-51272.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-18307.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-13917.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-14462.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-1973.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-22241.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $5142.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-3685.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                            | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |       805000 | PA      | $846860.00    | 0.06%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                            | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      1235000 | PA      | $1380730.00   | 0.10%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                      | Columbia Pipelines Operating Co. LLC                                            | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       800000 | PA      | $849323.74    | 0.06%             | 2030-08-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                      | Columbia Pipelines Operating Co. LLC                                            | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       200000 | PA      | $214770.91    | 0.02%             | 2033-11-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                   | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |       130000 | PA      | $77652.32     | 0.01%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |       290000 | PA      | $168318.29    | 0.01%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                   | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      1365000 | PA      | $1258313.21   | 0.09%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                            | Commonwealth Bank of Australia                                                  | CUSIP: 202712BN4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |      1250000 | PA      | $1138939.63   | 0.08%             | 2031-03-11      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1                 | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       214939 | PA      | $219214.87    | 0.02%             | 2043-01-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                | Corebridge Financial, Inc.                                                      | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |       179000 | PA      | $180510.40    | 0.01%             | 2054-09-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                          | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      1091000 | PA      | $1210191.75   | 0.09%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      1988000 | PA      | $2063961.48   | 0.15%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $995077.26    | 0.07%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: 22535WAJ6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      1545000 | PA      | $1628736.59   | 0.12%             | 2029-10-03      | Variable      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1898000 | PA      | $1900848.99   | 0.13%             | 2028-01-09      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       974000 | PA      | $967140.50    | 0.07%             | 2031-04-01      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 225401AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       561000 | PA      | $522955.21    | 0.04%             | 2032-05-14      | Variable      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle, Inc.                                                        | Crown Castle, Inc.                                                              | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |       190000 | PA      | $192503.18    | 0.01%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |       450000 | PA      | $419933.30    | 0.03%             | 2033-01-07      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                  | Diamondback Energy, Inc.                                                        | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |       277000 | PA      | $258916.23    | 0.02%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                  | Diamondback Energy, Inc.                                                        | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |       580000 | PA      | $559188.66    | 0.04%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Digicel International Finance Ltd.                                        | Digicel International Finance Ltd.                                              | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       605000 | PA      | $617659.63    | 0.04%             | 2032-08-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series A                                                 | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       100000 | PA      | $104280.18    | 0.01%             | 2055-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series B                                                 | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |        60000 | PA      | $65301.96     | 0.00%             | 2054-06-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc.                                                           | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       630000 | PA      | $651996.45    | 0.05%             | 2055-05-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc.                                                           | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       804000 | PA      | $813471.63    | 0.06%             | 2056-02-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Dryden 68 CLO Ltd.                                                        | Dryden CLO Ltd., Series 2019-68A, Class ARR                                     | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |       330000 | PA      | $329903.97    | 0.02%             | 2035-07-15      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                                    | Duke Energy Ohio, Inc.                                                          | CUSIP: 26442EAJ9<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |        45000 | PA      | $47024.35     | 0.00%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                                    | Duke Energy Ohio, Inc.                                                          | CUSIP: 26442EAK6<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |        15000 | PA      | $15121.95     | 0.00%             | 2053-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                  | Duke Energy Progress LLC                                                        | CUSIP: 26442UAV6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |        15000 | PA      | $15051.78     | 0.00%             | 2055-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                                                   | Duke Energy Indiana LLC                                                         | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |        35000 | PA      | $34049.88     | 0.00%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                                             | Duquesne Light Holdings, Inc.                                                   | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |       140000 | PA      | $125043.21    | 0.01%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                                   | Eni SpA                                                                         | CUSIP: 26874RAJ7<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |       250000 | PA      | $250712.89    | 0.02%             | 2029-05-09      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                                   | Eni SpA                                                                         | CUSIP: 26874RAP3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |       860000 | PA      | $864354.65    | 0.06%             | 2054-05-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                                   | Eni SpA                                                                         | CUSIP: 26874RAQ1<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |      4190000 | PA      | $4407446.00   | 0.31%             | 2035-05-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Eagle Funding Luxco Sarl                                                  | Eagle Funding Luxco SARL                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |      2888000 | PA      | $2929558.32   | 0.21%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Edison International                                                      | Edison International                                                            | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |       344000 | PA      | $355224.38    | 0.03%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | NUSS              | FR        |      4250000 | PA      | $4640883.55   | 0.33%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Emera US Finance LP                                                       | Emera US Finance LP                                                             | CUSIP: 29103DAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6772000 | PA      | $6091712.44   | 0.43%             | 2031-06-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc., Series NC5                                                      | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      1253000 | PA      | $1338789.15   | 0.09%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc.                                                                  | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      2023000 | PA      | $2320929.23   | 0.16%             | 2084-01-15      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc.                                                                  | CUSIP: 29250NCK9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      4750000 | PA      | $4939483.77   | 0.35%             | 2035-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |       490000 | PA      | $522477.20    | 0.04%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      1540000 | PA      | $1518221.47   | 0.11%             | 2056-02-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |       200000 | PA      | $197238.55    | 0.01%             | 2028-04-06      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      1010000 | PA      | $994453.55    | 0.07%             | 2026-07-12      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |       425000 | PA      | $403653.34    | 0.03%             | 2028-07-12      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      3036000 | PA      | $2738623.44   | 0.19%             | 2031-07-12      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAX6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      6000000 | PA      | $6129701.10   | 0.43%             | 2032-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                                             | Entergy Corp.                                                                   | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |      1344000 | PA      | $1413491.52   | 0.10%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                             | Entergy Corp.                                                                   | CUSIP: 29364GAR4<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |       267000 | PA      | $266664.31    | 0.02%             | 2056-06-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                                       | Entergy Texas, Inc.                                                             | CUSIP: 29365TAK0<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |       115000 | PA      | $101481.56    | 0.01%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                                   | Entergy Mississippi LLC                                                         | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |        49000 | PA      | $50407.56     | 0.00%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| EUSHI Finance, Inc.                                                       | EUSHI Finance, Inc.                                                             | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1046000 | PA      | $1047127.59   | 0.07%             | 2056-04-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                       | Constellation Energy Generation LLC                                             | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |        78000 | PA      | $79017.23     | 0.01%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2024-3A, Class D                    | CUSIP: 30165AAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       300000 | PA      | $304890.90    | 0.02%             | 2030-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| FREMF                                                                     | FREMF, Series 2018-KF46, Class B                                                | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        17009 | PA      | $16440.41     | 0.00%             | 2028-03-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       148000 | PA      | $124658.48    | 0.01%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       495000 | PA      | $480096.44    | 0.03%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       865000 | PA      | $865282.19    | 0.06%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       536000 | PA      | $544012.53    | 0.04%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       934000 | PA      | $944122.85    | 0.07%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF38, Class B                                 | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        18958 | PA      | $18918.14     | 0.00%             | 2024-09-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-93, Class SE                                           | CUSIP: 3136A8EX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        56021 | PA      | $6680.06      | 0.00%             | 2042-09-25      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-124, Class UI                                          | CUSIP: 3136A9X60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        58534 | PA      | $10313.54     | 0.00%             | 2042-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-146, Class AI                                          | CUSIP: 3136ABFU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       113160 | PA      | $1869.47      | 0.00%             | 2028-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2015-40, Class LS                                           | CUSIP: 3136AN4Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       148751 | PA      | $17578.60     | 0.00%             | 2045-06-25      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2016-68, Class BI                                           | CUSIP: 3136ATQ80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       217347 | PA      | $10810.69     | 0.00%             | 2031-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2017-39, Class ST                                           | CUSIP: 3136AWHF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       144932 | PA      | $18056.95     | 0.00%             | 2047-05-25      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2017-31, Class SG                                           | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       515228 | PA      | $63703.72     | 0.00%             | 2047-05-25      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, STRIPS, Series 409, Class 27                                              | CUSIP: 3136FLBC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4404 | PA      | $33.77        | 0.00%             | 2027-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4305, Class SK                                             | CUSIP: 3137B8A72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       291876 | PA      | $45239.64     | 0.00%             | 2044-02-15      | Floating      | 2.34%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4689, Class SD                                             | CUSIP: 3137F1DW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       197684 | PA      | $24972.46     | 0.00%             | 2047-06-15      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X1 | CUSIP: 3137F64R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1958665 | PA      | $28069.62     | 0.00%             | 2027-09-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3 | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       400000 | PA      | $16978.56     | 0.00%             | 2045-12-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X3 | CUSIP: 3137FGR64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1820000 | PA      | $91004.19     | 0.01%             | 2046-06-25      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4839, Class WS                                             | CUSIP: 3137FJK99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1475806 | PA      | $221042.30    | 0.02%             | 2056-08-15      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3 | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       880000 | PA      | $59915.68     | 0.00%             | 2047-02-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K089, Class X3 | CUSIP: 3137FL6S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       850000 | PA      | $57414.19     | 0.00%             | 2046-01-25      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5023, Class MI                                             | CUSIP: 3137FWV80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       547898 | PA      | $90896.79     | 0.01%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5022                                                       | CUSIP: 3137FXDW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       309359 | PA      | $52185.43     | 0.00%             | 2050-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fells Point Funding Trust                                                 | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       274000 | PA      | $270238.68    | 0.02%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $270937.82    | 0.02%             | 2027-12-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                      | United Kingdom of Great Britain and Northern Ireland                            | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |     14321938 | PA      | $18499367.55  | 1.31%             | 2036-03-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                                              | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAD1<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |       705000 | PA      | $680896.56    | 0.05%             | 2028-09-15      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                | Flagship Credit Auto Trust, Series 2023-1, Class B                              | CUSIP: 337955AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        54959 | PA      | $54937.66     | 0.00%             | 2028-01-18      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                       | CUSIP: 345397B93<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      2215000 | PA      | $2071655.85   | 0.15%             | 2029-02-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                     | Foundry JV Holdco LLC                                                           | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |       625000 | PA      | $669197.89    | 0.05%             | 2035-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                     | Foundry JV Holdco LLC                                                           | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |       260000 | PA      | $270378.09    | 0.02%             | 2031-01-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       119000 | PA      | $118644.40    | 0.01%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCF0<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       159000 | PA      | $158252.01    | 0.01%             | 2030-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       203000 | PA      | $204095.36    | 0.01%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2015-GC30, Class C                         | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |        36000 | PA      | $30690.00     | 0.00%             | 2050-05-10      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                              | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |       465000 | PA      | $417483.07    | 0.03%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                              | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |       334000 | PA      | $348574.53    | 0.02%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                              | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      1165000 | PA      | $1219152.67   | 0.09%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       450000 | PA      | $415349.24    | 0.03%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       398000 | PA      | $359317.11    | 0.03%             | 2031-09-23      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       450000 | PA      | $462252.93    | 0.03%             | 2028-05-08      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BP2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |        29000 | PA      | $31344.13     | 0.00%             | 2030-10-06      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      2433000 | PA      | $2552712.09   | 0.18%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      2070000 | PA      | $2176310.63   | 0.15%             | 2035-04-01      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                                                     | Global Payments, Inc.                                                           | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |       935000 | PA      | $934233.70    | 0.07%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series X                                       | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       815000 | PA      | $860231.69    | 0.06%             | 2029-05-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       380000 | PA      | $394360.98    | 0.03%             | 2035-07-23      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       690000 | PA      | $701315.45    | 0.05%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       205000 | PA      | $212633.79    | 0.02%             | 2030-02-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       320000 | PA      | $331539.89    | 0.02%             | 2031-01-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       390000 | PA      | $404051.82    | 0.03%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       168000 | PA      | $168625.67    | 0.01%             | 2036-10-21      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       290000 | PA      | $265232.09    | 0.02%             | 2032-04-22      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       190000 | PA      | $170851.37    | 0.01%             | 2032-07-21      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       355000 | PA      | $348023.01    | 0.02%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       300000 | PA      | $271862.16    | 0.02%             | 2032-10-21      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series T                                       | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       465000 | PA      | $461101.21    | 0.03%             | 2026-05-10      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2015-H13, Class GI                                                 | CUSIP: 38376RCK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        20260 | PA      | $621.00       | 0.00%             | 2065-04-20      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| United Arab Emirates Government Bond                                      | United Arab Emirates Government Bond                                            | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |      2445000 | PA      | $1709984.10   | 0.12%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                                          | Greenko Dutch BV                                                                | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |       173000 | PA      | $171053.75    | 0.01%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                                     | Greenko Power II Ltd.                                                           | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |      1447462 | PA      | $1376898.70   | 0.10%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                                | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |      1014143 | PA      | $983951.77    | 0.07%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                           | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      2155000 | PA      | $2237256.35   | 0.16%             | 2031-08-06      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |        91000 | PA      | $87642.59     | 0.01%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       500000 | PA      | $460805.33    | 0.03%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       150000 | PA      | $104328.96    | 0.01%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       370000 | PA      | $331849.84    | 0.02%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       614000 | PA      | $513127.43    | 0.04%             | 2052-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       170000 | PA      | $174326.03    | 0.01%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       790000 | PA      | $834201.59    | 0.06%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119DE6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       630000 | PA      | $629778.71    | 0.04%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119DF3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       387000 | PA      | $385527.57    | 0.03%             | 2035-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       924000 | PA      | $930191.39    | 0.07%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       374000 | PA      | $370198.73    | 0.03%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      3260000 | PA      | $3139079.66   | 0.22%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       695000 | PA      | $659289.93    | 0.05%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CY3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      2440000 | PA      | $2222173.17   | 0.16%             | 2032-11-22      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       380000 | PA      | $386113.64    | 0.03%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Healthpeak OP LLC                                                         | Healthpeak OP LLC                                                               | CUSIP: 42250PAE3<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |       367000 | PA      | $378958.03    | 0.03%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                         | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      1269000 | PA      | $1366713.00   | 0.10%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                         | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      2826000 | PA      | $2826706.50   | 0.20%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891ABD8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       555000 | PA      | $551560.12    | 0.04%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       190000 | PA      | $196162.36    | 0.01%             | 2031-01-08      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                                              | ING Groep NV                                                                    | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |       495000 | PA      | $496262.75    | 0.04%             | 2026-11-16      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |       680000 | PA      | $579970.93    | 0.04%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBZ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      1220000 | PA      | $1350021.74   | 0.10%             | 2033-06-20      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Italy                                                         | Italian Republic Government Bond                                                | CUSIP: 465410BY3<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      1135000 | PA      | $1091586.25   | 0.08%             | 2029-10-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                                  | JBS USA Holding Lux SARL                                                        | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       120000 | PA      | $94578.70     | 0.01%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C            | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        62000 | PA      | $49290.00     | 0.00%             | 2048-07-15      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C            | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        23000 | PA      | $17946.67     | 0.00%             | 2048-08-15      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class C   | CUSIP: 46645UAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        28000 | PA      | $23823.18     | 0.00%             | 2049-12-15      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| JBS USA LUX SARL                                                          | JBS USA LUX SARL                                                                | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2565000 | PA      | $2711307.60   | 0.19%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                                  | JBS USA Holding Lux SARL                                                        | CUSIP: 472140AE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1420000 | PA      | $1453515.69   | 0.10%             | 2036-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                                  | JBS USA Holding Lux SARL                                                        | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      1043000 | PA      | $1157625.70   | 0.08%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                                  | JBS USA Holding Lux SARL                                                        | CUSIP: 47214BAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       290000 | PA      | $330138.32    | 0.02%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JetBlue Pass-Through Trust                                                | JetBlue Pass-Through Trust, Series 2019-1, Class A                              | CUSIP: 477143AJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        35978 | PA      | $33440.22     | 0.00%             | 2028-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund                                | JPMorgan U.S. Government Money Market Fund, Class IM                            | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |     74917682 | NS      | $74917682.41  | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                    | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |       200000 | PA      | $206572.58    | 0.01%             | 2029-01-19      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                               | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      1503000 | PA      | $1521036.00   | 0.11%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                               | CUSIP: 491798AQ7<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |       599000 | PA      | $579346.81    | 0.04%             | 2038-10-09      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp                                                                   | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |       645000 | PA      | $703781.27    | 0.05%             | 2035-03-06      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                       | Kinder Morgan, Inc.                                                             | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |       230000 | PA      | $237472.10    | 0.02%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                                  | Lloyds Banking Group plc                                                        | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $199979.30    | 0.01%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                                  | Lloyds Banking Group plc                                                        | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |       410000 | PA      | $414941.67    | 0.03%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     10465000 | PA      | $121380.37    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                                            | M&T Bank Corp.                                                                  | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |       425000 | PA      | $452212.35    | 0.03%             | 2032-03-13      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                                            | M&T Bank Corp.                                                                  | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |       523000 | PA      | $533358.63    | 0.04%             | 2036-01-16      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| MV24 Capital BV                                                           | MV24 Capital BV                                                                 | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |       735982 | PA      | $723101.92    | 0.05%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     16812211 | PA      | $162876.21    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                | Mars, Inc.                                                                      | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |       620000 | PA      | $641462.68    | 0.05%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Marriott International, Inc.                                              | Marriott International, Inc.                                                    | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |       220000 | PA      | $227750.20    | 0.02%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |      8925000 | PA      | $459702.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |      8550000 | PA      | $371439.91    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    151877000 | PA      | $-23029.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     25987000 | PA      | $-4670.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     25987000 | PA      | $-4670.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                                  | Marvell Technology, Inc.                                                        | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       320000 | PA      | $296963.04    | 0.02%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                                  | Marvell Technology, Inc.                                                        | CUSIP: 573874AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       348000 | PA      | $359629.64    | 0.03%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     19623000 | PA      | $-337458.29   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    413390000 | PA      | $1071097.42   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     54286772 | PA      | $155570.34    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                    | Merrill Lynch Mortgage Investors Trust, Series 2004-C, Class A1                 | CUSIP: 59020UDN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         4794 | PA      | $4759.06      | 0.00%             | 2029-07-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                        | Metropolitan Life Global Funding I                                              | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |       185000 | PA      | $180619.26    | 0.01%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    354970000 | PA      | $-103659.32   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     38828452 | PA      | $9693.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     14377000 | PA      | $-23630.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087P81<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     18245000 | PA      | $13089085.33  | 0.93%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                      | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |       707000 | PA      | $693327.94    | 0.05%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2005-HQ7, Class E                        | CUSIP: 617451BW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           90 | PA      | $89.51        | 0.00%             | 2042-11-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       140000 | PA      | $123255.04    | 0.01%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2388000 | PA      | $2150362.38   | 0.15%             | 2032-10-20      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       315000 | PA      | $315482.04    | 0.02%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       455000 | PA      | $464711.05    | 0.03%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1531000 | PA      | $1618091.10   | 0.11%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       575000 | PA      | $588686.90    | 0.04%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       870000 | PA      | $899123.40    | 0.06%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       180000 | PA      | $188683.91    | 0.01%             | 2034-07-21      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       460000 | PA      | $477729.14    | 0.03%             | 2035-07-19      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       760000 | PA      | $771215.21    | 0.05%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       497000 | PA      | $514395.03    | 0.04%             | 2031-04-17      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       600000 | PA      | $620593.37    | 0.04%             | 2031-01-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley, Series I                                                        | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       395000 | PA      | $396279.92    | 0.03%             | 2036-10-22      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2015-MS1, Class B                        | CUSIP: 61765DAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        27405 | PA      | $26377.05     | 0.00%             | 2048-05-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C    | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        15756 | PA      | $15622.13     | 0.00%             | 2048-05-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       690000 | PA      | $682462.69    | 0.05%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       634000 | PA      | $634805.81    | 0.04%             | 2035-10-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      1885000 | PA      | $1932104.36   | 0.14%             | 2028-09-30      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $223850.20    | 0.02%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      6435000 | PA      | $6624102.58   | 0.47%             | 2031-05-23      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                             | Netflix, Inc.                                                                   | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |       357000 | PA      | $374157.40    | 0.03%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       240000 | PA      | $249406.32    | 0.02%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       220000 | PA      | $236083.98    | 0.02%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       115000 | PA      | $119361.61    | 0.01%             | 2055-08-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |        85000 | PA      | $89936.89     | 0.01%             | 2055-08-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                                     | CUSIP: 65412AFG2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      3400000 | PA      | $3605700.00   | 0.26%             | 2046-01-13      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| NiSource, Inc.                                                            | NiSource, Inc.                                                                  | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |       862000 | PA      | $898060.05    | 0.06%             | 2054-11-30      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                                     | Nissan Motor Co. Ltd.                                                           | CUSIP: 654744AJ0<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       505000 | PA      | $599044.00    | 0.04%             | 2029-07-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                          | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |       560000 | PA      | $583625.00    | 0.04%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                    | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |       356000 | PA      | $304093.54    | 0.02%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                    | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |       753000 | PA      | $699605.63    | 0.05%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                                | PG&E Corp.                                                                      | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |       747000 | PA      | $772288.94    | 0.05%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The), Series W                              | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       573000 | PA      | $588753.49    | 0.04%             | 2030-03-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       110000 | PA      | $116496.62    | 0.01%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       260000 | PA      | $265281.67    | 0.02%             | 2032-10-21      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       165000 | PA      | $170928.40    | 0.01%             | 2036-07-21      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                                 | PPL Capital Funding, Inc.                                                       | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |        45000 | PA      | $46358.40     | 0.00%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                            | CUSIP: 69370PAD3<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |       400000 | PA      | $389000.00    | 0.03%             | 2029-07-30      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308HS9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       366000 | PA      | $361553.14    | 0.03%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       460000 | PA      | $490461.01    | 0.03%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       360000 | PA      | $390682.94    | 0.03%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308KX4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      1118000 | PA      | $1181142.84   | 0.08%             | 2035-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                            | CUSIP: 699149AJ9<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      1360000 | PA      | $1370880.00   | 0.10%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Notas do Tesouro Nacional                                                       | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |     33000000 | PA      | $5769053.40   | 0.41%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |       179000 | PA      | $168886.50    | 0.01%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      3225000 | PA      | $2875732.50   | 0.20%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      1895000 | PA      | $1826893.70   | 0.13%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      1273745 | PA      | $1362907.15   | 0.10%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      1050000 | PA      | $1211805.00   | 0.09%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd.                                                     | Petronas Capital Ltd.                                                           | CUSIP: 71675CAE8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      1846000 | PA      | $1284742.16   | 0.09%             | 2061-04-28      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                                            | Piedmont Natural Gas Co., Inc.                                                  | CUSIP: 720186AM7<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |        66000 | PA      | $46389.36     | 0.00%             | 2050-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      2920000 | PA      | $2844810.00   | 0.20%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                | Prudential Financial, Inc.                                                      | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |       295000 | PA      | $310785.45    | 0.02%             | 2054-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium PT                                             | Indonesia Asahan Aluminium PT                                                   | CUSIP: 74445PAF9<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | CORP              | ID        |      1740000 | PA      | $1793831.25   | 0.13%             | 2030-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                                  | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |       890000 | PA      | $884709.89    | 0.06%             | 2028-04-06      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Finance SA                                                 | Telecom Italia Finance SA                                                       | CUSIP: N/A<br>LEI: 549300O482B6CBF38D50       | Long             | DBT              | CORP              | LU        |       325000 | PA      | $470600.82    | 0.03%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                                        | Regency Centers LP                                                              | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |        95000 | PA      | $91043.44     | 0.01%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                         | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      1328000 | PA      | $1456444.16   | 0.10%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                  | Roper Technologies, Inc.                                                        | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |       160000 | PA      | $153061.87    | 0.01%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |       350000 | PA      | $350174.30    | 0.02%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                        | Saavi Energia SARL                                                              | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |      1185000 | PA      | $1268696.55   | 0.09%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Iceland Bondco plc                                                        | Iceland Bondco plc                                                              | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |       120000 | PA      | $168130.06    | 0.01%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |       900000 | PA      | $887378.34    | 0.06%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |      6875000 | PA      | $7191862.43   | 0.51%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                             | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                        | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       378000 | PA      | $377056.21    | 0.03%             | 2039-05-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                                    | Sempra                                                                          | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |       252000 | PA      | $256710.34    | 0.02%             | 2056-04-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      3277000 | PA      | $3476059.07   | 0.25%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |       525000 | PA      | $500062.13    | 0.04%             | 2030-11-18      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |       400000 | PA      | $397069.16    | 0.03%             | 2026-05-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      1050000 | PA      | $1099795.20   | 0.08%             | 2029-11-21      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |       440000 | PA      | $485141.36    | 0.03%             | 2028-11-14      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                        | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |       841000 | PA      | $712112.55    | 0.05%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                        | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      3600000 | PA      | $3627252.00   | 0.26%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                             | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       855000 | PA      | $866959.19    | 0.06%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                                    | Standard Chartered plc                                                          | CUSIP: 853254BS8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      2850000 | PA      | $2880153.00   | 0.20%             | 2031-04-01      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                                    | Standard Chartered plc                                                          | CUSIP: 853254CN8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      2170000 | PA      | $2315478.75   | 0.16%             | 2028-11-16      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                        | State Street Corp., Series I                                                    | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |        42000 | PA      | $43589.57     | 0.00%             | 2029-03-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                        | State Street Corp., Series J                                                    | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |       270000 | PA      | $281228.49    | 0.02%             | 2029-09-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                               | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |       700000 | PA      | $718813.24    | 0.05%             | 2030-03-18      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                               | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |       410000 | PA      | $426687.86    | 0.03%             | 2035-03-18      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                            | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A         | CUSIP: 86359BWG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         7055 | PA      | $6863.81      | 0.00%             | 2034-07-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                          | CUSIP: 86886PAE2<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |       444000 | PA      | $456099.00    | 0.03%             | 2030-11-06      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                          | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |      1219000 | PA      | $1312326.64   | 0.09%             | 2035-11-06      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Swiss Re Finance Luxembourg SA                                            | Swiss Re Finance Luxembourg SA                                                  | CUSIP: 87089NAA8<br>LEI: 549300CLQZ6TM98LW631 | Long             | DBT              | CORP              | LU        |       200000 | PA      | $201649.52    | 0.01%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                                            | Synopsys, Inc.                                                                  | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |       220000 | PA      | $220535.16    | 0.02%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                        | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |        34000 | PA      | $32437.82     | 0.00%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                          | TSMC Global Ltd.                                                                | CUSIP: 872882AH8<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |       700000 | PA      | $692216.00    | 0.05%             | 2026-04-23      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                          | TSMC Global Ltd.                                                                | CUSIP: 872882AK1<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |       700000 | PA      | $637770.00    | 0.05%             | 2031-04-23      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| TSMC Arizona Corp.                                                        | TSMC Arizona Corp.                                                              | CUSIP: 872898AH4<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |       380000 | PA      | $382804.40    | 0.03%             | 2032-04-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |       210000 | PA      | $208896.99    | 0.01%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AM1<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |        43000 | PA      | $44563.43     | 0.00%             | 2029-06-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AN9<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |       172000 | PA      | $180567.07    | 0.01%             | 2034-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |      1110000 | PA      | $1137089.71   | 0.08%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060BK1<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |      2842000 | PA      | $2951424.79   | 0.21%             | 2034-07-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SA                                                   | Telefonica Emisiones SA                                                         | CUSIP: 87938WAV5<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |       150000 | PA      | $138211.15    | 0.01%             | 2038-03-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                                    | TotalEnergies Capital International SA                                          | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      1240000 | PA      | $849363.09    | 0.06%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital SA                                                  | TotalEnergies Capital SA                                                        | CUSIP: 89157XAE1<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |      4208000 | PA      | $4046729.03   | 0.29%             | 2054-09-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd.                                                | TransCanada PipeLines Ltd.                                                      | CUSIP: 89352HAM1<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |      1500000 | PA      | $1472421.83   | 0.10%             | 2034-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                                         | Transcanada Trust, Series 16-A                                                  | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |       757000 | PA      | $757628.31    | 0.05%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Trinidad Generation UnLtd                                                 | Trinidad Generation UnLtd                                                       | CUSIP: 89636DAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |       691000 | PA      | $711557.25    | 0.05%             | 2033-06-16      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |        95000 | PA      | $102798.80    | 0.01%             | 2033-10-28      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       410000 | PA      | $418714.81    | 0.03%             | 2034-01-26      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       336000 | PA      | $358334.00    | 0.03%             | 2034-06-08      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |        75000 | PA      | $79311.89     | 0.01%             | 2035-01-24      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAV4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      2735000 | PA      | $2721123.32   | 0.19%             | 2036-10-23      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                       | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      3175000 | PA      | $3370357.75   | 0.24%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Turkiye Ihracat Kredi Bankasi A/S                                         | Turkiye Ihracat Kredi Bankasi A/S                                               | CUSIP: 90015LAL1<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |      1257000 | PA      | $1255818.42   | 0.09%             | 2030-10-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AE8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       280000 | PA      | $249173.55    | 0.02%             | 2032-02-11      | Variable      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AK4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       430000 | PA      | $386610.35    | 0.03%             | 2033-02-11      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1122000 | PA      | $1125556.99   | 0.08%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       800000 | PA      | $937350.40    | 0.07%             | 2033-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       585000 | PA      | $641006.73    | 0.05%             | 2028-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust, Series 2017-C7, Class B                          | CUSIP: 90276WAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       106000 | PA      | $102845.46    | 0.01%             | 2050-12-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                   | Uber Technologies, Inc.                                                         | CUSIP: 90353TAQ3<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |        70000 | PA      | $67762.82     | 0.00%             | 2054-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                   | Uber Technologies, Inc.                                                         | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      1465000 | PA      | $1464335.18   | 0.10%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                                           | US Auto Funding, Series 2021-1A, Class C                                        | CUSIP: 90355EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       262648 | PA      | $210927.88    | 0.01%             | 2026-05-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |       200000 | PA      | $197747.12    | 0.01%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |       410000 | PA      | $381607.30    | 0.03%             | 2032-06-03      | Variable      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Union Electric Co.                                                        | Union Electric Co.                                                              | CUSIP: 906548CU4<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |        80000 | PA      | $62631.37     | 0.00%             | 2052-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      2397000 | PA      | $1499323.50   | 0.11%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      1229000 | PA      | $1346984.00   | 0.10%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                                | US Bancorp                                                                      | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |       110000 | PA      | $116946.89    | 0.01%             | 2035-01-23      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                                        | Vale Overseas Ltd.                                                              | CUSIP: 91911TAR4<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      1785000 | PA      | $1910646.15   | 0.14%             | 2033-06-12      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                                        | Vale Overseas Ltd.                                                              | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |       515000 | PA      | $527895.60    | 0.04%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M1                 | CUSIP: 92257CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        52286 | PA      | $49574.55     | 0.00%             | 2049-03-25      | Variable      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                  | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        35901 | PA      | $35253.69     | 0.00%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Ventas Realty LP                                                          | Ventas Realty LP                                                                | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |       325000 | PA      | $326793.80    | 0.02%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       720000 | PA      | $759970.80    | 0.05%             | 2034-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       150000 | PA      | $154960.05    | 0.01%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       187000 | PA      | $186601.84    | 0.01%             | 2030-10-15      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAW2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       450000 | PA      | $448821.09    | 0.03%             | 2035-10-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |       429000 | PA      | $449610.45    | 0.03%             | 2079-04-04      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: 92857WCA6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      3595000 | PA      | $3545496.78   | 0.25%             | 2054-06-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                   | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |       200000 | PA      | $207778.68    | 0.01%             | 2035-03-27      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       780000 | PA      | $808398.12    | 0.06%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       610000 | PA      | $646104.74    | 0.05%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3905000 | PA      | $4106199.97   | 0.29%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       475000 | PA      | $493568.78    | 0.03%             | 2031-01-24      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1025000 | PA      | $1087122.09   | 0.08%             | 2036-04-23      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       645000 | PA      | $675634.92    | 0.05%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                                          | Welltower OP LLC                                                                | CUSIP: 95040QAM6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |       220000 | PA      | $204337.01    | 0.01%             | 2031-06-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                 | Williams Cos., Inc. (The)                                                       | CUSIP: 969457CS7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      7400000 | PA      | $7578421.99   | 0.54%             | 2035-09-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Yinson Bergenia Production BV                                             | Yinson Bergenia Production BV                                                   | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |      1405000 | PA      | $1470332.50   | 0.10%             | 2045-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France Sa                                                          | Altice France Sa                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |        32241 | NS      | $541989.61    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Australian Dollar                                                         | Australian Dollar                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | AU        |           -1 | OU      | $-0.41        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co.                                                      | General Electric Co.                                                            | CUSIP: N/A<br>LEI: 3C7474T6CDKPR9K6YT90       | Long             | DBT              | CORP              | US        |       100000 | PA      | $121359.66    | 0.01%             | 2035-09-19      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       300000 | PA      | $391728.39    | 0.03%             | 2041-05-13      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       300000 | PA      | $405935.86    | 0.03%             | 2026-12-03      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| South Eastern Power Networks plc                                          | South Eastern Power Networks plc                                                | CUSIP: N/A<br>LEI: 213800H7NWVLCWAVKA15       | Long             | DBT              | CORP              | GB        |       400000 | PA      | $556510.02    | 0.04%             | 2030-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    118020000 | PA      | $6259393.61   | 0.44%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Centrica plc                                                              | Centrica plc                                                                    | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $264821.39    | 0.02%             | 2029-03-13      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                            | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |      1480000 | PA      | $1408035.00   | 0.10%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                       | Suzano Austria GmbH                                                             | CUSIP: N/A<br>LEI: 254900287ZNSGVP1R341       | Long             | DBT              | CORP              | AT        |       505000 | PA      | $554065.80    | 0.04%             | 2047-03-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                                              | Peru LNG Srl                                                                    | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |       624083 | PA      | $602046.82    | 0.04%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |       227000 | PA      | $49826.50     | 0.00%             | 2024-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Zurich Insurance Co. Ltd.                                                 | Zurich Insurance Co. Ltd.                                                       | CUSIP: N/A<br>LEI: 50ZCTKCMUDIABGHX3R52       | Long             | DBT              | CORP              | NL        |       700000 | PA      | $815854.83    | 0.06%             | 2046-10-01      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |       276000 | PA      | $333066.86    | 0.02%             | 2027-01-11      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |      1620000 | PA      | $1538173.80   | 0.11%             | 2047-04-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sovereign in right of New Zealand                                         | New Zealand Government Bond                                                     | CUSIP: N/A<br>LEI: 549300237GPHG2AI7C34       | Long             | DBT              | NUSS              | NZ        |      3201000 | PA      | $1555844.63   | 0.11%             | 2037-04-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Autoroutes du Sud de la France SA                                         | Autoroutes du Sud de la France SA                                               | CUSIP: N/A<br>LEI: 213800U12KWYZEECZ934       | Long             | DBT              | CORP              | FR        |       800000 | PA      | $924362.66    | 0.07%             | 2026-04-20      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |       900000 | PA      | $1070630.82   | 0.08%             | 2078-10-03      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Enel SpA                                                                  | Enel SpA, Series 63.5                                                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |       800000 | PA      | $930044.28    | 0.07%             | 2026-08-24      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen International Finance NV                                       | Volkswagen International Finance NV                                             | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $352895.05    | 0.02%             | 2028-06-27      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |       400000 | PA      | $399300.00    | 0.03%             | 2047-10-10      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |       284000 | PA      | $324822.29    | 0.02%             | 2027-07-13      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Vinci SA                                                                  | Vinci SA                                                                        | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | DBT              | CORP              | FR        |       100000 | PA      | $109948.40    | 0.01%             | 2030-09-26      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| EDP Finance BV                                                            | EDP Finance BV                                                                  | CUSIP: N/A<br>LEI: 5299007L43AQDFOW5739       | Long             | DBT              | CORP              | NL        |       750000 | PA      | $855361.85    | 0.06%             | 2027-11-22      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Pro-Gest SpA                                                              | Pro-Gest SpA                                                                    | CUSIP: N/A<br>LEI: 815600EDD04F9C60D660       | Long             | DBT              | CORP              | IT        |       477000 | PA      | $246301.69    | 0.02%             | 2024-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                    | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |      1190000 | PA      | $1190954.62   | 0.08%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Telenet Finance Luxembourg Notes SARL                                     | Telenet Finance Luxembourg Notes SARL                                           | CUSIP: N/A<br>LEI: 2138007RI9GLJPCC3E25       | Long             | DBT              | CORP              | LU        |       800000 | PA      | $925927.94    | 0.07%             | 2028-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| CFAMC III Co. Ltd.                                                        | CFAMC III Co. Ltd.                                                              | CUSIP: N/A<br>LEI: 5493006V07LYI3HE6G83       | Long             | DBT              | CORP              | VG        |       200000 | PA      | $198586.00    | 0.01%             | 2027-11-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1037247.55   | 0.07%             | 2026-09-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |      1705000 | PA      | $1740395.80   | 0.12%             | 2030-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |       885000 | PA      | $896124.45    | 0.06%             | 2048-10-24      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                                          | Jaguar Land Rover Automotive plc                                                | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |       280000 | PA      | $324904.99    | 0.02%             | 2026-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |       900000 | PA      | $1047222.57   | 0.07%             | 2026-06-22      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen International Finance NV                                       | Volkswagen International Finance NV                                             | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |       600000 | PA      | $697275.47    | 0.05%             | 2030-11-18      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Klabin Austria GmbH                                                       | Klabin Austria GmbH                                                             | CUSIP: N/A<br>LEI: 984500578YEA8DD41B09       | Long             | DBT              | CORP              | AT        |       965000 | PA      | $1017717.95   | 0.07%             | 2049-04-03      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                            | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |       600000 | PA      | $554400.00    | 0.04%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       100000 | PA      | $112352.88    | 0.01%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       400000 | PA      | $473422.80    | 0.03%             | 2026-06-03      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       250000 | PA      | $252435.71    | 0.02%             | 2034-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      1000000 | PA      | $1156714.95   | 0.08%             | 2026-03-27      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Elis SA                                                                   | Elis SA                                                                         | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1356878.36   | 0.10%             | 2028-04-03      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bahn AG                                                          | Deutsche Bahn AG, Series CB                                                     | CUSIP: N/A<br>LEI: 52990063S23N13HU4E98       | Long             | DBT              | NUSS              | DE        |       300000 | PA      | $325419.00    | 0.02%             | 2029-07-18      | Variable      | 1.60%                 | Yes           |                  2 | On Loan: No      |
