# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180643
**Filing Date:** 2025-7
**Character Count:** 894167
**Document Hash:** 5735536961df88686abbbafd66a3745d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180643.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**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:** 251154606

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

## Series and Classes Contracts Data

### JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (Series ID: S000054488)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000171065 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | BBHY            |

## Nport-Ex

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**Schedule of Portfolio Investments as of May 31, 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 BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 98.1%** | **Corporate Bonds — 98.1%** | **Corporate Bonds — 98.1%** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC 6.75%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 168044 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 402105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 50180 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.  | &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.  | &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 60174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 499172 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 938000 | &nbsp;&nbsp;&nbsp;&nbsp; 937386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 241170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412500 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 205340 |
| &nbsp;&nbsp;&nbsp; Efesto Bidco S.p.A Efesto US LLC (Italy) Series XR, 7.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 337184 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC 6.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 214171 |
| &nbsp;&nbsp;&nbsp; Moog, Inc. 4.25%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 136577 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.  | &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.  | &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 159924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 250228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 607346 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1061000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 341000 | &nbsp;&nbsp;&nbsp;&nbsp; 346917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 852017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1523000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 417000 | &nbsp;&nbsp;&nbsp;&nbsp; 431366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 687711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/31/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 759000 | &nbsp;&nbsp;&nbsp;&nbsp; 749893 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. 9.00%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 335104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10827830 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC 8.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp;&nbsp; 262112 |
| &nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC 7.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 303540 |
| **Automobile Components — 2.2%** | **Automobile Components — 2.2%** | **Automobile Components — 2.2%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. 7.00%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 538000 | &nbsp;&nbsp;&nbsp;&nbsp; 549854 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp;&nbsp; 573287 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 434904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 6.88%, <br> 12/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 238979 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 133574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 840561 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50% (Cash), 3/31/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 92290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 236984 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 130563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 295593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 69230 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 217507 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc. 7.75%, 5/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 270416 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 181096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 520714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 514417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4666 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP  | &nbsp;&nbsp;&nbsp; Icahn Enterprises LP  | &nbsp;&nbsp;&nbsp; Icahn Enterprises LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 556676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp;&nbsp; 257749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 227127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 234772 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37% (Cash), 5/15/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 200927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225298 |
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc. 8.75%, 12/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 208180 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc.  | &nbsp;&nbsp;&nbsp; Patrick Industries, Inc.  | &nbsp;&nbsp;&nbsp; Patrick Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 232103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44354 |
| &nbsp;&nbsp;&nbsp; Phinia, Inc. 6.63%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 313112 |
| &nbsp;&nbsp;&nbsp; Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 219000 | &nbsp;&nbsp;&nbsp;&nbsp; 170109 |
| &nbsp;&nbsp;&nbsp; Tenneco, Inc. 8.00%, 11/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 576000 | &nbsp;&nbsp;&nbsp;&nbsp; 567127 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) | &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) | &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 654106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/23/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 144360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9355508 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd. (Jersey) 10.00%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 268032 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc (United Kingdom) 5.88%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 475827 |
| &nbsp;&nbsp;&nbsp; Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200215 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC  | &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC  | &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 9/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp; 496777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp;&nbsp; 307480 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 9/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1186000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 9/17/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 556139 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles — continued** | **Automobiles — continued** | **Automobiles — continued** |
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC 9.50%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 127264 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. 4.00%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 163611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3739798 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 155582 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) (3-MONTH SOFR + 1.46%), 7.01%, 7/30/2037 (a) (b) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204735 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp (3-MONTH CME TERM SOFR + 2.36%), 3.00%, 6/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 112659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 472976 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 435590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 31672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 467262 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 124217 |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 322477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 446694 |
| **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** |
| &nbsp;&nbsp;&nbsp; ANGI Group LLC 3.88%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 117655 |
| &nbsp;&nbsp;&nbsp; Getty Images, Inc. 11.25%, 2/21/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 147883 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC  | &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC  | &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 437787 |
| &nbsp;&nbsp;&nbsp; GrubHub Holdings, Inc. 5.50%, 7/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 115312 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp.  | &nbsp;&nbsp;&nbsp; Kohl's Corp.  | &nbsp;&nbsp;&nbsp; Kohl's Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 91382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/17/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 153667 |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  | &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  | &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 21972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 16335 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC  | &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC  | &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 114671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 240503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 215840 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC  | &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC  | &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 253626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 474842 |
| &nbsp;&nbsp;&nbsp; Millennium Escrow Corp. 6.63%, 8/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 179489 |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc.  | &nbsp;&nbsp;&nbsp; Nordstrom, Inc.  | &nbsp;&nbsp;&nbsp; Nordstrom, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp; 256236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 205106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 306000 | &nbsp;&nbsp;&nbsp;&nbsp; 214023 |
| &nbsp;&nbsp;&nbsp; QVC, Inc.  | &nbsp;&nbsp;&nbsp; QVC, Inc.  | &nbsp;&nbsp;&nbsp; QVC, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 24475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 129200 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Broadline Retail — continued** | **Broadline Retail — continued** | **Broadline Retail — continued** |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 783000 | &nbsp;&nbsp;&nbsp;&nbsp; 844273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 428000 | &nbsp;&nbsp;&nbsp;&nbsp; 458242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.25%), 8.13%, 12/15/2029 (a) (b) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 386516 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 289085 |
| &nbsp;&nbsp;&nbsp; Shutterfly LLC 8.50%, 10/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 103600 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC 7.25%, 10/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 486966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5990615 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| &nbsp;&nbsp;&nbsp; ACProducts Holdings, Inc. 6.38%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 52670 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc.  | &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc.  | &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 189767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51626 |
| &nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 144301 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 94891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 461000 | &nbsp;&nbsp;&nbsp;&nbsp; 418267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 635896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 55795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 97552 |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 152220 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc.  | &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc.  | &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 41376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 218579 |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 156082 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.63%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 938000 | &nbsp;&nbsp;&nbsp;&nbsp; 947487 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 328010 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 54133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 150676 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 241632 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 234754 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 126306 |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 186457 |
| &nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 153999 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1591000 | &nbsp;&nbsp;&nbsp;&nbsp; 1616706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 128873 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 761000 | &nbsp;&nbsp;&nbsp;&nbsp; 781468 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 85414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 435982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 882000 | &nbsp;&nbsp;&nbsp;&nbsp; 827770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 356570 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC 11.00%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 151330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9116589 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. 4.80%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 57654 |
| &nbsp;&nbsp;&nbsp; AG Issuer LLC 6.25%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 401752 |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc. 7.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 329000 | &nbsp;&nbsp;&nbsp;&nbsp; 328699 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 589000 | &nbsp;&nbsp;&nbsp;&nbsp; 512619 |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 361679 |
| &nbsp;&nbsp;&nbsp; Dresdner Funding Trust I 8.15%, 6/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 351000 | &nbsp;&nbsp;&nbsp;&nbsp; 384093 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC 6.75%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 337000 | &nbsp;&nbsp;&nbsp;&nbsp; 340921 |
| &nbsp;&nbsp;&nbsp; Hightower Holding LLC  | &nbsp;&nbsp;&nbsp; Hightower Holding LLC  | &nbsp;&nbsp;&nbsp; Hightower Holding LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 186322 |
| &nbsp;&nbsp;&nbsp; Jane Street Group  | &nbsp;&nbsp;&nbsp; Jane Street Group  | &nbsp;&nbsp;&nbsp; Jane Street Group  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 961000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 248410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 312787 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. 10.75%, 8/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21121 |
| &nbsp;&nbsp;&nbsp; Prospect Capital Corp.  | &nbsp;&nbsp;&nbsp; Prospect Capital Corp.  | &nbsp;&nbsp;&nbsp; Prospect Capital Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 138610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 54628 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc. 7.88%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 165373 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC 7.50%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 236669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4814842 |
| **Chemicals — 3.5%** | **Chemicals — 3.5%** | **Chemicals — 3.5%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc.  | &nbsp;&nbsp;&nbsp; Ashland, Inc.  | &nbsp;&nbsp;&nbsp; Ashland, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp;&nbsp; 199016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32566 |
| &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc.  | &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc.  | &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10% (Blend (Cash 5.85% + PIK 1.25%)), 9/30/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 398240 | &nbsp;&nbsp;&nbsp;&nbsp; 162419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18% (Blend (Cash 6.43% + PIK 4.75%)), 9/30/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 28698 |
| &nbsp;&nbsp;&nbsp; Avient Corp.  | &nbsp;&nbsp;&nbsp; Avient Corp.  | &nbsp;&nbsp;&nbsp; Avient Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 386438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 68095 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 536000 | &nbsp;&nbsp;&nbsp;&nbsp; 530422 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC  | &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC  | &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2032 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 153454 |
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH (Germany) 9.38%, 10/3/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 381211 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 643000 | &nbsp;&nbsp;&nbsp;&nbsp; 575746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 55798 |
| &nbsp;&nbsp;&nbsp; Consolidated Energy Finance SA (Switzerland) 12.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 338043 |
| &nbsp;&nbsp;&nbsp; CVR Partners LP 6.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 161125 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 204512 |
| &nbsp;&nbsp;&nbsp; FMC Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.37%), 8.45%, 11/1/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 83691 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; FXI Holdings, Inc. 12.25%, 11/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 447000 | &nbsp;&nbsp;&nbsp;&nbsp; 393722 |
| &nbsp;&nbsp;&nbsp; GPD Cos., Inc. 10.13%, 4/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 119233 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. 4.25%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp;&nbsp; 150498 |
| &nbsp;&nbsp;&nbsp; Herens Holdco SARL (Luxembourg) 4.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 239136 |
| &nbsp;&nbsp;&nbsp; Illuminate Buyer LLC 9.00%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 148488 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) 7.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 353680 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199004 |
| &nbsp;&nbsp;&nbsp; Ingevity Corp. 3.88%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 131582 |
| &nbsp;&nbsp;&nbsp; Innophos Holdings, Inc. 11.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120914 |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc. 6.25%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 118788 |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. 8.00%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 81047 |
| &nbsp;&nbsp;&nbsp; Methanex Corp. (Canada) | &nbsp;&nbsp;&nbsp; Methanex Corp. (Canada) | &nbsp;&nbsp;&nbsp; Methanex Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 621000 | &nbsp;&nbsp;&nbsp;&nbsp; 615720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 48345 |
| &nbsp;&nbsp;&nbsp; Methanex US Operations, Inc. 6.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29999 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. 5.00%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 93280 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 109827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 337000 | &nbsp;&nbsp;&nbsp;&nbsp; 354977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 447000 | &nbsp;&nbsp;&nbsp;&nbsp; 467486 |
| &nbsp;&nbsp;&nbsp; Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 82559 |
| &nbsp;&nbsp;&nbsp; OCI NV (Netherlands) 6.70%, 3/16/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 373935 |
| &nbsp;&nbsp;&nbsp; Olin Corp.  | &nbsp;&nbsp;&nbsp; Olin Corp.  | &nbsp;&nbsp;&nbsp; Olin Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 359000 | &nbsp;&nbsp;&nbsp;&nbsp; 343623 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp.  | &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp.  | &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 737000 | &nbsp;&nbsp;&nbsp;&nbsp; 772719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 291000 |
| &nbsp;&nbsp;&nbsp; Rain Carbon, Inc. 12.25%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 138572 |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc.  | &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc.  | &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 301893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 249201 |
| &nbsp;&nbsp;&nbsp; SCIL IV LLC 5.38%, 11/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp;&nbsp; 364147 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 468000 | &nbsp;&nbsp;&nbsp;&nbsp; 421223 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 183364 |
| &nbsp;&nbsp;&nbsp; SNF Group SACA (France) 3.38%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 293173 |
| &nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV Sarl 7.63% (Blend (Cash 5.13% + PIK 2.50%)), 5/3/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80050 | &nbsp;&nbsp;&nbsp;&nbsp; 46640 |
| &nbsp;&nbsp;&nbsp; Tronox, Inc. 4.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 266702 |
| &nbsp;&nbsp;&nbsp; Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 152985 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 652485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14963314 |
| **Commercial Services & Supplies — 2.9%** | **Commercial Services & Supplies — 2.9%** | **Commercial Services & Supplies — 2.9%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 180202 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The) 4.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 471746 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 824000 | &nbsp;&nbsp;&nbsp;&nbsp; 787089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 359710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 680894 |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  | &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  | &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 157745 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 371009 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 76956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 346914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41040 |
| &nbsp;&nbsp;&nbsp; Cimpress plc (Ireland) 7.38%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 235826 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  | &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  | &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 539943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23123 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.  | &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.  | &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 362000 | &nbsp;&nbsp;&nbsp;&nbsp; 368375 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 184963 |
| &nbsp;&nbsp;&nbsp; Deluxe Corp. 8.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 275631 |
| &nbsp;&nbsp;&nbsp; Enviri Corp. 5.75%, 7/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 126816 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 135235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 688000 | &nbsp;&nbsp;&nbsp;&nbsp; 685026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 101339 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 449420 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 201876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 366836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 61457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 337000 | &nbsp;&nbsp;&nbsp;&nbsp; 349570 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 113453 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp; 504936 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; OT Midco, Inc. 10.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 166616 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc.  | &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc.  | &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 203029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35984 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 729000 | &nbsp;&nbsp;&nbsp;&nbsp; 730816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 108468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 52946 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 358366 |
| &nbsp;&nbsp;&nbsp; Reworld Holding Corp. 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 425196 |
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co. 9.50%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 498249 |
| &nbsp;&nbsp;&nbsp; Steelcase, Inc. 5.13%, 1/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 157232 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co. 10.50%, 11/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 299000 | &nbsp;&nbsp;&nbsp;&nbsp; 318018 |
| &nbsp;&nbsp;&nbsp; VM Consolidated, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 95970 |
| &nbsp;&nbsp;&nbsp; Waste Pro USA, Inc. 7.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp; 352713 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 587873 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 185648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12682515 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp. 4.00%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 136817 |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 581000 | &nbsp;&nbsp;&nbsp;&nbsp; 579503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 427059 |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC 5.00%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 313108 |
| &nbsp;&nbsp;&nbsp; CommScope, Inc. 7.13%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 32699 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.  | &nbsp;&nbsp;&nbsp; Viasat, Inc.  | &nbsp;&nbsp;&nbsp; Viasat, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 466860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 25531 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 123282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2122298 |
| **Construction & Engineering — 0.7%** | **Construction & Engineering — 0.7%** | **Construction & Engineering — 0.7%** |
| &nbsp;&nbsp;&nbsp; AECOM 5.13%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 310727 |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc.  | &nbsp;&nbsp;&nbsp; Arcosa, Inc.  | &nbsp;&nbsp;&nbsp; Arcosa, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 134388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 197919 |
| &nbsp;&nbsp;&nbsp; Artera Services LLC 8.50%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 159763 |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings LLC (Chile) 4.05%, 4/27/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp; 268801 |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc. 10.38%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 477000 | &nbsp;&nbsp;&nbsp;&nbsp; 427834 |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc. 7.50%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 140753 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 168373 |
| &nbsp;&nbsp;&nbsp; Fluor Corp. 4.25%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 131591 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 166896 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 47895 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp. 5.25%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 102157 |
| &nbsp;&nbsp;&nbsp; HTA Group Ltd. (Tanzania, United Republic of) 7.50%, 6/4/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 216521 |
| &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp; 304487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80781 |
| &nbsp;&nbsp;&nbsp; Railworks Holdings LP 8.25%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71075 |
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp. 11.88%, 4/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 154653 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 92267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3176881 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 126652 |
| **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc.  | &nbsp;&nbsp;&nbsp; Ally Financial, Inc.  | &nbsp;&nbsp;&nbsp; Ally Financial, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 85433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.65%, 1/17/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp;&nbsp; 221836 |
| &nbsp;&nbsp;&nbsp; Azorra Finance Ltd. 7.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 141932 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 431000 | &nbsp;&nbsp;&nbsp;&nbsp; 459526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 37865 |
| &nbsp;&nbsp;&nbsp; Cobra AcquisitionCo LLC  | &nbsp;&nbsp;&nbsp; Cobra AcquisitionCo LLC  | &nbsp;&nbsp;&nbsp; Cobra AcquisitionCo LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 57447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 151929 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Corp. 9.25%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 370352 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.  | &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.  | &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp;&nbsp; 290020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 222603 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. 11.25%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 254244 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc. 7.38%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 91322 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.  | &nbsp;&nbsp;&nbsp; FirstCash, Inc.  | &nbsp;&nbsp;&nbsp; FirstCash, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 431573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 80976 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland) 8.00%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 701000 | &nbsp;&nbsp;&nbsp;&nbsp; 721319 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd. (Cayman Islands) 8.75%, 9/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 369106 |
| &nbsp;&nbsp;&nbsp; goeasy Ltd. (Canada) | &nbsp;&nbsp;&nbsp; goeasy Ltd. (Canada) | &nbsp;&nbsp;&nbsp; goeasy Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 54555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 544000 | &nbsp;&nbsp;&nbsp;&nbsp; 543515 |
| &nbsp;&nbsp;&nbsp; LFS Topco LLC 5.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 56478 |
| &nbsp;&nbsp;&nbsp; Navient Corp.  | &nbsp;&nbsp;&nbsp; Navient Corp.  | &nbsp;&nbsp;&nbsp; Navient Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp; 430221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 846000 | &nbsp;&nbsp;&nbsp;&nbsp; 744179 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 429219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 303805 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1123000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 193325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 301425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57997 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.  | &nbsp;&nbsp;&nbsp; PRA Group, Inc.  | &nbsp;&nbsp;&nbsp; PRA Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 61897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 361838 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. 6.00%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 200437 |
| &nbsp;&nbsp;&nbsp; Rfna LP 7.88%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250625 |
| &nbsp;&nbsp;&nbsp; SLM Corp.  | &nbsp;&nbsp;&nbsp; SLM Corp.  | &nbsp;&nbsp;&nbsp; SLM Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 324046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15467 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial 7.25%, 2/2/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 260615 |
| &nbsp;&nbsp;&nbsp; TrueNoord Capital DAC (Ireland) 8.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 153481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10103330 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 654413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 185673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 136232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 827000 | &nbsp;&nbsp;&nbsp;&nbsp; 804465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15228 |
| &nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC 5.00%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 108927 |
| &nbsp;&nbsp;&nbsp; Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 116255 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC 9.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 368001 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. 4.25%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1059000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009368 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 78094 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 29119 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp; 84019 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp; 39743 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Safeway, Inc. 7.25%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 60094 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. 6.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 148012 |
| &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 742000 | &nbsp;&nbsp;&nbsp;&nbsp; 725605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 147165 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.  | &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.  | &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 543000 | &nbsp;&nbsp;&nbsp;&nbsp; 530998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 253559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 114257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 221231 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 157875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 4/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 104505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5928698 |
| **Containers & Packaging — 2.3%** | **Containers & Packaging — 2.3%** | **Containers & Packaging — 2.3%** |
| &nbsp;&nbsp;&nbsp; ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 504653 | &nbsp;&nbsp;&nbsp;&nbsp; 17663 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC  | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC  | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 183928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 497684 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp;&nbsp; 342719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 683000 | &nbsp;&nbsp;&nbsp;&nbsp; 310765 |
| &nbsp;&nbsp;&nbsp; Ball Corp.  | &nbsp;&nbsp;&nbsp; Ball Corp.  | &nbsp;&nbsp;&nbsp; Ball Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 647000 | &nbsp;&nbsp;&nbsp;&nbsp; 662644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 378347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17726 |
| &nbsp;&nbsp;&nbsp; Cascades, Inc. (Canada) 5.38%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 157611 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 563790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 397000 | &nbsp;&nbsp;&nbsp;&nbsp; 401200 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC  | &nbsp;&nbsp;&nbsp; Crown Americas LLC  | &nbsp;&nbsp;&nbsp; Crown Americas LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 114748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 501108 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 177707 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  | &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  | &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 578000 | &nbsp;&nbsp;&nbsp;&nbsp; 578854 |
| &nbsp;&nbsp;&nbsp; Intelligent Packaging Ltd. Finco, Inc. (Canada) 6.00%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 216931 |
| &nbsp;&nbsp;&nbsp; Iris Holding, Inc. 10.00%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 130215 |
| &nbsp;&nbsp;&nbsp; LABL, Inc.  | &nbsp;&nbsp;&nbsp; LABL, Inc.  | &nbsp;&nbsp;&nbsp; LABL, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 131484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp; 511668 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1067000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp;&nbsp; 194063 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.  | &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.  | &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 499251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 150274 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp.  | &nbsp;&nbsp;&nbsp; Sealed Air Corp.  | &nbsp;&nbsp;&nbsp; Sealed Air Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 348860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 556000 | &nbsp;&nbsp;&nbsp;&nbsp; 582422 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. 4.13%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 156371 |
| &nbsp;&nbsp;&nbsp; Toucan FinCo. Ltd. (Canada) 9.50%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp; 305184 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. 12.75%, 12/31/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 222725 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 88474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9837428 |
| **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 286748 |
| &nbsp;&nbsp;&nbsp; Dealer Tire LLC 8.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 175907 |
| &nbsp;&nbsp;&nbsp; Gates Corp. 6.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 180358 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 326818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 132944 |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 296418 |
| &nbsp;&nbsp;&nbsp; Velocity Vehicle Group LLC 8.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 170176 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC 8.50%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 228553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1797922 |
| **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 98219 |
| &nbsp;&nbsp;&nbsp; Belron UK Finance plc (United Kingdom) 5.75%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 306000 | &nbsp;&nbsp;&nbsp;&nbsp; 307146 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc. 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 201000 | &nbsp;&nbsp;&nbsp;&nbsp; 188088 |
| &nbsp;&nbsp;&nbsp; Champions Financing, Inc. 8.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 170449 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. 5.75%, 6/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 146784 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. 8.63%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 71698 |
| &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp. 6.50%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 236694 |
| &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 936000 | &nbsp;&nbsp;&nbsp;&nbsp; 848922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 271291 |
| &nbsp;&nbsp;&nbsp; Signal Parent, Inc. 6.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 41195 |
| &nbsp;&nbsp;&nbsp; Sotheby's 7.38%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 277687 |
| &nbsp;&nbsp;&nbsp; StoneMor, Inc. 8.50%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 136425 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 359944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3192039 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc.  | &nbsp;&nbsp;&nbsp; Global Net Lease, Inc.  | &nbsp;&nbsp;&nbsp; Global Net Lease, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 133843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 181246 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 64328 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP  | &nbsp;&nbsp;&nbsp; Uniti Group LP  | &nbsp;&nbsp;&nbsp; Uniti Group LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1382000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 59399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 74703 |
| &nbsp;&nbsp;&nbsp; Vornado Realty LP  | &nbsp;&nbsp;&nbsp; Vornado Realty LP  | &nbsp;&nbsp;&nbsp; Vornado Realty LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp; 204556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2213305 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — 5.8%** | **Diversified Telecommunication Services — 5.8%** | **Diversified Telecommunication Services — 5.8%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) | &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) | &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 634212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 261405 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1516000 | &nbsp;&nbsp;&nbsp;&nbsp; 1304993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 256123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 506288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 257000 | &nbsp;&nbsp;&nbsp;&nbsp; 218345 |
| &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada (Canada) | &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada (Canada) | &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 9/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 661247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 7.00%, 9/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 89240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + <br> 2.99%), 4.25%, 11/23/2081 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 320718 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2512000 | &nbsp;&nbsp;&nbsp;&nbsp; 2477298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1621000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 659000 | &nbsp;&nbsp;&nbsp;&nbsp; 617912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1739000 | &nbsp;&nbsp;&nbsp;&nbsp; 1799865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp;&nbsp; 718653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1111000 | &nbsp;&nbsp;&nbsp;&nbsp; 959052 |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc.  | &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc.  | &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 206104 |
| &nbsp;&nbsp;&nbsp; Embarq LLC 8.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 173430 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) | &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) | &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 362383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 348714 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1264000 | &nbsp;&nbsp;&nbsp;&nbsp; 1281294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 439000 | &nbsp;&nbsp;&nbsp;&nbsp; 444829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 528541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15970 |
| &nbsp;&nbsp;&nbsp; Frontier Florida LLC Series E, 6.86%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 212180 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 195627 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU (France) | &nbsp;&nbsp;&nbsp; Iliad Holding SASU (France) | &nbsp;&nbsp;&nbsp; Iliad Holding SASU (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 641042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 204305 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 899801 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 146340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 168438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 82565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 907637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 937000 | &nbsp;&nbsp;&nbsp;&nbsp; 775367 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 452000 | &nbsp;&nbsp;&nbsp;&nbsp; 400020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 9/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 683000 | &nbsp;&nbsp;&nbsp;&nbsp; 577135 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) | &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) | &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 573722 |
| &nbsp;&nbsp;&nbsp; Telesat Canada (Canada) | &nbsp;&nbsp;&nbsp; Telesat Canada (Canada) | &nbsp;&nbsp;&nbsp; Telesat Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp;&nbsp; 215846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 37155 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1833000 | &nbsp;&nbsp;&nbsp;&nbsp; 1783224 |
| &nbsp;&nbsp;&nbsp; Windstream Escrow LLC 7.75%, 8/15/2028 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC 8.25%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 687000 | &nbsp;&nbsp;&nbsp;&nbsp; 714992 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 756000 | &nbsp;&nbsp;&nbsp;&nbsp; 711179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25235803 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC 6.75%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 368000 | &nbsp;&nbsp;&nbsp;&nbsp; 375202 |
| &nbsp;&nbsp;&nbsp; DPL, Inc. 4.35%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 349000 | &nbsp;&nbsp;&nbsp;&nbsp; 335896 |
| &nbsp;&nbsp;&nbsp; Edison International  | &nbsp;&nbsp;&nbsp; Edison International  | &nbsp;&nbsp;&nbsp; Edison International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 199561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.66%), 7.88%, 6/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 108720 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 505471 |
| &nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.14%), 7.63%, 12/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 89970 |
| &nbsp;&nbsp;&nbsp; Leeward Renewable Energy Operations LLC 4.25%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 127528 |
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC 8.75%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 212644 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 141999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 737000 | &nbsp;&nbsp;&nbsp;&nbsp; 728322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 849000 | &nbsp;&nbsp;&nbsp;&nbsp; 839855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 100329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50017 |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP 4.50%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 207265 |
| &nbsp;&nbsp;&nbsp; PG&E Corp.  | &nbsp;&nbsp;&nbsp; PG&E Corp.  | &nbsp;&nbsp;&nbsp; PG&E Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 460874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 618864 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 73471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1116000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 929000 | &nbsp;&nbsp;&nbsp;&nbsp; 966478 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP  | &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP  | &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 115115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 813000 | &nbsp;&nbsp;&nbsp;&nbsp; 816989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 173084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8473330 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Atkore, Inc. 4.25%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 131707 |
| &nbsp;&nbsp;&nbsp; EnerSys  | &nbsp;&nbsp;&nbsp; EnerSys  | &nbsp;&nbsp;&nbsp; EnerSys  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 164338 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV  | &nbsp;&nbsp;&nbsp; Sensata Technologies BV  | &nbsp;&nbsp;&nbsp; Sensata Technologies BV  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 282549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 331301 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp. 4.13%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 220882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1152065 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 305224 |
| &nbsp;&nbsp;&nbsp; Crane NXT Co. 4.20%, 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 74106 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. 6.63%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 180352 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 252913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 79914 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc. 4.00%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 169186 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. 6.50%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 180155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1241850 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 447000 | &nbsp;&nbsp;&nbsp;&nbsp; 446274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 103542 |
| &nbsp;&nbsp;&nbsp; Aris Water Holdings LLC 7.25%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211136 |
| &nbsp;&nbsp;&nbsp; Borr IHC Ltd. (Mexico) | &nbsp;&nbsp;&nbsp; Borr IHC Ltd. (Mexico) | &nbsp;&nbsp;&nbsp; Borr IHC Ltd. (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 179830 | &nbsp;&nbsp;&nbsp;&nbsp; 154878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 430576 | &nbsp;&nbsp;&nbsp;&nbsp; 348737 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. 6.88%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 111672 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 141246 |
| &nbsp;&nbsp;&nbsp; Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp;&nbsp; 201377 |
| &nbsp;&nbsp;&nbsp; Global Marine, Inc. 7.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 51300 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. 9.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 71555 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC 7.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 246980 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc. 7.38%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 669000 | &nbsp;&nbsp;&nbsp;&nbsp; 642273 |
| &nbsp;&nbsp;&nbsp; Nine Energy Service, Inc. 13.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 103740 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 414521 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. 6.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 67084 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) 6.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 141166 |
| &nbsp;&nbsp;&nbsp; Seadrill Finance Ltd. (Norway) 8.38%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 390916 |
| &nbsp;&nbsp;&nbsp; Star Holding LLC 8.75%, 8/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 73983 |
| &nbsp;&nbsp;&nbsp; TGS ASA (Norway) 8.50%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 169000 | &nbsp;&nbsp;&nbsp;&nbsp; 171951 |
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64575 | &nbsp;&nbsp;&nbsp;&nbsp; 64650 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc.  | &nbsp;&nbsp;&nbsp; Transocean, Inc.  | &nbsp;&nbsp;&nbsp; Transocean, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 684000 | &nbsp;&nbsp;&nbsp;&nbsp; 668694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 477000 | &nbsp;&nbsp;&nbsp;&nbsp; 430155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 312873 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 149946 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP 6.88%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 572000 | &nbsp;&nbsp;&nbsp;&nbsp; 571793 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 303174 |
| &nbsp;&nbsp;&nbsp; Vallourec SACA (France) 7.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 412155 |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd. 8.63%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp; 480456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7524279 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Allen Media LLC 10.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 184000 | &nbsp;&nbsp;&nbsp;&nbsp; 66240 |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc.  | &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc.  | &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% (Cash), 6/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 157574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 117225 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS (France) 8.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 403676 |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 355941 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 773000 | &nbsp;&nbsp;&nbsp;&nbsp; 760958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57606 |
| &nbsp;&nbsp;&nbsp; Odeon Finco plc (United Kingdom) 12.75%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 315598 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. 3.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 319022 |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 204685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2779242 |
| **Financial Services — 2.9%** | **Financial Services — 2.9%** | **Financial Services — 2.9%** |
| &nbsp;&nbsp;&nbsp; Armor Holdco, Inc. 8.50%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 126725 |
| &nbsp;&nbsp;&nbsp; Benteler International AG (Austria) 10.50%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 253213 |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1088000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111922 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC 7.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 807000 | &nbsp;&nbsp;&nbsp;&nbsp; 853854 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC 9.25%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 445341 |
| &nbsp;&nbsp;&nbsp; CPI CG, Inc. 10.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15825 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp.  | &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp.  | &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 368347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 791000 | &nbsp;&nbsp;&nbsp;&nbsp; 874222 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC  | &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC  | &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 81451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 97780 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC  | &nbsp;&nbsp;&nbsp; Jefferies Finance LLC  | &nbsp;&nbsp;&nbsp; Jefferies Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 300313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197984 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC  | &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC  | &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 184000 | &nbsp;&nbsp;&nbsp;&nbsp; 195166 |
| &nbsp;&nbsp;&nbsp; LD Holdings Group LLC 6.13%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 227944 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust 6.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 404450 |
| &nbsp;&nbsp;&nbsp; Mobius Merger Sub, Inc. 9.00%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 134206 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 295044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 420659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 643000 | &nbsp;&nbsp;&nbsp;&nbsp; 669551 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 465328 |
| &nbsp;&nbsp;&nbsp; Oxford Finance LLC 6.38%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 121154 |
| &nbsp;&nbsp;&nbsp; Paysafe Finance plc 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 118230 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc.  | &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc.  | &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 710965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp; 331303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15081 |
| &nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC 9.88%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 153189 |
| &nbsp;&nbsp;&nbsp; Planet Financial Group LLC 10.50%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 169471 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates LP 9.75%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 155002 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp;&nbsp; 396092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 141151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 737000 | &nbsp;&nbsp;&nbsp;&nbsp; 636664 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 481000 | &nbsp;&nbsp;&nbsp;&nbsp; 490763 |
| &nbsp;&nbsp;&nbsp; Stena International SA (Sweden) 7.25%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 529888 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC  | &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC  | &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 247000 | &nbsp;&nbsp;&nbsp;&nbsp; 243471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp;&nbsp; 188589 |
| &nbsp;&nbsp;&nbsp; UWM Holdings LLC 6.63%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 257000 | &nbsp;&nbsp;&nbsp;&nbsp; 251968 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. 6.63%, 4/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 118473 |
| &nbsp;&nbsp;&nbsp; WEX, Inc. 6.50%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 109785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12572689 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc.  | &nbsp;&nbsp;&nbsp; B&G Foods, Inc.  | &nbsp;&nbsp;&nbsp; B&G Foods, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 259560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 114035 |
| &nbsp;&nbsp;&nbsp; Chobani LLC  | &nbsp;&nbsp;&nbsp; Chobani LLC  | &nbsp;&nbsp;&nbsp; Chobani LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 433000 | &nbsp;&nbsp;&nbsp;&nbsp; 454029 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.  | &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.  | &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 432942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37062 |
| &nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc. 9.63%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 332667 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 381933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 260131 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp.  | &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp.  | &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 865978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 46941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31095 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 68960 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1264000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 779000 | &nbsp;&nbsp;&nbsp;&nbsp; 710307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 60255 |
| &nbsp;&nbsp;&nbsp; Simmons Foods, Inc. 4.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 212418 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc. 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 159387 |
| &nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp. 8.63%, 11/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 257384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5934890 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.57%), 7.20%, <br> 10/15/2054 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 267004 |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP 5.75%, 5/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14680 |
| &nbsp;&nbsp;&nbsp; Ferrellgas LP  | &nbsp;&nbsp;&nbsp; Ferrellgas LP  | &nbsp;&nbsp;&nbsp; Ferrellgas LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 534000 | &nbsp;&nbsp;&nbsp;&nbsp; 483482 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP 5.00%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 282237 |
| &nbsp;&nbsp;&nbsp; Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 201542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1254855 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 611000 | &nbsp;&nbsp;&nbsp;&nbsp; 602851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 158182 |
| &nbsp;&nbsp;&nbsp; Brightline East LLC 11.00%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 239040 |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser, Inc. 7.88%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 181440 |
| &nbsp;&nbsp;&nbsp; Clue Opco LLC 9.50%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257392 |
| &nbsp;&nbsp;&nbsp; Dcli Bidco LLC 7.75%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 127975 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 296907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 386311 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 151456 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc. 6.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 229526 |
| &nbsp;&nbsp;&nbsp; Herc Holdings Escrow, Inc. 7.25%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 741018 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 234020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp;&nbsp; 634359 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 233637 |
| &nbsp;&nbsp;&nbsp; Star Leasing Co. LLC 7.63%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 229522 |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC 7.13%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 223339 |
| &nbsp;&nbsp;&nbsp; XPO CNW, Inc. 6.70%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 115825 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 52804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 296852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5758077 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 725116 |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp;&nbsp; 474542 |
| &nbsp;&nbsp;&nbsp; Embecta Corp. 5.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 160103 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. 3.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 417502 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. 6.50%, 4/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 152182 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2499000 | &nbsp;&nbsp;&nbsp;&nbsp; 2355224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 62071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 106521 |
| &nbsp;&nbsp;&nbsp; Neogen Food Safety Corp. 8.63%, 7/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 130341 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC 7.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 219170 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc.  | &nbsp;&nbsp;&nbsp; Teleflex, Inc.  | &nbsp;&nbsp;&nbsp; Teleflex, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 313089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16418 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp. 7.88%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 137361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5269640 |
| **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 311543 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 321233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 135946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14265 |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC  | &nbsp;&nbsp;&nbsp; AdaptHealth LLC  | &nbsp;&nbsp;&nbsp; AdaptHealth LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 374099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 41586 |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 103461 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 621000 | &nbsp;&nbsp;&nbsp;&nbsp; 611897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 219818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 233298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp;&nbsp; 322395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 505014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158600 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc. 6.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 224000 | &nbsp;&nbsp;&nbsp;&nbsp; 230457 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  | &nbsp;&nbsp;&nbsp; CVS Health Corp.  | &nbsp;&nbsp;&nbsp; CVS Health Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.52%), 6.75%, 12/10/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 257000 | &nbsp;&nbsp;&nbsp;&nbsp; 250162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 7.00%, 3/10/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 671847 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 527959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1184000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048687 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7111 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 468847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 163049 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 9.50% (Blend (Cash 8.75% + PIK 0.75%)), 10/31/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 204039 | &nbsp;&nbsp;&nbsp;&nbsp; 203903 |
| &nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC 9.75%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 202175 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. 4.50%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 215843 |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC 10.50%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 197616 |
| &nbsp;&nbsp;&nbsp; Kedrion SpA (Italy) 6.50%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 365619 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc.  | &nbsp;&nbsp;&nbsp; LifePoint Health, Inc.  | &nbsp;&nbsp;&nbsp; LifePoint Health, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp;&nbsp; 499627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 146212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 474716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 202939 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.  | &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.  | &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 281000 | &nbsp;&nbsp;&nbsp;&nbsp; 272570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 603434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 51798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35942 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC  | &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC  | &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 326975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50% (Blend (Cash 6.50% + PIK 5.00%)), 12/31/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14538 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc. 4.38%, 10/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 170646 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 82551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 613000 | &nbsp;&nbsp;&nbsp;&nbsp; 519131 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 136494 |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc. 9.38%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 502915 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc. 7.78% (Blend (Cash 4.28% + PIK 3.50%)), 1/31/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 399988 | &nbsp;&nbsp;&nbsp;&nbsp; 395455 |
| &nbsp;&nbsp;&nbsp; Select Medical Corp. 6.25%, 12/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 262628 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc. 9.00%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 315239 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 271000 | &nbsp;&nbsp;&nbsp;&nbsp; 270477 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 130417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1037000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 563000 | &nbsp;&nbsp;&nbsp;&nbsp; 540611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2141000 | &nbsp;&nbsp;&nbsp;&nbsp; 2205341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83870 |
| &nbsp;&nbsp;&nbsp; Toledo Hospital (The)  | &nbsp;&nbsp;&nbsp; Toledo Hospital (The)  | &nbsp;&nbsp;&nbsp; Toledo Hospital (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.33%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 229865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5265 |
| &nbsp;&nbsp;&nbsp; US Acute Care Solutions LLC 9.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 338000 | &nbsp;&nbsp;&nbsp;&nbsp; 343540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18880914 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust  | &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust  | &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 207650 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care REITs — continued** | **Health Care REITs — continued** | **Health Care REITs — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 81532 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP  | &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP  | &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 768000 | &nbsp;&nbsp;&nbsp;&nbsp; 671201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 45479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 863000 | &nbsp;&nbsp;&nbsp;&nbsp; 566204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1572066 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. 6.50%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 732000 | &nbsp;&nbsp;&nbsp;&nbsp; 747625 |
| **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC  | &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC  | &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 612000 | &nbsp;&nbsp;&nbsp;&nbsp; 578859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46338 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel LP 6.38%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 132249 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 118578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 398730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp;&nbsp; 351763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91531 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP  | &nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP  | &nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 260563 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust  | &nbsp;&nbsp;&nbsp; Service Properties Trust  | &nbsp;&nbsp;&nbsp; Service Properties Trust  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 84790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 676000 | &nbsp;&nbsp;&nbsp;&nbsp; 652340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 66104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 549897 |