| ZF Europe Finance BV                                                      | ZF Europe Finance BV                                                            | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      1500000 | PA      | $1691958.37   | 0.12%             | 2027-10-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      2055000 | PA      | $2280196.53   | 0.16%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $231561.77    | 0.02%             | 2032-01-15      | Variable      | 2.73%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |       200000 | PA      | $224415.19    | 0.02%             | 2029-03-25      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Dufry One BV                                                              | Dufry One BV                                                                    | CUSIP: N/A<br>LEI: 7245003K5MN9U7XW0808       | Long             | DBT              | CORP              | NL        |      1575000 | PA      | $1809577.07   | 0.13%             | 2027-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                         | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |      1100000 | PA      | $1264319.60   | 0.09%             | 2026-06-01      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| MV24 Capital BV                                                           | MV24 Capital BV                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |       587321 | PA      | $577042.53    | 0.04%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Engie SA                                                                  | Engie SA                                                                        | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | DBT              | CORP              | FR        |       200000 | PA      | $150902.94    | 0.01%             | 2041-10-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |      1700000 | PA      | $1909998.94   | 0.14%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891CBD4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       150000 | PA      | $149070.30    | 0.01%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| RELX Finance BV                                                           | RELX Finance BV                                                                 | CUSIP: N/A<br>LEI: 54930086P8MBY4IN4E29       | Long             | DBT              | CORP              | NL        |       700000 | PA      | $706242.53    | 0.05%             | 2032-03-10      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |       130000 | PA      | $145211.26    | 0.01%             | 2027-11-04      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Australia                                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |     19398000 | PA      | $10586771.90  | 0.75%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Brightstar Lottery plc                                                    | Brightstar Lottery plc                                                          | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | DBT              | CORP              | GB        |      2200000 | PA      | $2520508.73   | 0.18%             | 2028-04-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                                         | Ziggo Bond Co. BV                                                               | CUSIP: N/A<br>LEI: 213800JYI4P7V5QDOG59       | Long             | DBT              | CORP              | NL        |      3300000 | PA      | $3413584.73   | 0.24%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |       765000 | PA      | $879888.94    | 0.06%             | 2027-11-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                                            | Thermo Fisher Scientific, Inc.                                                  | CUSIP: 883556CC4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |       100000 | PA      | $102572.54    | 0.01%             | 2031-10-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| NGG Finance plc                                                           | NGG Finance plc                                                                 | CUSIP: N/A<br>LEI: 549300MLDJ2T68G21W86       | Long             | DBT              | CORP              | GB        |      1730000 | PA      | $1975169.84   | 0.14%             | 2082-09-05      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                             | AIB Group plc                                                                   | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |       500000 | PA      | $607498.74    | 0.04%             | 2029-07-23      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                          | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      4400000 | PA      | $5410904.34   | 0.38%             | 2083-04-23      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                   | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      2000000 | PA      | $2316967.25   | 0.16%             | 2028-10-12      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Eutelsat SA                                                               | Eutelsat SA                                                                     | CUSIP: N/A<br>LEI: 549300MCOOY1V7P2PG30       | Long             | DBT              | CORP              | FR        |      1600000 | PA      | $1774536.53   | 0.13%             | 2028-10-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       117000 | PA      | $134975.21    | 0.01%             | 2027-06-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |       400000 | PA      | $460326.53    | 0.03%             | 2027-03-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Cadent Finance plc                                                        | Cadent Finance plc                                                              | CUSIP: N/A<br>LEI: 5493005M8TJ0J6IMUF67       | Long             | DBT              | CORP              | GB        |      1500000 | PA      | $1759401.38   | 0.12%             | 2033-04-16      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Styrolution Ludwigshafen GmbH                                       | INEOS Styrolution Ludwigshafen GmbH                                             | CUSIP: N/A<br>LEI: 5299003M4PGUGL48LS74       | Long             | DBT              | CORP              | DE        |       500000 | PA      | $555586.92    | 0.04%             | 2027-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                                       | Altice Financing SA                                                             | CUSIP: N/A<br>LEI: 549300DIYGW8HVDF7Q17       | Long             | DBT              | CORP              | LU        |       950000 | PA      | $823850.40    | 0.06%             | 2028-01-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                          | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |      1350000 | PA      | $1567666.15   | 0.11%             | 2026-03-22      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                          | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $231804.11    | 0.02%             | 2029-03-22      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| New Immo Holding SA                                                       | New Immo Holding SA                                                             | CUSIP: N/A<br>LEI: 5493007LOTJ0I8E94R81       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1386452.37   | 0.10%             | 2027-07-23      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Birkenstock Financing SARL                                                | Birkenstock Financing SARL                                                      | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |      1800000 | PA      | $2117699.78   | 0.15%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Herens Midco SARL                                                         | Herens Midco SARL                                                               | CUSIP: N/A<br>LEI: 222100BJH5XPZD1JHF79       | Long             | DBT              | CORP              | LU        |      1113000 | PA      | $680767.19    | 0.05%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                                          | Jaguar Land Rover Automotive plc                                                | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |       600000 | PA      | $701720.39    | 0.05%             | 2028-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       923000 | PA      | $1070527.64   | 0.08%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $717214.96    | 0.05%             | 2027-06-14      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Vmed O2 UK Financing I plc                                                | Vmed O2 UK Financing I plc                                                      | CUSIP: N/A<br>LEI: 213800MRR46ECNGZ7L69       | Long             | DBT              | CORP              | GB        |      1300000 | PA      | $1527019.96   | 0.11%             | 2032-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                          | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |       500000 | PA      | $576423.53    | 0.04%             | 2081-08-02      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SAS                                                         | Iliad Holding SAS                                                               | CUSIP: N/A<br>LEI: 9695009BGMXB527HV965       | Long             | DBT              | CORP              | FR        |       450000 | PA      | $530104.26    | 0.04%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SCIL IV LLC                                                               | SCIL IV LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       900000 | PA      | $1093814.28   | 0.08%             | 2028-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       150000 | PA      | $173975.24    | 0.01%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Guala Closures SpA                                                        | Guala Closures SpA                                                              | CUSIP: N/A<br>LEI: 81560014151D1C625F49       | Long             | DBT              | CORP              | IT        |      1284000 | PA      | $1457356.55   | 0.10%             | 2028-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Glencore Capital Finance DAC                                              | Glencore Capital Finance DAC                                                    | CUSIP: N/A<br>LEI: 213800HCUCI1HC7X6Q34       | Long             | DBT              | CORP              | IE        |      1500000 | PA      | $1761919.80   | 0.12%             | 2032-02-04      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                                  | Svenska Handelsbanken AB                                                        | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | DBT              | CORP              | SE        |      1000000 | PA      | $948401.21    | 0.07%             | 2031-03-01      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Eversholt Funding plc                                                     | Eversholt Funding plc                                                           | CUSIP: N/A<br>LEI: 5493002X7O83FCJVYO69       | Long             | DBT              | CORP              | GB        |       615385 | PA      | $701050.46    | 0.05%             | 2040-06-30      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $870053.31    | 0.06%             | 2028-09-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |       400000 | PA      | $511806.52    | 0.04%             | 2031-08-29      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | DBT              | CORP              | GB        |      2500000 | PA      | $2742174.74   | 0.19%             | 2029-09-14      | Variable      | 0.67%                 | Yes           |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                                | CUSIP: N/A<br>LEI: 549300U2I4L03BBA3485       | Long             | DBT              | CORP              | LU        |       602339 | PA      | $584407.72    | 0.04%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | DBT              | CORP              | DE        |      3000000 | PA      | $3141007.60   | 0.22%             | 2032-02-17      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      1400000 | PA      | $1585981.80   | 0.11%             | 2028-02-12      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                 | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      1400000 | PA      | $1574715.70   | 0.11%             | 2028-09-21      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060BB1<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |       363000 | PA      | $394631.88    | 0.03%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                 | Orange SA                                                                       | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | DBT              | CORP              | FR        |      1100000 | PA      | $1220800.25   | 0.09%             | 2028-07-15      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Heimstaden Bostad AB                                                      | Heimstaden Bostad AB                                                            | CUSIP: N/A<br>LEI: 549300TJR3PR8EXILG79       | Long             | DBT              | CORP              | SE        |      1100000 | PA      | $1273175.77   | 0.09%             | 2026-01-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |      1600000 | PA      | $1830178.28   | 0.13%             | 2026-05-27      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Nomad Foods Bondco plc                                                    | Nomad Foods Bondco plc                                                          | CUSIP: N/A<br>LEI: 213800BPK5X4TY4RZ619       | Long             | DBT              | CORP              | GB        |       425000 | PA      | $482171.56    | 0.03%             | 2028-06-24      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    242000000 | PA      | $12414252.23  | 0.88%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                          | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |       945000 | PA      | $982667.70    | 0.07%             | 2044-04-25      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Waga Bondco Ltd.                                                          | Waga Bondco Ltd.                                                                | CUSIP: N/A<br>LEI: 254900PFB2C9WELUW795       | Long             | DBT              | CORP              | JE        |       900000 | PA      | $1060087.70   | 0.08%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                  | Celanese US Holdings LLC                                                        | CUSIP: N/A<br>LEI: CD30XVRLT4QO00B1C706       | Long             | DBT              | CORP              | US        |       400000 | PA      | $481976.18    | 0.03%             | 2029-01-19      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |      1200000 | PA      | $1148886.91   | 0.08%             | 2033-01-18      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |       898000 | PA      | $997709.25    | 0.07%             | 2029-01-18      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1212152.54   | 0.09%             | 2028-05-15      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |        48000 | PA      | $45095.52     | 0.00%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $612111.05    | 0.04%             | 2029-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1149055.50   | 0.08%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                      | Infrastrutture Wireless Italiane SpA                                            | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |       800000 | PA      | $895599.83    | 0.06%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Vmed O2 UK Financing I plc                                                | Vmed O2 UK Financing I plc                                                      | CUSIP: N/A<br>LEI: 213800MRR46ECNGZ7L69       | Long             | DBT              | CORP              | GB        |       600000 | PA      | $751792.46    | 0.05%             | 2029-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Vmed O2 UK Financing I plc                                                | Vmed O2 UK Financing I plc                                                      | CUSIP: N/A<br>LEI: 213800MRR46ECNGZ7L69       | Long             | DBT              | CORP              | GB        |      1900000 | PA      | $2113432.88   | 0.15%             | 2031-01-31      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Agrifarma SpA                                                             | Agrifarma SpA                                                                   | CUSIP: N/A<br>LEI: 815600F89DA538E88804       | Long             | DBT              | CORP              | IT        |      2150000 | PA      | $2508412.92   | 0.18%             | 2028-10-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       741000 | PA      | $444970.50    | 0.03%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AXA SA                                                                    | AXA SA                                                                          | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1070131.51   | 0.08%             | 2043-03-10      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Airbus SE                                                                 | Airbus SE                                                                       | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | DBT              | CORP              | NL        |      1100000 | PA      | $1215255.05   | 0.09%             | 2030-06-09      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Alpek SAB de CV                                                           | Alpek SAB de CV                                                                 | CUSIP: N/A<br>LEI: 549300PWKJTP62D4IQ66       | Long             | DBT              | CORP              | MX        |       675000 | PA      | $561006.00    | 0.04%             | 2031-02-25      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Grupo Antolin Irausa SA                                                   | Grupo Antolin Irausa SA                                                         | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |       850000 | PA      | $682582.49    | 0.05%             | 2028-04-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Loxam SAS                                                                 | Loxam SAS                                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |       388000 | PA      | $452018.04    | 0.03%             | 2027-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Phoenix PIB Dutch Finance BV                                              | Phoenix PIB Dutch Finance BV                                                    | CUSIP: N/A<br>LEI: 529900UUYBCBB7HMVI56       | Long             | DBT              | CORP              | NL        |      1700000 | PA      | $2064928.60   | 0.15%             | 2029-07-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Mobico Group plc                                                          | Mobico Group plc                                                                | CUSIP: N/A<br>LEI: 213800A8IQEMY8PA5X34       | Long             | DBT              | CORP              | GB        |       194000 | PA      | $136025.72    | 0.01%             | 2025-12-19      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BCP V Modular Services Finance II plc                                     | BCP V Modular Services Finance II plc                                           | CUSIP: N/A<br>LEI: 213800227GGD6UI7PI97       | Long             | DBT              | CORP              | GB        |      1350000 | PA      | $1486423.46   | 0.11%             | 2028-11-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $608562.77    | 0.04%             | 2032-09-26      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |      1600000 | PA      | $1831907.18   | 0.13%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                                              | ING Groep NV                                                                    | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | DBT              | CORP              | NL        |       400000 | PA      | $432617.00    | 0.03%             | 2030-05-16      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Nomad Foods Bondco plc                                                    | Nomad Foods Bondco plc                                                          | CUSIP: N/A<br>LEI: 213800BPK5X4TY4RZ619       | Long             | DBT              | CORP              | GB        |      1375000 | PA      | $1559966.81   | 0.11%             | 2028-06-24      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Volvo Car AB                                                              | Volvo Car AB                                                                    | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | DBT              | CORP              | SE        |       740000 | PA      | $853701.08    | 0.06%             | 2027-10-07      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Bayer AG                                                                  | Bayer AG, Series NC5                                                            | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | DBT              | CORP              | DE        |       300000 | PA      | $370021.27    | 0.03%             | 2083-09-25      | Variable      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Dufry One BV                                                              | Dufry One BV                                                                    | CUSIP: N/A<br>LEI: 7245003K5MN9U7XW0808       | Long             | DBT              | CORP              | NL        |      1700000 | PA      | $2042874.61   | 0.14%             | 2031-04-18      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA, Series NC5.                                                             | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |       400000 | PA      | $454932.65    | 0.03%             | 2082-03-14      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      2500000 | PA      | $2792670.77   | 0.20%             | 2080-08-27      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CTEC II GmbH                                                              | CTEC II GmbH                                                                    | CUSIP: N/A<br>LEI: 98450044C9BACG3DA974       | Long             | DBT              | CORP              | DE        |       850000 | PA      | $904794.68    | 0.06%             | 2030-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Cadent Finance plc                                                        | Cadent Finance plc                                                              | CUSIP: N/A<br>LEI: 5493005M8TJ0J6IMUF67       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $838401.82    | 0.06%             | 2030-03-19      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $692391.96    | 0.05%             | 2027-06-02      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| TeamSystem SpA                                                            | TeamSystem SpA                                                                  | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |       185000 | PA      | $213787.70    | 0.02%             | 2028-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: N/A<br>LEI: 0YQH6LCEF474UTUV4B96       | Long             | DBT              | CORP              | NL        |       200000 | PA      | $210500.76    | 0.01%             | 2030-06-17      | Variable      | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                           | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 110609000000 | PA      | $6886912.82   | 0.49%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EC Finance plc                                                            | EC Finance plc                                                                  | CUSIP: N/A<br>LEI: 213800NKPB53RHYDQE45       | Long             | DBT              | CORP              | GB        |      1349000 | PA      | $1508701.37   | 0.11%             | 2026-10-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| VZ Vendor Financing II BV                                                 | VZ Vendor Financing II BV                                                       | CUSIP: N/A<br>LEI: 724500DRKUUR3GFOSK76       | Long             | DBT              | CORP              | NL        |      3000000 | PA      | $3273390.92   | 0.23%             | 2029-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Sovereign in right of New Zealand                                         | New Zealand Government Bond                                                     | CUSIP: N/A<br>LEI: 549300237GPHG2AI7C34       | Long             | DBT              | NUSS              | NZ        |       952000 | PA      | $558891.11    | 0.04%             | 2027-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                       | Rakuten Group, Inc.                                                             | CUSIP: N/A<br>LEI: 529900IMXUCQKUL1H943       | Long             | DBT              | CORP              | JP        |      2625000 | PA      | $2926090.94   | 0.21%             | 2027-04-22      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Gaci First Investment Co.                                                 | Gaci First Investment Co.                                                       | CUSIP: N/A<br>LEI: 558600TU1PWGNLZ3XM88       | Long             | DBT              | CORP              | KY        |      2190000 | PA      | $2072966.40   | 0.15%             | 2054-01-29      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Rexel SA                                                                  | Rexel SA                                                                        | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1568337.10   | 0.11%             | 2030-09-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                              | CUSIP: N/A<br>LEI: 529900F3MBW9XY5K1X07       | Long             | DBT              | NUSS              | MA        |      1535000 | PA      | $1118151.56   | 0.08%             | 2050-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SNF Group SACA                                                            | SNF Group SACA                                                                  | CUSIP: N/A<br>LEI: 969500F7036FEDYPRV54       | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1554817.11   | 0.11%             | 2032-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                                    | TK Elevator Midco GmbH                                                          | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |      1100000 | PA      | $1278094.47   | 0.09%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |      2152000 | PA      | $2161684.00   | 0.15%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Virgin Media Finance plc                                                  | Virgin Media Finance plc                                                        | CUSIP: N/A<br>LEI: 2138001LVYC87DDHT482       | Long             | DBT              | CORP              | GB        |      1200000 | PA      | $1300053.69   | 0.09%             | 2030-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                          | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |      2525000 | PA      | $2583075.00   | 0.18%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Holcim Finance Luxembourg SA                                              | Holcim Finance Luxembourg SA                                                    | CUSIP: N/A<br>LEI: 529900XU3Z9D2HLBR716       | Long             | DBT              | CORP              | LU        |       500000 | PA      | $480784.30    | 0.03%             | 2033-01-19      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Gatwick Funding Ltd.                                                      | Gatwick Funding Ltd.                                                            | CUSIP: N/A<br>LEI: 213800NK8FA3GKS6X167       | Long             | DBT              | CORP              | JE        |       700000 | PA      | $852890.78    | 0.06%             | 2030-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |       900000 | PA      | $1102995.78   | 0.08%             | 2029-07-19      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |       900000 | PA      | $1033419.17   | 0.07%             | 2027-01-26      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                               | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |       700000 | PA      | $765986.72    | 0.05%             | 2028-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |       200000 | PA      | $251432.24    | 0.02%             | 2034-05-30      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Enel SpA                                                                  | Enel SpA, Series 9.5Y                                                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |       500000 | PA      | $529309.64    | 0.04%             | 2030-06-08      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |      1000000 | PA      | $1185662.95   | 0.08%             | 2030-11-23      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $478142.25    | 0.03%             | 2031-03-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Generali                                                                  | Generali                                                                        | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $221996.73    | 0.02%             | 2031-07-14      | Fixed         | 2.43%                 | Yes           |                  2 | On Loan: No      |
| Country Garden Holdings Co. Ltd.                                          | Country Garden Holdings Co. Ltd.                                                | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | DBT              | CORP              | KY        |       530000 | PA      | $49290.00     | 0.00%             | 2025-10-22      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2477143.52   | 0.18%             | 2031-11-21      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                                           | Wynn Macau Ltd.                                                                 | CUSIP: N/A<br>LEI: 254900NMDQ8ENTHU1I31       | Long             | DBT              | CORP              | KY        |       593000 | PA      | $588463.55    | 0.04%             | 2028-08-26      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                                  | Cooperatieve Rabobank UA                                                        | CUSIP: N/A<br>LEI: DG3RU1DBUFHT4ZF9WN62       | Long             | DBT              | CORP              | NL        |      1000000 | PA      | $1165520.52   | 0.08%             | 2027-06-29      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                            | CUSIP: N/A<br>LEI: 549300MHDRBVRF6B9117       | Long             | DBT              | NUSS              | CO        |       743000 | PA      | $834565.62    | 0.06%             | 2032-09-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                  | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |     27460000 | PA      | $992324.13    | 0.07%             | 2037-07-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $217513.33    | 0.02%             | 2028-09-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                      | Infrastrutture Wireless Italiane SpA                                            | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |       100000 | PA      | $117688.14    | 0.01%             | 2030-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Wolters Kluwer NV                                                         | Wolters Kluwer NV                                                               | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | DBT              | CORP              | NL        |       700000 | PA      | $838607.00    | 0.06%             | 2031-04-03      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                            | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       380000 | PA      | $453801.37    | 0.03%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Monitchem HoldCo 3 SA                                                     | Monitchem HoldCo 3 SA                                                           | CUSIP: N/A<br>LEI: 222100SJHJ1CNJMSW162       | Long             | DBT              | CORP              | LU        |       700000 | PA      | $764935.05    | 0.05%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      1400000 | PA      | $1587471.48   | 0.11%             | 2028-02-24      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      3400000 | PA      | $3767924.49   | 0.27%             | 2030-06-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Gaci First Investment Co.                                                 | Gaci First Investment Co.                                                       | CUSIP: N/A<br>LEI: 558600TU1PWGNLZ3XM88       | Long             | DBT              | CORP              | KY        |      1770000 | PA      | $1770637.20   | 0.13%             | 2035-02-14      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |      2600000 | PA      | $3252297.43   | 0.23%             | 2030-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Logicor Financing Sarl                                                    | Logicor Financing SARL                                                          | CUSIP: N/A<br>LEI: 254900IS16Q1A2TQFN22       | Long             | DBT              | CORP              | LU        |      2000000 | PA      | $2171841.04   | 0.15%             | 2030-01-17      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $241958.04    | 0.02%             | 2028-03-30      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PeopleCert Wisdom Issuer plc                                              | PeopleCert Wisdom Issuer plc                                                    | CUSIP: N/A<br>LEI: 213800PZ81RFLCN9GD51       | Long             | DBT              | CORP              | GB        |      1150000 | PA      | $1329356.22   | 0.09%             | 2026-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Iberdrola International BV                                                | Iberdrola International BV, Series NC5                                          | CUSIP: N/A<br>LEI: 549300ZMLFJKWC63XN87       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $347207.59    | 0.02%             | 2026-01-28      | Variable      | 1.87%                 | Yes           |                  2 | On Loan: No      |
| Realty Income Corp.                                                       | Realty Income Corp.                                                             | CUSIP: N/A<br>LEI: 549300CUWDAUZSH43859       | Long             | DBT              | CORP              | US        |      2200000 | PA      | $2730611.38   | 0.19%             | 2030-07-06      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Verisure Midholding AB                                                    | Verisure Midholding AB                                                          | CUSIP: N/A<br>LEI: 549300496LYEZ55X1M49       | Long             | DBT              | CORP              | SE        |      1650000 | PA      | $1919468.15   | 0.14%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Vonovia SE                                                                | Vonovia SE                                                                      | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | DBT              | CORP              | DE        |      4500000 | PA      | $4362769.30   | 0.31%             | 2032-09-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                                                   | APA Infrastructure Ltd.                                                         | CUSIP: N/A<br>LEI: 261700SS8OEHDOCOUJ33       | Long             | DBT              | CORP              | AU        |       150000 | PA      | $165892.77    | 0.01%             | 2030-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                                  | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |       350000 | PA      | $124659.50    | 0.01%             | 2033-02-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                   | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |      1600000 | PA      | $1926297.84   | 0.14%             | 2030-02-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | DBT              | CORP              | DE        |      1900000 | PA      | $2084087.46   | 0.15%             | 2030-11-19      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| SELP Finance SARL                                                         | SELP Finance SARL                                                               | CUSIP: N/A<br>LEI: 549300Y4VYEJE1MH6D45       | Long             | DBT              | CORP              | LU        |      1400000 | PA      | $1508722.27   | 0.11%             | 2029-05-27      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Amber Finco plc                                                           | Amber Finco plc                                                                 | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |      2000000 | PA      | $2435872.21   | 0.17%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |       800000 | PA      | $904218.98    | 0.06%             | 2027-12-01      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca plc                                                           | AstraZeneca plc                                                                 | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | DBT              | CORP              | GB        |       900000 | PA      | $966503.37    | 0.07%             | 2029-06-03      | Fixed         | 0.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $815020.87    | 0.06%             | 2029-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| EnfraGen Energia Sur SA                                                   | EnfraGen Energia Sur SA                                                         | CUSIP: N/A<br>LEI: 2549002TO75PYMY3VY07       | Long             | DBT              | CORP              | ES        |       643000 | PA      | $597186.25    | 0.04%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                 | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      1500000 | PA      | $1637724.33   | 0.12%             | 2028-05-03      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      1650000 | PA      | $1915350.61   | 0.14%             | 2028-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                  | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    161970000 | PA      | $7970976.04   | 0.56%             | 2034-04-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Chrome Holdco SAS                                                         | Chrome Holdco SAS                                                               | CUSIP: N/A<br>LEI: 9845000E49865VT3N679       | Long             | DBT              | CORP              | FR        |       175000 | PA      | $26378.17     | 0.00%             | 2029-05-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Cerba Healthcare SACA                                                     | Cerba Healthcare SACA                                                           | CUSIP: N/A<br>LEI: 9845000C1FYE89DC8677       | Long             | DBT              | CORP              | FR        |       419000 | PA      | $355427.23    | 0.03%             | 2028-05-31      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |       920000 | PA      | $960141.16    | 0.07%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: N/A<br>LEI: 9695005MSX1OYEMGDF46       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $457219.59    | 0.03%             | 2027-09-15      | Variable      | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                                   | Lorca Telecom Bondco SA                                                         | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      1666000 | PA      | $1935867.27   | 0.14%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Heimstaden Bostad AB                                                      | Heimstaden Bostad AB                                                            | CUSIP: N/A<br>LEI: 549300TJR3PR8EXILG79       | Long             | DBT              | CORP              | SE        |       850000 | PA      | $1026766.31   | 0.07%             | 2029-12-04      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                              | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |       420000 | PA      | $419622.00    | 0.03%             | 2025-12-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $232464.52    | 0.02%             | 2027-12-03      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Azelis Finance NV                                                         | Azelis Finance NV                                                               | CUSIP: N/A<br>LEI: 699400J0P7A5VXKGK641       | Long             | DBT              | CORP              | BE        |      1300000 | PA      | $1540105.25   | 0.11%             | 2028-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Holcim Finance Luxembourg SA                                              | Holcim Finance Luxembourg SA                                                    | CUSIP: N/A<br>LEI: 529900XU3Z9D2HLBR716       | Long             | DBT              | CORP              | LU        |      1400000 | PA      | $1413762.14   | 0.10%             | 2031-04-23      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                                    | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |       400000 | PA      | $383000.00    | 0.03%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |      1000000 | PA      | $1054148.83   | 0.07%             | 2030-10-08      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: N/A<br>LEI: 0YQH6LCEF474UTUV4B96       | Long             | DBT              | CORP              | NL        |       493000 | PA      | $513464.10    | 0.04%             | 2031-01-17      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |      1200000 | PA      | $1391815.40   | 0.10%             | 2030-02-12      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Heidelberg Materials Finance Luxembourg SA                                | Heidelberg Materials Finance Luxembourg SA                                      | CUSIP: N/A<br>LEI: 529900RYHTCF5X9DD509       | Long             | DBT              | CORP              | LU        |      4650000 | PA      | $5893180.00   | 0.42%             | 2033-11-21      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Dolcetto Holdco SpA                                                       | Dolcetto Holdco SpA                                                             | CUSIP: N/A<br>LEI: 81560029E819F2CE4A42       | Long             | DBT              | CORP              | IT        |      1350000 | PA      | $1589701.04   | 0.11%             | 2032-07-14      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                              | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |      1280000 | PA      | $1401369.60   | 0.10%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Neopharmed Gentili SpA                                                    | Neopharmed Gentili SpA                                                          | CUSIP: N/A<br>LEI: 815600C8FD3DCB866E50       | Long             | DBT              | CORP              | IT        |      1808000 | PA      | $2181145.85   | 0.15%             | 2030-04-08      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |      2100000 | PA      | $2484289.90   | 0.18%             | 2031-04-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1131613.07   | 0.08%             | 2028-02-11      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International Sarl                                          | Cirsa Finance International Sarl                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |       149000 | PA      | $179618.52    | 0.01%             | 2029-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $509644.29    | 0.04%             | 2030-06-11      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |       400000 | PA      | $519651.14    | 0.04%             | 2028-07-18      | Variable      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                                           | Danske Bank A/S                                                                 | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | DBT              | CORP              | DK        |       700000 | PA      | $773683.16    | 0.05%             | 2029-06-09      | Variable      | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Kaixo Bondco Telecom SA                                                   | Kaixo Bondco Telecom SA                                                         | CUSIP: N/A<br>LEI: 959800ULWB3MZHZ69055       | Long             | DBT              | CORP              | ES        |      1142000 | PA      | $1342184.24   | 0.09%             | 2029-09-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                        | CUSIP: N/A<br>LEI: 213800L5KA2MJ5FKRZ02       | Long             | DBT              | CORP              | ES        |       646000 | PA      | $581400.00    | 0.04%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Cencora, Inc.                                                             | Cencora, Inc.                                                                   | CUSIP: 03073EBA2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |       500000 | PA      | $588776.98    | 0.04%             | 2032-05-22      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |      2900000 | PA      | $3614465.85   | 0.26%             | 2032-03-17      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Iceland Bondco plc                                                        | Iceland Bondco plc                                                              | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |       696000 | PA      | $975154.34    | 0.07%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Bellis Acquisition Co. plc                                                | Bellis Acquisition Co. plc                                                      | CUSIP: N/A<br>LEI: 259400CYE2267UB4A481       | Long             | DBT              | CORP              | GB        |       900000 | PA      | $1110571.09   | 0.08%             | 2030-05-14      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                                     | 888 Acquisitions Ltd.                                                           | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |       200000 | PA      | $232227.89    | 0.02%             | 2030-05-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Matterhorn Telecom SA                                                     | Matterhorn Telecom SA                                                           | CUSIP: N/A<br>LEI: 549300MTB0YI26SMUT22       | Long             | DBT              | CORP              | LU        |       500000 | PA      | $593576.03    | 0.04%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Rexel SA                                                                  | Rexel SA                                                                        | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |      1800000 | PA      | $2051343.31   | 0.15%             | 2028-06-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Holcim Sterling Finance Netherlands BV                                    | Holcim Sterling Finance Netherlands BV                                          | CUSIP: N/A<br>LEI: 529900KU5LFL22MEGK07       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $321497.81    | 0.02%             | 2034-04-04      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Rekeep SpA                                                                | Rekeep SpA                                                                      | CUSIP: N/A<br>LEI: 8156008737CA044FCB79       | Long             | DBT              | CORP              | IT        |       700000 | PA      | $729785.63    | 0.05%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       600000 | PA      | $684412.87    | 0.05%             | 2028-01-18      | Variable      | 0.93%                 | Yes           |                  2 | On Loan: No      |
| Acu Petroleo Luxembourg SARL                                              | Acu Petroleo Luxembourg SARL                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |       318310 | PA      | $321493.31    | 0.02%             | 2032-01-13      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |       900000 | PA      | $1043802.86   | 0.07%             | 2026-06-30      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| TUI Cruises GmbH                                                          | TUI Cruises GmbH                                                                | CUSIP: N/A<br>LEI: 529900SVD83QUUIZYY18       | Long             | DBT              | CORP              | DE        |      1850000 | PA      | $2235214.53   | 0.16%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    132600000 | PA      | $6799227.48   | 0.48%             | 2035-05-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Valeo SE                                                                  | Valeo SE                                                                        | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1433326.42   | 0.10%             | 2027-05-28      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Japan                                                                     | Japan Government Bond                                                           | CUSIP: N/A<br>LEI: 353800WZS8AXZXFUC241       | Long             | DBT              | NUSS              | JP        |    946800000 | PA      | $5025152.90   | 0.36%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| RAC Bond Co. plc                                                          | RAC Bond Co. plc                                                                | CUSIP: N/A<br>LEI: 2138008FCM2SUNLC7B21       | Long             | DBT              | CORP              | GB        |      2419000 | PA      | $3176533.40   | 0.22%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Nationwide Building Society                                               | Nationwide Building Society                                                     | CUSIP: N/A<br>LEI: 549300XFX12G42QIKN82       | Long             | DBT              | CORP              | GB        |      3200000 | PA      | $3810616.91   | 0.27%             | 2032-07-24      | Variable      | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Bankinter SA                                                              | Bankinter SA                                                                    | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | DBT              | CORP              | ES        |      4200000 | PA      | $4905431.53   | 0.35%             | 2033-02-04      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $670695.33    | 0.05%             | 2027-11-29      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Synthomer plc                                                             | Synthomer plc                                                                   | CUSIP: N/A<br>LEI: 213800EHT3TI1KPQQJ56       | Long             | DBT              | CORP              | GB        |      1700000 | PA      | $1716238.33   | 0.12%             | 2029-05-02      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                                    | Techem Verwaltungsgesellschaft 675 mbH                                          | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |       146000 | PA      | $174773.56    | 0.01%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| New Immo Holding SA                                                       | New Immo Holding SA                                                             | CUSIP: N/A<br>LEI: 5493007LOTJ0I8E94R81       | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1558807.46   | 0.11%             | 2028-04-17      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                   | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1900000 | PA      | $2273052.36   | 0.16%             | 2029-08-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     39495990 | PA      | $9876151.21   | 0.70%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Orsted A/S                                                                | Orsted A/S                                                                      | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | DBT              | NUSS              | DK        |      1800000 | PA      | $2133499.33   | 0.15%             | 3022-12-08      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | DBT              | CORP              | GB        |      1300000 | PA      | $1569602.79   | 0.11%             | 2035-05-08      | Variable      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Cellnex Finance Co. SA                                                    | Cellnex Finance Co. SA                                                          | CUSIP: N/A<br>LEI: 549300OUROMFTRFA7T23       | Long             | DBT              | CORP              | ES        |       500000 | PA      | $579940.84    | 0.04%             | 2026-04-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Wintershall Dea Finance 2 BV                                              | Wintershall Dea Finance 2 BV                                                    | CUSIP: N/A<br>LEI: 529900DV88FUQZSVVL48       | Long             | DBT              | CORP              | NL        |      1800000 | PA      | $2143456.54   | 0.15%             | 2030-05-08      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| UGI International LLC                                                     | UGI International LLC                                                           | CUSIP: N/A<br>LEI: 5493001JFF8MQO00ZQ21       | Long             | DBT              | CORP              | US        |       350000 | PA      | $386759.41    | 0.03%             | 2029-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group SpA                                                     | Lottomatica Group SpA                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |      1300000 | PA      | $1561407.58   | 0.11%             | 2030-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                           | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |  65489000000 | PA      | $4110535.54   | 0.29%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      2800000 | PA      | $3394943.77   | 0.24%             | 2029-01-24      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesobligation                                                                | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      2500000 | PA      | $2897074.85   | 0.21%             | 2029-04-12      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| Eurobank Ergasias Services and Holdings SA                                | Eurobank Ergasias Services and Holdings SA                                      | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | DBT              | CORP              | GR        |      1600000 | PA      | $1989810.54   | 0.14%             | 2034-04-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      2400000 | PA      | $3038916.69   | 0.22%             | 2028-09-06      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      2150000 | PA      | $2557849.78   | 0.18%             | 2032-09-16      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      2450000 | PA      | $2963332.31   | 0.21%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |       200000 | PA      | $234390.70    | 0.02%             | 2027-05-19      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |      1000000 | PA      | $1127948.39   | 0.08%             | 2054-09-12      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                                            | BE Semiconductor Industries NV                                                  | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | DBT              | CORP              | NL        |       290000 | PA      | $348368.26    | 0.02%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Samhallsbyggnadsbolaget I Norden Holding AB                               | Samhallsbyggnadsbolaget I Norden Holding AB                                     | CUSIP: N/A<br>LEI: 636700JPED0N9T4ET363       | Long             | DBT              | CORP              | SE        |       450000 | PA      | $490808.80    | 0.03%             | 2027-07-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Samhallsbyggnadsbolaget I Norden Holding AB                               | Samhallsbyggnadsbolaget I Norden Holding AB                                     | CUSIP: N/A<br>LEI: 636700JPED0N9T4ET363       | Long             | DBT              | CORP              | SE        |       700000 | PA      | $649998.21    | 0.05%             | 2029-09-26      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| American Medical Systems Europe BV                                        | American Medical Systems Europe BV                                              | CUSIP: N/A<br>LEI: 549300AA2JE6ZQ5D2493       | Long             | DBT              | CORP              | NL        |       100000 | PA      | $108344.01    | 0.01%             | 2031-03-08      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | DBT              | CORP              | GB        |       500000 | PA      | $705600.38    | 0.05%             | 2029-11-06      | Variable      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      5300000 | PA      | $6559542.59   | 0.46%             | 2030-02-03      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |      1096000 | PA      | $1367301.03   | 0.10%             | 2028-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Piraeus Financial Holdings SA                                             | Piraeus Financial Holdings SA                                                   | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | DBT              | CORP              | GR        |      1400000 | PA      | $1786037.21   | 0.13%             | 2034-04-17      | Variable      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Aroundtown Finance Sarl                                                   | Aroundtown Finance SARL                                                         | CUSIP: N/A<br>LEI: 8945006LEXV2KWSWVP51       | Long             | DBT              | CORP              | LU        |      1100000 | PA      | $1242978.12   | 0.09%             | 2029-04-16      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |       300000 | PA      | $355148.37    | 0.03%             | 2031-06-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      2400000 | PA      | $2905140.63   | 0.21%             | 2032-02-09      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                            | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |      1800000 | PA      | $1906884.00   | 0.13%             | 2036-02-09      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |       773000 | PA      | $965431.16    | 0.07%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Leasing GmbH                                                   | Volkswagen Leasing GmbH                                                         | CUSIP: N/A<br>LEI: 5299004GLEUX88BSNB74       | Long             | DBT              | CORP              | DE        |      5050000 | PA      | $6064203.89   | 0.43%             | 2031-04-11      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                  | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    230000000 | PA      | $10142144.21  | 0.72%             | 2035-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |       263169 | PA      | $319000.97    | 0.02%             | 2028-05-15      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesrepublik Deutschland                                                      | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      2370000 | PA      | $2627732.94   | 0.19%             | 2032-08-15      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: N/A<br>LEI: 9695005MSX1OYEMGDF46       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1086889.31   | 0.08%             | 2028-07-13      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Rossini SARL                                                              | Rossini SARL                                                                    | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |      2432000 | PA      | $2969022.37   | 0.21%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |      2160000 | PA      | $2793379.70   | 0.20%             | 2028-07-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |      1000000 | PA      | $1211136.33   | 0.09%             | 2035-01-16      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| ZF Europe Finance BV                                                      | ZF Europe Finance BV                                                            | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      1500000 | PA      | $1785604.55   | 0.13%             | 2029-03-13      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      1300000 | PA      | $1575400.12   | 0.11%             | 2029-01-17      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| RCI Banque SA                                                             | RCI Banque SA                                                                   | CUSIP: N/A<br>LEI: 96950001WI712W7PQG45       | Long             | DBT              | CORP              | FR        |      1500000 | PA      | $1821830.06   | 0.13%             | 2034-10-09      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Vonovia SE                                                                | Vonovia SE                                                                      | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | DBT              | CORP              | DE        |      2700000 | PA      | $3234489.86   | 0.23%             | 2034-04-10      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesrepublik Deutschland                                                      | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      1090000 | PA      | $1248971.73   | 0.09%             | 2033-02-15      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                            | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       500000 | PA      | $596864.66    | 0.04%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG                                                                  | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |      1800000 | PA      | $2342189.68   | 0.17%             | 2031-10-09      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                    | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | DBT              | CORP              | BE        |       500000 | PA      | $610086.82    | 0.04%             | 2035-04-17      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Autoroutes du Sud de la France SA                                         | Autoroutes du Sud de la France SA                                               | CUSIP: N/A<br>LEI: 213800U12KWYZEECZ934       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $692933.90    | 0.05%             | 2033-01-19      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $353474.74    | 0.03%             | 2030-09-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      1595000 | PA      | $2019129.65   | 0.14%             | 2030-01-13      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Essendi SA                                                                | Essendi SA                                                                      | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |      1500000 | PA      | $1780335.96   | 0.13%             | 2031-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      1200000 | PA      | $1544750.75   | 0.11%             | 2030-01-16      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |       300000 | PA      | $367111.53    | 0.03%             | 2029-09-23      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |       879000 | PA      | $1056924.76   | 0.07%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SAS                                                         | Iliad Holding SAS                                                               | CUSIP: N/A<br>LEI: 9695009BGMXB527HV965       | Long             | DBT              | CORP              | FR        |       800000 | PA      | $991140.68    | 0.07%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | DBT              | CORP              | ES        |       500000 | PA      | $629896.18    | 0.04%             | 2031-10-18      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |       450000 | PA      | $541087.75    | 0.04%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CT Investment GmbH                                                        | CT Investment GmbH                                                              | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |      1500000 | PA      | $1803423.00   | 0.13%             | 2030-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Greece SA                                                | National Bank of Greece SA                                                      | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | DBT              | CORP              | GR        |      1800000 | PA      | $2236834.80   | 0.16%             | 2035-06-28      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Progroup AG                                                               | Progroup AG                                                                     | CUSIP: N/A<br>LEI: 529900YI5W5TQ8F2FP82       | Long             | DBT              | CORP              | DE        |       300000 | PA      | $352544.93    | 0.02%             | 2031-04-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                          | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      1800000 | PA      | $2141604.21   | 0.15%             | 2054-09-16      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Progroup AG                                                               | Progroup AG                                                                     | CUSIP: N/A<br>LEI: 529900YI5W5TQ8F2FP82       | Long             | DBT              | CORP              | DE        |      1300000 | PA      | $1535652.00   | 0.11%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      1000000 | PA      | $1235772.75   | 0.09%             | 2031-12-03      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Valeo SE                                                                  | Valeo SE                                                                        | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |      2900000 | PA      | $3424340.18   | 0.24%             | 2030-04-11      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                                   | Lorca Telecom Bondco SA                                                         | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      1150000 | PA      | $1386455.56   | 0.10%             | 2029-04-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    165870000 | PA      | $8512631.30   | 0.60%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                              | CUSIP: N/A<br>LEI: 529900F3MBW9XY5K1X07       | Long             | DBT              | NUSS              | MA        |      1175000 | PA      | $1273700.00   | 0.09%             | 2033-09-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets BV                                                     | BP Capital Markets BV                                                           | CUSIP: N/A<br>LEI: 7245003VD7E4T30HJD24       | Long             | DBT              | CORP              | NL        |      1200000 | PA      | $1406932.79   | 0.10%             | 2031-09-12      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                         | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $463708.35    | 0.03%             | 2032-10-24      | Variable      | 4.32%                 | Yes           |                  2 | On Loan: No      |