| &nbsp;&nbsp;&nbsp; XHR LP 4.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 235515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3639078 |
| **Hotels, Restaurants & Leisure — 7.0%** | **Hotels, Restaurants & Leisure — 7.0%** | **Hotels, Restaurants & Leisure — 7.0%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 584000 | &nbsp;&nbsp;&nbsp;&nbsp; 565285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 462943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 71669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1367000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257186 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 84969 |
| &nbsp;&nbsp;&nbsp; Affinity Interactive 6.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 110752 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 103608 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. 4.75%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 565687 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 184511 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc. 8.25%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 104762 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 541633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 764467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp;&nbsp; 496966 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 154445 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 788000 | &nbsp;&nbsp;&nbsp;&nbsp; 789971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 673000 | &nbsp;&nbsp;&nbsp;&nbsp; 674774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 967240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 269664 |
| &nbsp;&nbsp;&nbsp; CEC Entertainment LLC 6.75%, 5/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 186911 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 259097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 698000 | &nbsp;&nbsp;&nbsp;&nbsp; 688171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22406 |
| &nbsp;&nbsp;&nbsp; Empire Resorts, Inc. 7.75%, 11/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 236000 | &nbsp;&nbsp;&nbsp;&nbsp; 232481 |
| &nbsp;&nbsp;&nbsp; Everi Holdings, Inc. 5.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 97731 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 364839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 313322 |
| &nbsp;&nbsp;&nbsp; Full House Resorts, Inc. 8.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 138716 |
| &nbsp;&nbsp;&nbsp; Genting New York LLC 7.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202258 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp. (Canada) 8.75%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 184492 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 576307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 558000 | &nbsp;&nbsp;&nbsp;&nbsp; 546923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125913 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC 4.88%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 688000 | &nbsp;&nbsp;&nbsp;&nbsp; 616914 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc  | &nbsp;&nbsp;&nbsp; International Game Technology plc  | &nbsp;&nbsp;&nbsp; International Game Technology plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 441703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196747 |
| &nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 172445 |
| &nbsp;&nbsp;&nbsp; Life Time, Inc. 6.00%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140313 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc.  | &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc.  | &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 542518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 39096 |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc. 9.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 166891 |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC 6.75%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14952 |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 140868 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 200435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 76985 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group US Holdings, Inc. (United Kingdom) 7.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 191607 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 481231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 63300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 559907 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 190681 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority  | &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority  | &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 223880 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 229000 | &nbsp;&nbsp;&nbsp;&nbsp; 237677 |
| &nbsp;&nbsp;&nbsp; Motion Bondco DAC (United Kingdom) 6.63%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 240042 |
| &nbsp;&nbsp;&nbsp; Motion Finco Sarl (United Kingdom) 8.38%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 425265 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.  | &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.  | &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp;&nbsp; 707165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 147406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 746000 | &nbsp;&nbsp;&nbsp;&nbsp; 746139 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP (Canada) 8.00%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 146297 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. 3.88%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 89153 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 219725 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC  | &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC  | &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 211338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 85085 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC 9.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 229000 | &nbsp;&nbsp;&nbsp;&nbsp; 243018 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC  | &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC  | &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 174302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/6/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 401990 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC 6.63%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 168696 |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc.  | &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc.  | &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp;&nbsp; 538816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 321138 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP 6.63%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 260692 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 224930 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 217514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 51457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 579000 | &nbsp;&nbsp;&nbsp;&nbsp; 591630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 236000 | &nbsp;&nbsp;&nbsp;&nbsp; 240604 |
| &nbsp;&nbsp;&nbsp; Speedway Motorsports LLC 4.88%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 99237 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC  | &nbsp;&nbsp;&nbsp; Station Casinos LLC  | &nbsp;&nbsp;&nbsp; Station Casinos LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 50432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 56757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 430590 |
| &nbsp;&nbsp;&nbsp; TKC Holdings, Inc.  | &nbsp;&nbsp;&nbsp; TKC Holdings, Inc.  | &nbsp;&nbsp;&nbsp; TKC Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 120349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 250835 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co.  | &nbsp;&nbsp;&nbsp; Travel + Leisure Co.  | &nbsp;&nbsp;&nbsp; Travel + Leisure Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/31/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 488994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 165179 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 212051 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 576993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 100925 |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 292955 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; 121923 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 298645 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 728956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69233 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc.  | &nbsp;&nbsp;&nbsp; Yum! Brands, Inc.  | &nbsp;&nbsp;&nbsp; Yum! Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 432683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 239916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 876000 | &nbsp;&nbsp;&nbsp;&nbsp; 865858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 81578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30144152 |
| **Household Durables — 1.5%** | **Household Durables — 1.5%** | **Household Durables — 1.5%** |
| &nbsp;&nbsp;&nbsp; Adams Homes, Inc. 9.25%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 117876 |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC  | &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC  | &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 123515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 191265 |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.  | &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.  | &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 219000 | &nbsp;&nbsp;&nbsp;&nbsp; 216826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 120912 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc. (Canada) 6.25%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 432000 | &nbsp;&nbsp;&nbsp;&nbsp; 425304 |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 240700 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc.  | &nbsp;&nbsp;&nbsp; Century Communities, Inc.  | &nbsp;&nbsp;&nbsp; Century Communities, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 316000 | &nbsp;&nbsp;&nbsp;&nbsp; 286442 |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. 8.25%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 93651 |
| &nbsp;&nbsp;&nbsp; Empire Communities Corp. (Canada) 9.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170637 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. 5.75%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 71526 |
| &nbsp;&nbsp;&nbsp; K. Hovnanian Enterprises, Inc. 11.75%, 9/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 116321 |
| &nbsp;&nbsp;&nbsp; KB Home 6.88%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 395242 |
| &nbsp;&nbsp;&nbsp; Landsea Homes Corp. 8.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 71859 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.  | &nbsp;&nbsp;&nbsp; LGI Homes, Inc.  | &nbsp;&nbsp;&nbsp; LGI Homes, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 48710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 260019 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc.  | &nbsp;&nbsp;&nbsp; M/I Homes, Inc.  | &nbsp;&nbsp;&nbsp; M/I Homes, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 175603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13810 |
| &nbsp;&nbsp;&nbsp; Mattamy Group Corp. (Canada) | &nbsp;&nbsp;&nbsp; Mattamy Group Corp. (Canada) | &nbsp;&nbsp;&nbsp; Mattamy Group Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 144212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 199573 |
| &nbsp;&nbsp;&nbsp; New Home Co., Inc. (The) 9.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 110505 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 201000 | &nbsp;&nbsp;&nbsp;&nbsp; 194304 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 877000 | &nbsp;&nbsp;&nbsp;&nbsp; 809197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/2046 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 161803 |
| &nbsp;&nbsp;&nbsp; Shea Homes LP 4.75%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp;&nbsp; 191582 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 477000 | &nbsp;&nbsp;&nbsp;&nbsp; 449269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35599 |
| &nbsp;&nbsp;&nbsp; SWF Holdings I Corp. 6.50%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 18726 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc.  | &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc.  | &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 444606 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp. 4.13%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 262999 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. 5.70%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 170439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6514915 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 335695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22789 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 509000 | &nbsp;&nbsp;&nbsp;&nbsp; 490814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9393 |
| &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 6/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 206955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1100633 |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 7.60%, 1/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 244923 |
| &nbsp;&nbsp;&nbsp; Atlantica Sustainable Infrastructure Ltd. (Spain) 4.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 424057 |
| &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 688000 | &nbsp;&nbsp;&nbsp;&nbsp; 674794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 159600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 690401 |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC  | &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC  | &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 589000 | &nbsp;&nbsp;&nbsp;&nbsp; 575536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 25270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 46554 |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC 7.25%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 523179 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC 8.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 404754 |
| &nbsp;&nbsp;&nbsp; TransAlta Corp. (Canada) 6.50%, 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 235116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4057526 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC  | &nbsp;&nbsp;&nbsp; Acrisure LLC  | &nbsp;&nbsp;&nbsp; Acrisure LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1062000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 58463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4840 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 787000 | &nbsp;&nbsp;&nbsp;&nbsp; 798021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 466000 | &nbsp;&nbsp;&nbsp;&nbsp; 476645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 696000 | &nbsp;&nbsp;&nbsp;&nbsp; 701572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 170629 |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc. 6.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 423856 |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC 7.88%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 227564 |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd. (United Kingdom) 7.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 316000 | &nbsp;&nbsp;&nbsp;&nbsp; 326736 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd. (United Kingdom) 8.88%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 489850 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. (3-MONTH SOFR + 4.14%), 7.00%, 3/27/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152161 |
| &nbsp;&nbsp;&nbsp; AssuredPartners, Inc. 7.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 298657 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC 7.13%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 213402 |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 244197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.61%), 7.95%, <br> 10/15/2054 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 422663 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance plc (United Kingdom) 7.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp;&nbsp; 567747 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd.  | &nbsp;&nbsp;&nbsp; HUB International Ltd.  | &nbsp;&nbsp;&nbsp; HUB International Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 620941 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp;&nbsp; 365457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 64364 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc.  | &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc.  | &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 3/15/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 64337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 2/1/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 643000 | &nbsp;&nbsp;&nbsp;&nbsp; 397476 |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC 7.13%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 932000 | &nbsp;&nbsp;&nbsp;&nbsp; 964158 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC 5.88%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 440227 |
| &nbsp;&nbsp;&nbsp; USI, Inc. 7.50%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 185533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilton RE Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.27%), 6.00%, 10/22/2030 (a) (b) (d) <br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 98735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11144033 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Cars.com, Inc. 6.38%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 95911 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp;&nbsp; 499382 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 151367 |
| &nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. 5.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp;&nbsp; 169920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 916580 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Acuris Finance US, Inc. 9.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 407600 |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 148806 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. 6.13%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 442402 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc. 4.63%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 191000 | &nbsp;&nbsp;&nbsp;&nbsp; 184258 |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC 5.63%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 359000 | &nbsp;&nbsp;&nbsp;&nbsp; 346698 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC 7.00%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 406175 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 134199 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 9.25%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 629293 |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc. 7.50%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 249086 |
| &nbsp;&nbsp;&nbsp; ION Trading Technologies Sarl (Luxembourg) 9.50%, 5/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 385615 |
| &nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. 11.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 99142 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. 3.88%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp;&nbsp; 320487 |
| &nbsp;&nbsp;&nbsp; Unisys Corp. 6.88%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 139333 |
| &nbsp;&nbsp;&nbsp; Virtusa Corp. 7.13%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 131474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4024568 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 273618 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.  | &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.  | &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 45389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 357801 |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 195898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 652876 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| &nbsp;&nbsp;&nbsp; Amsted Industries, Inc.  | &nbsp;&nbsp;&nbsp; Amsted Industries, Inc.  | &nbsp;&nbsp;&nbsp; Amsted Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 41581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 258823 |
| &nbsp;&nbsp;&nbsp; ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 123350 |
| &nbsp;&nbsp;&nbsp; Calderys Financing LLC (France) 11.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 343924 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 585572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 1/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 69266 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc.  | &nbsp;&nbsp;&nbsp; Enpro, Inc.  | &nbsp;&nbsp;&nbsp; Enpro, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 78997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 173279 |
| &nbsp;&nbsp;&nbsp; Esab Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 211505 |
| &nbsp;&nbsp;&nbsp; GrafTech Finance, Inc. 4.63%, 12/23/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 23088 |
| &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc. 9.88%, 12/23/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 128288 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc.  | &nbsp;&nbsp;&nbsp; Hillenbrand, Inc.  | &nbsp;&nbsp;&nbsp; Hillenbrand, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 276952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 105218 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd. (Canada) 9.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 330109 |
| &nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The) 9.25%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 75023 |
| &nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC 11.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 130124 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 150849 |
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc. 6.63%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 97979 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 134607 |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 146169 |
| &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 367135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49170 |
| &nbsp;&nbsp;&nbsp; Titan International, Inc. 7.00%, 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 223000 | &nbsp;&nbsp;&nbsp;&nbsp; 218981 |
| &nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH (Germany) 7.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 328456 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp;&nbsp; 382345 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 190168 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 127157 |
| &nbsp;&nbsp;&nbsp; Werner FinCo. LP  | &nbsp;&nbsp;&nbsp; Werner FinCo. LP  | &nbsp;&nbsp;&nbsp; Werner FinCo. LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 71775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.50% (Blend (Cash 8.75% + PIK 5.75%)), 10/15/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5270162 |
| **Media — 6.7%** | **Media — 6.7%** | **Media — 6.7%** |
| &nbsp;&nbsp;&nbsp; Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 162678 |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc.  | &nbsp;&nbsp;&nbsp; AMC Networks, Inc.  | &nbsp;&nbsp;&nbsp; AMC Networks, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 99640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 414630 |
| &nbsp;&nbsp;&nbsp; Cable One, Inc. 4.00%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 153344 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 256375 |
| &nbsp;&nbsp;&nbsp; CMG Media Corp. 8.88%, 6/18/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 134320 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 449977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 589163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 909000 | &nbsp;&nbsp;&nbsp;&nbsp; 725245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 506000 | &nbsp;&nbsp;&nbsp;&nbsp; 255418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 273815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1278000 | &nbsp;&nbsp;&nbsp;&nbsp; 587880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 236455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1002000 | &nbsp;&nbsp;&nbsp;&nbsp; 677484 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC  | &nbsp;&nbsp;&nbsp; Directv Financing LLC  | &nbsp;&nbsp;&nbsp; Directv Financing LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 401995 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1273000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 749000 | &nbsp;&nbsp;&nbsp;&nbsp; 514442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 317354 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp;&nbsp; 589107 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1808000 | &nbsp;&nbsp;&nbsp;&nbsp; 1816859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (PIK), 11/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 547602 | &nbsp;&nbsp;&nbsp;&nbsp; 470732 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 432985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 84018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 647000 | &nbsp;&nbsp;&nbsp;&nbsp; 461990 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 444846 | &nbsp;&nbsp;&nbsp;&nbsp; 368103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 478291 | &nbsp;&nbsp;&nbsp;&nbsp; 233918 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp.  | &nbsp;&nbsp;&nbsp; Lamar Media Corp.  | &nbsp;&nbsp;&nbsp; Lamar Media Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 428000 | &nbsp;&nbsp;&nbsp;&nbsp; 414053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 70699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 101785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 83580 |
| &nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC (Puerto Rico) 6.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 468050 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc.  | &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc.  | &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 557000 | &nbsp;&nbsp;&nbsp;&nbsp; 550192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67172 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 194429 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1064000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008145 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 664333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 200114 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 100683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 420863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 103197 |
| &nbsp;&nbsp;&nbsp; Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 490704 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco LLC  | &nbsp;&nbsp;&nbsp; Radiate Holdco LLC  | &nbsp;&nbsp;&nbsp; Radiate Holdco LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 198961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 248273 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc.  | &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc.  | &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 283860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 56375 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 687000 | &nbsp;&nbsp;&nbsp;&nbsp; 687364 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 675989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1254000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 688552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 12720 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 325322 |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo. I BV (Netherlands) 4.88%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 572000 | &nbsp;&nbsp;&nbsp;&nbsp; 531216 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 81502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 527694 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 203004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 444063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 182431 |
| &nbsp;&nbsp;&nbsp; Urban One, Inc. 7.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 75500 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 266247 |
| &nbsp;&nbsp;&nbsp; Ziggo BV (Netherlands) 4.88%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 613000 | &nbsp;&nbsp;&nbsp;&nbsp; 559449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29006856 |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 7.13%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 337000 | &nbsp;&nbsp;&nbsp;&nbsp; 349858 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp; Algoma Steel, Inc. (Canada) 9.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 70055 |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd. 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 330518 |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC 8.00%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 413751 |
| &nbsp;&nbsp;&nbsp; Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 183702 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 191000 | &nbsp;&nbsp;&nbsp;&nbsp; 192402 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  | &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  | &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 171693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77350 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 154632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 697000 | &nbsp;&nbsp;&nbsp;&nbsp; 625713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 197740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 179847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 328631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp;&nbsp; 205258 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc. 5.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 82768 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co.  | &nbsp;&nbsp;&nbsp; Commercial Metals Co.  | &nbsp;&nbsp;&nbsp; Commercial Metals Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 257280 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. 6.75%, 12/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 176961 |
| &nbsp;&nbsp;&nbsp; Constellium SE 5.63%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp;&nbsp; 316238 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. (Turkey) 6.25%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 125159 |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. (Australia) | &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. (Australia) | &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 991000 | &nbsp;&nbsp;&nbsp;&nbsp; 990319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13771 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. 7.25%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 190320 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 80280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 91229 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 158421 |
| &nbsp;&nbsp;&nbsp; Infrabuild Australia Pty. Ltd. (Australia) 14.50%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 159355 |
| &nbsp;&nbsp;&nbsp; JW Aluminum Continuous Cast Co. 10.25%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 88203 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. 4.50%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 327000 | &nbsp;&nbsp;&nbsp;&nbsp; 300440 |
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Mineral Resources Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Mineral Resources Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 621407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27734 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc. (Canada) 6.88%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148120 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. 4.75%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1473000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400285 |
| &nbsp;&nbsp;&nbsp; Perenti Finance Pty. Ltd. (Australia) 7.50%, 4/26/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 256515 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. 4.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 133259 |
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd. (Canada) 8.25%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 146922 |
| &nbsp;&nbsp;&nbsp; TMS International Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 120325 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp; United States Steel Corp.  | &nbsp;&nbsp;&nbsp; United States Steel Corp.  | &nbsp;&nbsp;&nbsp; United States Steel Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 66575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 189513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10058666 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.5%** |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 154079 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. 3.75%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 243261 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp;&nbsp; 512648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 49778 |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp. 8.00%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 282751 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.  | &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.  | &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 678562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 234320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2170612 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), <br> 4.75%, 1/18/2082 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 257000 | &nbsp;&nbsp;&nbsp;&nbsp; 245945 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP  | &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP  | &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 398941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 3/15/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 57903 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties LP  | &nbsp;&nbsp;&nbsp; Hudson Pacific Properties LP  | &nbsp;&nbsp;&nbsp; Hudson Pacific Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 421000 | &nbsp;&nbsp;&nbsp;&nbsp; 361957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 63684 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust  | &nbsp;&nbsp;&nbsp; Office Properties Income Trust  | &nbsp;&nbsp;&nbsp; Office Properties Income Trust  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13623 | &nbsp;&nbsp;&nbsp;&nbsp; 10881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 314487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1229906 |
| **Oil, Gas & Consumable Fuels — 8.9%** | **Oil, Gas & Consumable Fuels — 8.9%** | **Oil, Gas & Consumable Fuels — 8.9%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP 7.50%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 325877 |
| &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP 8.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 149469 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 71937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 707262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10216 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/31/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 572285 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) 8.50%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 378860 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 6.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 439000 | &nbsp;&nbsp;&nbsp;&nbsp; 440105 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 463000 | &nbsp;&nbsp;&nbsp;&nbsp; 450489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 210034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 270135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 61692 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 8.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 294533 |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP  | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP  | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 205322 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 254229 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 59900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 101758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095031 |
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 104752 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.  | &nbsp;&nbsp;&nbsp; CNX Resources Corp.  | &nbsp;&nbsp;&nbsp; CNX Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 253928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25477 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 60999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 710134 |
| &nbsp;&nbsp;&nbsp; Coronado Finance Pty. Ltd. (Australia) 9.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 75069 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP 5.50%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp;&nbsp; 627503 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 128031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 73537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 797000 | &nbsp;&nbsp;&nbsp;&nbsp; 739597 |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc.  | &nbsp;&nbsp;&nbsp; CVR Energy, Inc.  | &nbsp;&nbsp;&nbsp; CVR Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 220868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 103461 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP 8.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp; 489871 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 413361 |
| &nbsp;&nbsp;&nbsp; Energean plc (Israel) 6.50%, 4/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 364792 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.83%), 7.13%, 10/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 351000 | &nbsp;&nbsp;&nbsp;&nbsp; 353700 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy LP 8.00%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 271000 | &nbsp;&nbsp;&nbsp;&nbsp; 280548 |
| &nbsp;&nbsp;&nbsp; FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 162118 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 100368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 507182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 357481 |
| &nbsp;&nbsp;&nbsp; Global Partners LP  | &nbsp;&nbsp;&nbsp; Global Partners LP  | &nbsp;&nbsp;&nbsp; Global Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9037 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 370073 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 200862 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP 7.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 441699 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 64630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 695704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 185802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14831 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 149144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1108000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 287201 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 171507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 222500 |
| &nbsp;&nbsp;&nbsp; Ithaca Energy North Sea plc (United Kingdom) 8.13%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 361957 |
| &nbsp;&nbsp;&nbsp; ITT Holdings LLC 6.50%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 345450 |
| &nbsp;&nbsp;&nbsp; Karoon USA Finance, Inc. (Brazil) 10.50%, 5/14/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 299000 | &nbsp;&nbsp;&nbsp;&nbsp; 298804 |
| &nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC 8.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 144322 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 642507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24851 |
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC 7.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 118442 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC 6.88%, 12/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 113866 |
| &nbsp;&nbsp;&nbsp; Martin Midstream Partners LP 11.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 104589 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 535257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 88618 |
| &nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 204936 |
| &nbsp;&nbsp;&nbsp; Moss Creek Resources Holdings, Inc. 8.25%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 245872 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp.  | &nbsp;&nbsp;&nbsp; Murphy Oil Corp.  | &nbsp;&nbsp;&nbsp; Murphy Oil Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 211616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 12/1/2042 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 55719 |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.  | &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.  | &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 12573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 47458 |
| &nbsp;&nbsp;&nbsp; NFE Financing LLC 12.00%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 887743 | &nbsp;&nbsp;&nbsp;&nbsp; 380867 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 8.38%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 610851 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. 8.13%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 380544 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP (Canada) 6.75%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 169000 | &nbsp;&nbsp;&nbsp;&nbsp; 170543 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 514543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15282 |
| &nbsp;&nbsp;&nbsp; Parkland Corp. (Canada) | &nbsp;&nbsp;&nbsp; Parkland Corp. (Canada) | &nbsp;&nbsp;&nbsp; Parkland Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 63846 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 56659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 690594 |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC  | &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC  | &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 85421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 9/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 548530 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp;&nbsp; 165950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 294338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 15290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 686000 | &nbsp;&nbsp;&nbsp;&nbsp; 703695 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP 9.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 99626 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 266055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52861 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 65163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 579000 | &nbsp;&nbsp;&nbsp;&nbsp; 554425 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP 7.88%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 214517 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 773000 | &nbsp;&nbsp;&nbsp;&nbsp; 768710 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. (Canada) | &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. (Canada) | &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.67%), 7.50%, 3/1/2055 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 277214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.95%), 7.63%, 3/1/2055 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26243 |
| &nbsp;&nbsp;&nbsp; Strathcona Resources Ltd. (Canada) 6.88%, 8/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 164533 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC 8.63%, 10/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 259581 |
| &nbsp;&nbsp;&nbsp; Sunnova Energy Corp. 11.75%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 60325 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 566697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 162982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 652000 | &nbsp;&nbsp;&nbsp;&nbsp; 624613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp;&nbsp; 364278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10398 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 579000 | &nbsp;&nbsp;&nbsp;&nbsp; 578201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 271000 | &nbsp;&nbsp;&nbsp;&nbsp; 259668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 116270 |
| &nbsp;&nbsp;&nbsp; Talos Production, Inc. 9.00%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 340663 |
| &nbsp;&nbsp;&nbsp; Teine Energy Ltd. (Canada) 6.88%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 95357 |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC  | &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC  | &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/31/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 350986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 92376 |
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC 5.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 227585 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Topaz Solar Farms LLC 5.75%, 9/30/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 128657 | &nbsp;&nbsp;&nbsp;&nbsp; 122618 |
| &nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC 8.50%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 182731 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 441439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 461267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 501195 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2403000 | &nbsp;&nbsp;&nbsp;&nbsp; 2569158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 249889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 741054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15958 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 644000 | &nbsp;&nbsp;&nbsp;&nbsp; 672624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 145320 |
| &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 105571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 128635 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc.  | &nbsp;&nbsp;&nbsp; Viper Energy, Inc.  | &nbsp;&nbsp;&nbsp; Viper Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 193040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 76551 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  | &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  | &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 362298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 45825 |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. 10.75%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 63985 |
| &nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC 7.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 160555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38500430 |
| **Paper & Forest Products — 0.3%** | **Paper & Forest Products — 0.3%** | **Paper & Forest Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clearwater Paper Corp. 4.75%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 103323 |
| &nbsp;&nbsp;&nbsp; Domtar Corp. 6.75%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp;&nbsp; 319776 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 77443 |
| &nbsp;&nbsp;&nbsp; Magnera Corp.  | &nbsp;&nbsp;&nbsp; Magnera Corp.  | &nbsp;&nbsp;&nbsp; Magnera Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 320250 |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany) | &nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany) | &nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.88%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 338642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1206790 |
| **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** |
| &nbsp;&nbsp;&nbsp; Air Canada (Canada) 3.88%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 397917 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. 7.25%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 159994 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7337 | &nbsp;&nbsp;&nbsp;&nbsp; 7324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 585798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120009 | &nbsp;&nbsp;&nbsp;&nbsp; 117846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1073000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111751 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 618229 |
| &nbsp;&nbsp;&nbsp; OneSky Flight LLC 8.88%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 195597 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Passenger Airlines — continued** | **Passenger Airlines — continued** | **Passenger Airlines — continued** |
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd. 12.00% (Blend (Cash 8.00% + PIK 4.00%)), 3/6/2030 (a) (c) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 115116 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 252548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 327735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3924334 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. 7.00%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 290974 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  | &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  | &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 84551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 338000 | &nbsp;&nbsp;&nbsp;&nbsp; 316114 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. 4.90%, 6/15/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 632502 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc.  | &nbsp;&nbsp;&nbsp; Prestige Brands, Inc.  | &nbsp;&nbsp;&nbsp; Prestige Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 316000 | &nbsp;&nbsp;&nbsp;&nbsp; 286824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1630868 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093969 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 371354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 244875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 9/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 381867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 251447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 998000 | &nbsp;&nbsp;&nbsp;&nbsp; 863270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH (Germany) 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 229603 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.65%, 8/28/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 246612 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 282577 |
| &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC 4.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 482000 | &nbsp;&nbsp;&nbsp;&nbsp; 394721 |
| &nbsp;&nbsp;&nbsp; Jazz Securities DAC 4.38%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 513000 | &nbsp;&nbsp;&nbsp;&nbsp; 491909 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt International Finance SA 14.75%, 11/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 127017 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 701000 | &nbsp;&nbsp;&nbsp;&nbsp; 658467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 301421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 328594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6270362 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. 7.25%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 302965 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare, Inc.  | &nbsp;&nbsp;&nbsp; AMN Healthcare, Inc.  | &nbsp;&nbsp;&nbsp; AMN Healthcare, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 214789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 57888 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. 6.38%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 321124 |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc. 4.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 233131 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 119998 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. 4.75%, 9/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 73044 |
| &nbsp;&nbsp;&nbsp; Korn Ferry 4.63%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 95494 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Professional Services — continued** | **Professional Services — continued** | **Professional Services — continued** |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. 4.88%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 109172 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc.  | &nbsp;&nbsp;&nbsp; TriNet Group, Inc.  | &nbsp;&nbsp;&nbsp; TriNet Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 103511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 188674 |
| &nbsp;&nbsp;&nbsp; VT Topco, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 226895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2046685 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 58221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 239213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 145249 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC  | &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC  | &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 310340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 34228 |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP 10.50%, 1/15/2028 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 253132 | &nbsp;&nbsp;&nbsp;&nbsp; 257810 |
| &nbsp;&nbsp;&nbsp; Forestar Group, Inc.  | &nbsp;&nbsp;&nbsp; Forestar Group, Inc.  | &nbsp;&nbsp;&nbsp; Forestar Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 156521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 111059 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC 7.75%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 105055 |
| &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The)  | &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The)  | &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 601000 | &nbsp;&nbsp;&nbsp;&nbsp; 589562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13621 |
| &nbsp;&nbsp;&nbsp; Hunt Cos., Inc. 5.25%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 181480 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc.  | &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc.  | &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 477991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 52019 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. 7.50%, 1/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 145121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2904904 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc. 4.50%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 349000 | &nbsp;&nbsp;&nbsp;&nbsp; 338952 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 187609 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156440 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 951000 | &nbsp;&nbsp;&nbsp;&nbsp; 923391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 82063 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 223491 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 124558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1697552 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 97931 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 730350 |
| &nbsp;&nbsp;&nbsp; Camelot Finance SA 4.50%, 11/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 52704 |
| &nbsp;&nbsp;&nbsp; Capstone Borrower, Inc. 8.00%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 181769 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc. 7.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 549000 | &nbsp;&nbsp;&nbsp;&nbsp; 484781 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.  | &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.  | &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2388000 | &nbsp;&nbsp;&nbsp;&nbsp; 2385313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 486000 | &nbsp;&nbsp;&nbsp;&nbsp; 497459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 217655 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 150974 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. 3.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 252698 |
| &nbsp;&nbsp;&nbsp; Dye & Durham Ltd. (Canada) 8.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 200215 |
| &nbsp;&nbsp;&nbsp; Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 242856 |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc. 6.50%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 205017 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 4.00%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 400432 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc.  | &nbsp;&nbsp;&nbsp; Gen Digital, Inc.  | &nbsp;&nbsp;&nbsp; Gen Digital, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 523895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 255809 |
| &nbsp;&nbsp;&nbsp; GoTo Group, Inc. 5.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 155330 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc. 4.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 408000 | &nbsp;&nbsp;&nbsp;&nbsp; 388558 |
| &nbsp;&nbsp;&nbsp; McAfee Corp. 7.38%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 647000 | &nbsp;&nbsp;&nbsp;&nbsp; 598272 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 282072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35087 |
| &nbsp;&nbsp;&nbsp; Open Text Corp. (Canada) | &nbsp;&nbsp;&nbsp; Open Text Corp. (Canada) | &nbsp;&nbsp;&nbsp; Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 868000 | &nbsp;&nbsp;&nbsp;&nbsp; 831464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11168 |
| &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 120504 |
| &nbsp;&nbsp;&nbsp; PTC, Inc. 4.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 131758 |
| &nbsp;&nbsp;&nbsp; Rackspace Finance LLC 3.50%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 45720 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 120409 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc.  | &nbsp;&nbsp;&nbsp; Rocket Software, Inc.  | &nbsp;&nbsp;&nbsp; Rocket Software, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 412633 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp;&nbsp; 321641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 569870 |
| &nbsp;&nbsp;&nbsp; UKG, Inc. 6.88%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 798000 | &nbsp;&nbsp;&nbsp;&nbsp; 822255 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC 3.88%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 219000 | &nbsp;&nbsp;&nbsp;&nbsp; 203818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11957096 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 341000 | &nbsp;&nbsp;&nbsp;&nbsp; 330950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 641845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 553236 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp.  | &nbsp;&nbsp;&nbsp; SBA Communications Corp.  | &nbsp;&nbsp;&nbsp; SBA Communications Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 923000 | &nbsp;&nbsp;&nbsp;&nbsp; 858664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3712677 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| &nbsp;&nbsp;&nbsp; Academy Ltd. 6.00%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155363 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.  | &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.  | &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 102324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 358546 |
| &nbsp;&nbsp;&nbsp; Arko Corp. 5.13%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 125922 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 540915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp;&nbsp; 152208 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 145039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 967000 | &nbsp;&nbsp;&nbsp;&nbsp; 957680 |
| &nbsp;&nbsp;&nbsp; BCPE Ulysses Intermediate, Inc. 7.75% (Cash), 4/1/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28503 |
| &nbsp;&nbsp;&nbsp; Carvana Co.  | &nbsp;&nbsp;&nbsp; Carvana Co.  | &nbsp;&nbsp;&nbsp; Carvana Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250800 | &nbsp;&nbsp;&nbsp;&nbsp; 264477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00% (PIK), 6/1/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1073857 | &nbsp;&nbsp;&nbsp;&nbsp; 1201317 |
| &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC 8.00%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 198521 |
| &nbsp;&nbsp;&nbsp; eG Global Finance plc (United Kingdom) 12.00%, 11/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 304000 | &nbsp;&nbsp;&nbsp;&nbsp; 335239 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 27437 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Evergreen Acqco 1 LP 9.75%, 4/26/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 118263 |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc. 4.00%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 139662 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The)  | &nbsp;&nbsp;&nbsp; Gap, Inc. (The)  | &nbsp;&nbsp;&nbsp; Gap, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 48399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 376211 |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 269903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 176967 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 373739 |
| &nbsp;&nbsp;&nbsp; GYP Holdings III Corp. 4.63%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 78766 |
| &nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 104031 |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC 6.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 260214 |
| &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC  | &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC  | &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 241792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 293000 | &nbsp;&nbsp;&nbsp;&nbsp; 310653 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 529295 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc. (The) 5.25%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 338801 |
| &nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 345121 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc. 5.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 151187 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. 3.75%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 119984 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc.  | &nbsp;&nbsp;&nbsp; PetSmart, Inc.  | &nbsp;&nbsp;&nbsp; PetSmart, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 623436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 243369 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC 6.75%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 178811 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 299127 |
| &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC 7.75%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 175338 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 929000 | &nbsp;&nbsp;&nbsp;&nbsp; 841007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95520 | &nbsp;&nbsp;&nbsp;&nbsp; 61487 |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc. 6.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 106207 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc. 3.63%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 131337 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co. 4.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 191392 |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC 8.75%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 115382 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC 6.88%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 217628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11805069 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 272237 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 616000 | &nbsp;&nbsp;&nbsp;&nbsp; 589095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 456030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39263 |
| &nbsp;&nbsp;&nbsp; Xerox Corp.  | &nbsp;&nbsp;&nbsp; Xerox Corp.  | &nbsp;&nbsp;&nbsp; Xerox Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 234298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 147029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 105497 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 164415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2007864 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| &nbsp;&nbsp;&nbsp; Champ Acquisition Corp. 8.38%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 134398 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc.  | &nbsp;&nbsp;&nbsp; Crocs, Inc.  | &nbsp;&nbsp;&nbsp; Crocs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 187804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 34617 |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 238776 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. 4.13%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 97525 |
| &nbsp;&nbsp;&nbsp; Levi Strauss & Co. 3.50%, 3/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 119750 |
| &nbsp;&nbsp;&nbsp; S&S Holdings LLC 8.38%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 146968 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. 3.25%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 190653 |
| &nbsp;&nbsp;&nbsp; VF Corp.  | &nbsp;&nbsp;&nbsp; VF Corp.  | &nbsp;&nbsp;&nbsp; VF Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 157935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 388000 | &nbsp;&nbsp;&nbsp;&nbsp; 347491 |
| &nbsp;&nbsp;&nbsp; William Carter Co. (The) 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; 125141 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp;&nbsp; 138272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1919330 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| &nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. 9.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 109204 |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 63974 |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. 4.88%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 122798 |
| &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC  | &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC  | &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 101147 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 677000 | &nbsp;&nbsp;&nbsp;&nbsp; 693368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 232052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc. 6.00%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 112433 |
| &nbsp;&nbsp;&nbsp; H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 861000 | &nbsp;&nbsp;&nbsp;&nbsp; 867607 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 379221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp;&nbsp; 275531 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 627000 | &nbsp;&nbsp;&nbsp;&nbsp; 600785 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 709000 | &nbsp;&nbsp;&nbsp;&nbsp; 726973 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 286923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 547000 | &nbsp;&nbsp;&nbsp;&nbsp; 491040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 307123 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7885989 |
| **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 401000 | &nbsp;&nbsp;&nbsp;&nbsp; 146034 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 721000 | &nbsp;&nbsp;&nbsp;&nbsp; 687192 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp.  | &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp.  | &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 20734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 547000 | &nbsp;&nbsp;&nbsp;&nbsp; 383376 |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/27/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 288360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/2/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 531720 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 7.00%, 4/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.62%), 7.13%, 4/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 573831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp; 336266 |
| &nbsp;&nbsp;&nbsp; United States Cellular Corp. 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 174323 |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I plc (United Kingdom) 7.75%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 296531 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 116623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 633000 | &nbsp;&nbsp;&nbsp;&nbsp; 568748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.13%, 6/4/2081 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 498850 |
| &nbsp;&nbsp;&nbsp; Zegona Finance plc (United Kingdom) 8.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 395115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5049953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $429,844,332)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 423386342 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp;&nbsp; 63769 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Cwt Travel Group, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 5820 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $65,231)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 69589 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (i) (j) <br>(Cost $4,135,079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4135079 | &nbsp;&nbsp;&nbsp;&nbsp; 4135079 |
| **Total Investments — 99.1%** <br>**(Cost $434,044,642)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **427591010** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3966848** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **431557858** |

---

&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** |  |
| CME | Chicago Mercantile Exchange |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

&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) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (c) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (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 May 31, 2025.<br>|
| (f) | 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 May 31, 2025. <br>|
| (g) | Defaulted security. |
| (h) | 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 May 31, 2025. <br>|
| (i) | 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>|
| (j) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value ("NAV") of the Fund is calculated on a valuation date.

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

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

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

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

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

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

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

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

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $69589 | &nbsp;&nbsp;&nbsp;&nbsp; $69589 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10827830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10827830 |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303540 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9355508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9355508 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3739798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3739798 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 472976 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 472976 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 467262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 467262 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 446694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 446694 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5990615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5990615 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9116589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9116589 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4814842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4814842 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14963314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14963314 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12682515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12682515 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2122298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2122298 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3176881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3176881 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126652 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10103330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10103330 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5928698 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5928698 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9837428 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9837428 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1797922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1797922 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3192039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3192039 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2213305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2213305 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25235786 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 25235803 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8473330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8473330 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1152065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1152065 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241850 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7524279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7524279 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2779242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2779242 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12572689 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12572689 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5934890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5934890 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1254855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1254855 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5758077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5758077 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5269640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5269640 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18880914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18880914 |
| &nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1572066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1572066 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 747625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 747625 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3639078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3639078 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30144152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30144152 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6514915 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6514915 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1100633 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1100633 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4057526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4057526 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11144033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11144033 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 916580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 916580 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4024568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4024568 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273618 |

---

------

**JPMorgan BetaBuilders USD High Yield Corporate Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $652876 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $652876 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5270162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5270162 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29006856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29006856 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10058666 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10058666 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2170612 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2170612 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245945 |
| &nbsp;&nbsp;&nbsp; Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1229906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1229906 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38500430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38500430 |
| &nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1206790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1206790 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3924334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3924334 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1630868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1630868 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6270362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6270362 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2046685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2046685 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2904904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2904904 |
| &nbsp;&nbsp;&nbsp; Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 338952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 338952 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1697552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1697552 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11957096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11957096 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3712677 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3712677 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11805069 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11805069 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2007864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2007864 |
| &nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1919330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1919330 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7885989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7885989 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5049953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5049953 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 423386325 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 423386342 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 4135079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4135079 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $4135079 | &nbsp;&nbsp;&nbsp;&nbsp; $423386325 | &nbsp;&nbsp;&nbsp;&nbsp; $69606 | &nbsp;&nbsp;&nbsp;&nbsp; $427591010 |

---

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

 <br> (a) Value is zero.

**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 May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 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>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.26% (a) (b)<br>| $6152103 | $22537652 | $24554676 | $— | $— | $4135079 | 4135079 | $37224 | $— |

---

&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 May 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

- **b. EDGAR series identifier (if any):** S000054488

- **c. LEI of Series:** 549300UUJZT2ZWE64W88

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

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

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $431585223.11

**Total Liabilities:** $17638.02

**Net Assets:** $431567585.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 124.33986000 | **5-Year:** 802.14740000 | **10-Year:** 65.09390000 | **30-Year:** 0.00000000

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

- **3-Month:** 281.82570000 | **1-Year:** 22972.08900000 | **5-Year:** 98066.22355000 | **10-Year:** 11341.81447000 | **30-Year:** 1924.93022000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171065 | -1.09%               | -0.06%               | 1.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-365517.94              | $-15119698.87                              |
| Month 2  | $-12815587.89            | $3618889.84                                |
| Month 3  | $-294193.07              | $4565598.09                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Liberty Interactive LLC                                  | Liberty Interactive LLC                                  | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     99000 | PA      | $16335.00     | 0.00%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    154000 | PA      | $154022.02    | 0.04%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $412500.40    | 0.10%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Graham Holdings Co.                                      | Graham Holdings Co.                                      | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |    147000 | PA      | $146784.50    | 0.03%             | 2026-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                   | Amkor Technology, Inc.                                   | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    187000 | PA      | $187608.87    | 0.04%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                      | NuStar Logistics LP                                      | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    512000 | PA      | $514542.59    | 0.12%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LSB Industries, Inc.                                     | LSB Industries, Inc.                                     | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118788.17    | 0.03%             | 2028-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                          | Nordstrom, Inc.                                          | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    284000 | PA      | $256235.99    | 0.06%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                 | Energizer Holdings, Inc.                                 | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9393.54      | 0.00%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                      | Rakuten Group, Inc.                                      | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    403000 | PA      | $386516.19    | 0.09%             | 2029-12-15      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Stena International SA                                   | Stena International SA                                   | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    528000 | PA      | $529888.13    | 0.12%             | 2031-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                               | Garda World Security Corp.                               | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    137000 | PA      | $135235.02    | 0.03%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                      | Owens & Minor, Inc.                                      | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    613000 | PA      | $519130.94    | 0.12%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15422.78     | 0.00%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    567000 | PA      | $553236.02    | 0.13%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                                    | Diebold Nixdorf, Inc.                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    259000 | PA      | $272236.71    | 0.06%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Light & Wonder International, Inc.                       | Light & Wonder International, Inc.                       | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    542000 | PA      | $542517.61    | 0.13%             | 2028-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                    | Clydesdale Acquisition Holdings, Inc.                    | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    559000 | PA      | $563789.51    | 0.13%             | 2029-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                    | Clydesdale Acquisition Holdings, Inc.                    | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178960.43    | 0.04%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp.                                              | Ciena Corp.                                              | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |    147000 | PA      | $136816.68    | 0.03%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies BV                                  | Sensata Technologies BV                                  | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    335000 | PA      | $331300.66    | 0.08%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Crown Americas LLC                                       | Crown Americas LLC                                       | CUSIP: 228187AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26000 | PA      | $25983.76     | 0.01%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CVR Partners LP                                          | CVR Partners LP                                          | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    162000 | PA      | $161124.88    | 0.04%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                 | Encino Acquisition Partners Holdings LLC                 | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    403000 | PA      | $413361.09    | 0.10%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                                    | GEO Group, Inc. (The)                                    | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    410000 | PA      | $449420.19    | 0.10%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                                | Standard Industries, Inc.                                | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    882000 | PA      | $827770.14    | 0.19%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                           | DISH DBS Corp.                                           | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    749000 | PA      | $514441.82    | 0.12%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                   | BWX Technologies, Inc.                                   | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    211000 | PA      | $205339.57    | 0.05%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                 | Spirit AeroSystems, Inc.                                 | CUSIP: 85205TAG5<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9850.04      | 0.00%             | 2026-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                      | Nexstar Media, Inc.                                      | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    667000 | PA      | $664332.87    | 0.15%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                  | Williams Scotsman, Inc.                                  | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15374.03     | 0.00%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Baldwin Insurance Group Holdings LLC                     | Baldwin Insurance Group Holdings LLC                     | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    207000 | PA      | $213401.68    | 0.05%             | 2031-05-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| PRA Group, Inc.                                          | PRA Group, Inc.                                          | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    353000 | PA      | $361837.91    | 0.08%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                            | Cheplapharm Arzneimittel GmbH                            | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    241000 | PA      | $229602.68    | 0.05%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                           | PetSmart, Inc.                                           | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    646000 | PA      | $623436.19    | 0.14%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14773.35     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1158599.60   | 0.27%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                        | Genesis Energy LP                                        | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $357480.98    | 0.08%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PTC, Inc.                                                | PTC, Inc.                                                | CUSIP: 69370CAC4<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |    136000 | PA      | $131757.68    | 0.03%             | 2028-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Olympus Water US Holding Corp.                           | Olympus Water US Holding Corp.                           | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188509.37    | 0.04%             | 2028-10-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14712.40     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                                      | Bausch + Lomb Corp.                                      | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    459000 | PA      | $474541.74    | 0.11%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| SNF Group SACA                                           | SNF Group SACA                                           | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |    321000 | PA      | $293172.67    | 0.07%             | 2030-03-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                             | Ardagh Packaging Finance plc                             | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    683000 | PA      | $310765.00    | 0.07%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                    | Matador Resources Co.                                    | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    528000 | PA      | $535256.83    | 0.12%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                        | Clarios Global LP                                        | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    974000 | PA      | $992371.59    | 0.23%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Carriage Services, Inc.                                  | Carriage Services, Inc.                                  | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    201000 | PA      | $188087.52    | 0.04%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AG Issuer LLC                                            | AG Issuer LLC                                            | CUSIP: 00119LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29999.62     | 0.01%             | 2028-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands, Inc.                                        | Hanesbrands, Inc.                                        | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    226000 | PA      | $238775.55    | 0.06%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     15000 | PA      | $14850.07     | 0.00%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                             | Hess Midstream Operations LP                             | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $64630.02     | 0.01%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                             | Performance Food Group, Inc.                             | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1059000 | PA      | $1009367.85   | 0.23%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Clearwater Paper Corp.                                   | Clearwater Paper Corp.                                   | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    108000 | PA      | $103322.52    | 0.02%             | 2028-08-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                     | Xerox Holdings Corp.                                     | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    333000 | PA      | $224386.32    | 0.05%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                       | United Rentals North America, Inc.                       | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1187637.01   | 0.28%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                     | Frontier Communications Holdings LLC                     | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15970.09     | 0.00%             | 2031-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                             | Tallgrass Energy Partners LP                             | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    579000 | PA      | $578200.92    | 0.13%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                     | Frontier Communications Holdings LLC                     | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    503000 | PA      | $528541.01    | 0.12%             | 2030-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Communications, Inc.                        | Consolidated Communications, Inc.                        | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    202000 | PA      | $206103.83    | 0.05%             | 2028-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Beazer Homes USA, Inc.                                   | Beazer Homes USA, Inc.                                   | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    219000 | PA      | $216825.83    | 0.05%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                  | Molina Healthcare, Inc.                                  | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    660000 | PA      | $603434.37    | 0.14%             | 2030-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                                       | APi Group DE, Inc.                                       | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    162000 | PA      | $157744.92    | 0.04%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                                     | Kennedy-Wilson, Inc.                                     | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    520000 | PA      | $477991.18    | 0.11%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corp.                                          | NCR Voyix Corp.                                          | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    286000 | PA      | $282072.05    | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                      | Clean Harbors, Inc.                                      | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    362000 | PA      | $368375.18    | 0.09%             | 2031-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Dresdner Funding Trust I                                 | Dresdner Funding Trust I                                 | CUSIP: 26156FAA1<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |    351000 | PA      | $384092.67    | 0.09%             | 2031-06-30      | Fixed         | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                      | Hilcorp Energy I LP                                      | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1159000 | PA      | $1056038.61   | 0.24%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Navient Corp.                                            | Navient Corp.                                            | CUSIP: 78442FAZ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    846000 | PA      | $744178.99    | 0.17%             | 2033-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                        | Genesis Energy LP                                        | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     97000 | PA      | $100368.13    | 0.02%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                  | Talen Energy Supply LLC                                  | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    379000 | PA      | $404753.77    | 0.09%             | 2030-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Martin Midstream Partners LP                             | Martin Midstream Partners LP                             | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $104589.05    | 0.02%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Bread Financial Holdings, Inc.                           | Bread Financial Holdings, Inc.                           | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37865.51     | 0.01%             | 2035-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Match Group Holdings II LLC                              | Match Group Holdings II LLC                              | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    256000 | PA      | $253626.32    | 0.06%             | 2027-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Insight Enterprises, Inc.                                | Insight Enterprises, Inc.                                | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |    177000 | PA      | $180351.50    | 0.04%             | 2032-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.                         | AMC Entertainment Holdings, Inc.                         | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $156300.00    | 0.04%             | 2029-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Kohl's Corp.                                             | Kohl's Corp.                                             | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    315000 | PA      | $153666.64    | 0.04%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                            | Asbury Automotive Group, Inc.                            | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    569000 | PA      | $540914.50    | 0.13%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Trident TPI Holdings, Inc.                               | Trident TPI Holdings, Inc.                               | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    213000 | PA      | $222725.15    | 0.05%             | 2028-12-31      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| SeaWorld Parks & Entertainment, Inc.                     | SeaWorld Parks & Entertainment, Inc.                     | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    234000 | PA      | $224930.46    | 0.05%             | 2029-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Star Leasing Co. LLC                                     | Star Leasing Co. LLC                                     | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |    244000 | PA      | $229521.67    | 0.05%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Ziff Davis, Inc.                                         | Ziff Davis, Inc.                                         | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    167000 | PA      | $151366.70    | 0.04%             | 2030-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.          | South Bow Canadian Infrastructure Holdings Ltd.          | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     26000 | PA      | $26243.39     | 0.01%             | 2055-03-01      | Variable      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                     | Ally Financial, Inc.                                     | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    231000 | PA      | $221835.90    | 0.05%             | 2040-01-17      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    937000 | PA      | $775367.50    | 0.18%             | 2031-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                   | Mineral Resources Ltd.                                   | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    657000 | PA      | $670331.19    | 0.16%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Ingles Markets, Inc.                                     | Ingles Markets, Inc.                                     | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |    127000 | PA      | $116255.11    | 0.03%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| goeasy Ltd.                                              | goeasy Ltd.                                              | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    490000 | PA      | $495034.75    | 0.11%             | 2029-07-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                    | Albertsons Cos., Inc.                                    | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     92000 | PA      | $86436.67     | 0.02%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15957.69     | 0.00%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                               | Allison Transmission, Inc.                               | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    498000 | PA      | $499994.49    | 0.12%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                            | Freedom Mortgage Holdings LLC                            | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     99000 | PA      | $97779.57     | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC                   | Ardagh Metal Packaging Finance USA LLC                   | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200492.60    | 0.05%             | 2027-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Global Net Lease, Inc.                                   | Global Net Lease, Inc.                                   | CUSIP: 02608AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    189000 | PA      | $181246.35    | 0.04%             | 2028-09-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| LFS Topco LLC                                            | LFS Topco LLC                                            | CUSIP: 50203TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $56477.82     | 0.01%             | 2026-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                              | Block, Inc.                                              | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   1088000 | PA      | $1111921.86   | 0.26%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                                   | Arsenal AIC Parent LLC                                   | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    394000 | PA      | $413750.83    | 0.10%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Real Hero Merger Sub 2, Inc.                             | Real Hero Merger Sub 2, Inc.                             | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $170109.28    | 0.04%             | 2029-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Parkland Corp.                                           | Parkland Corp.                                           | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    735000 | PA      | $690593.87    | 0.16%             | 2030-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    909000 | PA      | $725245.38    | 0.17%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                    | Wrangler Holdco Corp.                                    | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $185648.40    | 0.04%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                 | Central Garden & Pet Co.                                 | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    363000 | PA      | $335694.92    | 0.08%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Energean plc                                             | Energean plc                                             | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |    372000 | PA      | $364792.50    | 0.08%             | 2027-04-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| New Gold, Inc.                                           | New Gold, Inc.                                           | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    145000 | PA      | $148119.97    | 0.03%             | 2032-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Corp.                                  | Credit Acceptance Corp.                                  | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $370351.80    | 0.09%             | 2028-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                            | Hologic, Inc.                                            | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    437000 | PA      | $417502.07    | 0.10%             | 2029-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                               | Allison Transmission, Inc.                               | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     33000 | PA      | $29955.67     | 0.01%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    227000 | PA      | $232051.66    | 0.05%             | 2032-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sotheby's                                                | Sotheby's                                                | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    282000 | PA      | $277687.49    | 0.06%             | 2027-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                         | Transocean, Inc.                                         | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    684000 | PA      | $668694.41    | 0.15%             | 2027-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| GrafTech Finance, Inc.                                   | GrafTech Finance, Inc.                                   | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |     37000 | PA      | $23087.63     | 0.01%             | 2029-12-23      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| GCI LLC                                                  | GCI LLC                                                  | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    208000 | PA      | $195626.54    | 0.05%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SLM Corp.                                                | SLM Corp.                                                | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15467.02     | 0.00%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    685000 | PA      | $641844.65    | 0.15%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Wilton RE Ltd.                                           | Wilton RE Ltd.                                           | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |     98000 | PA      | $98735.00     | 0.02%             | 2030-10-22      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kimmeridge Texas Gas LLC                                 | Kimmeridge Texas Gas LLC                                 | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    146000 | PA      | $144322.46    | 0.03%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                        | PennyMac Financial Services, Inc.                        | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15331.29     | 0.00%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                   | Mauser Packaging Solutions Holding Co.                   | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1126000 | PA      | $1136681.24   | 0.26%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Vornado Realty LP                                        | Vornado Realty LP                                        | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    238000 | PA      | $204555.88    | 0.05%             | 2031-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Liberty Interactive LLC                                  | Liberty Interactive LLC                                  | CUSIP: 530715AD3<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |    133000 | PA      | $21971.76     | 0.01%             | 2029-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    849000 | PA      | $839854.66    | 0.19%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44720.20     | 0.01%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                        | Lamar Media Corp.                                        | CUSIP: 513075BR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    428000 | PA      | $414053.36    | 0.10%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP                                     | Icahn Enterprises LP                                     | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $227126.86    | 0.05%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Borr IHC Ltd.                                            | Borr IHC Ltd.                                            | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    694478 | PA      | $562478.70    | 0.13%             | 2030-11-15      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Varex Imaging Corp.                                      | Varex Imaging Corp.                                      | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |    138000 | PA      | $137360.69    | 0.03%             | 2027-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Northern Oil & Gas, Inc.                                 | Northern Oil & Gas, Inc.                                 | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    379000 | PA      | $380543.67    | 0.09%             | 2028-03-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                      | American Axle & Manufacturing, Inc.                      | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    437000 | PA      | $434903.54    | 0.10%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                      | Herc Holdings, Inc.                                      | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    272000 | PA      | $275531.38    | 0.06%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.           | Charles River Laboratories International, Inc.           | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     56000 | PA      | $53788.13     | 0.01%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Diversified Healthcare Trust                             | Diversified Healthcare Trust                             | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $81531.74     | 0.02%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt International Finance SA                    | Mallinckrodt International Finance SA                    | CUSIP: 561233AN7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    122000 | PA      | $127016.76    | 0.03%             | 2028-11-14      | Fixed         | 14.75%                | Yes           |                  2 | On Loan: No      |
| Silgan Holdings, Inc.                                    | Silgan Holdings, Inc.                                    | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    161000 | PA      | $156370.69    | 0.04%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ITT Holdings LLC                                         | ITT Holdings LLC                                         | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    370000 | PA      | $345450.28    | 0.08%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Helix Energy Solutions Group, Inc.                       | Helix Energy Solutions Group, Inc.                       | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71555.00     | 0.02%             | 2029-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                     | Howard Midstream Energy Partners LLC                     | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    164000 | PA      | $171507.26    | 0.04%             | 2028-07-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CTR Partnership LP                                       | CTR Partnership LP                                       | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $130914.58    | 0.03%             | 2028-06-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Algoma Steel, Inc.                                       | Algoma Steel, Inc.                                       | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |     81000 | PA      | $70055.28     | 0.02%             | 2029-04-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Mobius Merger Sub, Inc.                                  | Mobius Merger Sub, Inc.                                  | CUSIP: 606950AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $134205.95    | 0.03%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                           | Hughes Satellite Systems Corp.                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    547000 | PA      | $383375.88    | 0.09%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                            | Six Flags Entertainment Corp.                            | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    236000 | PA      | $240603.65    | 0.06%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| LCPR Senior Secured Financing DAC                        | LCPR Senior Secured Financing DAC                        | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    646000 | PA      | $468050.19    | 0.11%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                                      | Big River Steel LLC                                      | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    191000 | PA      | $192401.94    | 0.04%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| TransMontaigne Partners LLC                              | TransMontaigne Partners LLC                              | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $182731.43    | 0.04%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Parkland Corp.                                           | Parkland Corp.                                           | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $56659.03     | 0.01%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1739000 | PA      | $1799865.00   | 0.42%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Compass Minerals International, Inc.                     | Compass Minerals International, Inc.                     | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    177000 | PA      | $176960.76    | 0.04%             | 2027-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                               | Primo Water Holdings, Inc.                               | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $435589.86    | 0.10%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| M/I Homes, Inc.                                          | M/I Homes, Inc.                                          | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    178000 | PA      | $175603.39    | 0.04%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| XPO CNW, Inc.                                            | XPO CNW, Inc.                                            | CUSIP: 12612WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $115825.00    | 0.03%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Enova International, Inc.                                | Enova International, Inc.                                | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    237000 | PA      | $254243.65    | 0.06%             | 2028-12-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                 | WESCO Distribution, Inc.                                 | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1141459.14   | 0.26%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Great Lakes Dredge & Dock Corp.                          | Great Lakes Dredge & Dock Corp.                          | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    109000 | PA      | $102156.98    | 0.02%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Prime Healthcare Services, Inc.                          | Prime Healthcare Services, Inc.                          | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $502914.56    | 0.12%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                        | Yum! Brands, Inc.                                        | CUSIP: 988498AD3<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     77000 | PA      | $81577.88     | 0.02%             | 2037-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                      | Hilton Domestic Operating Co., Inc.                      | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    468000 | PA      | $458709.54    | 0.11%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Global Aircraft Leasing Co. Ltd.                         | Global Aircraft Leasing Co. Ltd.                         | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    365000 | PA      | $369106.25    | 0.09%             | 2027-09-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Crocs, Inc.                                              | Crocs, Inc.                                              | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    199000 | PA      | $187804.00    | 0.04%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings, Inc.            | Brundage-Bone Concrete Pumping Holdings, Inc.            | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141000 | PA      | $140753.32    | 0.03%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Valley National Bancorp                                  | Valley National Bancorp                                  | CUSIP: 919794AE7<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |    123000 | PA      | $112658.24    | 0.03%             | 2031-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                               | Cloud Software Group, Inc.                               | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2388000 | PA      | $2385313.26   | 0.55%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                               | Sotera Health Holdings LLC                               | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    211000 | PA      | $219170.34    | 0.05%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GGAM Finance Ltd.                                        | GGAM Finance Ltd.                                        | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    701000 | PA      | $721319.19    | 0.17%             | 2027-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                                   | Aramark Services, Inc.                                   | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    375000 | PA      | $371009.21    | 0.09%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mclaren Finance plc                                      | Mclaren Finance plc                                      | CUSIP: 58175LAA8<br>LEI: 213800BKPDWMWX3GSG36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200215.00    | 0.05%             | 2026-08-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                              | McGraw-Hill Education, Inc.                              | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    557000 | PA      | $550192.40    | 0.13%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP                   | Calumet Specialty Products Partners LP                   | CUSIP: 131477AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $205321.54    | 0.05%             | 2028-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| New Home Co., Inc. (The)                                 | New Home Co., Inc. (The)                                 | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    107000 | PA      | $110504.89    | 0.03%             | 2029-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Cimpress plc                                             | Cimpress plc                                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    253000 | PA      | $235826.16    | 0.05%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                           | DISH DBS Corp.                                           | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1172319.30   | 0.27%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| AMC Networks, Inc.                                       | AMC Networks, Inc.                                       | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    164000 | PA      | $173840.00    | 0.04%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                           | US Foods, Inc.                                           | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    742000 | PA      | $725605.06    | 0.17%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                  | RHP Hotel Properties LP                                  | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    347000 | PA      | $351762.58    | 0.08%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                           | Rite Aid Corp., Series B                                 | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     39743 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AL1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $2658.82      | 0.00%             | 2031-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                          | Boyne USA, Inc.                                          | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $184510.68    | 0.04%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                            | Organon & Co.                                            | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    381000 | PA      | $328594.22    | 0.08%             | 2034-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                           | Univision Communications, Inc.                           | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    203000 | PA      | $203003.52    | 0.05%             | 2027-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1621000 | PA      | $1547388.93   | 0.36%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    398000 | PA      | $381867.07    | 0.09%             | 2028-09-30      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                     | IHO Verwaltungs GmbH                                     | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    225000 | PA      | $225297.90    | 0.05%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Magnolia Oil & Gas Operating LLC                         | Magnolia Oil & Gas Operating LLC                         | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $113865.84    | 0.03%             | 2032-12-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Taylor Morrison Communities, Inc.                        | Taylor Morrison Communities, Inc.                        | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    456000 | PA      | $444605.61    | 0.10%             | 2030-08-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Penn Entertainment, Inc.                                 | Penn Entertainment, Inc.                                 | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $31571.29     | 0.01%             | 2027-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                            | United Wholesale Mortgage LLC                            | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    247000 | PA      | $243470.72    | 0.06%             | 2027-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Valvoline, Inc.                                          | Valvoline, Inc.                                          | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |    148000 | PA      | $131337.46    | 0.03%             | 2031-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                                | XPO, Inc.                                                | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    286000 | PA      | $296851.70    | 0.07%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| TMS International Corp.                                  | TMS International Corp.                                  | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    129000 | PA      | $120324.54    | 0.03%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    324000 | PA      | $303804.63    | 0.07%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Belron UK Finance plc                                    | Belron UK Finance plc                                    | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    306000 | PA      | $307145.83    | 0.07%             | 2029-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital, Inc.                                        | Gen Digital, Inc.                                        | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    253000 | PA      | $255809.06    | 0.06%             | 2033-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                | Telecom Italia Capital SA                                | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $48965.15     | 0.01%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                | Telecom Italia Capital SA                                | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     15000 | PA      | $15595.22     | 0.00%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    567000 | PA      | $566697.22    | 0.13%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                    | Rocket Software, Inc.                                    | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15476.22     | 0.00%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                               | Elanco Animal Health, Inc.                               | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246612.24    | 0.06%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                     | Clear Channel Outdoor Holdings, Inc.                     | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1614000 | PA      | $1578858.86   | 0.37%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Nufarm Australia Ltd.                                    | Nufarm Australia Ltd.                                    | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     90000 | PA      | $82558.76     | 0.02%             | 2030-01-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                   | Dycom Industries, Inc.                                   | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    175000 | PA      | $168372.73    | 0.04%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                            | Perrigo Finance Unlimited Co.                            | CUSIP: 71429MAC9<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    657000 | PA      | $632501.46    | 0.15%             | 2030-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                   | Encompass Health Corp.                                   | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    476000 | PA      | $468846.81    | 0.11%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Artera Services LLC                                      | Artera Services LLC                                      | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |    188000 | PA      | $159762.91    | 0.04%             | 2031-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Champions Financing, Inc.                                | Champions Financing, Inc.                                | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    183000 | PA      | $170448.58    | 0.04%             | 2029-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22314.46     | 0.01%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    341000 | PA      | $330950.35    | 0.08%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                   | Mineral Resources Ltd.                                   | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    140000 | PA      | $140107.10    | 0.03%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                          | AES Corp. (The)                                          | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    460000 | PA      | $463639.52    | 0.11%             | 2055-01-15      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| Velocity Vehicle Group LLC                               | Velocity Vehicle Group LLC                               | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177000 | PA      | $170175.41    | 0.04%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator US Newco, Inc.                               | TK Elevator US Newco, Inc.                               | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    386000 | PA      | $382345.43    | 0.09%             | 2027-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| QVC, Inc.                                                | QVC, Inc.                                                | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |     55000 | PA      | $24475.00     | 0.01%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                               | Edgewell Personal Care Co.                               | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    338000 | PA      | $316114.23    | 0.07%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                      | Lithia Motors, Inc.                                      | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    494000 | PA      | $465252.36    | 0.11%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                          | Live Nation Entertainment, Inc.                          | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    773000 | PA      | $760957.97    | 0.18%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                       | Cinemark USA, Inc.                                       | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    346000 | PA      | $355940.93    | 0.08%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                         | Clarivate Science Holdings Corp.                         | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    567000 | PA      | $539942.87    | 0.13%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    163000 | PA      | $165949.81    | 0.04%             | 2027-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                           | Walgreens Boots Alliance, Inc.                           | CUSIP: 931427AR9<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    175000 | PA      | $157875.26    | 0.04%             | 2046-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Alta Equipment Group, Inc.                               | Alta Equipment Group, Inc.                               | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109203.56    | 0.03%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Triumph Group, Inc.                                      | Triumph Group, Inc.                                      | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    320000 | PA      | $335103.68    | 0.08%             | 2028-03-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                              | Crescent Energy Finance LLC                              | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    847000 | PA      | $785996.18    | 0.18%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                               | Carpenter Technology Corp.                               | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    171000 | PA      | $171693.06    | 0.04%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Co. LLC                               | Go Daddy Operating Co. LLC                               | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    469000 | PA      | $437787.30    | 0.10%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Greystar Real Estate Partners LLC                        | Greystar Real Estate Partners LLC                        | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |     99000 | PA      | $105054.54    | 0.02%             | 2030-09-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                  | Quikrete Holdings, Inc.                                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1591000 | PA      | $1616705.79   | 0.37%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                               | Avis Budget Car Rental LLC                               | CUSIP: 053773BE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $13825.55     | 0.00%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                            | Starwood Property Trust, Inc.                            | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    695000 | PA      | $678562.00    | 0.16%             | 2026-07-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Minerals Technologies, Inc.                              | Minerals Technologies, Inc.                              | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     96000 | PA      | $93280.32     | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pitney Bowes, Inc.                                       | Pitney Bowes, Inc.                                       | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35984.43     | 0.01%             | 2029-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                             | Scotts Miracle-Gro Co. (The)                             | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22444.80     | 0.01%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pilgrim's Pride Corp.                                    | Pilgrim's Pride Corp.                                    | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31094.85     | 0.01%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                              | Xerox Corp.                                              | CUSIP: 984121CL5<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    298000 | PA      | $147028.97    | 0.03%             | 2035-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                    | Ahead DB Holdings LLC                                    | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |    151000 | PA      | $148805.74    | 0.03%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Cablevision Lightpath LLC                                | Cablevision Lightpath LLC                                | CUSIP: 12687GAB5<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |    359000 | PA      | $346697.72    | 0.08%             | 2028-09-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Hecla Mining Co.                                         | Hecla Mining Co.                                         | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    189000 | PA      | $190320.35    | 0.04%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| eG Global Finance plc                                    | eG Global Finance plc                                    | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    304000 | PA      | $335238.74    | 0.08%             | 2028-11-30      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                            | Dornoch Debt Merger Sub, Inc.                            | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    283000 | PA      | $217507.01    | 0.05%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Office Properties Income Trust                           | Office Properties Income Trust                           | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    446000 | PA      | $328925.00    | 0.08%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Diversified Healthcare Trust                             | Diversified Healthcare Trust                             | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    226000 | PA      | $207649.57    | 0.05%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Service Corp. International                              | Service Corp. International                              | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    936000 | PA      | $848921.58    | 0.20%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Edison International                                     | Edison International                                     | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    113000 | PA      | $108719.89    | 0.03%             | 2054-06-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                      | Kinetik Holdings LP                                      | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    630000 | PA      | $642507.18    | 0.15%             | 2028-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    165000 | PA      | $173084.18    | 0.04%             | 2033-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                           | Somnigroup International, Inc.                           | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35599.02     | 0.01%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Dye & Durham Ltd.                                        | Dye & Durham Ltd.                                        | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    193000 | PA      | $200215.11    | 0.05%             | 2029-04-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corp.                                       | DISH Network Corp.                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    571000 | PA      | $589106.98    | 0.14%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                           | Walgreens Boots Alliance, Inc.                           | CUSIP: 931427AB4<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    233000 | PA      | $221231.17    | 0.05%             | 2034-11-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                  | Bath & Body Works, Inc.                                  | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $1007198.46   | 0.23%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                       | Nationstar Mortgage Holdings, Inc.                       | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $295044.25    | 0.07%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                      | FMG Resources August 2006 Pty. Ltd.                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    991000 | PA      | $990319.28    | 0.23%             | 2030-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Vornado Realty LP                                        | Vornado Realty LP                                        | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14503.89     | 0.00%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                                   | Rite Aid                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       275 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hudson Pacific Properties LP                             | Hudson Pacific Properties LP                             | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    421000 | PA      | $361956.93    | 0.08%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                | Howard Hughes Corp. (The)                                | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    601000 | PA      | $589561.71    | 0.14%             | 2028-08-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                        | Cornerstone Building Brands, Inc.                        | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    246000 | PA      | $218579.29    | 0.05%             | 2029-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CCM Merger, Inc.                                         | CCM Merger, Inc.                                         | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29010.77     | 0.01%             | 2026-05-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                         | Goodyear Tire & Rubber Co. (The)                         | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    537000 | PA      | $514416.84    | 0.12%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                           | Entegris, Inc.                                           | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    951000 | PA      | $923391.71    | 0.21%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corp.                                         | Sealed Air Corp.                                         | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15362.42     | 0.00%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    111000 | PA      | $100329.11    | 0.02%             | 2032-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                                  | Genesee & Wyoming, Inc.                                  | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    226000 | PA      | $229525.83    | 0.05%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                          | NCR Voyix Corp.                                          | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35086.53     | 0.01%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Embecta Corp.                                            | Embecta Corp.                                            | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    180000 | PA      | $160103.55    | 0.04%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| McAfee Corp.                                             | McAfee Corp.                                             | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    647000 | PA      | $598272.47    | 0.14%             | 2030-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                               | Carpenter Technology Corp.                               | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77350.35     | 0.02%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    320000 | PA      | $270135.17    | 0.06%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                       | Vodafone Group plc                                       | CUSIP: 92857WBV1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    120000 | PA      | $116622.71    | 0.03%             | 2081-06-04      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Brookfield Property REIT, Inc.                           | Brookfield Property REIT, Inc.                           | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    349000 | PA      | $338952.01    | 0.08%             | 2027-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    463000 | PA      | $450489.00    | 0.10%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| M/I Homes, Inc.                                          | M/I Homes, Inc.                                          | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13809.55     | 0.00%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Ziggo BV                                                 | Ziggo BV                                                 | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    613000 | PA      | $559449.13    | 0.13%             | 2030-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                      | Rocket Mortgage LLC                                      | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    409000 | PA      | $396092.00    | 0.09%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                              | Service Corp. International                              | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24693.52     | 0.01%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Jefferson Capital Holdings LLC                           | Jefferson Capital Holdings LLC                           | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184000 | PA      | $195165.86    | 0.05%             | 2029-02-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Embarq LLC                                               | Embarq LLC                                               | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    369000 | PA      | $173430.00    | 0.04%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp.                                      | Eldorado Gold Corp.                                      | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    127000 | PA      | $125158.50    | 0.03%             | 2029-09-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| LD Holdings Group LLC                                    | LD Holdings Group LLC                                    | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    279000 | PA      | $227944.34    | 0.05%             | 2028-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Global Auto Holdings Ltd.                                | Global Auto Holdings Ltd.                                | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    365000 | PA      | $306071.74    | 0.07%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Teleflex, Inc.                                           | Teleflex, Inc.                                           | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16418.15     | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Windstream Services LLC                                  | Windstream Services LLC                                  | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $714992.50    | 0.17%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                     | Icahn Enterprises LP                                     | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    433000 | PA      | $419568.34    | 0.10%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                  | Molina Healthcare, Inc.                                  | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     58000 | PA      | $51798.39     | 0.01%             | 2032-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Methanex Corp.                                           | Methanex Corp.                                           | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |     43000 | PA      | $42634.41     | 0.01%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                 | Service Properties Trust                                 | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40352.93     | 0.01%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                           | Walgreens Boots Alliance, Inc.                           | CUSIP: 931427AT5<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    123000 | PA      | $104505.50    | 0.02%             | 2050-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                            | Surgery Center Holdings, Inc.                            | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    271000 | PA      | $270477.02    | 0.06%             | 2032-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                  | Kodiak Gas Services LLC                                  | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    241000 | PA      | $246979.93    | 0.06%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Emera, Inc.                                              | Emera, Inc., Series 16-A                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    593000 | PA      | $595912.82    | 0.14%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                        | Venture Global Calcasieu Pass LLC                        | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    475000 | PA      | $441439.16    | 0.10%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                        | Genesis Energy LP                                        | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $56487.09     | 0.01%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fluor Corp.                                              | Fluor Corp.                                              | CUSIP: 343412AF9<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131590.56    | 0.03%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    692000 | PA      | $683963.08    | 0.16%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    621000 | PA      | $611897.13    | 0.14%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Bell Telephone Co. of Canada or Bell Canada              | Bell Telephone Co. of Canada or Bell Canada              | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     89000 | PA      | $89240.39     | 0.02%             | 2055-09-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                 | Lumen Technologies, Inc., Series P                       | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    683000 | PA      | $577135.00    | 0.13%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                           | JELD-WEN, Inc.                                           | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    204000 | PA      | $150676.44    | 0.03%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                              | Midcontinent Communications                              | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    188000 | PA      | $194429.41    | 0.05%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| AECOM                                                    | AECOM                                                    | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    311000 | PA      | $310727.25    | 0.07%             | 2027-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Panther Escrow Issuer LLC                                | Panther Escrow Issuer LLC                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    932000 | PA      | $964157.63    | 0.22%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                  | NESCO Holdings II, Inc.                                  | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    248000 | PA      | $233636.96    | 0.05%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                            | Calpine Corp.                                            | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    161000 | PA      | $159600.57    | 0.04%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Summit Midstream Holdings LLC                            | Summit Midstream Holdings LLC                            | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259000 | PA      | $259581.20    | 0.06%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| RLJ Lodging Trust LP                                     | RLJ Lodging Trust LP                                     | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    285000 | PA      | $260563.39    | 0.06%             | 2029-09-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Open Text Holdings, Inc.                                 | Open Text Holdings, Inc.                                 | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11202.61     | 0.00%             | 2030-02-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Mattamy Group Corp.                                      | Mattamy Group Corp.                                      | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    321000 | PA      | $302183.04    | 0.07%             | 2030-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    697000 | PA      | $625713.18    | 0.14%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Pitney Bowes, Inc.                                       | Pitney Bowes, Inc.                                       | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    202000 | PA      | $203029.39    | 0.05%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                               | LABL, Inc.                                               | CUSIP: 50168AAA8<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     28000 | PA      | $26588.74     | 0.01%             | 2027-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Genting New York LLC                                     | Genting New York LLC                                     | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $202258.14    | 0.05%             | 2029-10-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1278000 | PA      | $587880.00    | 0.14%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    233000 | PA      | $241169.74    | 0.06%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Paramount Global                                         | Paramount Global                                         | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    502000 | PA      | $490703.59    | 0.11%             | 2062-03-30      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    215000 | PA      | $210033.93    | 0.05%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Viavi Solutions, Inc.                                    | Viavi Solutions, Inc.                                    | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |    134000 | PA      | $123281.93    | 0.03%             | 2029-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                            | United Wholesale Mortgage LLC                            | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    197000 | PA      | $188588.81    | 0.04%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DPL, Inc.                                                | DPL, Inc.                                                | CUSIP: 233293AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14436.79     | 0.00%             | 2029-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage Systems, Inc.                          | Advanced Drainage Systems, Inc.                          | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    192000 | PA      | $189766.92    | 0.04%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                               | Snap, Inc.                                               | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    493000 | PA      | $499382.38    | 0.12%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1037000 | PA      | $1038506.76   | 0.24%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                       | Arches Buyer, Inc.                                       | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    484000 | PA      | $442401.85    | 0.10%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GrubHub Holdings, Inc.                                   | GrubHub Holdings, Inc.                                   | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $115312.43    | 0.03%             | 2027-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sunrise FinCo. I BV                                      | Sunrise FinCo. I BV                                      | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    572000 | PA      | $531216.40    | 0.12%             | 2031-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Vertiv Group Corp.                                       | Vertiv Group Corp.                                       | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    228000 | PA      | $220881.52    | 0.05%             | 2028-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Oceaneering International, Inc.                          | Oceaneering International, Inc.                          | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67083.83     | 0.02%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Levi Strauss & Co.                                       | Levi Strauss & Co.                                       | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    134000 | PA      | $119750.00    | 0.03%             | 2031-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                                     | AmeriGas Partners LP                                     | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14679.32     | 0.00%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                 | NGL Energy Operating LLC                                 | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    646000 | PA      | $610850.56    | 0.14%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                              | Service Corp. International                              | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    273000 | PA      | $271290.64    | 0.06%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    451000 | PA      | $474716.29    | 0.11%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Pilgrim's Pride Corp.                                    | Pilgrim's Pride Corp.                                    | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    915000 | PA      | $865978.05    | 0.20%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                        | Yum! Brands, Inc.                                        | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    476000 | PA      | $432683.24    | 0.10%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                    | Directv Financing LLC                                    | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    413000 | PA      | $401994.50    | 0.09%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    358000 | PA      | $322395.42    | 0.07%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BellRing Brands, Inc.                                    | BellRing Brands, Inc.                                    | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |    280000 | PA      | $290974.04    | 0.07%             | 2030-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LBM Acquisition LLC                                      | LBM Acquisition LLC                                      | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    324000 | PA      | $260213.99    | 0.06%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CQP Holdco LP                                            | CQP Holdco LP                                            | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    653000 | PA      | $627503.29    | 0.15%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                             | Scotts Miracle-Gro Co. (The)                             | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22818.57     | 0.01%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    652000 | PA      | $624613.39    | 0.14%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                           | Rite Aid Corp., Series A                                 | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     84019 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Howard Midstream Energy Partners LLC                     | Howard Midstream Energy Partners LLC                     | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $222500.28    | 0.05%             | 2032-07-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                 | Spirit AeroSystems, Inc.                                 | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    298000 | PA      | $317311.00    | 0.07%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Teleflex, Inc.                                           | Teleflex, Inc.                                           | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |    318000 | PA      | $313089.09    | 0.07%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ardonagh Finco Ltd.                                      | Ardonagh Finco Ltd.                                      | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    516000 | PA      | $533531.62    | 0.12%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Allen Media LLC                                          | Allen Media LLC                                          | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184000 | PA      | $66240.00     | 0.02%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Sitio Royalties Operating Partnership LP                 | Sitio Royalties Operating Partnership LP                 | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    208000 | PA      | $214517.47    | 0.05%             | 2028-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Excelerate Energy LP                                     | Excelerate Energy LP                                     | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    271000 | PA      | $280547.71    | 0.07%             | 2030-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Motion Bondco DAC                                        | Motion Bondco DAC                                        | CUSIP: 61978XAA5<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |    254000 | PA      | $240041.99    | 0.06%             | 2027-11-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                               | Builders FirstSource, Inc.                               | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     56000 | PA      | $55794.55     | 0.01%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                    | Range Resources Corp.                                    | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52861.03     | 0.01%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                      | Graphic Packaging International LLC                      | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14229.38     | 0.00%             | 2028-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Taseko Mines Ltd.                                        | Taseko Mines Ltd.                                        | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    143000 | PA      | $146922.40    | 0.03%             | 2030-05-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.           | Charles River Laboratories International, Inc.           | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     49000 | PA      | $45388.76     | 0.01%             | 2029-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management, Inc.             | Jones Deslauriers Insurance Management, Inc.             | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    348000 | PA      | $365457.07    | 0.08%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Rain Carbon, Inc.                                        | Rain Carbon, Inc.                                        | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |    133000 | PA      | $138572.43    | 0.03%             | 2029-09-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| FXI Holdings, Inc.                                       | FXI Holdings, Inc.                                       | CUSIP: 35166FAA0<br>LEI: 549300VLKCUZW3MSVS50 | Long             | DBT              | CORP              | US        |    447000 | PA      | $393722.07    | 0.09%             | 2026-11-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                           | US Foods, Inc.                                           | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    153000 | PA      | $147164.70    | 0.03%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Forestar Group, Inc.                                     | Forestar Group, Inc.                                     | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    159000 | PA      | $156521.22    | 0.04%             | 2028-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                      | Medline Borrower LP                                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2499000 | PA      | $2355224.03   | 0.55%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $13738.60     | 0.00%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                       | Iliad Holding SASU                                       | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    831000 | PA      | $844225.37    | 0.20%             | 2028-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SBA Communications Corp.                                 | SBA Communications Corp.                                 | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13726.52     | 0.00%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Phinia, Inc.                                             | Phinia, Inc.                                             | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |    315000 | PA      | $313112.36    | 0.07%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Viking Baked Goods Acquisition Corp.                     | Viking Baked Goods Acquisition Corp.                     | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |    273000 | PA      | $257384.43    | 0.06%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                     | Archrock Partners LP                                     | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $103541.78    | 0.02%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Borrower LLC                      | Hilton Grand Vacations Borrower LLC                      | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    688000 | PA      | $616914.19    | 0.14%             | 2031-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Delek Logistics Partners LP                              | Delek Logistics Partners LP                              | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    473000 | PA      | $489870.96    | 0.11%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                               | Cloud Software Group, Inc.                               | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38904.46     | 0.01%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Carriage Purchaser, Inc.                                 | Carriage Purchaser, Inc.                                 | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    212000 | PA      | $181440.54    | 0.04%             | 2029-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                | Howard Hughes Corp. (The)                                | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13621.44     | 0.00%             | 2031-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                    | Prestige Brands, Inc.                                    | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    316000 | PA      | $286823.85    | 0.07%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                    | Albertsons Cos., Inc.                                    | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    827000 | PA      | $804465.41    | 0.19%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wolverine World Wide, Inc.                               | Wolverine World Wide, Inc.                               | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    158000 | PA      | $138272.29    | 0.03%             | 2029-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Strathcona Resources Ltd.                                | Strathcona Resources Ltd.                                | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |    164000 | PA      | $164532.84    | 0.04%             | 2026-08-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Wynn Las Vegas LLC                                       | Wynn Las Vegas LLC                                       | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $298644.72    | 0.07%             | 2027-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Raising Cane's Restaurants LLC                           | Raising Cane's Restaurants LLC                           | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    229000 | PA      | $243017.78    | 0.06%             | 2029-05-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Brinker International, Inc.                              | Brinker International, Inc.                              | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |     99000 | PA      | $104761.90    | 0.02%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Sally Holdings LLC                                       | Sally Holdings LLC                                       | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $178810.90    | 0.04%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Full House Resorts, Inc.                                 | Full House Resorts, Inc.                                 | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |    145000 | PA      | $138716.45    | 0.03%             | 2028-02-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    242000 | PA      | $197740.11    | 0.05%             | 2031-03-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ASP Unifrax Holdings, Inc.                               | ASP Unifrax Holdings, Inc.                               | CUSIP: 00218LAG6<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |     32000 | PA      | $28960.00     | 0.01%             | 2029-09-30      | Fixed         | 11.18%                | Yes           |                  2 | On Loan: No      |
| TransAlta Corp.                                          | TransAlta Corp.                                          | CUSIP: 89346DAH0<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |     54000 | PA      | $56263.52     | 0.01%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Vermilion Energy, Inc.                                   | Vermilion Energy, Inc.                                   | CUSIP: 923725AE5<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |     96000 | PA      | $84006.74     | 0.02%             | 2033-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Evergreen Acqco 1 LP                                     | Evergreen Acqco 1 LP                                     | CUSIP: 30015DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $118263.09    | 0.03%             | 2028-04-26      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| ZoomInfo Technologies LLC                                | ZoomInfo Technologies LLC                                | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $203817.74    | 0.05%             | 2029-02-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Newmark Group, Inc.                                      | Newmark Group, Inc.                                      | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $145121.19    | 0.03%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Frontier Florida LLC                                     | Frontier Florida LLC, Series E                           | CUSIP: 362333AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    206000 | PA      | $212180.00    | 0.05%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Precision Drilling Corp.                                 | Precision Drilling Corp.                                 | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    147000 | PA      | $141166.03    | 0.03%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                           | Univision Communications, Inc.                           | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    190000 | PA      | $182430.80    | 0.04%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                         | CVS Health Corp.                                         | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    667000 | PA      | $671847.09    | 0.16%             | 2055-03-10      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AssuredPartners, Inc.                                    | AssuredPartners, Inc.                                    | CUSIP: 04624VAC3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |    279000 | PA      | $298656.95    | 0.07%             | 2032-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Patrick Industries, Inc.                                 | Patrick Industries, Inc.                                 | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44354.35     | 0.01%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                                 | Altice France Holding SA                                 | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    401000 | PA      | $146034.50    | 0.03%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| RR Donnelley & Sons Co.                                  | RR Donnelley & Sons Co.                                  | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    497000 | PA      | $498248.88    | 0.12%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| K. Hovnanian Enterprises, Inc.                           | K. Hovnanian Enterprises, Inc.                           | CUSIP: 48251UAM0<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    108000 | PA      | $116321.40    | 0.03%             | 2029-09-30      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.              | Apollo Commercial Real Estate Finance, Inc.              | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    165000 | PA      | $154078.52    | 0.04%             | 2029-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                  | American Airlines, Inc.                                  | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   1073000 | PA      | $1111751.40   | 0.26%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Toledo Hospital (The)                                    | Toledo Hospital (The)                                    | CUSIP: 889184AE7<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5265.00      | 0.00%             | 2048-11-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance plc                         | Virgin Media Secured Finance plc                         | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |   1833000 | PA      | $1783224.39   | 0.41%             | 2029-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Finance LLC                                    | Jefferies Finance LLC                                    | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $197984.52    | 0.05%             | 2031-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                              | Wayfair LLC                                              | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486966.10    | 0.11%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| B&G Foods, Inc.                                          | B&G Foods, Inc.                                          | CUSIP: 05508WAB1<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    296000 | PA      | $259560.42    | 0.06%             | 2027-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AltaGas Ltd.                                             | AltaGas Ltd.                                             | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |    273000 | PA      | $267004.29    | 0.06%             | 2054-10-15      | Variable      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Scientific Games Holdings LP                             | Scientific Games Holdings LP                             | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $260692.27    | 0.06%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    513000 | PA      | $396297.07    | 0.09%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Service Properties Trust                                 | Service Properties Trust                                 | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     88000 | PA      | $84790.26     | 0.02%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Century Communities, Inc.                                | Century Communities, Inc.                                | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    316000 | PA      | $286442.43    | 0.07%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                               | Liberty Mutual Group, Inc.                               | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    643000 | PA      | $397475.54    | 0.09%             | 2061-02-01      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    361000 | PA      | $236455.00    | 0.05%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Pediatrix Medical Group, Inc.                            | Pediatrix Medical Group, Inc.                            | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141000 | PA      | $136493.85    | 0.03%             | 2030-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Resorts World Las Vegas LLC                              | Resorts World Las Vegas LLC                              | CUSIP: 76120HAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $401990.00    | 0.09%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Herens Holdco SARL                                       | Herens Holdco SARL                                       | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    273000 | PA      | $239136.26    | 0.06%             | 2028-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    263000 | PA      | $219818.03    | 0.05%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Element Solutions, Inc.                                  | Element Solutions, Inc.                                  | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    213000 | PA      | $204511.57    | 0.05%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Patrick Industries, Inc.                                 | Patrick Industries, Inc.                                 | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    242000 | PA      | $232102.61    | 0.05%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1241000 | PA      | $1242125.39   | 0.29%             | 2027-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CommScope Technologies LLC                               | CommScope Technologies LLC                               | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    324000 | PA      | $313107.93    | 0.07%             | 2027-03-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Trinseo Luxco Finance SPV SARL                           | Trinseo Luxco Finance SPV Sarl                           | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     80050 | PA      | $47229.50     | 0.01%             | 2029-05-03      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Topaz Solar Farms LLC                                    | Topaz Solar Farms LLC                                    | CUSIP: 89054XAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128657 | PA      | $122617.84    | 0.03%             | 2039-09-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Crocs, Inc.                                              | Crocs, Inc.                                              | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |     39000 | PA      | $34616.78     | 0.01%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                                       | TriNet Group, Inc.                                       | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    183000 | PA      | $188673.55    | 0.04%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| LGI Homes, Inc.                                          | LGI Homes, Inc.                                          | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47340.76     | 0.01%             | 2028-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                      | NuStar Logistics LP                                      | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15282.00     | 0.00%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP                             | MPT Operating Partnership LP                             | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    863000 | PA      | $566204.38    | 0.13%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                               | PG&E Corp.                                               | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    475000 | PA      | $460874.21    | 0.11%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                       | Seagate HDD Cayman                                       | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    616000 | PA      | $589094.66    | 0.14%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                      | Kinetik Holdings LP                                      | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24851.44     | 0.01%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                           | Walgreens Boots Alliance, Inc.                           | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    543000 | PA      | $530998.18    | 0.12%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                               | Avis Budget Car Rental LLC                               | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14367.24     | 0.00%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                               | Liberty Mutual Group, Inc.                               | CUSIP: 53079EAN4<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     57000 | PA      | $64336.95     | 0.01%             | 2037-03-15      | Fixed         | 7.80%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                     | Prime Security Services Borrower LLC                     | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    729000 | PA      | $730816.32    | 0.17%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Commercial Metals Co.                                    | Commercial Metals Co.                                    | CUSIP: 201723AR4<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    283000 | PA      | $257280.14    | 0.06%             | 2032-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SK Invictus Intermediate II SARL                         | SK Invictus Intermediate II SARL                         | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    193000 | PA      | $183364.09    | 0.04%             | 2029-10-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                        | Knife River Corp.                                        | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    121000 | PA      | $126652.03    | 0.03%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Crowdstrike Holdings, Inc.                               | Crowdstrike Holdings, Inc.                               | CUSIP: 22788CAA3<br>LEI: 549300YBY08K9KM4HX32 | Long             | DBT              | CORP              | US        |    270000 | PA      | $252698.29    | 0.06%             | 2029-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Viper Energy, Inc.                                       | Viper Energy, Inc.                                       | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |    194000 | PA      | $193040.30    | 0.04%             | 2027-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                              | Acadia Healthcare Co., Inc.                              | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    326000 | PA      | $321232.61    | 0.07%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Armor Holdco, Inc.                                       | Armor Holdco, Inc.                                       | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |    136000 | PA      | $126724.98    | 0.03%             | 2029-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP                   | Calumet Specialty Products Partners LP                   | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10614.27     | 0.00%             | 2027-01-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                             | Antero Midstream Partners LP                             | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $71937.33     | 0.02%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                          | Sinclair Television Group, Inc.                          | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    687000 | PA      | $687364.11    | 0.16%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                                       | Cerdia Finanz GmbH                                       | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    371000 | PA      | $381211.40    | 0.09%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Corp.                                   | Freedom Mortgage Corp.                                   | CUSIP: 35640YAH0<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    507000 | PA      | $506103.49    | 0.12%             | 2026-05-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176950.72    | 0.04%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                               | Lamb Weston Holdings, Inc.                               | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    405000 | PA      | $381932.66    | 0.09%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lightning Power LLC                                      | Lightning Power LLC                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    499000 | PA      | $523179.41    | 0.12%             | 2032-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    475000 | PA      | $449976.72    | 0.10%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                | Telecom Italia Capital SA                                | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    550000 | PA      | $573722.05    | 0.13%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Lindblad Expeditions Holdings, Inc.                      | Lindblad Expeditions Holdings, Inc.                      | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |    162000 | PA      | $166891.27    | 0.04%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                               | iHeartCommunications, Inc.                               | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    478291 | PA      | $233917.78    | 0.05%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Altice France SA                                         | Altice France SA                                         | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $506287.98    | 0.12%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     22000 | PA      | $23612.78     | 0.01%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                       | Venture Global Plaquemines LNG LLC                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    644000 | PA      | $672624.51    | 0.16%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                            | Novelis Corp.                                            | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1473000 | PA      | $1400284.77   | 0.32%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Affinity Interactive                                     | Affinity Interactive                                     | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149000 | PA      | $110751.70    | 0.03%             | 2027-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                  | Bath & Body Works, Inc.                                  | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71505.52     | 0.02%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                | MGM Resorts International                                | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    561000 | PA      | $559907.24    | 0.13%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Victoria's Secret & Co.                                  | Victoria's Secret & Co.                                  | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |    210000 | PA      | $191391.88    | 0.04%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                      | Newell Brands, Inc.                                      | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50353.10     | 0.01%             | 2026-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                             | Acrisure LLC                                             | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $62921.63     | 0.01%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                          | Gap, Inc. (The)                                          | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    425000 | PA      | $376211.40    | 0.09%             | 2031-10-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FirstCash, Inc.                                          | FirstCash, Inc.                                          | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    443000 | PA      | $431573.57    | 0.10%             | 2028-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                         | Transocean, Inc.                                         | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    220000 | PA      | $149946.32    | 0.03%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Jazz Securities DAC                                      | Jazz Securities DAC                                      | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |    513000 | PA      | $491908.62    | 0.11%             | 2029-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Methanex Corp.                                           | Methanex Corp.                                           | CUSIP: 59151KAJ7<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |     63000 | PA      | $48344.99     | 0.01%             | 2044-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Newfold Digital Holdings Group, Inc.                     | Newfold Digital Holdings Group, Inc.                     | CUSIP: 650929AA0<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |    136000 | PA      | $99142.06     | 0.02%             | 2028-10-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Mativ Holdings, Inc.                                     | Mativ Holdings, Inc.                                     | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     95000 | PA      | $81047.26     | 0.02%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                               | Fertitta Entertainment LLC                               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    389000 | PA      | $364838.59    | 0.08%             | 2029-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                       | Vodafone Group plc                                       | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    674000 | PA      | $498850.52    | 0.12%             | 2081-06-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                 | Service Properties Trust                                 | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     82000 | PA      | $66103.84     | 0.02%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UWM Holdings LLC                                         | UWM Holdings LLC                                         | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $251968.09    | 0.06%             | 2030-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                | Vistra Operations Co. LLC                                | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1116000 | PA      | $1183337.16   | 0.27%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Avient Corp.                                             | Avient Corp.                                             | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68095.27     | 0.02%             | 2031-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Ball Corp.                                               | Ball Corp.                                               | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17726.10     | 0.00%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                              | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    657000 | PA      | $680894.43    | 0.16%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                           | PetSmart, Inc.                                           | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $243369.20    | 0.06%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage Systems, Inc.                          | Advanced Drainage Systems, Inc.                          | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51625.62     | 0.01%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                  | GFL Environmental, Inc.                                  | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $61456.93     | 0.01%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                       | Vodafone Group plc                                       | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    633000 | PA      | $568747.65    | 0.13%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Jane Street Group                                        | Jane Street Group                                        | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    961000 | PA      | $1003921.14   | 0.23%             | 2031-04-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                    | Range Resources Corp.                                    | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    259000 | PA      | $266055.42    | 0.06%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                                | AHP Health Partners, Inc.                                | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    108000 | PA      | $103460.70    | 0.02%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                             | Intelsat Jackson Holdings SA                             | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |    915000 | PA      | $899800.57    | 0.21%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Cobra AcquisitionCo LLC                                  | Cobra AcquisitionCo LLC                                  | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $57446.79     | 0.01%             | 2029-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                              | Terex Corp.                                              | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    381000 | PA      | $367135.11    | 0.09%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                          | Synaptics, Inc.                                          | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |    134000 | PA      | $124557.80    | 0.03%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Amsted Industries, Inc.                                  | Amsted Industries, Inc.                                  | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    255000 | PA      | $258823.10    | 0.06%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    239000 | PA      | $205258.42    | 0.05%             | 2033-05-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                                     | Kennedy-Wilson, Inc.                                     | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13312.50     | 0.00%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                        | PennyMac Financial Services, Inc.                        | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15080.55     | 0.00%             | 2033-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Enpro, Inc.                                              | Enpro, Inc.                                              | CUSIP: 29355XAG2<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78996.81     | 0.02%             | 2026-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GoTo Group, Inc.                                         | GoTo Group, Inc.                                         | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    474000 | PA      | $155329.80    | 0.04%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                               | Avis Budget Car Rental LLC                               | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76283.25     | 0.02%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                               | Garda World Security Corp.                               | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $66151.80     | 0.02%             | 2028-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                                   | Encompass Health Corp.                                   | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    171000 | PA      | $163048.52    | 0.04%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bell Telephone Co. of Canada or Bell Canada              | Bell Telephone Co. of Canada or Bell Canada              | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    657000 | PA      | $661246.70    | 0.15%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                      | Synchrony Financial                                      | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    255000 | PA      | $260614.64    | 0.06%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Alliance Resource Operating Partners LP                  | Alliance Resource Operating Partners LP                  | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $149469.32    | 0.03%             | 2029-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Kedrion SpA                                              | Kedrion SpA                                              | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |    380000 | PA      | $365618.97    | 0.08%             | 2029-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.           | Charles River Laboratories International, Inc.           | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    399000 | PA      | $357800.74    | 0.08%             | 2031-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Air Canada                                               | Air Canada                                               | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    403000 | PA      | $397916.52    | 0.09%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Imola Merger Corp.                                       | Imola Merger Corp.                                       | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    627000 | PA      | $600784.69    | 0.14%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Science Applications International Corp.                 | Science Applications International Corp.                 | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    112000 | PA      | $109171.98    | 0.03%             | 2028-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Viasat, Inc.                                             | Viasat, Inc.                                             | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    474000 | PA      | $466860.61    | 0.11%             | 2027-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Crown Americas LLC                                       | Crown Americas LLC                                       | CUSIP: 228180AB1<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    282000 | PA      | $280939.23    | 0.07%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chobani LLC                                              | Chobani LLC                                              | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    433000 | PA      | $454029.08    | 0.11%             | 2029-07-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50016.94     | 0.01%             | 2034-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                                    | GEO Group, Inc. (The)                                    | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13722.49     | 0.00%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                                       | DT Midstream, Inc.                                       | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146000 | PA      | $136346.99    | 0.03%             | 2031-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     76000 | PA      | $71669.13     | 0.02%             | 2029-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                             | Valaris Ltd.                                             | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    302000 | PA      | $303173.87    | 0.07%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123629.10    | 0.03%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                           | Walgreens Boots Alliance, Inc.                           | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    166000 | PA      | $173928.99    | 0.04%             | 2029-08-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NFE Financing LLC                                        | NFE Financing LLC                                        | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    887743 | PA      | $380867.29    | 0.09%             | 2029-11-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    475000 | PA      | $462943.00    | 0.11%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                             | Antero Midstream Partners LP                             | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10215.53     | 0.00%             | 2032-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                     | Owens-Brockway Glass Container, Inc.                     | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    560000 | PA      | $560281.68    | 0.13%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                            | Clearway Energy Operating LLC                            | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    589000 | PA      | $575536.34    | 0.13%             | 2028-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SWF Holdings I Corp.                                     | SWF Holdings I Corp.                                     | CUSIP: 78500AAA6<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | DBT              | CORP              | US        |     48000 | PA      | $18726.13     | 0.00%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Acushnet Co.                                             | Acushnet Co.                                             | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     82000 | PA      | $84968.97     | 0.02%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Popular, Inc.                                            | Popular, Inc.                                            | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | PR        |    148000 | PA      | $155582.19    | 0.04%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Consensus Cloud Solutions, Inc.                          | Consensus Cloud Solutions, Inc.                          | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $150973.94    | 0.03%             | 2028-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Wilsonart LLC                                            | Wilsonart LLC                                            | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |    172000 | PA      | $151329.80    | 0.04%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Uniti Group LP                                           | Uniti Group LP                                           | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1382000 | PA      | $1466134.78   | 0.34%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    737000 | PA      | $728322.49    | 0.17%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                        | Venture Global Calcasieu Pass LLC                        | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    554000 | PA      | $501194.71    | 0.12%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                        | Genesis Energy LP                                        | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    483000 | PA      | $507182.36    | 0.12%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                              | Acadia Healthcare Co., Inc.                              | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    142000 | PA      | $135945.92    | 0.03%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                      | Post Holdings, Inc.                                      | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    779000 | PA      | $710306.92    | 0.16%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                        | PennyMac Financial Services, Inc.                        | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    344000 | PA      | $331303.17    | 0.08%             | 2031-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                     | Icahn Enterprises LP                                     | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259000 | PA      | $234772.03    | 0.05%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                           | Coherent Corp.                                           | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    315000 | PA      | $305223.53    | 0.07%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                              | Caesars Entertainment, Inc.                              | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    580000 | PA      | $541633.45    | 0.13%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                               | Dana, Inc.                                               | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130563.21    | 0.03%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance SA                           | Consolidated Energy Finance SA                           | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    369000 | PA      | $338042.52    | 0.08%             | 2031-02-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                    | WR Grace Holdings LLC                                    | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13216.73     | 0.00%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                             | Tallgrass Energy Partners LP                             | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    271000 | PA      | $259668.46    | 0.06%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Boise Cascade Co.                                        | Boise Cascade Co.                                        | CUSIP: 09739DAD2<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | DBT              | CORP              | US        |    127000 | PA      | $122798.26    | 0.03%             | 2030-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                        | Algonquin Power & Utilities Corp.                        | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    257000 | PA      | $245944.91    | 0.06%             | 2082-01-18      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                    | Directv Financing LLC                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39402.54     | 0.01%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                               | Builders FirstSource, Inc.                               | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    630000 | PA      | $635895.54    | 0.15%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TGS ASA                                                  | TGS ASA                                                  | CUSIP: 87243KAA7<br>LEI: 549300NUPLAXPB0WYH90 | Long             | DBT              | CORP              | NO        |    169000 | PA      | $171950.78    | 0.04%             | 2030-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                             | Scotts Miracle-Gro Co. (The)                             | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    468000 | PA      | $421223.35    | 0.10%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     14000 | PA      | $15289.90     | 0.00%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Information Management Services, Inc.      | Iron Mountain Information Management Services, Inc.      | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $64328.24     | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VM Consolidated, Inc.                                    | VM Consolidated, Inc.                                    | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |     97000 | PA      | $95970.01     | 0.02%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                           | Rite Aid Corp.                                           | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     29119 | PA      | $0.00         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| Sunnova Energy Corp.                                     | Sunnova Energy Corp.                                     | CUSIP: 86745GAG8<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $60325.00     | 0.01%             | 2028-10-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                             | DaVita, Inc.                                             | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1048687.39   | 0.24%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                        | Yum! Brands, Inc.                                        | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    253000 | PA      | $239916.16    | 0.06%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ARD Finance SA                                           | ARD Finance SA                                           | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    504653 | PA      | $17662.86     | 0.00%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Advantage Sales & Marketing, Inc.                        | Advantage Sales & Marketing, Inc.                        | CUSIP: 00775PAA5<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |    213000 | PA      | $162677.92    | 0.04%             | 2028-11-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Beazer Homes USA, Inc.                                   | Beazer Homes USA, Inc.                                   | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    122000 | PA      | $120911.71    | 0.03%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Carvana Co.                                              | Carvana Co.                                              | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   1142857 | PA      | $1325617.88   | 0.31%             | 2031-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Zebra Technologies Corp.                                 | Zebra Technologies Corp.                                 | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    177000 | PA      | $180155.20    | 0.04%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mattamy Group Corp.                                      | Mattamy Group Corp.                                      | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     57000 | PA      | $56690.11     | 0.01%             | 2027-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                             | Tallgrass Energy Partners LP                             | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39751.28     | 0.01%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                              | Terex Corp.                                              | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49169.70     | 0.01%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ASP Unifrax Holdings, Inc.                               | ASP Unifrax Holdings, Inc.                               | CUSIP: 00218LAH4<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    398240 | PA      | $163276.76    | 0.04%             | 2029-09-30      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                    | Nissan Motor Co. Ltd.                                    | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    404000 | PA      | $371987.10    | 0.09%             | 2030-09-17      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    443000 | PA      | $251447.19    | 0.06%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                              | Saks Global Enterprises LLC                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    646000 | PA      | $289085.00    | 0.07%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                            | Calpine Corp.                                            | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    688000 | PA      | $674794.39    | 0.16%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                             | MPT Operating Partnership LP                             | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $45478.97     | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                         | Altice France SA                                         | CUSIP: 02156LAE1<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    305000 | PA      | $256123.29    | 0.06%             | 2029-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                            | CommScope LLC                                            | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    581000 | PA      | $579502.79    | 0.13%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1111000 | PA      | $959051.86    | 0.22%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                              | Caesars Entertainment, Inc.                              | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    493000 | PA      | $496966.19    | 0.12%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Acrisure LLC                                             | Acrisure LLC                                             | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15676.05     | 0.00%             | 2029-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                 | SCIH Salt Holdings, Inc.                                 | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    254000 | PA      | $249200.67    | 0.06%             | 2029-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Spirit Loyalty Cayman Ltd.                               | Spirit Loyalty Cayman Ltd.                               | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     77000 | PA      | $59675.00     | 0.01%             | 2030-03-06      | Variable      | 11.00%                | Yes           |                  2 | On Loan: No      |
| Husky Injection Molding Systems Ltd.                     | Husky Injection Molding Systems Ltd.                     | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    323000 | PA      | $330108.91    | 0.08%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                        | Hertz Corp. (The)                                        | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    265000 | PA      | $234019.57    | 0.05%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                       | Chemours Co. (The)                                       | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8180.14      | 0.00%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly LLC                                           | Shutterfly LLC                                           | CUSIP: 719245AD4<br>LEI: 549300I1C8WJQ5FZE154 | Long             | DBT              | CORP              | US        |    259000 | PA      | $103600.00    | 0.02%             | 2026-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                             | TriMas Corp.                                             | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |     94000 | PA      | $88473.98     | 0.02%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                 | Wynn Resorts Finance LLC                                 | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69232.98     | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                        | RingCentral, Inc.                                        | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    114000 | PA      | $120408.97    | 0.03%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                           | Univision Communications, Inc.                           | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    475000 | PA      | $444063.25    | 0.10%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Werner FinCo. LP                                         | Werner FinCo. LP                                         | CUSIP: 95076PAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50679.50     | 0.01%             | 2028-10-15      | Fixed         | 16.50%                | Yes           |                  2 | On Loan: No      |
| Focus Financial Partners LLC                             | Focus Financial Partners LLC                             | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    337000 | PA      | $340921.33    | 0.08%             | 2031-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                 | Comstock Resources, Inc.                                 | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29458.58     | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                             | Ardagh Packaging Finance plc                             | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    377000 | PA      | $342719.39    | 0.08%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corp.                                         | Sealed Air Corp.                                         | CUSIP: 812127AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $348859.52    | 0.08%             | 2028-02-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                 | Central Garden & Pet Co.                                 | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22788.75     | 0.01%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Empire Resorts, Inc.                                     | Empire Resorts, Inc.                                     | CUSIP: 292052AF4<br>LEI: 549300WBFN23L9HI5N68 | Long             | DBT              | CORP              | US        |    236000 | PA      | $232481.24    | 0.05%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                      | Sirius XM Radio LLC                                      | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     14000 | PA      | $12719.96     | 0.00%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                       | Vital Energy, Inc.                                       | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     52000 | PA      | $45824.97     | 0.01%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Bloomin' Brands, Inc.                                    | Bloomin' Brands, Inc.                                    | CUSIP: 094234AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $103608.17    | 0.02%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                            | Freedom Mortgage Holdings LLC                            | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     79000 | PA      | $81450.58     | 0.02%             | 2029-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Avient Corp.                                             | Avient Corp.                                             | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    375000 | PA      | $386437.50    | 0.09%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    152000 | PA      | $141999.27    | 0.03%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CNX Midstream Partners LP                                | CNX Midstream Partners LP                                | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $104751.90    | 0.02%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                           | Anywhere Real Estate Group LLC                           | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $82326.56     | 0.02%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LGI Homes, Inc.                                          | LGI Homes, Inc.                                          | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    280000 | PA      | $260019.20    | 0.06%             | 2032-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Finance LLC                                    | Jefferies Finance LLC                                    | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    317000 | PA      | $300312.68    | 0.07%             | 2028-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Steelcase, Inc.                                          | Steelcase, Inc.                                          | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |    162000 | PA      | $157232.34    | 0.04%             | 2029-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    341000 | PA      | $346917.03    | 0.08%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                    | Avantor Funding, Inc.                                    | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    744000 | PA      | $725115.72    | 0.17%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                      | FMG Resources August 2006 Pty. Ltd.                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     15000 | PA      | $13770.52     | 0.00%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14450.98     | 0.00%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                  | Williams Scotsman, Inc.                                  | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14632.92     | 0.00%             | 2028-08-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Century Communities, Inc.                                | Century Communities, Inc.                                | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18998.81     | 0.00%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Aptiv Swiss Holdings Ltd.                                | Aptiv Swiss Holdings Ltd.                                | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    244000 | PA      | $238978.70    | 0.06%             | 2054-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP                                           | Uniti Group LP                                           | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14590.72     | 0.00%             | 2028-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Macy's Retail Holdings LLC                               | Macy's Retail Holdings LLC                               | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $215840.01    | 0.05%             | 2032-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Resorts World Las Vegas LLC                              | Resorts World Las Vegas LLC                              | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $174302.00    | 0.04%             | 2029-04-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                            | Staples, Inc.                                            | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    929000 | PA      | $841006.51    | 0.19%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    998000 | PA      | $863270.00    | 0.20%             | 2030-10-15      | Fixed         | 14.00%                | Yes           |                  2 | On Loan: No      |
| B&G Foods, Inc.                                          | B&G Foods, Inc.                                          | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    121000 | PA      | $114035.52    | 0.03%             | 2028-09-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                         | Marriott Ownership Resorts, Inc.                         | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     82000 | PA      | $76984.76     | 0.02%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BroadStreet Partners, Inc.                               | BroadStreet Partners, Inc.                               | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    248000 | PA      | $244197.47    | 0.06%             | 2029-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Werner FinCo. LP                                         | Werner FinCo. LP                                         | CUSIP: 95076PAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     66000 | PA      | $71775.00     | 0.02%             | 2028-06-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                               | LABL, Inc.                                               | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    146000 | PA      | $131483.69    | 0.03%             | 2028-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                       | Energy Transfer LP                                       | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    351000 | PA      | $353700.24    | 0.08%             | 2054-10-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Masterbrand, Inc.                                        | Masterbrand, Inc.                                        | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    243000 | PA      | $241632.27    | 0.06%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AG TTMT Escrow Issuer LLC                                | AG TTMT Escrow Issuer LLC                                | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    387000 | PA      | $401752.44    | 0.09%             | 2027-09-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Tri Pointe Homes, Inc.                                   | Tri Pointe Homes, Inc.                                   | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    171000 | PA      | $170439.12    | 0.04%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Howden UK Refinance plc                                  | Howden UK Refinance plc                                  | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    553000 | PA      | $567746.85    | 0.13%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group                                        | Jane Street Group                                        | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $312787.26    | 0.07%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                  | CD&R Smokey Buyer, Inc.                                  | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $240700.00    | 0.06%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                      | Station Casinos LLC                                      | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50432.34     | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                      | Hilton Domestic Operating Co., Inc.                      | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1125913.33   | 0.26%             | 2032-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                       | Wand NewCo 3, Inc.                                       | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    346000 | PA      | $359944.49    | 0.08%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Long Ridge Energy LLC                                    | Long Ridge Energy LLC                                    | CUSIP: 54288CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211000 | PA      | $212643.90    | 0.05%             | 2032-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Corp.                                   | Freedom Mortgage Corp.                                   | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    791000 | PA      | $874221.90    | 0.20%             | 2030-10-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    563000 | PA      | $540611.35    | 0.13%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| British Telecommunications plc                           | British Telecommunications plc                           | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    330000 | PA      | $320718.39    | 0.07%             | 2081-11-23      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                               | Dana, Inc.                                               | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    297000 | PA      | $295593.20    | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Scripps Escrow II, Inc.                                  | Scripps Escrow II, Inc.                                  | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383000 | PA      | $327465.00    | 0.08%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Intelligent Packaging Ltd. Finco, Inc.                   | Intelligent Packaging Ltd. Finco, Inc.                   | CUSIP: 45827MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    217000 | PA      | $216931.36    | 0.05%             | 2028-09-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                             | ams-OSRAM AG                                             | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    150000 | PA      | $156440.10    | 0.04%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Coronado Finance Pty. Ltd.                               | Coronado Finance Pty. Ltd.                               | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    101000 | PA      | $75068.93     | 0.02%             | 2029-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Open Text Holdings, Inc.                                 | Open Text Holdings, Inc.                                 | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133000 | PA      | $120504.46    | 0.03%             | 2031-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications, Inc.                              | Rogers Communications, Inc.                              | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    344000 | PA      | $336265.82    | 0.08%             | 2082-03-15      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                    | Albertsons Cos., Inc.                                    | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $185672.94    | 0.04%             | 2028-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                              | Caesars Entertainment, Inc.                              | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     44000 | PA      | $44064.64     | 0.01%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                              | Xerox Corp.                                              | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22607.68     | 0.01%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                           | Entegris, Inc.                                           | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     88000 | PA      | $82062.71     | 0.02%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Go Daddy Operating Co. LLC                               | Go Daddy Operating Co. LLC                               | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11928.98     | 0.00%             | 2027-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Olin Corp.                                               | Olin Corp.                                               | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42592.38     | 0.01%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Methanex US Operations, Inc.                             | Methanex US Operations, Inc.                             | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    646000 | PA      | $625147.64    | 0.14%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40352.86     | 0.01%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                             | Hess Midstream Operations LP                             | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14830.65     | 0.00%             | 2030-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Manitowoc Co., Inc. (The)                                | Manitowoc Co., Inc. (The)                                | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |     72000 | PA      | $75022.68     | 0.02%             | 2031-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Hunt Cos., Inc.                                          | Hunt Cos., Inc.                                          | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    188000 | PA      | $181480.31    | 0.04%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                      | FMG Resources August 2006 Pty. Ltd.                      | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $73484.13     | 0.02%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                              | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    824000 | PA      | $787089.36    | 0.18%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                               | Grifols SA                                               | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    339000 | PA      | $322477.17    | 0.07%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Interface, Inc.                                          | Interface, Inc.                                          | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113453.16    | 0.03%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                     | Archrock Partners LP                                     | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $36051.91     | 0.01%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1164088.64   | 0.27%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| S&S Holdings LLC                                         | S&S Holdings LLC                                         | CUSIP: 78525CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    154000 | PA      | $146968.14    | 0.03%             | 2031-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| PBF Holding Co. LLC                                      | PBF Holding Co. LLC                                      | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    631000 | PA      | $548530.00    | 0.13%             | 2030-09-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Under Armour, Inc.                                       | Under Armour, Inc.                                       | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    195000 | PA      | $190653.53    | 0.04%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                    | Directv Financing LLC                                    | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1427247.50   | 0.33%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Allegiant Travel Co.                                     | Allegiant Travel Co.                                     | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    162000 | PA      | $159993.55    | 0.04%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology plc                        | International Game Technology plc                        | CUSIP: 460599AF0<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    445000 | PA      | $441703.00    | 0.10%             | 2026-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TTM Technologies, Inc.                                   | TTM Technologies, Inc.                                   | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    178000 | PA      | $169185.99    | 0.04%             | 2029-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRA Group, Inc.                                          | PRA Group, Inc.                                          | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     69000 | PA      | $61896.80     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak Nile Parent LLC                                | Stonepeak Nile Parent LLC                                | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41428.00     | 0.01%             | 2032-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| White Cap Buyer LLC                                      | White Cap Buyer LLC                                      | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    222000 | PA      | $217628.33    | 0.05%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Upbound Group, Inc.                                      | Upbound Group, Inc.                                      | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    111000 | PA      | $106207.47    | 0.02%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                        | Cornerstone Building Brands, Inc.                        | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    152000 | PA      | $110336.31    | 0.03%             | 2029-01-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    133000 | PA      | $146212.35    | 0.03%             | 2030-10-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                         | Goodyear Tire & Rubber Co. (The)                         | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    352000 | PA      | $328447.47    | 0.08%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                               | VistaJet Malta Finance plc                               | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258000 | PA      | $252548.12    | 0.06%             | 2027-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                               | Sensata Technologies, Inc.                               | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    269000 | PA      | $252913.50    | 0.06%             | 2030-02-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                               | LABL, Inc.                                               | CUSIP: 50168QAD7<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80750.00     | 0.02%             | 2029-11-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                       | MIWD Holdco II LLC                                       | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $126305.75    | 0.03%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Service Properties Trust                                 | Service Properties Trust                                 | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16708.15     | 0.00%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients, Inc.                                | Darling Ingredients, Inc.                                | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37062.11     | 0.01%             | 2030-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SCIL IV LLC                                              | SCIL IV LLC                                              | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    366000 | PA      | $364146.53    | 0.08%             | 2026-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| QVC, Inc.                                                | QVC, Inc.                                                | CUSIP: 747262AW3<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    323000 | PA      | $129200.00    | 0.03%             | 2034-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, Inc.                                           | SPX FLOW, Inc.                                           | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |    142000 | PA      | $146169.40    | 0.03%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Trinity Industries, Inc.                                 | Trinity Industries, Inc.                                 | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    183000 | PA      | $190168.11    | 0.04%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                              | TEGNA, Inc.                                              | CUSIP: 87901JAF2<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    589000 | PA      | $585422.71    | 0.14%             | 2026-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                                 | Advance Auto Parts, Inc.                                 | CUSIP: 00751YAF3<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    111000 | PA      | $102323.84    | 0.02%             | 2027-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance LP                          | Northriver Midstream Finance LP                          | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    169000 | PA      | $170543.14    | 0.04%             | 2032-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Calderys Financing LLC                                   | Calderys Financing LLC                                   | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    323000 | PA      | $343924.26    | 0.08%             | 2028-06-01      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                  | American Airlines, Inc.                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675004 | PA      | $673850.36    | 0.16%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Mohegan Tribal Gaming Authority                          | Mohegan Tribal Gaming Authority                          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $223880.36    | 0.05%             | 2030-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                          | AdaptHealth LLC                                          | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    378000 | PA      | $374098.85    | 0.09%             | 2028-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Midcap Financial Issuer Trust                            | Midcap Financial Issuer Trust                            | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    416000 | PA      | $404449.84    | 0.09%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                    | Nissan Motor Co. Ltd.                                    | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    840000 | PA      | $810573.79    | 0.19%             | 2027-09-17      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                            | SM Energy Co.                                            | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15016.10     | 0.00%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                      | Viking Cruises Ltd.                                      | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    573000 | PA      | $576993.34    | 0.13%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Brightline East LLC                                      | Brightline East LLC                                      | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    332000 | PA      | $239040.00    | 0.06%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Kontoor Brands, Inc.                                     | Kontoor Brands, Inc.                                     | CUSIP: 50050NAA1<br>LEI: 549300M0CPXV65RFF271 | Long             | DBT              | CORP              | US        |    106000 | PA      | $97524.70     | 0.02%             | 2029-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                | Banijay Entertainment SAS                                | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    389000 | PA      | $403675.62    | 0.09%             | 2029-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                             | Hess Midstream Operations LP                             | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    705000 | PA      | $695704.29    | 0.16%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| VFH Parent LLC                                           | VFH Parent LLC                                           | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    227000 | PA      | $236668.61    | 0.05%             | 2031-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                          | Nordstrom, Inc.                                          | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    306000 | PA      | $214022.70    | 0.05%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings, Inc.                        | Kronos Acquisition Holdings, Inc.                        | CUSIP: 50106GAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $206955.60    | 0.05%             | 2032-06-30      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                 | RB Global Holdings, Inc.                                 | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    127000 | PA      | $132943.92    | 0.03%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Boyd Gaming Corp.                                        | Boyd Gaming Corp.                                        | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    604000 | PA      | $565687.40    | 0.13%             | 2031-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57997.44     | 0.01%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                | MGM Resorts International                                | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63299.50     | 0.01%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                  | GFL Environmental, Inc.                                  | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    210000 | PA      | $201875.92    | 0.05%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Macy's Retail Holdings LLC                               | Macy's Retail Holdings LLC                               | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    252000 | PA      | $240503.18    | 0.06%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                      | Post Holdings, Inc.                                      | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1264000 | PA      | $1196226.09   | 0.28%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                         | Clarivate Science Holdings Corp.                         | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23123.18     | 0.01%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                     | NOVA Chemicals Corp.                                     | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    447000 | PA      | $467486.01    | 0.11%             | 2031-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CVR Energy, Inc.                                         | CVR Energy, Inc.                                         | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    232000 | PA      | $220867.57    | 0.05%             | 2028-02-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Papa John's International, Inc.                          | Papa John's International, Inc.                          | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     96000 | PA      | $89152.87     | 0.02%             | 2029-09-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Carvana Co.                                              | Carvana Co.                                              | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     70800 | PA      | $74660.96     | 0.02%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| US Acute Care Solutions LLC                              | US Acute Care Solutions LLC                              | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    338000 | PA      | $343539.48    | 0.08%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30961.89     | 0.01%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co. LLC                          | Nissan Motor Acceptance Co. LLC                          | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    777000 | PA      | $711342.49    | 0.16%             | 2028-03-09      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital, Inc.                                        | Gen Digital, Inc.                                        | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    515000 | PA      | $523895.08    | 0.12%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                               | Cloud Software Group, Inc.                               | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    486000 | PA      | $497459.39    | 0.12%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL                                       | Connect Finco SARL                                       | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    721000 | PA      | $687192.17    | 0.16%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Viasat, Inc.                                             | Viasat, Inc.                                             | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     19000 | PA      | $17438.87     | 0.00%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                            | Smyrna Ready Mix Concrete LLC                            | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    761000 | PA      | $781467.86    | 0.18%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                            | Calpine Corp.                                            | CUSIP: 131347CR5<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    744000 | PA      | $690401.05    | 0.16%             | 2031-03-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                  | SS&C Technologies, Inc.                                  | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    322000 | PA      | $321640.91    | 0.07%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ACProducts Holdings, Inc.                                | ACProducts Holdings, Inc.                                | CUSIP: 92641PAA4<br>LEI: 254900KTNXVUUHWHBF39 | Long             | DBT              | CORP              | US        |    147000 | PA      | $52670.51     | 0.01%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Foundation Building Materials, Inc.                      | Foundation Building Materials, Inc.                      | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |    132000 | PA      | $112432.77    | 0.03%             | 2029-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                          | AdaptHealth LLC                                          | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $27708.31     | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                            | SM Energy Co.                                            | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    773000 | PA      | $768709.62    | 0.18%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hudbay Minerals, Inc.                                    | Hudbay Minerals, Inc.                                    | CUSIP: 443628AJ1<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |    162000 | PA      | $160560.78    | 0.04%             | 2026-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                      | Herc Holdings, Inc.                                      | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    382000 | PA      | $379220.57    | 0.09%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Shea Homes LP                                            | Shea Homes LP                                            | CUSIP: 82088KAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197000 | PA      | $191582.50    | 0.04%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Resideo Funding, Inc.                                    | Resideo Funding, Inc.                                    | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    294000 | PA      | $296418.15    | 0.07%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CoreLogic, Inc.                                          | CoreLogic, Inc.                                          | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |    249000 | PA      | $233131.53    | 0.05%             | 2028-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                             | MPH Acquisition Holdings LLC                             | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    410000 | PA      | $326975.00    | 0.08%             | 2030-12-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                      | Owens & Minor, Inc.                                      | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    101000 | PA      | $82551.22     | 0.02%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                      | Hilton Domestic Operating Co., Inc.                      | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    610000 | PA      | $576307.32    | 0.13%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                                       | APi Group DE, Inc.                                       | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37837.74     | 0.01%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                      | Viking Cruises Ltd.                                      | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     94000 | PA      | $100925.36    | 0.02%             | 2031-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Atlantica Sustainable Infrastructure Ltd.                | Atlantica Sustainable Infrastructure Ltd.                | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    443000 | PA      | $424057.10    | 0.10%             | 2028-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                      | Rocket Mortgage LLC                                      | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $13994.73     | 0.00%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Millennium Escrow Corp.                                  | Millennium Escrow Corp.                                  | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    218000 | PA      | $179488.78    | 0.04%             | 2026-08-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Jefferson Capital Holdings LLC                           | Jefferson Capital Holdings LLC                           | CUSIP: 472481AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12937.86     | 0.00%             | 2026-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                               | Axalta Coating Systems LLC                               | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    536000 | PA      | $530422.44    | 0.12%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                              | TEGNA, Inc.                                              | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14287.74     | 0.00%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    417000 | PA      | $431366.07    | 0.10%             | 2031-12-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Sabre GLBL, Inc.                                         | Sabre GLBL, Inc.                                         | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    524000 | PA      | $538816.13    | 0.12%             | 2027-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                  | Williams Scotsman, Inc.                                  | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    565000 | PA      | $587872.90    | 0.14%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Enviri Corp.                                             | Enviri Corp.                                             | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    129000 | PA      | $126816.13    | 0.03%             | 2027-07-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                 | Energizer Holdings, Inc.                                 | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    509000 | PA      | $490813.63    | 0.11%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                      | Medline Borrower LP                                      | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     61000 | PA      | $62071.39     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Ardonagh Group Finance Ltd.                              | Ardonagh Group Finance Ltd.                              | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |    223000 | PA      | $230456.90    | 0.05%             | 2032-02-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| United States Steel Corp.                                | United States Steel Corp.                                | CUSIP: 912909AD0<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |    183000 | PA      | $189512.97    | 0.04%             | 2037-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                               | Allison Transmission, Inc.                               | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50145.50     | 0.01%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52543.70     | 0.01%             | 2030-12-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Aston Martin Capital Holdings Ltd.                       | Aston Martin Capital Holdings Ltd.                       | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    286000 | PA      | $268031.71    | 0.06%             | 2029-03-31      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Fiesta Purchaser, Inc.                                   | Fiesta Purchaser, Inc.                                   | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    318000 | PA      | $332667.11    | 0.08%             | 2032-09-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                     | Owens-Brockway Glass Container, Inc.                     | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89567.09     | 0.02%             | 2032-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC                   | Ardagh Metal Packaging Finance USA LLC                   | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    329000 | PA      | $291868.34    | 0.07%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                 | ADT Security Corp. (The)                                 | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    497000 | PA      | $471746.04    | 0.11%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SunCoke Energy, Inc.                                     | SunCoke Energy, Inc.                                     | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    145000 | PA      | $133258.99    | 0.03%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Olin Corp.                                               | Olin Corp.                                               | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    359000 | PA      | $343622.67    | 0.08%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corp.                                    | Wabash National Corp.                                    | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    149000 | PA      | $127156.56    | 0.03%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                         | Transocean, Inc.                                         | CUSIP: 893830AF6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    398000 | PA      | $312873.05    | 0.07%             | 2031-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Capstone Borrower, Inc.                                  | Capstone Borrower, Inc.                                  | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    176000 | PA      | $181768.75    | 0.04%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                              | Adient Global Holdings Ltd.                              | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     32000 | PA      | $31748.03     | 0.01%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                       | United Rentals North America, Inc.                       | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    547000 | PA      | $491039.93    | 0.11%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                  | RHP Hotel Properties LP                                  | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    413000 | PA      | $398730.27    | 0.09%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                               | LABL, Inc.                                               | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    618000 | PA      | $511668.03    | 0.12%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Edison International                                     | Edison International                                     | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    202000 | PA      | $199561.07    | 0.05%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                   | XHR LP                                                   | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    248000 | PA      | $235514.99    | 0.05%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Arcosa, Inc.                                             | Arcosa, Inc.                                             | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    193000 | PA      | $197919.38    | 0.05%             | 2032-08-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                 | Celanese US Holdings LLC                                 | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1207617.90   | 0.28%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| RLJ Lodging Trust LP                                     | RLJ Lodging Trust LP                                     | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14760.47     | 0.00%             | 2026-07-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                               | Alcoa Nederland Holding BV                               | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    337000 | PA      | $349857.90    | 0.08%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| OCI NV                                                   | OCI NV                                                   | CUSIP: 67116NAA7<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |    342000 | PA      | $373934.93    | 0.09%             | 2033-03-16      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                      | CNX Resources Corp.                                      | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248182.53    | 0.06%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP                     | Ladder Capital Finance Holdings LLLP                     | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $49778.40     | 0.01%             | 2031-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                 | Celanese US Holdings LLC                                 | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    147000 | PA      | $153454.04    | 0.04%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Conduent Business Services LLC                           | Conduent Business Services LLC                           | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146000 | PA      | $134199.16    | 0.03%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| H&E Equipment Services, Inc.                             | H&E Equipment Services, Inc.                             | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |    861000 | PA      | $867607.31    | 0.20%             | 2028-12-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Option Care Health, Inc.                                 | Option Care Health, Inc.                                 | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    179000 | PA      | $170646.32    | 0.04%             | 2029-10-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                               | Primo Water Holdings, Inc.                               | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $31671.74     | 0.01%             | 2029-04-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                      | Altice Financing SA                                      | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   1106000 | PA      | $865973.12    | 0.20%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83869.76     | 0.02%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TK Elevator Holdco GmbH                                  | TK Elevator Holdco GmbH                                  | CUSIP: 92537VAA8<br>LEI: 2549008GCHWX9EEMIS56 | Long             | DBT              | CORP              | DE        |    328000 | PA      | $328456.25    | 0.08%             | 2028-07-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Kronos Acquisition Holdings, Inc.                        | Kronos Acquisition Holdings, Inc.                        | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $34986.78     | 0.01%             | 2031-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                | Benteler International AG                                | CUSIP: 08263DAA4<br>LEI: 529900ZAFSOBVFCKF263 | Long             | DBT              | CORP              | AT        |    241000 | PA      | $253212.92    | 0.06%             | 2028-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31442.10     | 0.01%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PHH Escrow Issuer LLC                                    | PHH Escrow Issuer LLC                                    | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    156000 | PA      | $153188.88    | 0.04%             | 2029-11-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                               | Avis Budget Car Rental LLC                               | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    597000 | PA      | $589025.51    | 0.14%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48423.74     | 0.01%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HB Fuller Co.                                            | HB Fuller Co.                                            | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    158000 | PA      | $150498.10    | 0.03%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vermilion Energy, Inc.                                   | Vermilion Energy, Inc.                                   | CUSIP: 923725AD7<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $163816.96    | 0.04%             | 2030-05-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                        | INEOS Finance plc                                        | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $353679.62    | 0.08%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                         | Gray Media, Inc.                                         | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    844000 | PA      | $838163.57    | 0.19%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Star Parent, Inc.                                        | Star Parent, Inc.                                        | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    305000 | PA      | $315238.51    | 0.07%             | 2030-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                               | Avis Budget Car Rental LLC                               | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75903.00     | 0.02%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    129000 | PA      | $146339.62    | 0.03%             | 2029-11-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co. LLC                          | Nissan Motor Acceptance Co. LLC                          | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    179000 | PA      | $173165.38    | 0.04%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                      | Hilcorp Energy I LP                                      | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $17211.99     | 0.00%             | 2034-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                  | RHP Hotel Properties LP                                  | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $118577.74    | 0.03%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dealer Tire LLC                                          | Dealer Tire LLC                                          | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $175907.06    | 0.04%             | 2028-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Pilgrim's Pride Corp.                                    | Pilgrim's Pride Corp.                                    | CUSIP: 72147KAL2<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     64000 | PA      | $68960.19     | 0.02%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Global Marine, Inc.                                      | Global Marine, Inc.                                      | CUSIP: 379352AL1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $51300.00     | 0.01%             | 2028-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Escrow Rite Aid                                          | Escrow Rite Aid                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     27437 | PA      | $0.00         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Tallgrass Energy Partners LP                             | Tallgrass Energy Partners LP                             | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $116269.75    | 0.03%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LD Holdings Group LLC                                    | LD Holdings Group LLC                                    | CUSIP: 521088AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $16209.17     | 0.00%             | 2027-11-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                         | Transocean, Inc.                                         | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    477000 | PA      | $430154.69    | 0.10%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                       | Millicom International Cellular SA                       | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    526000 | PA      | $531720.25    | 0.12%             | 2032-04-02      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                      | American Axle & Manufacturing, Inc.                      | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14872.69     | 0.00%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Somnigroup International, Inc.                           | Somnigroup International, Inc.                           | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    477000 | PA      | $449268.84    | 0.10%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kraken Oil & Gas Partners LLC                            | Kraken Oil & Gas Partners LLC                            | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118442.13    | 0.03%             | 2029-08-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| ANGI Group LLC                                           | ANGI Group LLC                                           | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    127000 | PA      | $117655.48    | 0.03%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    646000 | PA      | $589163.05    | 0.14%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                            | Griffon Corp.                                            | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328009.84    | 0.08%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Jacobs Entertainment, Inc.                               | Jacobs Entertainment, Inc.                               | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    182000 | PA      | $172445.00    | 0.04%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    157000 | PA      | $154631.79    | 0.04%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TrueNoord Capital DAC                                    | TrueNoord Capital DAC                                    | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    148000 | PA      | $153481.62    | 0.04%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                     | Archrock Partners LP                                     | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    447000 | PA      | $446274.56    | 0.10%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SBA Communications Corp.                                 | SBA Communications Corp.                                 | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    923000 | PA      | $858663.58    | 0.20%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KeHE Distributors LLC                                    | KeHE Distributors LLC                                    | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $368001.49    | 0.09%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                      | Ascent Resources Utica Holdings LLC                      | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $53798.07     | 0.01%             | 2028-12-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Cobra AcquisitionCo LLC                                  | Cobra AcquisitionCo LLC                                  | CUSIP: 19106CAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149000 | PA      | $151928.73    | 0.04%             | 2029-11-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| LCM Investments Holdings II LLC                          | LCM Investments Holdings II LLC                          | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    251000 | PA      | $241792.44    | 0.06%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                                  | Ellucian Holdings, Inc.                                  | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    203000 | PA      | $205017.21    | 0.05%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Weatherford International Ltd.                           | Weatherford International Ltd.                           | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    473000 | PA      | $480456.37    | 0.11%             | 2030-04-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                            | Staples, Inc.                                            | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     95520 | PA      | $61487.47     | 0.01%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                         | Marriott Ownership Resorts, Inc.                         | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    207000 | PA      | $200434.62    | 0.05%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| W&T Offshore, Inc.                                       | W&T Offshore, Inc.                                       | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |     74000 | PA      | $63984.97     | 0.01%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                      | Rakuten Group, Inc.                                      | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    428000 | PA      | $458242.34    | 0.11%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Acadian Asset Management, Inc.                           | Acadian Asset Management, Inc.                           | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |     58000 | PA      | $57654.09     | 0.01%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                                       | DT Midstream, Inc.                                       | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    529000 | PA      | $503856.91    | 0.12%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                                 | Advance Auto Parts, Inc.                                 | CUSIP: 00751YAJ5<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    353000 | PA      | $358545.63    | 0.08%             | 2028-03-09      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Service Corp. International                              | Service Corp. International                              | CUSIP: 817565CD4<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12803.15     | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                               | Ball Corp.                                               | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    647000 | PA      | $662644.46    | 0.15%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Arcosa, Inc.                                             | Arcosa, Inc.                                             | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    141000 | PA      | $134388.19    | 0.03%             | 2029-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                   | Mineral Resources Ltd.                                   | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     28000 | PA      | $27733.96     | 0.01%             | 2030-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                               | Outfront Media Capital LLC                               | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $103197.09    | 0.02%             | 2030-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                      | Ascent Resources Utica Holdings LLC                      | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    569000 | PA      | $572284.84    | 0.13%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Aethon United BR LP                                      | Aethon United BR LP                                      | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    318000 | PA      | $325876.54    | 0.08%             | 2029-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Brand Industrial Services, Inc.                          | Brand Industrial Services, Inc.                          | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |    477000 | PA      | $427833.89    | 0.10%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                               | Garda World Security Corp.                               | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    688000 | PA      | $685025.98    | 0.16%             | 2032-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| IAMGOLD Corp.                                            | IAMGOLD Corp.                                            | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    162000 | PA      | $158421.42    | 0.04%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                     | Ally Financial, Inc.                                     | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     84000 | PA      | $85432.92     | 0.02%             | 2033-02-14      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| KBR, Inc.                                                | KBR, Inc.                                                | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     76000 | PA      | $73044.36     | 0.02%             | 2028-09-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| USA Compression Partners LP                              | USA Compression Partners LP                              | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    572000 | PA      | $571792.76    | 0.13%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMC Networks, Inc.                                       | AMC Networks, Inc.                                       | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    477000 | PA      | $364905.00    | 0.08%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mercer International, Inc.                               | Mercer International, Inc.                               | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11924.02     | 0.00%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Windsor Holdings III LLC                                 | Windsor Holdings III LLC                                 | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    216000 | PA      | $228553.27    | 0.05%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $244875.00    | 0.06%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                              | Endo Finance Holdings, Inc.                              | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    273000 | PA      | $282577.11    | 0.07%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    537000 | PA      | $549267.23    | 0.13%             | 2031-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                             | MPH Acquisition Holdings LLC                             | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14792.25     | 0.00%             | 2030-12-31      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co. LLC                          | Nissan Motor Acceptance Co. LLC                          | CUSIP: 65480CAD7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    413000 | PA      | $365962.98    | 0.08%             | 2028-09-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Tutor Perini Corp.                                       | Tutor Perini Corp.                                       | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    139000 | PA      | $154652.93    | 0.04%             | 2029-04-30      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| Weekley Homes LLC                                        | Weekley Homes LLC                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96000 | PA      | $92267.37     | 0.02%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                           | DISH DBS Corp.                                           | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $317353.88    | 0.07%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Merlin Entertainments Group US Holdings, Inc.            | Merlin Entertainments Group US Holdings, Inc.            | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    210000 | PA      | $191606.48    | 0.04%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                        | Alumina Pty. Ltd.                                        | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    330000 | PA      | $330518.43    | 0.08%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    880000 | PA      | $852017.41    | 0.20%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GrafTech Global Enterprises, Inc.                        | GrafTech Global Enterprises, Inc.                        | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $128287.50    | 0.03%             | 2029-12-23      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                            | Organon & Co.                                            | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    701000 | PA      | $658467.04    | 0.15%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                        | Yum! Brands, Inc.                                        | CUSIP: 988498AK7<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13939.85     | 0.00%             | 2043-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    677000 | PA      | $693367.83    | 0.16%             | 2031-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Reworld Holding Corp.                                    | Reworld Holding Corp.                                    | CUSIP: 22282EAJ1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    456000 | PA      | $425195.74    | 0.10%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Titan International, Inc.                                | Titan International, Inc.                                | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    223000 | PA      | $218981.29    | 0.05%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                           | Walgreens Boots Alliance, Inc.                           | CUSIP: 931427AS7<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    120000 | PA      | $114256.51    | 0.03%             | 2030-04-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     11000 | PA      | $9130.00      | 0.00%             | 2029-01-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2512000 | PA      | $2477298.23   | 0.57%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    730000 | PA      | $741053.66    | 0.17%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Service Properties Trust                                 | Service Properties Trust                                 | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    676000 | PA      | $652340.00    | 0.15%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                                    | Axon Enterprise, Inc.                                    | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    492000 | PA      | $499172.38    | 0.12%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                             | Antero Midstream Partners LP                             | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59389.43     | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                            | Starwood Property Trust, Inc.                            | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    235000 | PA      | $234320.31    | 0.05%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Amsted Industries, Inc.                                  | Amsted Industries, Inc.                                  | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41580.64     | 0.01%             | 2030-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    443000 | PA      | $429219.16    | 0.10%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Maxim Crane Works Holdings Capital LLC                   | Maxim Crane Works Holdings Capital LLC                   | CUSIP: 57779EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    127000 | PA      | $130123.65    | 0.03%             | 2028-09-01      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Brandywine Operating Partnership LP                      | Brandywine Operating Partnership LP                      | CUSIP: 105340AQ6<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |    418000 | PA      | $398940.54    | 0.09%             | 2027-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp.                              | Great Canadian Gaming Corp.                              | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $184491.71    | 0.04%             | 2029-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Twilio, Inc.                                             | Twilio, Inc.                                             | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    348000 | PA      | $320487.50    | 0.07%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Crane NXT Co.                                            | Crane NXT Co.                                            | CUSIP: 224399AT2<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |    124000 | PA      | $74105.75     | 0.02%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Forestar Group, Inc.                                     | Forestar Group, Inc.                                     | CUSIP: 346232AG6<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111058.71    | 0.03%             | 2033-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bread Financial Holdings, Inc.                           | Bread Financial Holdings, Inc.                           | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    431000 | PA      | $459526.17    | 0.11%             | 2029-03-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                        | EMRLD Borrower LP                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    938000 | PA      | $947486.55    | 0.22%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                | Michaels Cos., Inc. (The)                                | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    497000 | PA      | $338801.37    | 0.08%             | 2028-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    696000 | PA      | $701571.48    | 0.16%             | 2031-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Suburban Propane Partners LP                             | Suburban Propane Partners LP                             | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    303000 | PA      | $282237.20    | 0.07%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                                      | Shift4 Payments LLC                                      | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    481000 | PA      | $490762.71    | 0.11%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                       | Cinemark USA, Inc.                                       | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20717.24     | 0.00%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                       | Chemours Co. (The)                                       | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63629.11     | 0.01%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                              | Adient Global Holdings Ltd.                              | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    504000 | PA      | $514419.19    | 0.12%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                              | IQVIA, Inc.                                              | CUSIP: 46266TAD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    732000 | PA      | $747625.27    | 0.17%             | 2030-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    659000 | PA      | $617911.88    | 0.14%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                      | Hilcorp Energy I LP                                      | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $287201.08    | 0.07%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                     | Prime Security Services Borrower LLC                     | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $160835.25    | 0.04%             | 2028-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Urban One, Inc.                                          | Urban One, Inc.                                          | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    151000 | PA      | $75500.00     | 0.02%             | 2028-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Park Intermediate Holdings LLC                           | Park Intermediate Holdings LLC                           | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    612000 | PA      | $578858.91    | 0.13%             | 2029-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| StoneMor, Inc.                                           | StoneMor, Inc.                                           | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148000 | PA      | $136425.30    | 0.03%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                      | CNX Resources Corp.                                      | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25476.95     | 0.01%             | 2032-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                             | Antero Midstream Partners LP                             | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $707262.10    | 0.16%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                        | Yum! Brands, Inc.                                        | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14668.85     | 0.00%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Viper Energy, Inc.                                       | Viper Energy, Inc.                                       | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |     73000 | PA      | $76550.79     | 0.02%             | 2031-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Adams Homes, Inc.                                        | Adams Homes, Inc.                                        | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $117875.63    | 0.03%             | 2028-10-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                               | VistaJet Malta Finance plc                               | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34478.55     | 0.01%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                     | IHO Verwaltungs GmbH                                     | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    204000 | PA      | $200926.47    | 0.05%             | 2029-05-15      | Fixed         | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                      | Post Holdings, Inc.                                      | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60254.53     | 0.01%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CMG Media Corp.                                          | CMG Media Corp.                                          | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146000 | PA      | $134320.00    | 0.03%             | 2029-06-18      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                      | Rocket Mortgage LLC                                      | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    737000 | PA      | $636664.08    | 0.15%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Commercial Metals Co.                                    | Commercial Metals Co.                                    | CUSIP: 201723AQ6<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21660.56     | 0.01%             | 2030-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Pilgrim's Pride Corp.                                    | Pilgrim's Pride Corp.                                    | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     53000 | PA      | $46940.78     | 0.01%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25100.11     | 0.01%             | 2033-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                          | Gulfport Energy Operating Corp.                          | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    198000 | PA      | $200862.20    | 0.05%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VT Topco, Inc.                                           | VT Topco, Inc.                                           | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    214000 | PA      | $226895.00    | 0.05%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| VF Corp.                                                 | VF Corp.                                                 | CUSIP: 918204BB3<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    105000 | PA      | $98709.41     | 0.02%             | 2027-04-23      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                  | Molina Healthcare, Inc.                                  | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35941.96     | 0.01%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wyndham Hotels & Resorts, Inc.                           | Wyndham Hotels & Resorts, Inc.                           | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    126000 | PA      | $121922.85    | 0.03%             | 2028-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| JB Poindexter & Co., Inc.                                | JB Poindexter & Co., Inc.                                | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208180.27    | 0.05%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Ashton Woods USA LLC                                     | Ashton Woods USA LLC                                     | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    204000 | PA      | $191264.57    | 0.04%             | 2030-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Oxford Finance LLC                                       | Oxford Finance LLC                                       | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $121154.34    | 0.03%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                 | SCIH Salt Holdings, Inc.                                 | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    311000 | PA      | $301892.73    | 0.07%             | 2028-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                           | Texas Capital Bancshares, Inc.                           | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    218000 | PA      | $210183.05    | 0.05%             | 2031-05-06      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                     | NOVA Chemicals Corp.                                     | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    416000 | PA      | $438191.10    | 0.10%             | 2028-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies BV                                  | Sensata Technologies BV                                  | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    301000 | PA      | $282549.12    | 0.07%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Deluxe Corp.                                             | Deluxe Corp.                                             | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    297000 | PA      | $275630.81    | 0.06%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Toledo Hospital (The)                                    | Toledo Hospital (The), Series B                          | CUSIP: 889184AC1<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |    235000 | PA      | $229865.39    | 0.05%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Iris Holding, Inc.                                       | Iris Holding, Inc.                                       | CUSIP: 462914AA0<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |    148000 | PA      | $130215.17    | 0.03%             | 2028-12-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Goat Holdco LLC                                          | Goat Holdco LLC                                          | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $214171.18    | 0.05%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co. LLC                          | Nissan Motor Acceptance Co. LLC                          | CUSIP: 65480CAH8<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     79000 | PA      | $76038.21     | 0.02%             | 2029-09-13      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                  | Civitas Resources, Inc.                                  | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1095030.54   | 0.25%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                            | Asbury Automotive Group, Inc.                            | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    163000 | PA      | $152207.53    | 0.04%             | 2032-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Darling Ingredients, Inc.                                | Darling Ingredients, Inc.                                | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    436000 | PA      | $432941.63    | 0.10%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                           | Anywhere Real Estate Group LLC                           | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    338000 | PA      | $308768.98    | 0.07%             | 2030-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                | ATI, Inc.                                                | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14549.99     | 0.00%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Installed Building Products, Inc.                        | Installed Building Products, Inc.                        | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     72000 | PA      | $71525.92     | 0.02%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    159000 | PA      | $162982.31    | 0.04%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ION Trading Technologies Sarl                            | ION Trading Technologies Sarl                            | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    374000 | PA      | $385614.57    | 0.09%             | 2029-05-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Park-Ohio Industries, Inc.                               | Park-Ohio Industries, Inc.                               | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    101000 | PA      | $97978.76     | 0.02%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    686000 | PA      | $703695.37    | 0.16%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                | First Student Bidco, Inc.                                | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    162000 | PA      | $151455.60    | 0.04%             | 2029-07-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                       | Chemours Co. (The)                                       | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    693000 | PA      | $620516.22    | 0.14%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Atkore, Inc.                                             | Atkore, Inc.                                             | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    145000 | PA      | $131707.14    | 0.03%             | 2031-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CVR Energy, Inc.                                         | CVR Energy, Inc.                                         | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    106000 | PA      | $103460.51    | 0.02%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    813000 | PA      | $816989.39    | 0.19%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| New Fortress Energy, Inc.                                | New Fortress Energy, Inc.                                | CUSIP: 644393AC4<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    153000 | PA      | $47457.54     | 0.01%             | 2029-03-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Osaic Holdings, Inc.                                     | Osaic Holdings, Inc.                                     | CUSIP: 00791GAA5<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21120.59     | 0.00%             | 2027-08-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                      | Azorra Finance Ltd.                                      | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    141000 | PA      | $141932.01    | 0.03%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Constellation Insurance, Inc.                            | Constellation Insurance, Inc.                            | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    259000 | PA      | $248285.91    | 0.06%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Domtar Corp.                                             | Domtar Corp.                                             | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |    364000 | PA      | $319775.75    | 0.07%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Teine Energy Ltd.                                        | Teine Energy Ltd.                                        | CUSIP: 879068AB0<br>LEI: 5493002EE80G6ER7SM91 | Long             | DBT              | CORP              | CA        |     97000 | PA      | $95357.16     | 0.02%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| AmWINS Group, Inc.                                       | AmWINS Group, Inc.                                       | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    418000 | PA      | $423856.18    | 0.10%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Rivers Enterprise Borrower LLC                           | Rivers Enterprise Borrower LLC                           | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    171000 | PA      | $168695.57    | 0.04%             | 2033-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Olin Corp.                                               | Olin Corp.                                               | CUSIP: 680665AL0<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146836.62    | 0.03%             | 2029-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298BU6<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    154000 | PA      | $168437.50    | 0.04%             | 2030-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| GPD Cos., Inc.                                           | GPD Cos., Inc.                                           | CUSIP: 64051NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    124000 | PA      | $119233.04    | 0.03%             | 2026-04-01      | Fixed         | 10.12%                | Yes           |                  2 | On Loan: No      |
| Encore Capital Group, Inc.                               | Encore Capital Group, Inc.                               | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    272000 | PA      | $290020.00    | 0.07%             | 2029-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc.                                   | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1064000 | PA      | $1008145.32   | 0.23%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| VF Corp.                                                 | VF Corp.                                                 | CUSIP: 918204AR9<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    455000 | PA      | $407495.77    | 0.09%             | 2033-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Innophos Holdings, Inc.                                  | Innophos Holdings, Inc.                                  | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120914.40    | 0.03%             | 2029-06-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| goeasy Ltd.                                              | goeasy Ltd.                                              | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    146000 | PA      | $145869.77    | 0.03%             | 2030-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Superior Plus LP                                         | Superior Plus LP                                         | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    212000 | PA      | $201541.85    | 0.05%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                               | Avis Budget Car Rental LLC                               | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $188582.10    | 0.04%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                       | Millicom International Cellular SA                       | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    324000 | PA      | $288360.00    | 0.07%             | 2031-04-27      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                           | Carnival Corp.                                           | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    788000 | PA      | $789971.10    | 0.18%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                   | HUB International Ltd.                                   | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1189303.92   | 0.28%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                           | Univision Communications, Inc.                           | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1046000 | PA      | $1046669.44   | 0.24%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                       | United Rentals North America, Inc.                       | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    303000 | PA      | $307123.53    | 0.07%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Talos Production, Inc.                                   | Talos Production, Inc.                                   | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    343000 | PA      | $340662.74    | 0.08%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $677484.06    | 0.16%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13602.14     | 0.00%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Ashland, Inc.                                            | Ashland, Inc.                                            | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |    231000 | PA      | $199016.06    | 0.05%             | 2031-09-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                 | Blue Racer Midstream LLC                                 | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    439000 | PA      | $440104.96    | 0.10%             | 2026-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                           | EchoStar Corp.                                           | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1808000 | PA      | $1816859.20   | 0.42%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Zayo Group Holdings, Inc.                                | Zayo Group Holdings, Inc.                                | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    756000 | PA      | $711179.10    | 0.16%             | 2027-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Speedway Motorsports LLC                                 | Speedway Motorsports LLC                                 | CUSIP: 84779MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    101000 | PA      | $99237.16     | 0.02%             | 2027-11-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ATP Tower Holdings LLC                                   | ATP Tower Holdings LLC                                   | CUSIP: 00216DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    277000 | PA      | $268800.80    | 0.06%             | 2026-04-27      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Prospect Capital Corp.                                   | Prospect Capital Corp.                                   | CUSIP: 74348TAV4<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |    147000 | PA      | $138609.92    | 0.03%             | 2026-11-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Concentra Health Services, Inc.                          | Concentra Health Services, Inc.                          | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    224000 | PA      | $230457.25    | 0.05%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                               | Outfront Media Capital LLC                               | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    445000 | PA      | $420862.98    | 0.10%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                        | Hertz Corp. (The)                                        | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    623000 | PA      | $634359.16    | 0.15%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corp.                                         | Murphy Oil Corp.                                         | CUSIP: 626717AG7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |     72000 | PA      | $55719.32     | 0.01%             | 2042-12-01      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Noble Finance II LLC                                     | Noble Finance II LLC                                     | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    416000 | PA      | $414521.12    | 0.10%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana-Pacific Corp.                                  | Louisiana-Pacific Corp.                                  | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |     82000 | PA      | $77443.25     | 0.02%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| HealthEquity, Inc.                                       | HealthEquity, Inc.                                       | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    226000 | PA      | $215843.38    | 0.05%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Camelot Finance SA                                       | Camelot Finance SA                                       | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    185000 | PA      | $183967.42    | 0.04%             | 2026-11-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                      | Sirius XM Radio LLC                                      | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1241023.11   | 0.29%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PROG Holdings, Inc.                                      | PROG Holdings, Inc.                                      | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    211000 | PA      | $200436.85    | 0.05%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hightower Holding LLC                                    | Hightower Holding LLC                                    | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29583.70     | 0.01%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ball Corp.                                               | Ball Corp.                                               | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    371000 | PA      | $378347.28    | 0.09%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                        | Lamar Media Corp.                                        | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $70699.23     | 0.02%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EZCORP, Inc.                                             | EZCORP, Inc.                                             | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     88000 | PA      | $91322.09     | 0.02%             | 2032-04-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UKG, Inc.                                                | UKG, Inc.                                                | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    798000 | PA      | $822255.21    | 0.19%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Tenneco, Inc.                                            | Tenneco, Inc.                                            | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    576000 | PA      | $567127.18    | 0.13%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                 | Comstock Resources, Inc.                                 | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31540.04     | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| KB Home                                                  | KB Home                                                  | CUSIP: 48666KAX7<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    385000 | PA      | $395242.54    | 0.09%             | 2027-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AAR Escrow Issuer LLC                                    | AAR Escrow Issuer LLC                                    | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    164000 | PA      | $168044.24    | 0.04%             | 2029-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Pattern Energy Operations LP                             | Pattern Energy Operations LP                             | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $207264.79    | 0.05%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Karoon USA Finance, Inc.                                 | Karoon USA Finance, Inc.                                 | CUSIP: 48575AAA9<br>LEI: 254900I4IZ164TOMZH46 | Long             | DBT              | CORP              | US        |    299000 | PA      | $298803.68    | 0.07%             | 2029-05-14      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Insulet Corp.                                            | Insulet Corp.                                            | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    148000 | PA      | $152181.89    | 0.04%             | 2033-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mercer International, Inc.                               | Mercer International, Inc.                               | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    358000 | PA      | $356061.04    | 0.08%             | 2028-10-01      | Fixed         | 12.88%                | Yes           |                  2 | On Loan: No      |
| Brandywine Operating Partnership LP                      | Brandywine Operating Partnership LP                      | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14677.66     | 0.00%             | 2028-03-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| Emergent BioSolutions, Inc.                              | Emergent BioSolutions, Inc.                              | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |    164000 | PA      | $124216.88    | 0.03%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Travel + Leisure Co.                                     | Travel + Leisure Co.                                     | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    164000 | PA      | $165179.32    | 0.04%             | 2027-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rackspace Finance LLC                                    | Rackspace Finance LLC                                    | CUSIP: 75008WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    127000 | PA      | $45720.00     | 0.01%             | 2028-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Light & Wonder International, Inc.                       | Light & Wonder International, Inc.                       | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39095.92     | 0.01%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                               | iHeartCommunications, Inc.                               | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    444846 | PA      | $368103.48    | 0.09%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                            | Six Flags Entertainment Corp.                            | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    579000 | PA      | $591630.31    | 0.14%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                                   | Chart Industries, Inc.                                   | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69266.41     | 0.02%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.                         | AMC Entertainment Holdings, Inc.                         | CUSIP: 00165CAP9<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157574.26    | 0.04%             | 2026-06-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Fortress Intermediate 3, Inc.                            | Fortress Intermediate 3, Inc.                            | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |    241000 | PA      | $249085.55    | 0.06%             | 2031-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Aris Water Holdings LLC                                  | Aris Water Holdings LLC                                  | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211135.68    | 0.05%             | 2030-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    200000 | PA      | $179847.12    | 0.04%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                       | Nationstar Mortgage Holdings, Inc.                       | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $420658.98    | 0.10%             | 2031-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                 | WESCO Distribution, Inc.                                 | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38788.58     | 0.01%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                             | Fibercop SpA                                             | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    387000 | PA      | $362382.70    | 0.08%             | 2034-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.                    | Global Infrastructure Solutions, Inc.                    | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47895.28     | 0.01%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Radiate Holdco LLC                                       | Radiate Holdco LLC                                       | CUSIP: 75026JAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $118225.01    | 0.03%             | 2028-09-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                                    | Coinbase Global, Inc.                                    | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    589000 | PA      | $512619.13    | 0.12%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CoreCivic, Inc.                                          | CoreCivic, Inc.                                          | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    175000 | PA      | $184963.42    | 0.04%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GYP Holdings III Corp.                                   | GYP Holdings III Corp.                                   | CUSIP: 36261NAA5<br>LEI: 549300055I1KJWZH9690 | Long             | DBT              | CORP              | US        |     82000 | PA      | $78766.49     | 0.02%             | 2029-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Kaiser Aluminum Corp.                                    | Kaiser Aluminum Corp.                                    | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    327000 | PA      | $300439.82    | 0.07%             | 2031-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                        | Venture Global Calcasieu Pass LLC                        | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    455000 | PA      | $461266.72    | 0.11%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Assurant, Inc.                                           | Assurant, Inc.                                           | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152160.49    | 0.04%             | 2048-03-27      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                       | Chord Energy Corp.                                       | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    256000 | PA      | $254228.58    | 0.06%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Illuminate Buyer LLC                                     | Illuminate Buyer LLC                                     | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148000 | PA      | $148487.51    | 0.03%             | 2028-07-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                           | Rite Aid Corp.                                           | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    279000 | PA      | $0.00         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Crescent Energy Finance LLC                              | Crescent Energy Finance LLC                              | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     78000 | PA      | $73537.34     | 0.02%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Five Point Operating Co. LP                              | Five Point Operating Co. LP                              | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    253132 | PA      | $257809.83    | 0.06%             | 2028-01-15      | Variable      | 10.50%                | Yes           |                  2 | On Loan: No      |
| TransAlta Corp.                                          | TransAlta Corp.                                          | CUSIP: 89346DAE7<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $180437.66    | 0.04%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ken Garff Automotive LLC                                 | Ken Garff Automotive LLC                                 | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $104030.66    | 0.02%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Seadrill Finance Ltd.                                    | Seadrill Finance Ltd.                                    | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |    399000 | PA      | $390915.70    | 0.09%             | 2030-08-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| EnerSys                                                  | EnerSys                                                  | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21288.31     | 0.00%             | 2027-12-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Victra Holdings LLC                                      | Victra Holdings LLC                                      | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $115381.93    | 0.03%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil USA, Inc.                                     | Murphy Oil USA, Inc.                                     | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    381000 | PA      | $345120.70    | 0.08%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                           | Anywhere Real Estate Group LLC                           | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71000 | PA      | $58220.65     | 0.01%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                         | Gray Media, Inc.                                         | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    131000 | PA      | $139321.25    | 0.03%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                   | Compass Group Diversified Holdings LLC                   | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |    418000 | PA      | $361678.55    | 0.08%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                | Standard Industries, Inc.                                | CUSIP: 853496AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    403000 | PA      | $356570.09    | 0.08%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp.                               | California Resources Corp.                               | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    294000 | PA      | $294533.02    | 0.07%             | 2029-06-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    386000 | PA      | $364277.77    | 0.08%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                    | Clydesdale Acquisition Holdings, Inc.                    | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    397000 | PA      | $401199.53    | 0.09%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                | ATI, Inc.                                                | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    384000 | PA      | $402104.83    | 0.09%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wildfire Intermediate Holdings LLC                       | Wildfire Intermediate Holdings LLC                       | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    166000 | PA      | $160555.47    | 0.04%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Vmed O2 UK Financing I plc                               | Vmed O2 UK Financing I plc                               | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    288000 | PA      | $296530.85    | 0.07%             | 2032-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Baffinland Iron Mines Corp.                              | Baffinland Iron Mines Corp.                              | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    202000 | PA      | $183701.89    | 0.04%             | 2026-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Moss Creek Resources Holdings, Inc.                      | Moss Creek Resources Holdings, Inc.                      | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    255000 | PA      | $245872.35    | 0.06%             | 2031-09-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| USI, Inc.                                                | USI, Inc.                                                | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |    177000 | PA      | $185532.99    | 0.04%             | 2032-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                           | EchoStar Corp.                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    528000 | PA      | $454080.00    | 0.11%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                            | SM Energy Co.                                            | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79864.42     | 0.02%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Crown Americas LLC                                       | Crown Americas LLC                                       | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    116000 | PA      | $114748.27    | 0.03%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                      | Nexstar Media, Inc.                                      | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    208000 | PA      | $200114.35    | 0.05%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                      | Sirius XM Radio LLC                                      | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    692000 | PA      | $675988.68    | 0.16%             | 2026-09-01      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                           | Raven Acquisition Holdings LLC                           | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $358366.25    | 0.08%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                       | Venture Global Plaquemines LNG LLC                       | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    138000 | PA      | $145320.35    | 0.03%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Lamar Media Corp.                                        | Lamar Media Corp.                                        | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     92000 | PA      | $83579.85     | 0.02%             | 2031-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC                   | Ardagh Metal Packaging Finance USA LLC                   | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $183927.86    | 0.04%             | 2028-09-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BlueLinx Holdings, Inc.                                  | BlueLinx Holdings, Inc.                                  | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |     68000 | PA      | $63974.40     | 0.01%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                            | TerraForm Power Operating LLC                            | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |     98000 | PA      | $92376.31     | 0.02%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Esab Corp.                                               | Esab Corp.                                               | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    208000 | PA      | $211504.80    | 0.05%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    166000 | PA      | $170628.91    | 0.04%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Landsea Homes Corp.                                      | Landsea Homes Corp.                                      | CUSIP: 51509PAA1<br>LEI: 549300RP8AZAKHNILS36 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71858.81     | 0.02%             | 2029-04-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                    | Albertsons Cos., Inc.                                    | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15227.66     | 0.00%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TopBuild Corp.                                           | TopBuild Corp.                                           | CUSIP: 89055FAC7<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    290000 | PA      | $262998.94    | 0.06%             | 2032-02-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     29000 | PA      | $28689.33     | 0.01%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                            | Clearway Energy Operating LLC                            | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     28000 | PA      | $25269.92     | 0.01%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| TreeHouse Foods, Inc.                                    | TreeHouse Foods, Inc.                                    | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |    175000 | PA      | $159386.61    | 0.04%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Organon & Co.                                            | Organon & Co.                                            | CUSIP: 68622FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    324000 | PA      | $301421.47    | 0.07%             | 2034-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Arko Corp.                                               | Arko Corp.                                               | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    151000 | PA      | $125922.15    | 0.03%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Mueller Water Products, Inc.                             | Mueller Water Products, Inc.                             | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    159000 | PA      | $150849.23    | 0.03%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Foot Locker, Inc.                                        | Foot Locker, Inc.                                        | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |    147000 | PA      | $139662.38    | 0.03%             | 2029-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FirstCash, Inc.                                          | FirstCash, Inc.                                          | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     79000 | PA      | $80975.67     | 0.02%             | 2032-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    529000 | PA      | $499627.17    | 0.12%             | 2029-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Rocket Software, Inc.                                    | Rocket Software, Inc.                                    | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    425000 | PA      | $412633.44    | 0.10%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Cougar JV Subsidiary LLC                                 | Cougar JV Subsidiary LLC                                 | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    189000 | PA      | $198521.25    | 0.05%             | 2032-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                                | MGM Resorts International                                | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    492000 | PA      | $481230.81    | 0.11%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                           | Hughes Satellite Systems Corp.                           | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $20733.57     | 0.00%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP                                     | Icahn Enterprises LP                                     | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $556676.17    | 0.13%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                          | Madison IAQ LLC                                          | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40425.79     | 0.01%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Adtalem Global Education, Inc.                           | Adtalem Global Education, Inc.                           | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |     99000 | PA      | $98218.87     | 0.02%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Leeward Renewable Energy Operations LLC                  | Leeward Renewable Energy Operations LLC                  | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    140000 | PA      | $127528.10    | 0.03%             | 2029-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                              | INEOS Quattro Finance 2 plc                              | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199004.00    | 0.05%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Midwest Gaming Borrower LLC                              | Midwest Gaming Borrower LLC                              | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    199000 | PA      | $190681.04    | 0.04%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                   | Mineral Resources Ltd.                                   | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    152000 | PA      | $151855.05    | 0.04%             | 2027-11-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP                                           | Uniti Group LP                                           | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $29152.31     | 0.01%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Global Partners LP                                       | Global Partners LP                                       | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $9037.20      | 0.00%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Global Auto Holdings Ltd.                                | Global Auto Holdings Ltd.                                | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    228000 | PA      | $176966.76    | 0.04%             | 2032-01-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                      | NuStar Logistics LP                                      | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20049.78     | 0.00%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| International Game Technology plc                        | International Game Technology plc                        | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $196746.84    | 0.05%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                      | Clean Harbors, Inc.                                      | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59431.45     | 0.01%             | 2027-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ithaca Energy North Sea plc                              | Ithaca Energy North Sea plc                              | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |    361000 | PA      | $361956.65    | 0.08%             | 2029-10-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                    | Matador Resources Co.                                    | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     92000 | PA      | $88617.81     | 0.02%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                 | Lumen Technologies, Inc.                                 | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11655.00     | 0.00%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ASGN, Inc.                                               | ASGN, Inc.                                               | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    191000 | PA      | $184258.41    | 0.04%             | 2028-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ZipRecruiter, Inc.                                       | ZipRecruiter, Inc.                                       | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |    197000 | PA      | $169920.10    | 0.04%             | 2030-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Central Parent, Inc.                                     | Central Parent, Inc.                                     | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    549000 | PA      | $484780.51    | 0.11%             | 2029-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Brandywine Operating Partnership LP                      | Brandywine Operating Partnership LP                      | CUSIP: 105340AP8<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |     63000 | PA      | $57902.99     | 0.01%             | 2029-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp.                  | Mavis Tire Express Services Topco Corp.                  | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |    249000 | PA      | $236693.72    | 0.05%             | 2029-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co., Inc.         | American Builders & Contractors Supply Co., Inc.         | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |    297000 | PA      | $286748.33    | 0.07%             | 2028-01-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                            | TerraForm Power Operating LLC                            | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    361000 | PA      | $350986.04    | 0.08%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                         | CVS Health Corp.                                         | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    257000 | PA      | $250161.72    | 0.06%             | 2054-12-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                        | PennyMac Financial Services, Inc.                        | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    675000 | PA      | $710964.68    | 0.16%             | 2029-12-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    298000 | PA      | $294337.61    | 0.07%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                   | Standard Chartered plc                                   | CUSIP: 853254AB6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204735.20    | 0.05%             | 2037-07-30      | Variable      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Bristow Group, Inc.                                      | Bristow Group, Inc.                                      | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111672.12    | 0.03%             | 2028-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BCPE Ulysses Intermediate, Inc.                          | BCPE Ulysses Intermediate, Inc.                          | CUSIP: 05553LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $28502.97     | 0.01%             | 2027-04-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Parkland Corp.                                           | Parkland Corp.                                           | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $63846.19     | 0.01%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                               | Garda World Security Corp.                               | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     13000 | PA      | $12364.17     | 0.00%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14965.11     | 0.00%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                             | DaVita, Inc.                                             | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7110.89      | 0.00%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                               | PG&E Corp.                                               | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    632000 | PA      | $618863.94    | 0.14%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                       | Nationstar Mortgage Holdings, Inc.                       | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    643000 | PA      | $669551.40    | 0.16%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group                                        | Jane Street Group                                        | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    248000 | PA      | $248410.44    | 0.06%             | 2032-11-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                                     | Kennedy-Wilson, Inc.                                     | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52018.52     | 0.01%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15244.46     | 0.00%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Global Partners LP                                       | Global Partners LP                                       | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    356000 | PA      | $370073.39    | 0.09%             | 2032-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Empire Communities Corp.                                 | Empire Communities Corp.                                 | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $170637.50    | 0.04%             | 2029-05-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund               | JPMorgan U.S. Government Money Market Fund, Class IM     | CUSIP: 4812C2270<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | STIV             | RF                | US        |   4135078 | NS      | $4135078.50   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons Foods, Inc.                                      | Simmons Foods, Inc.                                      | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    228000 | PA      | $212417.75    | 0.05%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                               | Pike Corp.                                               | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    307000 | PA      | $304487.02    | 0.07%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States Cellular Corp.                             | United States Cellular Corp.                             | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |    162000 | PA      | $174322.53    | 0.04%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                               | Outfront Media Capital LLC                               | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $100683.11    | 0.02%             | 2027-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    335000 | PA      | $301425.06    | 0.07%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TGNR Intermediate Holdings LLC                           | TGNR Intermediate Holdings LLC                           | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    241000 | PA      | $227585.00    | 0.05%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                                 | Radiology Partners, Inc.                                 | CUSIP: 75041VAB0<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    399988 | PA      | $401987.94    | 0.09%             | 2029-01-31      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Prairie Acquiror LP                                      | Prairie Acquiror LP                                      | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     98000 | PA      | $99625.53     | 0.02%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ACI Worldwide, Inc.                                      | ACI Worldwide, Inc.                                      | CUSIP: 004498AB7<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | DBT              | CORP              | US        |     98000 | PA      | $97931.40     | 0.02%             | 2026-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.                    | Miter Brands Acquisition Holdco, Inc.                    | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $234753.79    | 0.05%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2403000 | PA      | $2569157.84   | 0.60%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                      | Stagwell Global LLC                                      | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    346000 | PA      | $325322.21    | 0.08%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| OneSky Flight LLC                                        | OneSky Flight LLC                                        | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    194000 | PA      | $195597.40    | 0.05%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Pebblebrook Hotel LP                                     | Pebblebrook Hotel LP                                     | CUSIP: 70510LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133000 | PA      | $132248.95    | 0.03%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                          | AES Corp. (The)                                          | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    108000 | PA      | $102466.36    | 0.02%             | 2055-07-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Garrett Motion Holdings, Inc.                            | Garrett Motion Holdings, Inc.                            | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $270416.34    | 0.06%             | 2032-05-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| WEX, Inc.                                                | WEX, Inc.                                                | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |    111000 | PA      | $109785.32    | 0.03%             | 2033-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                       | Seagate HDD Cayman                                       | CUSIP: 81180WBD2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    492000 | PA      | $456030.52    | 0.11%             | 2031-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    787000 | PA      | $798021.15    | 0.18%             | 2028-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                               | Graham Packaging Co., Inc.                               | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |    181000 | PA      | $177707.03    | 0.04%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                      | Station Casinos LLC                                      | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     62000 | PA      | $56756.68     | 0.01%             | 2031-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Olympus Water US Holding Corp.                           | Olympus Water US Holding Corp.                           | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    737000 | PA      | $772719.44    | 0.18%             | 2028-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Dun & Bradstreet Corp. (The)                             | Dun & Bradstreet Corp. (The)                             | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Long             | DBT              | CORP              | US        |    119000 | PA      | $119998.17    | 0.03%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corp.                                         | Sealed Air Corp.                                         | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    556000 | PA      | $582422.18    | 0.13%             | 2033-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Mohegan Tribal Gaming Authority                          | Mohegan Tribal Gaming Authority                          | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $237677.27    | 0.06%             | 2031-04-15      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| Travel + Leisure Co.                                     | Travel + Leisure Co.                                     | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    484000 | PA      | $488994.40    | 0.11%             | 2026-07-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    102000 | PA      | $101147.54    | 0.02%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prospect Capital Corp.                                   | Prospect Capital Corp.                                   | CUSIP: 74348TAW2<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |     62000 | PA      | $54627.95     | 0.01%             | 2028-10-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield US Borrower LLC                      | Cushman & Wakefield US Borrower LLC                      | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    309000 | PA      | $310340.44    | 0.07%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Service Properties Trust                                 | Service Properties Trust                                 | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    550000 | PA      | $549896.58    | 0.13%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PBF Holding Co. LLC                                      | PBF Holding Co. LLC                                      | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     92000 | PA      | $85421.14     | 0.02%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Planet Financial Group LLC                               | Planet Financial Group LLC                               | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    172000 | PA      | $169471.51    | 0.04%             | 2029-12-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                 | EquipmentShare.com, Inc.                                 | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10486.52     | 0.00%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                         | Cooper-Standard Automotive, Inc.                         | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    280000 | PA      | $236984.02    | 0.05%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                          | Nordstrom, Inc.                                          | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    237000 | PA      | $205105.93    | 0.05%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Windstream Escrow LLC                                    | Windstream Escrow LLC                                    | CUSIP: 973CONAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1353 | PA      | $16.91        | 0.00%             | 2028-08-15      | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| Specialty Building Products Holdings LLC                 | Specialty Building Products Holdings LLC                 | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    183000 | PA      | $175338.10    | 0.04%             | 2029-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CP Atlas Buyer, Inc.                                     | CP Atlas Buyer, Inc.                                     | CUSIP: 12597YAA7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    188000 | PA      | $156082.49    | 0.04%             | 2028-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                      | Newell Brands, Inc.                                      | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    201000 | PA      | $194304.43    | 0.05%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                               | Builders FirstSource, Inc.                               | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    461000 | PA      | $418267.42    | 0.10%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Roller Bearing Co. of America, Inc.                      | Roller Bearing Co. of America, Inc.                      | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    141000 | PA      | $134607.19    | 0.03%             | 2029-10-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                 | Group 1 Automotive, Inc.                                 | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    390000 | PA      | $373739.18    | 0.09%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Matthews International Corp.                             | Matthews International Corp.                             | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71698.38     | 0.02%             | 2027-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Walker & Dunlop, Inc.                                    | Walker & Dunlop, Inc.                                    | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $118472.82    | 0.03%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                       | Burford Capital Global Finance LLC                       | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    418000 | PA      | $445341.38    | 0.10%             | 2031-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Global Net Lease, Inc.                                   | Global Net Lease, Inc.                                   | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141000 | PA      | $133843.07    | 0.03%             | 2027-12-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| StoneX Group, Inc.                                       | StoneX Group, Inc.                                       | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    157000 | PA      | $165373.44    | 0.04%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CPI CG, Inc.                                             | CPI CG, Inc.                                             | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15825.00     | 0.00%             | 2029-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Provident Funding Associates LP                          | Provident Funding Associates LP                          | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149000 | PA      | $155001.72    | 0.04%             | 2029-09-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                           | JELD-WEN, Inc.                                           | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     62000 | PA      | $54133.07     | 0.01%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                               | VistaJet Malta Finance plc                               | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $327735.40    | 0.08%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| 180 Medical, Inc.                                        | 180 Medical, Inc.                                        | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    328000 | PA      | $311542.99    | 0.07%             | 2029-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Taylor Morrison Communities, Inc.                        | Taylor Morrison Communities, Inc.                        | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15088.73     | 0.00%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                  | SS&C Technologies, Inc.                                  | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    555000 | PA      | $569869.56    | 0.13%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                       | Vail Resorts, Inc.                                       | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    207000 | PA      | $212050.59    | 0.05%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    746000 | PA      | $746138.86    | 0.17%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Park River Holdings, Inc.                                | Park River Holdings, Inc.                                | CUSIP: 70082LAA5<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    188000 | PA      | $151186.70    | 0.04%             | 2029-02-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                          | Madison IAQ LLC                                          | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    522000 | PA      | $504936.08    | 0.12%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| EnerSys                                                  | EnerSys                                                  | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    161000 | PA      | $164337.85    | 0.04%             | 2032-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                    | JetBlue Airways Corp.                                    | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $618228.58    | 0.14%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Safeway, Inc.                                            | Safeway, Inc.                                            | CUSIP: 786514BA6<br>LEI: 549300NKZ6VCN5P3K723 | Long             | DBT              | CORP              | US        |     58000 | PA      | $60093.68     | 0.01%             | 2031-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                        | Hillenbrand, Inc.                                        | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    120000 | PA      | $105217.93    | 0.02%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                           | US Foods, Inc.                                           | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66835.08     | 0.02%             | 2028-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Telesat Canada                                           | Telesat Canada                                           | CUSIP: 87952VAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     65000 | PA      | $37155.02     | 0.01%             | 2027-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications, Inc.                              | Rogers Communications, Inc., Series NC5                  | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     32000 | PA      | $32250.48     | 0.01%             | 2055-04-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| C&S Group Enterprises LLC                                | C&S Group Enterprises LLC                                | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $108926.62    | 0.03%             | 2028-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Open Text Corp.                                          | Open Text Corp.                                          | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     12000 | PA      | $11168.44     | 0.00%             | 2029-12-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Academy Ltd.                                             | Academy Ltd.                                             | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155363.01    | 0.04%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Rfna LP                                                  | Rfna LP                                                  | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250624.83    | 0.06%             | 2030-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                             | Rockies Express Pipeline LLC                             | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    629000 | PA      | $602303.23    | 0.14%             | 2040-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Star Holding LLC                                         | Star Holding LLC                                         | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |     82000 | PA      | $73982.63     | 0.02%             | 2031-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Magnera Corp.                                            | Magnera Corp.                                            | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    350000 | PA      | $320250.00    | 0.07%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    381000 | PA      | $328630.60    | 0.08%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                             | DaVita, Inc.                                             | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    565000 | PA      | $527959.11    | 0.12%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                              | Caesars Entertainment, Inc.                              | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    161000 | PA      | $154445.38    | 0.04%             | 2032-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Korn Ferry                                               | Korn Ferry                                               | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     97000 | PA      | $95494.46     | 0.02%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Thor Industries, Inc.                                    | Thor Industries, Inc.                                    | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    177000 | PA      | $163610.96    | 0.04%             | 2029-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Ontario Gaming GTA LP                                    | Ontario Gaming GTA LP                                    | CUSIP: 68306MAA7<br>LEI: 894500EC9KLZLOC3V025 | Long             | DBT              | CORP              | CA        |    148000 | PA      | $146297.10    | 0.03%             | 2030-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Cable One, Inc.                                          | Cable One, Inc.                                          | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    198000 | PA      | $153343.73    | 0.04%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP                                           | Uniti Group LP                                           | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     63000 | PA      | $59398.85     | 0.01%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1175853.58   | 0.27%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                        | ACCO Brands Corp.                                        | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    204000 | PA      | $180202.03    | 0.04%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                     | Frontier Communications Holdings LLC                     | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1264000 | PA      | $1281294.05   | 0.30%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    172000 | PA      | $172416.32    | 0.04%             | 2028-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                 | Comstock Resources, Inc.                                 | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    751000 | PA      | $710133.73    | 0.16%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                               | Edgewell Personal Care Co.                               | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     86000 | PA      | $84551.34     | 0.02%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                 | Boost Newco Borrower LLC                                 | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    807000 | PA      | $853853.61    | 0.20%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Camelot Return Merger Sub, Inc.                          | Camelot Return Merger Sub, Inc.                          | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $107970.00    | 0.03%             | 2028-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Cushman & Wakefield US Borrower LLC                      | Cushman & Wakefield US Borrower LLC                      | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     32000 | PA      | $34228.00     | 0.01%             | 2031-09-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                      | CNX Resources Corp.                                      | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    248000 | PA      | $253928.19    | 0.06%             | 2031-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                            | CommScope LLC                                            | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    446000 | PA      | $427058.87    | 0.10%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| LGI Homes, Inc.                                          | LGI Homes, Inc.                                          | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48709.88     | 0.01%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Lindblad Expeditions LLC                                 | Lindblad Expeditions LLC                                 | CUSIP: 53523LAA8<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14952.16     | 0.00%             | 2027-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Alpha Generation LLC                                     | Alpha Generation LLC                                     | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    368000 | PA      | $375202.13    | 0.09%             | 2032-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                         | Altice France SA                                         | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1516000 | PA      | $1304992.51   | 0.30%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                            | CommScope, Inc.                                          | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     34000 | PA      | $32699.44     | 0.01%             | 2028-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                               | Pike Corp.                                               | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     75000 | PA      | $80781.00     | 0.02%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ATS Corp.                                                | ATS Corp.                                                | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    131000 | PA      | $123350.27    | 0.03%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CEC Entertainment LLC                                    | CEC Entertainment LLC                                    | CUSIP: 125137AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $186911.24    | 0.04%             | 2026-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean Poseidon Ltd.                                 | Transocean Poseidon Ltd.                                 | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     64575 | PA      | $64650.36     | 0.01%             | 2027-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                              | McGraw-Hill Education, Inc.                              | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67172.33     | 0.02%             | 2029-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                           | DISH DBS Corp.                                           | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1273000 | PA      | $1094485.91   | 0.25%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1367000 | PA      | $1257185.49   | 0.29%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Acrisure LLC                                             | Acrisure LLC                                             | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1062000 | PA      | $1098235.44   | 0.25%             | 2029-02-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Vallourec SACA                                           | Vallourec SACA                                           | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    395000 | PA      | $412155.25    | 0.10%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                           | Rite Aid Corp., Escrow                                   | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     78094 | PA      | $0.00         | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Fortrea Holdings, Inc.                                   | Fortrea Holdings, Inc.                                   | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |    235000 | PA      | $195898.07    | 0.05%             | 2030-07-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Viasat, Inc.                                             | Viasat, Inc.                                             | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     32000 | PA      | $25530.67     | 0.01%             | 2031-05-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    590000 | PA      | $505013.49    | 0.12%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management, Inc.             | Jones Deslauriers Insurance Management, Inc.             | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $64363.55     | 0.01%             | 2030-12-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                           | Carnival Corp.                                           | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    965000 | PA      | $967239.77    | 0.22%             | 2030-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                          | AdaptHealth LLC                                          | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $41585.67     | 0.01%             | 2030-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                    | WR Grace Holdings LLC                                    | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    646000 | PA      | $652485.19    | 0.15%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| PM General Purchaser LLC                                 | PM General Purchaser LLC                                 | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198000 | PA      | $127264.50    | 0.03%             | 2028-10-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Elastic NV                                               | Elastic NV                                               | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    259000 | PA      | $242856.38    | 0.06%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Signal Parent, Inc.                                      | Signal Parent, Inc.                                      | CUSIP: 82666QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $41195.00     | 0.01%             | 2029-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                   | Sonic Automotive, Inc.                                   | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    321000 | PA      | $299127.32    | 0.07%             | 2031-11-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| AmeriTex HoldCo Intermediate LLC                         | AmeriTex HoldCo Intermediate LLC                         | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $144300.62    | 0.03%             | 2028-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Oscar AcquisitionCo LLC                                  | Oscar AcquisitionCo LLC                                  | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $153999.49    | 0.04%             | 2030-04-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                         | Cooper-Standard Automotive, Inc.                         | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |     88000 | PA      | $92290.00     | 0.02%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Cascades, Inc.                                           | Cascades, Inc.                                           | CUSIP: 14739LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $157610.59    | 0.04%             | 2028-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                            | Clearway Energy Operating LLC                            | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     53000 | PA      | $46553.90     | 0.01%             | 2032-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Hudbay Minerals, Inc.                                    | Hudbay Minerals, Inc.                                    | CUSIP: 443628AH5<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     33000 | PA      | $33082.90     | 0.01%             | 2029-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FirstCash, Inc.                                          | FirstCash, Inc.                                          | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21845.33     | 0.01%             | 2030-01-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                       | United Rentals North America, Inc.                       | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    290000 | PA      | $286922.91    | 0.07%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HAH Group Holding Co. LLC                                | HAH Group Holding Co. LLC                                | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |    203000 | PA      | $202175.15    | 0.05%             | 2031-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                            | Penske Automotive Group, Inc.                            | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |    128000 | PA      | $119984.01    | 0.03%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMN Healthcare, Inc.                                     | AMN Healthcare, Inc.                                     | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    222000 | PA      | $214789.41    | 0.05%             | 2027-10-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1123000 | PA      | $1088046.63   | 0.25%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Moog, Inc.                                               | Moog, Inc.                                               | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    141000 | PA      | $136576.62    | 0.03%             | 2027-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Odeon Finco plc                                          | Odeon Finco plc                                          | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |    305000 | PA      | $315598.14    | 0.07%             | 2027-11-01      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                 | Spirit AeroSystems, Inc.                                 | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    550000 | PA      | $607345.70    | 0.14%             | 2030-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Ryan Specialty LLC                                       | Ryan Specialty LLC                                       | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    443000 | PA      | $440227.26    | 0.10%             | 2032-08-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Champ Acquisition Corp.                                  | Champ Acquisition Corp.                                  | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $134397.70    | 0.03%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                 | Wynn Resorts Finance LLC                                 | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    695000 | PA      | $728955.62    | 0.17%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                          | 1261229 BC Ltd.                                          | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1105000 | PA      | $1093968.70   | 0.25%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                  | GFL Environmental, Inc.                                  | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    376000 | PA      | $366835.83    | 0.09%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Olympus Water US Holding Corp.                           | Olympus Water US Holding Corp.                           | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    291000 | PA      | $291000.00    | 0.07%             | 2031-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications, Inc.                              | Rogers Communications, Inc.                              | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    573000 | PA      | $573831.03    | 0.13%             | 2055-04-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| OT Midco, Inc.                                           | OT Midco, Inc.                                           | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $166615.54    | 0.04%             | 2030-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Cars.com, Inc.                                           | Cars.com, Inc.                                           | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |     96000 | PA      | $95910.51     | 0.02%             | 2028-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Unisys Corp.                                             | Unisys Corp.                                             | CUSIP: 909214BV9<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139333.38    | 0.03%             | 2027-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Ingevity Corp.                                           | Ingevity Corp.                                           | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131581.62    | 0.03%             | 2028-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                                    | Churchill Downs, Inc.                                    | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22405.81     | 0.01%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Rand Parent LLC                                          | Rand Parent LLC                                          | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266000 | PA      | $262112.43    | 0.06%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      9000 | PA      | $9462.68      | 0.00%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Nine Energy Service, Inc.                                | Nine Energy Service, Inc.                                | CUSIP: 65441VAE1<br>LEI: 549300KRLJCZBPZMKT65 | Long             | DBT              | CORP              | US        |    182000 | PA      | $103740.00    | 0.02%             | 2028-02-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Helios Software Holdings, Inc.                           | Helios Software Holdings, Inc.                           | CUSIP: 42329HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    408000 | PA      | $388557.66    | 0.09%             | 2028-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                        | Yum! Brands, Inc.                                        | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    876000 | PA      | $865857.92    | 0.20%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                               | Fertitta Entertainment LLC                               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $313321.96    | 0.07%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SLM Corp.                                                | SLM Corp.                                                | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    332000 | PA      | $324046.14    | 0.08%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                | Vistra Operations Co. LLC                                | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     76000 | PA      | $73470.95     | 0.02%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Tronox, Inc.                                             | Tronox, Inc.                                             | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    319000 | PA      | $266702.21    | 0.06%             | 2029-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                         | Jaguar Land Rover Automotive plc                         | CUSIP: 47010BAK0<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    476000 | PA      | $475827.50    | 0.11%             | 2028-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                      | Sirius XM Radio LLC                                      | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    700000 | PA      | $688551.57    | 0.16%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.          | South Bow Canadian Infrastructure Holdings Ltd.          | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    278000 | PA      | $277213.65    | 0.06%             | 2055-03-01      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| TKC Holdings, Inc.                                       | TKC Holdings, Inc.                                       | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    244000 | PA      | $250834.93    | 0.06%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                              | Block, Inc.                                              | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13553.73     | 0.00%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ashland, Inc.                                            | Ashland, Inc.                                            | CUSIP: 044209AM6<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32565.92     | 0.01%             | 2043-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Steel Corp.                                | United States Steel Corp.                                | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66575.32     | 0.02%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                       | Seagate HDD Cayman                                       | CUSIP: 81180WAN1<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $39262.64     | 0.01%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                        | Clarios Global LP                                        | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133000 | PA      | $133574.43    | 0.03%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Aretec Group, Inc.                                       | Aretec Group, Inc.                                       | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    329000 | PA      | $328699.33    | 0.08%             | 2029-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                          | Amer Sports Co.                                          | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    265000 | PA      | $273617.80    | 0.06%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   2141000 | PA      | $2205341.33   | 0.51%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                             | Hess Midstream Operations LP                             | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $185801.62    | 0.04%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hudson Pacific Properties LP                             | Hudson Pacific Properties LP                             | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |     88000 | PA      | $63684.47     | 0.01%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp.                                     | Select Medical Corp.                                     | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    265000 | PA      | $262628.38    | 0.06%             | 2032-12-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Amentum Holdings, Inc.                                   | Amentum Holdings, Inc.                                   | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    297000 | PA      | $302964.95    | 0.07%             | 2032-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                      | Rakuten Group, Inc.                                      | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    783000 | PA      | $844272.63    | 0.20%             | 2027-02-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| Paysafe Finance plc                                      | Paysafe Finance plc                                      | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $118229.84    | 0.03%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Zegona Finance plc                                       | Zegona Finance plc                                       | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    371000 | PA      | $395115.00    | 0.09%             | 2029-07-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                     | NOVA Chemicals Corp.                                     | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $109826.46    | 0.03%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                           | ZF North America Capital, Inc.                           | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    660000 | PA      | $654105.74    | 0.15%             | 2028-04-14      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                             | Hilton Worldwide Finance LLC                             | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4984.10      | 0.00%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| APH Somerset Investor 2 LLC                              | APH Somerset Investor 2 LLC                              | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $227564.34    | 0.05%             | 2029-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Encore Capital Group, Inc.                               | Encore Capital Group, Inc.                               | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222603.31    | 0.05%             | 2030-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                      | Graphic Packaging International LLC                      | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    578000 | PA      | $578853.71    | 0.13%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                      | Newell Brands, Inc.                                      | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    877000 | PA      | $809197.46    | 0.19%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    140000 | PA      | $147406.28    | 0.03%             | 2029-01-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                              | Block, Inc.                                              | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19502.60     | 0.00%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                     | AmeriGas Partners LP                                     | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    482000 | PA      | $486581.41    | 0.11%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                           | ZF North America Capital, Inc.                           | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    152000 | PA      | $144359.74    | 0.03%             | 2030-04-23      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                               | Lamb Weston Holdings, Inc.                               | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    282000 | PA      | $260131.49    | 0.06%             | 2032-01-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Enerflex Ltd.                                            | Enerflex Ltd.                                            | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    196000 | PA      | $201377.06    | 0.05%             | 2027-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                                | XPO, Inc.                                                | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52803.77     | 0.01%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Hightower Holding LLC                                    | Hightower Holding LLC                                    | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    179000 | PA      | $186321.58    | 0.04%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| TKC Holdings, Inc.                                       | TKC Holdings, Inc.                                       | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    121000 | PA      | $120348.66    | 0.03%             | 2028-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC                               | MajorDrive Holdings IV LLC                               | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    187000 | PA      | $140868.09    | 0.03%             | 2029-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Residential Properties, Inc.                  | Brookfield Residential Properties, Inc.                  | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    197000 | PA      | $193946.48    | 0.04%             | 2027-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                  | Nabors Industries, Inc.                                  | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    669000 | PA      | $642272.77    | 0.15%             | 2027-05-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Cogent Communications Group LLC                          | Cogent Communications Group LLC                          | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    404000 | PA      | $406174.58    | 0.09%             | 2027-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                               | Sensata Technologies, Inc.                               | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79914.39     | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                         | Goodyear Tire & Rubber Co. (The)                         | CUSIP: 382550BF7<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    181000 | PA      | $181096.29    | 0.04%             | 2026-05-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                                | Standard Industries, Inc.                                | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    444000 | PA      | $435981.58    | 0.10%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                         | Fair Isaac Corp.                                         | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    416000 | PA      | $400431.53    | 0.09%             | 2028-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Radiate Holdco LLC                                       | Radiate Holdco LLC                                       | CUSIP: 75026JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    386000 | PA      | $331029.74    | 0.08%             | 2026-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                         | Goodyear Tire & Rubber Co. (The)                         | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    189000 | PA      | $175788.35    | 0.04%             | 2033-04-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                         | NCR Atleos Corp.                                         | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    426000 | PA      | $465328.32    | 0.11%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Vibrantz Technologies, Inc.                              | Vibrantz Technologies, Inc.                              | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |    217000 | PA      | $152985.00    | 0.04%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                      | Rocket Mortgage LLC                                      | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    156000 | PA      | $141151.16    | 0.03%             | 2031-03-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                 | AthenaHealth Group, Inc.                                 | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    758000 | PA      | $730350.06    | 0.17%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    506000 | PA      | $255417.93    | 0.06%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Cwt Travel Group, Inc.                                   | Cwt Travel Group, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1455 | NS      | $5820.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Getty Images, Inc.                                       | Getty Images, Inc.                                       | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     71000 | PA      | $69661.07     | 0.02%             | 2027-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Lamar Media Corp.                                        | Lamar Media Corp.                                        | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    108000 | PA      | $101784.86    | 0.02%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                            | Six Flags Entertainment Corp.                            | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $51456.47     | 0.01%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                                  | VZ Secured Financing BV                                  | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    308000 | PA      | $266246.60    | 0.06%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co., Inc.                    | New Enterprise Stone & Lime Co., Inc.                    | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    190000 | PA      | $186457.43    | 0.04%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Communications, Inc.                        | Consolidated Communications, Inc.                        | CUSIP: 20903XAH6<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141409.89    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Macy's Retail Holdings LLC                               | Macy's Retail Holdings LLC                               | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $114670.49    | 0.03%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Telesat Canada                                           | Telesat Canada                                           | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    364000 | PA      | $215846.06    | 0.05%             | 2026-12-06      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Office Properties Income Trust                           | Office Properties Income Trust                           | CUSIP: 67623CAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13623 | PA      | $10881.30     | 0.00%             | 2027-03-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                                       | TriNet Group, Inc.                                       | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    112000 | PA      | $103510.58    | 0.02%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Clue Opco LLC                                            | Clue Opco LLC                                            | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $257392.25    | 0.06%             | 2031-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    185000 | PA      | $193324.91    | 0.04%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                 | EquipmentShare.com, Inc.                                 | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    376000 | PA      | $386310.67    | 0.09%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     98000 | PA      | $82565.00     | 0.02%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                               | Dana, Inc.                                               | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     73000 | PA      | $69229.73     | 0.02%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1523000 | PA      | $1570697.31   | 0.36%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                         | NRG Energy, Inc.                                         | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28737.46     | 0.01%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Infrabuild Australia Pty. Ltd.                           | Infrabuild Australia Pty. Ltd.                           | CUSIP: 45682RAC4<br>LEI: 549300W2CPB5W6GFH859 | Long             | DBT              | CORP              | AU        |    153000 | PA      | $159355.26    | 0.04%             | 2028-11-15      | Fixed         | 14.50%                | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $13994.97     | 0.00%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Heartland Dental LLC                                     | Heartland Dental LLC                                     | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $197616.36    | 0.05%             | 2028-04-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| New Fortress Energy, Inc.                                | New Fortress Energy, Inc.                                | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |     21000 | PA      | $12573.12     | 0.00%             | 2026-09-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HTA Group Ltd.                                           | HTA Group Ltd.                                           | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    213000 | PA      | $216520.89    | 0.05%             | 2029-06-04      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                        | Brink's Co. (The)                                        | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41039.76     | 0.01%             | 2032-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                 | Celanese US Holdings LLC                                 | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1128485.10   | 0.26%             | 2030-11-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                        | Brink's Co. (The)                                        | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    340000 | PA      | $346913.90    | 0.08%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Ferrellgas LP                                            | Ferrellgas LP                                            | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    498000 | PA      | $490547.99    | 0.11%             | 2026-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP                     | Ladder Capital Finance Holdings LLLP                     | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    524000 | PA      | $512648.01    | 0.12%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                             | Fibercop SpA                                             | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    350000 | PA      | $348713.61    | 0.08%             | 2038-06-04      | Fixed         | 7.72%                 | Yes           |                  2 | On Loan: No      |
| Watco Cos. LLC                                           | Watco Cos. LLC                                           | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $223339.22    | 0.05%             | 2032-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    808000 | PA      | $718653.30    | 0.17%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corp.                                         | Murphy Oil Corp.                                         | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    227000 | PA      | $211615.78    | 0.05%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                                   | Chart Industries, Inc.                                   | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    561000 | PA      | $585572.36    | 0.14%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    805000 | PA      | $907637.50    | 0.21%             | 2030-12-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Ashton Woods USA LLC                                     | Ashton Woods USA LLC                                     | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    123000 | PA      | $123515.49    | 0.03%             | 2028-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Railworks Holdings LP                                    | Railworks Holdings LP                                    | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $71074.50     | 0.02%             | 2028-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    464000 | PA      | $459133.61    | 0.11%             | 2033-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Dream Finders Homes, Inc.                                | Dream Finders Homes, Inc.                                | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91000 | PA      | $93651.19     | 0.02%             | 2028-08-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                | Vistra Operations Co. LLC                                | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    929000 | PA      | $966477.72    | 0.22%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Global Atlantic Fin Co.                                  | Global Atlantic Fin Co.                                  | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    492000 | PA      | $504732.96    | 0.12%             | 2054-10-15      | Variable      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                 | RB Global Holdings, Inc.                                 | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    320000 | PA      | $326817.80    | 0.08%             | 2028-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                      | Medline Borrower LP                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    109000 | PA      | $106520.73    | 0.02%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                       | Vital Energy, Inc.                                       | CUSIP: 516806AH9<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    430000 | PA      | $362298.26    | 0.08%             | 2029-07-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| William Carter Co. (The)                                 | William Carter Co. (The)                                 | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    126000 | PA      | $125141.13    | 0.03%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Life Time, Inc.                                          | Life Time, Inc.                                          | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140312.76    | 0.03%             | 2031-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                | Standard Industries, Inc.                                | CUSIP: 853496AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $85414.26     | 0.02%             | 2027-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                            | Six Flags Entertainment Corp.                            | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    218000 | PA      | $217513.99    | 0.05%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                | Howard Hughes Corp. (The)                                | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14101.34     | 0.00%             | 2029-02-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Residential Properties, Inc.                  | Brookfield Residential Properties, Inc.                  | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    290000 | PA      | $252300.00    | 0.06%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Veritiv Operating Co.                                    | Veritiv Operating Co.                                    | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |    299000 | PA      | $318017.90    | 0.07%             | 2030-11-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| VOC Escrow Ltd.                                          | VOC Escrow Ltd.                                          | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    297000 | PA      | $292955.36    | 0.07%             | 2028-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                            | Starwood Property Trust, Inc.                            | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15212.90     | 0.00%             | 2030-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Everi Holdings, Inc.                                     | Everi Holdings, Inc.                                     | CUSIP: 30034TAA1<br>LEI: 5299006DK5S7BG10K532 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97730.99     | 0.02%             | 2029-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Coeur Mining, Inc.                                       | Coeur Mining, Inc.                                       | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |     86000 | PA      | $82767.51     | 0.02%             | 2029-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Virtusa Corp.                                            | Virtusa Corp.                                            | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |    136000 | PA      | $131474.48    | 0.03%             | 2028-12-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                  | American Airlines, Inc.                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120009 | PA      | $117846.16    | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                 | EquipmentShare.com, Inc.                                 | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    286000 | PA      | $296906.61    | 0.07%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MEG Energy Corp.                                         | MEG Energy Corp.                                         | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |    206000 | PA      | $204935.59    | 0.05%             | 2029-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                     | Frontier Communications Holdings LLC                     | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    439000 | PA      | $444829.04    | 0.10%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                            | Calpine Corp.                                            | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53341.62     | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                      | Station Casinos LLC                                      | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    430000 | PA      | $430589.53    | 0.10%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Dcli Bidco LLC                                           | Dcli Bidco LLC                                           | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    127000 | PA      | $127974.60    | 0.03%             | 2029-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AMN Healthcare, Inc.                                     | AMN Healthcare, Inc.                                     | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |     63000 | PA      | $57887.66     | 0.01%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                         | Altice France SA                                         | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    257000 | PA      | $218344.81    | 0.05%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                    | Prestige Brands, Inc.                                    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19903.17     | 0.00%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.                    | Global Infrastructure Solutions, Inc.                    | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    171000 | PA      | $166895.81    | 0.04%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Constellium SE                                           | Constellium SE                                           | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    322000 | PA      | $316237.75    | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ROBLOX Corp.                                             | ROBLOX Corp.                                             | CUSIP: 771049AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    343000 | PA      | $319022.28    | 0.07%             | 2030-05-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                   | ON Semiconductor Corp.                                   | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    234000 | PA      | $223490.73    | 0.05%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FTAI Infra Escrow Holdings LLC                           | FTAI Infra Escrow Holdings LLC                           | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    157000 | PA      | $162117.89    | 0.04%             | 2027-06-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                                    | Churchill Downs, Inc.                                    | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259096.66    | 0.06%             | 2027-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    584000 | PA      | $565285.43    | 0.13%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                                    | Churchill Downs, Inc.                                    | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    698000 | PA      | $688170.98    | 0.16%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AP6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61691.74     | 0.01%             | 2044-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Open Text Corp.                                          | Open Text Corp.                                          | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    918000 | PA      | $879358.90    | 0.20%             | 2028-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Starz Capital Holdings 1, Inc.                           | Starz Capital Holdings 1, Inc.                           | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $204685.34    | 0.05%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                  | Molina Healthcare, Inc.                                  | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    281000 | PA      | $272569.51    | 0.06%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                                | Diamond Foreign Asset Co.                                | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    141000 | PA      | $141245.62    | 0.03%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| United Natural Foods, Inc.                               | United Natural Foods, Inc.                               | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |    149000 | PA      | $148012.29    | 0.03%             | 2028-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15322.58     | 0.00%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                  | GFL Environmental, Inc.                                  | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    337000 | PA      | $349569.76    | 0.08%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                 | Spirit AeroSystems, Inc.                                 | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14627.15     | 0.00%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                   | HUB International Ltd.                                   | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    595000 | PA      | $620941.41    | 0.14%             | 2032-01-31      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Neogen Food Safety Corp.                                 | Neogen Food Safety Corp.                                 | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $130340.75    | 0.03%             | 2030-07-20      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                        | Brink's Co. (The)                                        | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     78000 | PA      | $76955.59     | 0.02%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Penn Entertainment, Inc.                                 | Penn Entertainment, Inc.                                 | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    246000 | PA      | $219725.36    | 0.05%             | 2029-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                         | Goodyear Tire & Rubber Co. (The)                         | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51360.46     | 0.01%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    133000 | PA      | $130416.75    | 0.03%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Premier Entertainment Sub LLC                            | Premier Entertainment Sub LLC                            | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $85085.00     | 0.02%             | 2031-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                              | Caesars Entertainment, Inc.                              | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    745000 | PA      | $764466.85    | 0.18%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LCM Investments Holdings II LLC                          | LCM Investments Holdings II LLC                          | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    293000 | PA      | $310652.96    | 0.07%             | 2031-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc.                          | Blackstone Mortgage Trust, Inc.                          | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    252000 | PA      | $243260.77    | 0.06%             | 2027-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response, Inc.                            | Global Medical Response, Inc.                            | CUSIP: 37960BAB1<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    204039 | PA      | $204039.00    | 0.05%             | 2028-10-31      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Park Intermediate Holdings LLC                           | Park Intermediate Holdings LLC                           | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $46337.87     | 0.01%             | 2030-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                              | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $359710.17    | 0.08%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 65342QAB8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    119000 | PA      | $115114.83    | 0.03%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                             | MPT Operating Partnership LP                             | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    768000 | PA      | $671201.28    | 0.16%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                            | Navient Corp.                                            | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    441000 | PA      | $430221.43    | 0.10%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                              | Xerox Corp.                                              | CUSIP: 984121CB7<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    211000 | PA      | $105497.43    | 0.02%             | 2039-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    399000 | PA      | $273815.47    | 0.06%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23531.79     | 0.01%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                              | Acadia Healthcare Co., Inc.                              | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14265.23     | 0.00%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Waste Pro USA, Inc.                                      | Waste Pro USA, Inc.                                      | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    344000 | PA      | $352713.18    | 0.08%             | 2033-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    707000 | PA      | $707165.44    | 0.16%             | 2027-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    194000 | PA      | $202939.33    | 0.05%             | 2032-06-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                           | Carnival Corp.                                           | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    673000 | PA      | $674773.84    | 0.16%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Mallinckrodt plc                                         | Mallinckrodt plc                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       739 | NS      | $63769.42     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Premier Entertainment Sub LLC                            | Premier Entertainment Sub LLC                            | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    319000 | PA      | $211337.50    | 0.05%             | 2029-09-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                  | Civitas Resources, Inc.                                  | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69031.94     | 0.02%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    469000 | PA      | $371354.20    | 0.09%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Efesto Bidco S.p.A Efesto US LLC                         | Efesto Bidco S.p.A Efesto US LLC, Series XR              | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    335000 | PA      | $337184.20    | 0.08%             | 2032-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Perenti Finance Pty. Ltd.                                | Perenti Finance Pty. Ltd.                                | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |    249000 | PA      | $256514.82    | 0.06%             | 2029-04-26      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| HLF Financing SARL LLC                                   | HLF Financing SARL LLC                                   | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    482000 | PA      | $394720.60    | 0.09%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp.                                      | Rithm Capital Corp.                                      | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    282000 | PA      | $282750.97    | 0.07%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                    | Albertsons Cos., Inc.                                    | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    655000 | PA      | $654412.53    | 0.15%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10397.55     | 0.00%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                               | Garda World Security Corp.                               | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    101000 | PA      | $101338.45    | 0.02%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Acuris Finance US, Inc.                                  | Acuris Finance US, Inc.                                  | CUSIP: 00511BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $407600.00    | 0.09%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Harvest Midstream I LP                                   | Harvest Midstream I LP                                   | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    435000 | PA      | $441698.57    | 0.10%             | 2028-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                      | Baytex Energy Corp.                                      | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    391000 | PA      | $378859.88    | 0.09%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    792000 | PA      | $794842.85    | 0.18%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                             | Hess Midstream Operations LP                             | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14296.98     | 0.00%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Navient Corp.                                            | Navient Corp.                                            | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5063.12      | 0.00%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    938000 | PA      | $937386.52    | 0.22%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Match Group Holdings II LLC                              | Match Group Holdings II LLC                              | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    490000 | PA      | $474842.19    | 0.11%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                        | Hillenbrand, Inc.                                        | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    276000 | PA      | $276952.48    | 0.06%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                              | Gates Corp.                                              | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    176000 | PA      | $180357.60    | 0.04%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**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