| Bayer AG                                                                  | Bayer AG                                                                        | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | DBT              | CORP              | DE        |      3000000 | PA      | $3817324.37   | 0.27%             | 2083-09-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |      1100000 | PA      | $1332788.45   | 0.09%             | 2028-07-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Picard Groupe SAS                                                         | Picard Groupe SAS                                                               | CUSIP: N/A<br>LEI: 969500C0PA29TV19CT55       | Long             | DBT              | CORP              | FR        |       700000 | PA      | $845681.54    | 0.06%             | 2029-07-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      2100000 | PA      | $2647425.03   | 0.19%             | 2084-08-30      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                 | Republic of Uzbekistan International Bond                                       | CUSIP: N/A<br>LEI: 213800L6VDKUM3TCM927       | Long             | DBT              | NUSS              | UZ        |      2540000 | PA      | $2727960.00   | 0.19%             | 2032-05-25      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG, Series 1061                                                     | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |      2500000 | PA      | $2949417.75   | 0.21%             | 2032-01-14      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    310700000 | PA      | $17146986.50  | 1.21%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $559556.74    | 0.04%             | 2031-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Assemblin Caverion Group AB                                               | Assemblin Caverion Group AB                                                     | CUSIP: N/A<br>LEI: 636700ULD38LN63RC248       | Long             | DBT              | CORP              | SE        |      1000000 | PA      | $1209538.51   | 0.09%             | 2030-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                    | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | DBT              | CORP              | BE        |      1000000 | PA      | $1278345.99   | 0.09%             | 2028-09-05      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      1400000 | PA      | $1799723.18   | 0.13%             | 2031-06-07      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       500000 | PA      | $613246.68    | 0.04%             | 2033-07-11      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Piraeus Financial Holdings SA                                             | Piraeus Financial Holdings SA                                                   | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | DBT              | CORP              | GR        |       600000 | PA      | $729278.56    | 0.05%             | 2035-09-18      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      2400000 | PA      | $2834942.22   | 0.20%             | 2032-09-19      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                                       | Benin Government Bond                                                           | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |      2681000 | PA      | $2724190.91   | 0.19%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Grupo Antolin Irausa SA                                                   | Grupo Antolin Irausa SA                                                         | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |       448000 | PA      | $366509.28    | 0.03%             | 2030-01-30      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      1750000 | PA      | $2102138.39   | 0.15%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| OEG Finance plc                                                           | OEG Finance plc                                                                 | CUSIP: N/A<br>LEI: 254900KMBHWF9UK63G44       | Long             | DBT              | CORP              | GB        |      1709000 | PA      | $2070975.54   | 0.15%             | 2029-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Alpha Bank SA                                                             | Alpha Bank SA                                                                   | CUSIP: N/A<br>LEI: 213800DBQIB6VBNU5C64       | Long             | DBT              | CORP              | GR        |      1600000 | PA      | $2004935.44   | 0.14%             | 2034-09-13      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      2600000 | PA      | $3128246.71   | 0.22%             | 2034-06-11      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      1193000 | PA      | $1422471.32   | 0.10%             | 2029-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Siemens Financieringsmaatschappij NV                                      | Siemens Financieringsmaatschappij NV                                            | CUSIP: N/A<br>LEI: TAFO772JB70PDRN5VS48       | Long             | DBT              | CORP              | NL        |      2500000 | PA      | $2932146.03   | 0.21%             | 2036-05-27      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                                    | Techem Verwaltungsgesellschaft 675 mbH                                          | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |      2150000 | PA      | $2573720.33   | 0.18%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Shurgard Luxembourg Sarl                                                  | Shurgard Luxembourg SARL                                                        | CUSIP: N/A<br>LEI: 54930064DJ4U15OBV665       | Long             | DBT              | CORP              | LU        |      2100000 | PA      | $2437785.81   | 0.17%             | 2035-05-27      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Glencore Capital Finance DAC                                              | Glencore Capital Finance DAC                                                    | CUSIP: N/A<br>LEI: 213800HCUCI1HC7X6Q34       | Long             | DBT              | CORP              | IE        |      1600000 | PA      | $1925830.05   | 0.14%             | 2031-04-29      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      1300000 | PA      | $1562807.31   | 0.11%             | 2030-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Brazilian Real                                                            | Brazilian Real                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |            0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightstar Lottery Holdings BV                                            | Brightstar Lottery Holdings BV                                                  | CUSIP: N/A<br>LEI: 984500911D9B7B4D7533       | Long             | DBT              | CORP              | NL        |       400000 | PA      | $471018.13    | 0.03%             | 2030-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Azelis Finance NV                                                         | Azelis Finance NV                                                               | CUSIP: N/A<br>LEI: 699400J0P7A5VXKGK641       | Long             | DBT              | CORP              | BE        |      1100000 | PA      | $1306335.51   | 0.09%             | 2029-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Flora Food Management BV                                                  | Flora Food Management BV                                                        | CUSIP: N/A<br>LEI: 2549002VGA888UKFKS25       | Long             | DBT              | CORP              | NL        |       325000 | PA      | $372208.20    | 0.03%             | 2029-07-02      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |      1200000 | PA      | $1415080.32   | 0.10%             | 2031-05-27      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Boots Group Finco LP                                                      | Boots Group Finco LP                                                            | CUSIP: N/A<br>LEI: 254900YVLYOVF1PF1N93       | Long             | DBT              | CORP              | US        |       750000 | PA      | $893878.45    | 0.06%             | 2032-08-31      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Boots Group Finco LP                                                      | Boots Group Finco LP                                                            | CUSIP: N/A<br>LEI: 254900YVLYOVF1PF1N93       | Long             | DBT              | CORP              | US        |       500000 | PA      | $595918.98    | 0.04%             | 2032-08-31      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                                           | Danske Bank A/S                                                                 | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | DBT              | CORP              | DK        |      1800000 | PA      | $2216429.51   | 0.16%             | 2030-06-21      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                                        | Pinnacle Bidco plc                                                              | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |      1187000 | PA      | $1440521.18   | 0.10%             | 2028-10-11      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |      1100000 | PA      | $1326042.83   | 0.09%             | 2029-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Carrier Global Corp.                                                      | Carrier Global Corp.                                                            | CUSIP: 14448CBG8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |       500000 | PA      | $616978.48    | 0.04%             | 2032-11-29      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesschatzanweisungen                                                         | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      2500000 | PA      | $2915002.26   | 0.21%             | 2026-06-18      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                          | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |       400000 | PA      | $442452.00    | 0.03%             | 2054-05-02      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                       | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |    121536334 | PA      | $2696776.19   | 0.19%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                       | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |    368175253 | PA      | $8582562.44   | 0.61%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                  | Celanese US Holdings LLC                                                        | CUSIP: 15089QBB9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |       300000 | PA      | $340712.60    | 0.02%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grupo Nutresa SA                                                          | Grupo Nutresa SA                                                                | CUSIP: N/A<br>LEI: 254900KKAX7B7RJUE255       | Long             | DBT              | CORP              | CO        |       507000 | PA      | $571325.63    | 0.04%             | 2035-05-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG                                                                  | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |      3900000 | PA      | $4677274.67   | 0.33%             | 2032-07-16      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                         | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1110994.64   | 0.08%             | 2028-11-22      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                               | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |      1198000 | PA      | $1280465.05   | 0.09%             | 2029-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      1600000 | PA      | $1912057.38   | 0.14%             | 2030-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |      1810000 | PA      | $2184306.35   | 0.15%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alstom SA                                                                 | Alstom SA                                                                       | CUSIP: N/A<br>LEI: 96950032TUYMW11FB530       | Long             | DBT              | CORP              | FR        |      2600000 | PA      | $3185502.11   | 0.23%             | 2029-05-29      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |      2000000 | PA      | $2392456.04   | 0.17%             | 2029-11-28      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Eurobank Ergasias Services and Holdings SA                                | Eurobank Ergasias Services and Holdings SA                                      | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | DBT              | CORP              | GR        |       400000 | PA      | $465680.82    | 0.03%             | 2035-04-30      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                                 | Banijay Entertainment SAS                                                       | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |      1468000 | PA      | $1765502.64   | 0.12%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                   | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1500000 | PA      | $1831674.90   | 0.13%             | 2031-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Koninklijke KPN NV                                                        | Koninklijke KPN NV                                                              | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | DBT              | CORP              | NL        |      2100000 | PA      | $2515322.19   | 0.18%             | 2029-06-18      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                                           | Ardagh Group SA                                                                 | CUSIP: N/A<br>LEI: 6354006L1NWUUOPYX274       | Long             | DBT              | CORP              | LU        |      1900000 | PA      | $2036911.69   | 0.14%             | 2030-12-01      | Floating      | 12.00%                | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | DBT              | CORP              | ES        |       600000 | PA      | $750242.16    | 0.05%             | 2029-11-20      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $223850.20    | 0.02%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Eutelsat SA                                                               | Eutelsat SA                                                                     | CUSIP: N/A<br>LEI: 549300MCOOY1V7P2PG30       | Long             | DBT              | CORP              | FR        |      1900000 | PA      | $2359699.64   | 0.17%             | 2029-04-13      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | DBT              | CORP              | GB        |      2000000 | PA      | $2716101.49   | 0.19%             | 2035-03-21      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Asmodee Group AB                                                          | Asmodee Group AB                                                                | CUSIP: N/A<br>LEI: 636700G5993BBAFDYD02       | Long             | DBT              | CORP              | SE        |      1360000 | PA      | $1657615.86   | 0.12%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                           | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 200899000000 | PA      | $12416991.21  | 0.88%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       650000 | PA      | $801455.14    | 0.06%             | 2028-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BG Energy Capital plc                                                     | BG Energy Capital plc                                                           | CUSIP: N/A<br>LEI: S2M8QDKEE05NZN8JD460       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $226766.89    | 0.02%             | 2029-11-21      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |      3300000 | PA      | $3820890.19   | 0.27%             | 2033-02-18      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       600000 | PA      | $818620.00    | 0.06%             | 2032-03-05      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                         | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |       600000 | PA      | $689630.82    | 0.05%             | 2036-02-22      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| OTP Bank Nyrt.                                                            | OTP Bank Nyrt.                                                                  | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | DBT              | CORP              | HU        |       553000 | PA      | $583763.39    | 0.04%             | 2035-07-30      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Schneider Electric SE                                                     | Schneider Electric SE                                                           | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | DBT              | CORP              | FR        |      1800000 | PA      | $2056303.31   | 0.15%             | 2036-09-03      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Hammerson plc                                                             | Hammerson plc                                                                   | CUSIP: N/A<br>LEI: 213800G1C9KKVVDN1A60       | Long             | DBT              | CORP              | GB        |       700000 | PA      | $926618.88    | 0.07%             | 2036-10-08      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       600000 | PA      | $568566.67    | 0.04%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |       600000 | PA      | $727153.69    | 0.05%             | 2030-01-24      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Scottish Hydro Electric Transmission plc                                  | Scottish Hydro Electric Transmission plc                                        | CUSIP: N/A<br>LEI: 549300ECJZDA7203MK64       | Long             | DBT              | CORP              | GB        |       700000 | PA      | $815791.33    | 0.06%             | 2032-09-04      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Far East Horizon Ltd.                                                     | Far East Horizon Ltd.                                                           | CUSIP: N/A<br>LEI: 549300S9XRGO1ZPUHE62       | Long             | DBT              | CORP              | HK        |       585000 | PA      | $593592.19    | 0.04%             | 2028-03-05      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Bertrand Franchise Finance SAS                                            | Bertrand Franchise Finance SAS                                                  | CUSIP: N/A<br>LEI: 969500HGPPEHSTNJFW57       | Long             | DBT              | CORP              | FR        |       800000 | PA      | $938943.84    | 0.07%             | 2030-07-18      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PLT VII Finance SARL                                                      | PLT VII Finance SARL                                                            | CUSIP: N/A<br>LEI: 894500SKZV4JDP64R249       | Long             | DBT              | CORP              | LU        |      3127000 | PA      | $3764451.47   | 0.27%             | 2031-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Fressnapf Holding SE                                                      | Fressnapf Holding SE                                                            | CUSIP: N/A<br>LEI: 529900NLSO3VLFW8JQ35       | Long             | DBT              | CORP              | DE        |      2300000 | PA      | $2689579.80   | 0.19%             | 2031-10-31      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1450239.17   | 0.10%             | 2030-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       400000 | PA      | $465605.58    | 0.03%             | 2026-05-25      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       500000 | PA      | $572937.60    | 0.04%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1584000 | PA      | $1953084.52   | 0.14%             | 2028-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1602000 | PA      | $1737128.28   | 0.12%             | 2029-01-18      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1500000 | PA      | $2009534.49   | 0.14%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Volkswagen Financial Services NV                                          | Volkswagen Financial Services NV                                                | CUSIP: N/A<br>LEI: 529900ZTQC8D1TW6BL41       | Long             | DBT              | CORP              | NL        |      1300000 | PA      | $1728409.23   | 0.12%             | 2031-07-14      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      1450000 | PA      | $1810964.00   | 0.13%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Essendi SA                                                                | Essendi SA                                                                      | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |      2155000 | PA      | $2619762.40   | 0.19%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ASK Chemicals Deutschland Holding GmbH                                    | ASK Chemicals Deutschland Holding GmbH                                          | CUSIP: N/A<br>LEI: 529900793W6Y4S5VIK84       | Long             | DBT              | CORP              | DE        |       250000 | PA      | $283522.99    | 0.02%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                                         | eDreams ODIGEO SA                                                               | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |      1200000 | PA      | $1312291.11   | 0.09%             | 2030-12-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Bankinter SA                                                              | Bankinter SA                                                                    | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | DBT              | CORP              | ES        |      1700000 | PA      | $2006811.47   | 0.14%             | 2032-09-10      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                   | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |       250000 | PA      | $296120.89    | 0.02%             | 2030-10-23      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                                                    | Cie de Saint-Gobain SA                                                          | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | DBT              | CORP              | FR        |      1700000 | PA      | $1986472.48   | 0.14%             | 2033-04-04      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      2000000 | PA      | $2364935.61   | 0.17%             | 2033-01-16      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| SELP Finance SARL                                                         | SELP Finance SARL                                                               | CUSIP: N/A<br>LEI: 549300Y4VYEJE1MH6D45       | Long             | DBT              | CORP              | LU        |      2700000 | PA      | $3159966.69   | 0.22%             | 2032-01-16      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Orbia Advance Corp. SAB de CV                                             | Orbia Advance Corp. SAB de CV                                                   | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | DBT              | CORP              | MX        |       556000 | PA      | $551135.00    | 0.04%             | 2030-05-13      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Ontex Group NV                                                            | Ontex Group NV                                                                  | CUSIP: N/A<br>LEI: 549300AQESC6JJOPW253       | Long             | DBT              | CORP              | BE        |      2100000 | PA      | $2500127.97   | 0.18%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Maxam Prill Sarl                                                          | Maxam Prill SARL                                                                | CUSIP: N/A<br>LEI: 984500C4C5B820A6B691       | Long             | DBT              | CORP              | LU        |      1500000 | PA      | $1767432.47   | 0.13%             | 2030-07-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group Spa                                                     | Lottomatica Group Spa                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |       472000 | PA      | $563520.80    | 0.04%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group Spa                                                     | Lottomatica Group Spa                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |      1400000 | PA      | $1671460.00   | 0.12%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Tyco Electronics Group SA                                                 | Tyco Electronics Group SA                                                       | CUSIP: 902133BB2<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |       400000 | PA      | $461816.17    | 0.03%             | 2033-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CPI Property Group SA                                                     | CPI Property Group SA                                                           | CUSIP: N/A<br>LEI: 222100CO2ZOTEPGJO223       | Long             | DBT              | CORP              | LU        |      1350000 | PA      | $1519478.32   | 0.11%             | 2030-07-22      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      1617210 | PA      | $1792543.66   | 0.13%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |       231030 | PA      | $258548.79    | 0.02%             | 2031-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      1771230 | PA      | $2053074.81   | 0.15%             | 2029-11-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Carnival plc                                                              | Carnival plc                                                                    | CUSIP: N/A<br>LEI: 4DR1VPDQMHD3N3QW8W95       | Long             | DBT              | CORP              | GB        |       959000 | PA      | $1126492.46   | 0.08%             | 2031-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |      1400000 | PA      | $1658956.06   | 0.12%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Viridien                                                                  | Viridien                                                                        | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |       814211 | PA      | $990197.88    | 0.07%             | 2030-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Valeo SE                                                                  | Valeo SE                                                                        | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1078617.79   | 0.08%             | 2031-05-20      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                         | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |      3100000 | PA      | $3643607.93   | 0.26%             | 2030-05-20      | Variable      | 4.37%                 | Yes           |                  2 | On Loan: No      |
| Deepocean Ltd.                                                            | Deepocean Ltd.                                                                  | CUSIP: N/A<br>LEI: 213800OYKN2J6ZFIFU40       | Long             | DBT              | CORP              | JE        |       500000 | PA      | $589755.44    | 0.04%             | 2031-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Intralot Capital Luxembourg SA                                            | Intralot Capital Luxembourg SA                                                  | CUSIP: N/A<br>LEI: 549300QF747C7UWZYB38       | Long             | DBT              | CORP              | LU        |       750000 | PA      | $845459.38    | 0.06%             | 2031-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                                 | Benteler International AG                                                       | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |      1350000 | PA      | $1679706.47   | 0.12%             | 2031-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                                 | Benteler International AG                                                       | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |       253000 | PA      | $314789.44    | 0.02%             | 2031-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Banca Monte dei Paschi di Siena SpA                                       | Banca Monte dei Paschi di Siena SpA                                             | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | DBT              | CORP              | IT        |       900000 | PA      | $1056114.90   | 0.07%             | 2031-05-28      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       300000 | PA      | $326961.87    | 0.02%             | 2030-02-11      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Punch Finance plc                                                         | Punch Finance plc                                                               | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |      1300000 | PA      | $1750811.17   | 0.12%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Mehilainen Yhtiot Oy                                                      | Mehilainen Yhtiot Oy                                                            | CUSIP: N/A<br>LEI: 2138006X78HGYRHS5865       | Long             | DBT              | CORP              | FI        |       800000 | PA      | $945090.09    | 0.07%             | 2032-06-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SoftBank Group Corp.                                                      | SoftBank Group Corp.                                                            | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | DBT              | CORP              | JP        |       850000 | PA      | $1001378.17   | 0.07%             | 2029-10-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                    | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |      1800000 | PA      | $2187477.23   | 0.15%             | 2030-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Froneri Lux FinCo. SARL                                                   | Froneri Lux FinCo. SARL                                                         | CUSIP: N/A<br>LEI: 9845005YBZ75E5AA3B94       | Long             | DBT              | CORP              | LU        |      1900000 | PA      | $2220251.01   | 0.16%             | 2032-08-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Lenzing AG                                                                | Lenzing AG                                                                      | CUSIP: N/A<br>LEI: 529900BKFJBI0QRDJH63       | Long             | DBT              | CORP              | AT        |       400000 | PA      | $461355.16    | 0.03%             | 2028-04-09      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                                     | Nissan Motor Co. Ltd.                                                           | CUSIP: N/A<br>LEI: 353800DRBDH1LUTNAY26       | Long             | DBT              | CORP              | JP        |      1400000 | PA      | $1660716.05   | 0.12%             | 2029-07-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1048041.12   | 0.07%             | 2033-09-02      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Gruppo San Donato SpA                                                     | Gruppo San Donato SpA                                                           | CUSIP: N/A<br>LEI: 8156003649DB0704FC22       | Long             | DBT              | CORP              | IT        |       790000 | PA      | $933864.18    | 0.07%             | 2031-10-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Southern Copper Corp.                                                     | Southern Copper Corp.                                                           | CUSIP: 84265VAJ4<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |       140000 | PA      | $144369.40    | 0.01%             | 2045-04-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                        | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |    336529000 | PA      | $19247364.25  | 1.36%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Australia                                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |      2140000 | PA      | $1032938.97   | 0.07%             | 2047-03-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Generali                                                                  | Generali                                                                        | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $242142.78    | 0.02%             | 2047-10-27      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sunrise HoldCo IV BV                                                      | Sunrise HoldCo IV BV                                                            | CUSIP: N/A<br>LEI: 213800G1DU7LKI6ZCD69       | Long             | DBT              | CORP              | NL        |      1500000 | PA      | $1724732.75   | 0.12%             | 2029-06-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Notas do Tesouro Nacional                                                       | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |    201900000 | PA      | $38117311.43  | 2.70%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |      2226000 | PA      | $488607.00    | 0.03%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| AXA SA                                                                    | AXA SA                                                                          | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $702215.65    | 0.05%             | 2047-07-06      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Airbus SE                                                                 | Airbus SE                                                                       | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $322114.99    | 0.02%             | 2031-05-13      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Canadian Dollar                                                           | Canadian Dollar                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |            0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chinese Renminbi (Yuan)                                                   | Chinese Renminbi (Yuan)                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |            0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Czech Repub. Kronas                                                       | Czech Repub. Kronas                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CZ        |       379867 | OU      | $18228.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice France Sa Bond                                                     | Altice France SA                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |          754 | NS      | $11483.11     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                       | Euro-Schatz                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          216 | NC      | $-21064.27    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                                      | EURO                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |       600270 | OU      | $696523.51    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -433 | NC      | $-59182.13    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Long Gilt                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |          131 | NC      | $20033.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Long Gilt                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |          -43 | NC      | $-55030.38    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                                             | British Pound                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |       340422 | OU      | $450616.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hungarian Forint                                                          | Hungarian Forint                                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | HU        |           -1 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                                         | Indonesian Rupiah                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |   3122754718 | OU      | $187496.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Euro-BTP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          310 | NC      | $1047555.08   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Japan 10 Year Bond                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |          -34 | NC      | $22094.67     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Japan 10 Year Bond                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |          -20 | NC      | $246067.98    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                                              | Japanese Yen                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |        55340 | OU      | $354.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mexican Pesos                                                         | New Mexican Pesos                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | MX        |           -1 | OU      | $-0.04        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Viridien                                                                  | Viridien                                                                        | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |       369747 | PA      | $449666.33    | 0.03%             | 2030-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       234000 | PA      | $282796.64    | 0.02%             | 2030-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                   | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |       832000 | PA      | $985490.34    | 0.07%             | 2030-10-23      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Punch Finance plc                                                         | Punch Finance plc                                                               | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |       571000 | PA      | $769010.13    | 0.05%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                    | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |       307000 | PA      | $373086.40    | 0.03%             | 2030-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                                         | eDreams ODIGEO SA                                                               | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |       661000 | PA      | $722853.69    | 0.05%             | 2030-12-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Bellis Acquisition Co. plc                                                | Bellis Acquisition Co. plc                                                      | CUSIP: N/A<br>LEI: 259400CYE2267UB4A481       | Long             | DBT              | CORP              | GB        |       615000 | PA      | $695225.58    | 0.05%             | 2031-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |       685000 | PA      | $810922.11    | 0.06%             | 2031-06-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Banco BPM SpA                                                             | Banco BPM SpA                                                                   | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | DBT              | CORP              | IT        |      1200000 | PA      | $1408176.62   | 0.10%             | 2036-01-01      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Dolcetto Holdco SpA                                                       | Dolcetto Holdco SpA                                                             | CUSIP: N/A<br>LEI: 81560029E819F2CE4A42       | Long             | DBT              | CORP              | IT        |       545000 | PA      | $641768.20    | 0.05%             | 2032-07-14      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       648000 | PA      | $761853.04    | 0.05%             | 2030-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       482000 | PA      | $571154.87    | 0.04%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BCP V Modular Services Finance II plc                                     | BCP V Modular Services Finance II plc                                           | CUSIP: N/A<br>LEI: 213800227GGD6UI7PI97       | Long             | DBT              | CORP              | GB        |       961000 | PA      | $1040984.16   | 0.07%             | 2031-07-10      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: N/A<br>LEI: 6SHGI4ZSSLCXXQSBB395       | Long             | DBT              | CORP              | US        |       416000 | PA      | $491689.22    | 0.03%             | 2036-07-23      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Boots Group Finco LP                                                      | Boots Group Finco LP                                                            | CUSIP: N/A<br>LEI: 254900YVLYOVF1PF1N93       | Long             | DBT              | CORP              | US        |       316000 | PA      | $376620.79    | 0.03%             | 2032-08-31      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Bobl                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |           87 | NC      | $764.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       605000 | PA      | $723190.16    | 0.05%             | 2031-03-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                                     | 888 Acquisitions Ltd.                                                           | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |       643000 | PA      | $625933.98    | 0.04%             | 2031-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Intralot Capital Luxembourg SA                                            | Intralot Capital Luxembourg SA                                                  | CUSIP: N/A<br>LEI: 549300QF747C7UWZYB38       | Long             | DBT              | CORP              | LU        |       445000 | PA      | $501639.24    | 0.04%             | 2031-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Deepocean Ltd.                                                            | Deepocean Ltd.                                                                  | CUSIP: N/A<br>LEI: 213800OYKN2J6ZFIFU40       | Long             | DBT              | CORP              | JE        |       613000 | PA      | $723040.17    | 0.05%             | 2031-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Peruvian New Sol                                                          | Peruvian New Sol                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PE        |        32913 | OU      | $9788.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Polish Zloty - New                                                        | Polish Zloty - New                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |         1195 | OU      | $327.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Euro-Bund                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -592 | NC      | $-516797.85   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Turkish Lira                                                              | Turkish Lira                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TR        |            0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          252 | NC      | $-4307.69     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          -10 | NC      | $243.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          976 | NC      | $177215.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -120 | NC      | $-28764.67    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                         | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |       776000 | PA      | $985477.36    | 0.07%             | 2029-09-27      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Buxl 30 Year Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |           54 | NC      | $-82086.62    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          130 | NC      | $93217.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          -22 | NC      | $-20146.54    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -300 | NC      | $-139118.67   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          782 | NC      | $591342.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       182000 | PA      | $220133.26    | 0.02%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |     72630000 | PA      | $3724192.25   | 0.26%             | 2035-05-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087R55<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     13162000 | PA      | $9487527.88   | 0.67%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CT Investment GmbH                                                        | CT Investment GmbH                                                              | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |       197000 | PA      | $236849.55    | 0.02%             | 2030-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TUI Cruises GmbH                                                          | TUI Cruises GmbH                                                                | CUSIP: N/A<br>LEI: 529900SVD83QUUIZYY18       | Long             | DBT              | CORP              | DE        |       124000 | PA      | $149819.79    | 0.01%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group SpA                                                     | Lottomatica Group SpA                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |       191000 | PA      | $229406.81    | 0.02%             | 2030-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                            | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       261000 | PA      | $311563.35    | 0.02%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -281 | NC      | $-253153.62   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087R97<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     46752000 | PA      | $33830255.05  | 2.39%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amber Finco plc                                                           | Amber Finco plc                                                                 | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |       215000 | PA      | $261856.27    | 0.02%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      2600000 | PA      | $3093213.69   | 0.22%             | 2032-09-16      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       424000 | PA      | $401787.12    | 0.03%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ASK Chemicals Deutschland Holding GmbH                                    | ASK Chemicals Deutschland Holding GmbH                                          | CUSIP: N/A<br>LEI: 529900793W6Y4S5VIK84       | Long             | DBT              | CORP              | DE        |       382000 | PA      | $433223.12    | 0.03%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087S54<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     45105000 | PA      | $32522594.80  | 2.30%             | 2027-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flora Food Management BV                                                  | Flora Food Management BV                                                        | CUSIP: N/A<br>LEI: 2549002VGA888UKFKS25       | Long             | DBT              | CORP              | NL        |       492000 | PA      | $563465.96    | 0.04%             | 2029-07-02      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Asmodee Group AB                                                          | Asmodee Group AB                                                                | CUSIP: N/A<br>LEI: 636700G5993BBAFDYD02       | Long             | DBT              | CORP              | SE        |       104000 | PA      | $126758.86    | 0.01%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087S62<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     42596000 | PA      | $30746725.22  | 2.18%             | 2035-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      1700000 | PA      | $2010195.26   | 0.14%             | 2033-01-16      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Waga Bondco Ltd.                                                          | Waga Bondco Ltd.                                                                | CUSIP: N/A<br>LEI: 254900PFB2C9WELUW795       | Long             | DBT              | CORP              | JE        |       220000 | PA      | $259132.56    | 0.02%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Rekeep SpA                                                                | Rekeep SpA                                                                      | CUSIP: N/A<br>LEI: 8156008737CA044FCB79       | Long             | DBT              | CORP              | IT        |       261000 | PA      | $272105.79    | 0.02%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Australia 10 Year Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | AU        |          459 | NC      | $-511804.99   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                         | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |      1800000 | PA      | $2097819.97   | 0.15%             | 2037-10-07      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International Sarl                                          | Cirsa Finance International SARL                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |      1155000 | PA      | $1370346.73   | 0.10%             | 2031-10-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| South African Rand                                                        | South African Rand                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |            0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer