# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016744
**Filing Date:** 2023-1
**Character Count:** 589640
**Document Hash:** 62d697e8dbe73c3d91daad74f1232aa3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016744.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016744

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 23563258

**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 Inflation Managed Bond ETF (Series ID: S000074053)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000231436 | JPMorgan Inflation Managed Bond ETF | JCPI            |

## Nport-Ex

**JPMorgan Inflation Managed Bond ETF**

**Schedule of Portfolio Investments as of November 30, 2022**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> 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., 2022. |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **U.S. Treasury Obligations — 31.9%** | **U.S. Treasury Obligations — 31.9%** | **U.S. Treasury Obligations — 31.9%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/15/2024 (a) | 29678000 | 37009397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 1/15/2025 | 46502000 | 56244876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/15/2026 | 36529000 | 44170574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/2027 | 88892000 | 88050969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 7/15/2027 | 36525000 | 42295185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 7/15/2029 | 5179600 | 5584225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 1/15/2032 | 2030400 | 1947494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 7/15/2032 | 15397000 | 14793124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>0.25%, 8/31/2025<br>| 1821800 | 1639336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $299,931,944)<br>|  | 291735180 |
| **Corporate Bonds — 25.2%** | **Corporate Bonds — 25.2%** | **Corporate Bonds — 25.2%** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| &nbsp;&nbsp;&nbsp; BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889965 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 2/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 541000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | &nbsp;&nbsp; 1096000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 998000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/1/2026 | &nbsp;&nbsp; 2284000 | &nbsp;&nbsp;&nbsp;&nbsp; 2129302 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 4/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473889 |
| &nbsp;&nbsp;&nbsp; Leidos, Inc. 2.30%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718554 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. 3.15%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459863 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. 3.00%, 6/1/2030 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9220289 |
| **Airlines — 0.0% ^** | **Airlines — 0.0% ^** | **Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 144077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137168 |
| **Auto Components — 0.0% ^** | **Auto Components — 0.0% ^** | **Auto Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lear Corp. 2.60%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170455 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.13%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628112 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/10/2027 (b) | &nbsp;&nbsp; 1237000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 1/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251670 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) 2.13%, 3/10/2025 (b) | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1170982 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 9/17/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 9/17/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694564 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. 2.69%, 9/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291923 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5788853 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, <br> 12/13/2029 (b) (c)<br>| 1000000 | 810614 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b) | 1000000 | 953511 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/18/2025 | 200000 | 198733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c) | 200000 | 171345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/3/2030 | 600000 | 448923 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/11/2023 | 32000 | 31947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/22/2025 | 1046000 | 1025510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 6/19/2026 (c) | 21000 | 18948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c) | 1390000 | 1231676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (c) | &nbsp;&nbsp;&nbsp; 1747000 | &nbsp;&nbsp;&nbsp;&nbsp; 1643860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 1.90%, 7/23/2031 (c) | &nbsp;&nbsp;&nbsp; 2748000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932929 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714109 |
| &nbsp;&nbsp;&nbsp; Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (b) | &nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1551923 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c) | &nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1210573 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.07%), 2.22%, 6/9/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/13/2027 (b) | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950326 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2965778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c) | &nbsp;&nbsp;&nbsp; 1092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913160 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. 2.64%, 9/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, <br> 12/15/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866154 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 1.91%, 6/16/2026 (b) (c) | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761641 |
| &nbsp;&nbsp;&nbsp; Discover Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (b) <br> (c)<br>| &nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1232851 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c) | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1778911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (c) | &nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 2.85%, 6/4/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750047 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. (SOFR + 2.05%), 5.02%, 5/17/2033 (c) | &nbsp;&nbsp;&nbsp; 1068000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018015 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (c) | 480000 | 423688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/2/2028 | 406000 | 386601 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFR + 1.25%), 3.88%, 5/23/2025 (c) | 184000 | 180414 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (c) | 350000 | 323709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/11/2027 | 869000 | 807897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, <br> 1/19/2028 (c)<br>| 850000 | 750516 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (b) | 1000000 | 982520 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c) | 1000000 | 989549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583717 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 0.80%, 8/12/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532431 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 1/22/2025 (b) | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 937000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797228 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 2.70%, 7/16/2024 | &nbsp;&nbsp;&nbsp; 1982000 | &nbsp;&nbsp;&nbsp;&nbsp; 1898661 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522457 |
| &nbsp;&nbsp;&nbsp; Wachovia Corp. 7.57%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676632 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 2.41%, 10/30/2025 (c) | &nbsp;&nbsp;&nbsp; 1092000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, <br> 2/4/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454808 |
|  |  | &nbsp;&nbsp; 46976734 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC (Belgium) 3.65%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551173 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1008167 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2024 | &nbsp;&nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp; 1807000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691846 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 3.35%, 2/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353778 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 2.25%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490024 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 3.50%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34178 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3995114 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469469 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund 3.65%, 7/14/2023 | 550000 | 543606 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026 | 778000 | 757242 |
| &nbsp;&nbsp;&nbsp; Credit Suisse AG (Switzerland) 3.63%, 9/9/2024 | 1920000 | 1766404 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (c) | 378000 | 257517 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/27/2023 | 500000 | 497340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 2.22%, 9/18/2024 (c) | 360000 | 345385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.55%, 1/7/2028 (c) | 500000 | 419770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 3.04%, 5/28/2032 (c) | 626000 | 471472 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 0.67%, 3/8/2024 (c) | 370000 | 364527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp;&nbsp; 1451000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/2026 | &nbsp;&nbsp;&nbsp; 1606000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 1.99%, 1/27/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562052 |
| &nbsp;&nbsp;&nbsp; Invesco Finance plc 3.75%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419314 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188703 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley 4.35%, 9/8/2026 | &nbsp;&nbsp;&nbsp; 3923000 | &nbsp;&nbsp;&nbsp;&nbsp; 3819444 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 1/22/2027 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 7/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362232 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463589 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585137 |
|  |  | &nbsp;&nbsp; 18596729 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. 1.83%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259074 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC 2.25%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739555 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) 2.95%, 5/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171817 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. 2.95%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189207 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) 3.30%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216335 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. 3.60%, 8/15/2026 | &nbsp;&nbsp;&nbsp; 1038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2551155 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632022 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/23/2023 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196382 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **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; 4.50%, 9/15/2023 | 234000 | 231103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/14/2024 | 700000 | 662539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/1/2025 | 800000 | 767676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | 1404000 | 1234531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | 635000 | 536505 |
| &nbsp;&nbsp;&nbsp; American Express Co. 2.50%, 7/30/2024 | 928000 | 894811 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2024 (b) | 778000 | 758964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 7/1/2024 (b) | 624000 | 594264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | 400000 | 378882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (b) | 808000 | 691602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp; 1006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp; 1292000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (b) | &nbsp;&nbsp;&nbsp; 3315000 | &nbsp;&nbsp;&nbsp;&nbsp; 2681321 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 4.17%, 5/9/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 2.62%, 11/2/2032 (c) | &nbsp;&nbsp;&nbsp; 1013000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775441 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/2031 | &nbsp;&nbsp;&nbsp; 1289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995567 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386234 |
|  |  | &nbsp;&nbsp; 15880266 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 513000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446081 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America 3.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259240 |
| &nbsp;&nbsp;&nbsp; WRKCo, Inc. 4.90%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850277 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (b) | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453903 |
| &nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. (Japan) 3.96%, 9/19/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808840 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028 | &nbsp;&nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063778 |
| &nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3717883 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. 1.65%, 2/1/2028 | &nbsp;&nbsp;&nbsp; 1751000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503173 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b) | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886785 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 2.63%, 8/15/2026 | &nbsp;&nbsp;&nbsp; 1823000 | &nbsp;&nbsp;&nbsp;&nbsp; 1696637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4086595 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. 2.03%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266164 |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co. 3.35%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359767 |
| &nbsp;&nbsp;&nbsp; Cleveland Electric Illuminating Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274281 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co. 3.65%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456210 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC 6.45%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54260 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/1/2030 (b) | 421000 | 332953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 1/7/2032 (b) | 254000 | 199212 |
| &nbsp;&nbsp;&nbsp; Edison International 3.55%, 11/15/2024 | 978000 | 941192 |
| &nbsp;&nbsp;&nbsp; Entergy Arkansas LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 6/1/2023 | 693000 | 685865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/2026 | 224000 | 216298 |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC 2.85%, 6/1/2028 | 233000 | 207732 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | 368000 | 317674 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (b) | 1324000 | 1205325 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 541000 | 503790 |
| &nbsp;&nbsp;&nbsp; Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99352 |
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co. 4.10%, 9/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891053 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213200 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 2.75%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234203 |
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co. 3.30%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190331 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124433 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 866000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831610 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 2.45%, 12/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380803 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. 0.70%, 5/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203658 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313445 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/16/2024 | &nbsp;&nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 7/1/2030 | &nbsp;&nbsp;&nbsp; 1092999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997053 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Electric Co. 3.25%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231902 |
| &nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC Series A-1, 5.05%, 7/15/2032 | &nbsp;&nbsp;&nbsp; 1111000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113044 |
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036 | &nbsp;&nbsp;&nbsp; 1022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955551 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire 3.50%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279189 |
| &nbsp;&nbsp;&nbsp; SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201430 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) Series 21-B, 1.75%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420834 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.88%, 5/13/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 984000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961122 |
|  |  | &nbsp;&nbsp; 16206443 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. 3.88%, 1/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784978 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC 3.34%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233452 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. 2.92%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363128 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 7.43%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658021 |
| **Equity Real Estate Investment Trusts (REITs) — 2.1%** | **Equity Real Estate Investment Trusts (REITs) — 2.1%** | **Equity Real Estate Investment Trusts (REITs) — 2.1%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 639000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557533 |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp; 1898000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651497 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 1/31/2028 | 545000 | 450139 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. 3.35%, 5/15/2027 | 215000 | 199926 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 2/1/2025 | 375000 | 359725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | 186000 | 153942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | 450000 | 341042 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.00%, 1/15/2029 | 257000 | 198896 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. 4.45%, 2/15/2026 | 1092000 | 1067509 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 2.90%, 11/18/2026 | 1069000 | 977097 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP 1.65%, 1/15/2031 | 529000 | 396399 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP 2.35%, 3/15/2032 | 928000 | 705857 |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148268 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Holdings LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436758 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261258 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty LP 2.65%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553759 |
| &nbsp;&nbsp;&nbsp; Life Storage LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367385 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP 1.70%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302486 |
| &nbsp;&nbsp;&nbsp; National Retail Properties, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513465 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298383 |
| &nbsp;&nbsp;&nbsp; Physicians Realty LP 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368679 |
| &nbsp;&nbsp;&nbsp; Public Storage 2.25%, 11/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400321 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349647 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care LP 3.20%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 616000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461902 |
| &nbsp;&nbsp;&nbsp; Safehold Operating Partnership LP 2.80%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765131 |
| &nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382332 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. 3.63%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94364 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290174 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302781 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2024 | 828000 | 820331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/15/2032 | 600000 | 476491 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | 285000 | 226611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | 1292000 | 954932 |
|  |  | &nbsp;&nbsp; 19504095 |
| **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** | **Food & Staples Retailing — 0.1%** |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc. 1.30%, 2/10/2028 (b) | 1017000 | 851191 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Campbell Soup Co. 2.38%, 4/24/2030 | 576000 | 481387 |
| &nbsp;&nbsp;&nbsp; Cargill, Inc. 2.13%, 4/23/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331493 |
| &nbsp;&nbsp;&nbsp; Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87732 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. 5.20%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516556 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. 3.90%, 9/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1912084 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. 2.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202379 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories 3.88%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590857 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. 3.36%, 6/6/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635785 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 661000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455058 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. 1.88%, 2/28/2031 | &nbsp;&nbsp;&nbsp; 1551000 | &nbsp;&nbsp;&nbsp;&nbsp; 1235717 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. 4.13%, 6/15/2029 | &nbsp;&nbsp;&nbsp; 1606000 | &nbsp;&nbsp;&nbsp;&nbsp; 1467658 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. 3.95%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595853 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 633000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531758 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. 2.75%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5305183 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. 3.25%, 2/15/2030 | &nbsp;&nbsp;&nbsp; 1307000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117572 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. 2.25%, 3/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1775720 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038238 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/9/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 4/7/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177000 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) 3.15%, 6/15/2023 | 615000 | 609438 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. 3.90%, 4/1/2026 | 200000 | 194328 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. 4.20%, 9/27/2023 | 109000 | 107853 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/25/2024 (b) | 550000 | 523131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 1/7/2029 (b) | 1015000 | 845544 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding 1.00%, 4/12/2024 (b) | 528000 | 495519 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 5/15/2024 | 499000 | 489754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2026 | 364000 | 359418 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/7/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 1/6/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339865 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 2.30%, 4/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 978000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855420 |
| &nbsp;&nbsp;&nbsp; Guardian Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/25/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/10/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644063 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding 3.05%, 4/29/2026 (b) | &nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959694 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862485 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada) 4.15%, 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441666 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611587 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. 3.70%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680730 |
| &nbsp;&nbsp;&nbsp; Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690884 |
|  |  | &nbsp;&nbsp; 11337755 |
| **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; eBay, Inc. 2.60%, 5/10/2031 | &nbsp;&nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938153 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1103907 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. 3.90%, 11/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701653 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC 4.91%, 7/23/2025 | &nbsp;&nbsp;&nbsp; 1456000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433129 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 978000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948929 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC 3.95%, 3/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 828000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743598 |
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276592 |
| &nbsp;&nbsp;&nbsp; Paramount Global 2.90%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483204 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC 8.38%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5320976 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/2030 (b) | 500000 | 405737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/27/2031 (b) | 400000 | 329413 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. 1.65%, 10/15/2027 | 374000 | 313900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1049050 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 1.45%, 6/1/2026 | 288000 | 256616 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. 2.95%, 2/15/2027 | 170000 | 154985 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028 | 632000 | 602400 |
| &nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036 | 225000 | 171478 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. 1.60%, 8/15/2030 | 745000 | 580709 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 2.38%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200256 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 1.38%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2584671 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| &nbsp;&nbsp;&nbsp; Aker BP ASA (Norway) 2.00%, 7/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642696 |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. (Australia) 4.25%, 7/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796922 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 1/12/2032 | &nbsp;&nbsp; 1092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925142 |
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC 2.90%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124650 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681210 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585041 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 701000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653385 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243567 |
| &nbsp;&nbsp;&nbsp; Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (b) | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127574 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 3.95%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540011 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (b) | &nbsp;&nbsp; 1488000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187398 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824453 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503156 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 3.15%, 1/15/2023 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387313 |
| &nbsp;&nbsp;&nbsp; MPLX LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 518000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 514000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421802 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221744 |
| &nbsp;&nbsp;&nbsp; Ovintiv Exploration, Inc. 5.38%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477466 |
| &nbsp;&nbsp;&nbsp; Phillips 66 2.15%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150726 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **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; Pioneer Natural Resources Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 1/15/2026 | 624000 | 557016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 8/15/2030 | 564000 | 450669 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/2025 | 407000 | 400728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/2029 | 100000 | 87146 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 4.50%, 5/15/2030 | 250000 | 236219 |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034 | 274000 | 275399 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP 4.00%, 1/15/2032 | 153000 | 131211 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) 2.70%, 1/25/2023 | 200000 | 199377 |
|  |  | &nbsp;&nbsp; 16657607 |
| **Personal Products — 0.1%** | **Personal Products — 0.1%** | **Personal Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital US LLC 3.38%, 3/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572566 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Mylan, Inc. 3.13%, 1/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597972 |
| &nbsp;&nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584176 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1235416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2417564 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206471 |
| &nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507133 |
| **Road & Rail — 0.3%** | **Road & Rail — 0.3%** | **Road & Rail — 0.3%** |
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC 3.85%, 11/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 612000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592483 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP 4.20%, 4/1/2027 (b) | &nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077790 |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3033864 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 4.11%, 9/15/2028 | &nbsp;&nbsp; 1594000 | &nbsp;&nbsp;&nbsp;&nbsp; 1489395 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 2.95%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504977 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554762 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) 2.50%, 5/11/2031 | &nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904535 |
| &nbsp;&nbsp;&nbsp; Xilinx, Inc. 2.38%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4685031 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/25/2031 | &nbsp;&nbsp; 1424000 | &nbsp;&nbsp;&nbsp;&nbsp; 1191088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51927 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 3.80%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892973 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. 3.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2438503 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. 3.50%, 3/15/2032 | 500000 | 414757 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. 1.65%, 1/15/2031 | 751000 | 582628 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/15/2026 | 300000 | 290215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 9/1/2027 | 463000 | 440011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1727611 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. 2.75%, 1/13/2025 | 825000 | 797946 |
| &nbsp;&nbsp;&nbsp; Dell International LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/1/2026 | 600000 | 593397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/1/2029 | 628000 | 621204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2012547 |
| **Thrifts & Mortgage Finance — 0.2%** | **Thrifts & Mortgage Finance — 0.2%** | **Thrifts & Mortgage Finance — 0.2%** |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 2.05%, 10/19/2027 (b) (c) | &nbsp;&nbsp; 1114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1472127 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 996000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755092 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2067217 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/15/2023 | &nbsp;&nbsp; 1292000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851901 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. 4.40%, 9/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544178 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC 5.50%, 12/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771503 |
| &nbsp;&nbsp;&nbsp; BOC Aviation Ltd. (Singapore) 3.50%, 10/10/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4755522 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032 (b) | &nbsp;&nbsp; 1038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918932 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2375447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $260,125,466)<br>|  | 230607856 |
| **Commercial Mortgage-Backed Securities — 12.1%** | **Commercial Mortgage-Backed Securities — 12.1%** | **Commercial Mortgage-Backed Securities — 12.1%** |
| &nbsp;&nbsp;&nbsp; 20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (b) (e) | &nbsp;&nbsp; 1162000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129693 |
| &nbsp;&nbsp;&nbsp; BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b) | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299646 |
| &nbsp;&nbsp;&nbsp; BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (b) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343291 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KSMC, Class A2, 2.62%, 1/25/2023 | 6000000 | 5971678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K027, Class A2, 2.64%, 1/25/2023 | 68674 | 68473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KJ11, Class A2, 2.93%, 1/25/2023 | 57877 | 57612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K029, Class A2, 3.32%, 2/25/2023 (e) | 1602352 | 1595595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K034, Class A2, 3.53%, 7/25/2023 (e) | 4987559 | 4934016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K036, Class A2, 3.53%, 10/25/2023 (e) | 3000000 | 2958149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K038, Class A2, 3.39%, 3/25/2024 | 4768000 | 4669549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K039, Class A2, 3.30%, 7/25/2024 | 2550000 | 2487031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J22F, Class A2, 4.09%, 9/25/2024 | 137867 | 135922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K729, Class A2, 3.14%, 10/25/2024 | 1219000 | 1181905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K041, Class A2, 3.17%, 10/25/2024 | 7000000 | 6782091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K046, Class A2, 3.21%, 3/25/2025 | &nbsp;&nbsp;&nbsp; 2503000 | &nbsp;&nbsp;&nbsp;&nbsp; 2419179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (e) | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K048, Class A2, 3.28%, 6/25/2025 (e) | &nbsp;&nbsp;&nbsp; 3480000 | &nbsp;&nbsp;&nbsp;&nbsp; 3365471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K049, Class A2, 3.01%, 7/25/2025 | &nbsp;&nbsp;&nbsp; 2469000 | &nbsp;&nbsp;&nbsp;&nbsp; 2369996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class A7, 2.23%, 9/25/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 334333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class A2, 2.53%, 5/25/2026 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3753298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class A1, 2.34%, 7/25/2026 | &nbsp;&nbsp;&nbsp; 1247297 | &nbsp;&nbsp;&nbsp;&nbsp; 1194338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class AM, 2.10%, 10/25/2026 | &nbsp;&nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2841542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K060, Class A2, 3.30%, 10/25/2026 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2, 3.12%, 6/25/2027 | &nbsp;&nbsp;&nbsp; 1362000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class A2, 3.19%, 7/25/2027 | &nbsp;&nbsp;&nbsp; 1686000 | &nbsp;&nbsp;&nbsp;&nbsp; 1604522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K069, Class A2, 3.19%, 9/25/2027 (e) | &nbsp;&nbsp;&nbsp; 3235000 | &nbsp;&nbsp;&nbsp;&nbsp; 3075523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K070, Class A2, 3.30%, 11/25/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class A2, 3.44%, 12/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K081, Class A1, 3.88%, 2/25/2028 | &nbsp;&nbsp;&nbsp; 1037164 | &nbsp;&nbsp;&nbsp;&nbsp; 1022444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class A2, 3.85%, 6/25/2028 | &nbsp;&nbsp;&nbsp; 1541000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K079, Class A2, 3.93%, 6/25/2028 | &nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3528259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class A2, 4.05%, 9/25/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-150, Class A2, 3.71%, 9/25/2032 (e) | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2837723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-151, Class A2, 3.80%, 10/25/2032 (e) | &nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K145, Class AM, 2.58%, 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749196 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-M7, Class A2, 2.28%, 12/25/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 120016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-M9, Class A2, 2.39%, 1/25/2023 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 465754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-M13, Class A2, 2.60%, 4/25/2023 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 552007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M1, Class A2, 3.40%, 7/25/2023 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 762756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e) | &nbsp;&nbsp;&nbsp; 2286253 | &nbsp;&nbsp;&nbsp;&nbsp; 2245053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M3, Class A2, 3.50%, 1/25/2024 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 694032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M8, Class A2, 3.06%, 6/25/2024 (e) | &nbsp;&nbsp;&nbsp; 2561264 | &nbsp;&nbsp;&nbsp;&nbsp; 2484507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-M13, Class A2, 3.02%, 8/25/2024 (e) | &nbsp;&nbsp;&nbsp; 1000791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M6, Class A2, 2.49%, 5/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 706043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 4/25/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 983568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M8, Class A2, 3.06%, 5/25/2027 (e) | &nbsp;&nbsp;&nbsp; 1360975 | &nbsp;&nbsp;&nbsp;&nbsp; 1288664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M12, Class A2, 3.17%, 6/25/2027 (e) | &nbsp;&nbsp;&nbsp; 2867863 | &nbsp;&nbsp;&nbsp;&nbsp; 2707894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M13, Class A2, 3.03%, 9/25/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 365176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M2, Class A2, 3.00%, 1/25/2028 (e) | &nbsp;&nbsp;&nbsp; 3247162 | &nbsp;&nbsp;&nbsp;&nbsp; 3048432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M4, Class A2, 3.16%, 3/25/2028 (e) | &nbsp;&nbsp;&nbsp; 2166117 | &nbsp;&nbsp;&nbsp;&nbsp; 2034237 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M9, Class APT2, 3.22%, 4/25/2028 (e) | 3183479 | 2997609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M14, Class A2, 3.70%, 8/25/2028 (e) | 382763 | 367380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M5, Class A2, 3.20%, 4/25/2029 (e) | 2863305 | 2674011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M3, Class A2, 3.17%, 2/25/2030 (e) | 1218592 | 1122850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class A1, 0.67%, 10/25/2030 | 650647 | 599815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class A2, 1.20%, 10/25/2030 | 415000 | 358201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO, 2.00%, 10/25/2030 (e) | 6360638 | 478382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M11, Class A2, 1.51%, 3/25/2031 (e) | 1517000 | 1196949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | 33934 | 31631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 2.06%, 11/25/2033 (e) | 347691 | 31546 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-K44, Class B, 3.85%, 1/25/2048 (b) (e) | 1500000 | 1427622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K722, Class B, 4.06%, 7/25/2049 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728829 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (b) | &nbsp;&nbsp;&nbsp; 1958000 | &nbsp;&nbsp;&nbsp;&nbsp; 1471821 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275566 |
| &nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b) | &nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427636 |
| &nbsp;&nbsp;&nbsp; UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27407 |
| &nbsp;&nbsp;&nbsp; UBS-Barclays Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C6, Class A4, 3.24%, 4/10/2046 | &nbsp;&nbsp;&nbsp; 1486000 | &nbsp;&nbsp;&nbsp;&nbsp; 1473340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C2, Class A4, 3.53%, 5/10/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $116,628,218)<br>|  | 110834671 |
| **Asset-Backed Securities — 11.1%** | **Asset-Backed Securities — 11.1%** | **Asset-Backed Securities — 11.1%** |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.13%, 5/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 351012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class AA, 3.30%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 485072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415898 |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b) | &nbsp;&nbsp;&nbsp; 1966000 | &nbsp;&nbsp;&nbsp;&nbsp; 1663484 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp; 1337000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091424 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 0.99%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 590232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A, 2.66%, 2/13/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 509616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504567 |
| &nbsp;&nbsp;&nbsp; American Tower Trust #1, 3.07%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499604 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 0.66%, 12/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 0.37%, 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 722882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class B, 0.76%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B, 0.69%, 1/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 4.38%, 4/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79215 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (b) | &nbsp;&nbsp;&nbsp; 2019000 | &nbsp;&nbsp;&nbsp;&nbsp; 1783479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 526971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467458 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables X LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (b) | &nbsp;&nbsp;&nbsp; 1456385 | &nbsp;&nbsp;&nbsp;&nbsp; 1376954 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650501 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust Series 2020-A1, Class A1, 0.34%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885970 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, 11/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 251312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, 6/15/2037 (b) | &nbsp;&nbsp;&nbsp; 1128865 | &nbsp;&nbsp;&nbsp;&nbsp; 1029447 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A3, 1.89%, 12/16/2024 | 251336 | 248000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A3, 0.62%, 3/17/2025 | 285325 | 280306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 0.34%, 12/15/2025 | 1982968 | 1915111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.49%, 2/16/2027 | 1038000 | 1008999 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P3, Class A3, 0.70%, 11/10/2026 | 1230000 | 1125523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P3, Class A3, 4.61%, 11/10/2027 | 245000 | 238634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class A4, 1.64%, 12/10/2027 | 2700000 | 2419117 |
| &nbsp;&nbsp;&nbsp; CIG Auto Receivables Trust Series 2021-1A, Class A, 0.69%, 4/14/2025 (b) | 271515 | 266176 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, 2.71%, 10/15/2052 (b) | 171838 | 160977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 546536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530017 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 0.81%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 885635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class B, 4.88%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149058 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.37%, 7/16/2029 (b) | &nbsp;&nbsp;&nbsp; 1952623 | &nbsp;&nbsp;&nbsp;&nbsp; 1929647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A, 1.24%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp; 1805502 | &nbsp;&nbsp;&nbsp;&nbsp; 1757074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 0.96%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp; 1396000 | &nbsp;&nbsp;&nbsp;&nbsp; 1333857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A, 1.00%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655500 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust Series 2021-3, Class B, 1.11%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344408 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class B, 0.91%, 12/16/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 175922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 0.62%, 9/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 237070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 1.58%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp; 1182090 | &nbsp;&nbsp;&nbsp;&nbsp; 1157107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 2.88%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp; 1006932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class C, 0.87%, 5/17/2027 (b) | &nbsp;&nbsp;&nbsp; 1292000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 9/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665652 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2, 1.15%, 6/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 351886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 0.57%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 399755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class B, 0.69%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A3, 4.21%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class B, 1.05%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A, Class B, 5.97%, 3/15/2027 | &nbsp;&nbsp;&nbsp; 1392000 | &nbsp;&nbsp;&nbsp;&nbsp; 1385746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class C, 4.92%, 12/15/2028 | &nbsp;&nbsp;&nbsp; 1076000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012786 |
| &nbsp;&nbsp;&nbsp; Fifth Third Auto Trust Series 2019-1, Class A4, 2.69%, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 229070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228535 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2021-1A, Class A, 0.45%, 3/16/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73638 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (b) | &nbsp;&nbsp;&nbsp; 1069795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.06%, 9/17/2038 ‡ (b) | &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2410552 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A, 0.53%, 4/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class C, 2.77%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 0.81%, 7/17/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 813557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 1.79%, 10/15/2026 (b) | &nbsp;&nbsp;&nbsp; 1658836 | &nbsp;&nbsp;&nbsp;&nbsp; 1595030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 0.36%, 7/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 874521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844195 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust Series 2021-A, Class A3, 0.26%, 2/15/2024 | 276738 | 275698 |
| &nbsp;&nbsp;&nbsp; FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b) | 2118000 | 1818304 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A, 0.84%, 7/15/2025 (b) | 771318 | 759295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 0.77%, 9/15/2025 (b) | 379500 | 374097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class C, 1.11%, 9/15/2026 (b) | 815000 | 760581 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A3, 0.39%, 10/21/2024 | 1137000 | 1099256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A4, 0.33%, 2/20/2025 | 1000000 | 977016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.42%, 6/20/2025 | 1057000 | 1030571 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A3, 1.84%, 9/16/2024 | 724640 | 720045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 0.35%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 345850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A4, 0.54%, 5/17/2027 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571136 |
| &nbsp;&nbsp;&nbsp; HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 133678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123395 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2022-1A, Class A, 1.99%, 6/25/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843378 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 ‡ (b) | &nbsp;&nbsp;&nbsp; 1166157 | &nbsp;&nbsp;&nbsp;&nbsp; 1062784 |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78364 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A3, 0.51%, 9/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 119956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A3, 0.33%, 1/16/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 205216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203479 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust Series 2022-1A, Class A, 5.12%, 7/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171133 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust Series 2021-A, Class A3, 0.25%, 1/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 392071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387506 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.43%, 5/20/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 952390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 1/22/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 189750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173455 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust Series 2020-B, Class A3, 0.43%, 10/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68661 |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 398130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393400 |
| &nbsp;&nbsp;&nbsp; PRET LLC Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 913105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843956 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class E1, 2.55%, 4/19/2038 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡ (b) | &nbsp;&nbsp;&nbsp; 1144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class A, 2.28%, 1/17/2039 (b) | &nbsp;&nbsp;&nbsp; 1995577 | &nbsp;&nbsp;&nbsp;&nbsp; 1662451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class E1, 2.81%, 11/17/2040 ‡ (b) | &nbsp;&nbsp;&nbsp; 1048000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821874 |
| &nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 315456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309103 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 1.36%, 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 695778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B, 0.60%, 12/15/2025 | &nbsp;&nbsp;&nbsp; 1345852 | &nbsp;&nbsp;&nbsp;&nbsp; 1332046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C, 1.01%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 334556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 0.90%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 956000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 3.40%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 914000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3, 4.14%, 2/16/2027 | &nbsp;&nbsp;&nbsp; 1248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class B, 4.43%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542335 |
| &nbsp;&nbsp;&nbsp; Santander Retail Auto Lease Trust Series 2022-A, Class A3, 1.34%, 7/21/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 611000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575826 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (b) | &nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1797032 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC Series 2022-2A, Class A, 4.73%, 6/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 138213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134545 |
| &nbsp;&nbsp;&nbsp; Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99714 |
| &nbsp;&nbsp;&nbsp; SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225672 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust Series 2021-B, Class A4, 0.63%, 9/22/2025 (b) | 715000 | 666225 |
| &nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (b) | 554999 | 544765 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A3, 1.66%, 5/15/2024 | 83209 | 82663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A3, 0.26%, 5/15/2025 | 1218055 | 1184383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, Class A4, 0.57%, 10/15/2025 | 532000 | 505842 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.10%, 7/7/2028 | 951131 | 845858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 2.88%, 10/7/2028 | 950512 | 815094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 3/1/2030 | 605217 | 518484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | 1081785 | 870183 |
| &nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026 (b) | 212230 | 210199 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 136607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136115 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 628061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617530 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust Series 2020-A, Class A3, 0.39%, 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 202908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201436 |
| &nbsp;&nbsp;&nbsp; VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 463518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410965 |
| &nbsp;&nbsp;&nbsp; VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 902009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826451 |
| &nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 ‡ (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 876011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784277 |
| &nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (d) | &nbsp;&nbsp;&nbsp; 1183830 | &nbsp;&nbsp;&nbsp;&nbsp; 1047695 |
| &nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 684963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604588 |
| &nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (d) | &nbsp;&nbsp;&nbsp; 1232506 | &nbsp;&nbsp;&nbsp;&nbsp; 1096734 |
| &nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (d) | &nbsp;&nbsp;&nbsp; 1467368 | &nbsp;&nbsp;&nbsp;&nbsp; 1308764 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2022-1A, Class A, 1.79%, 8/20/2036 (b) | &nbsp;&nbsp;&nbsp; 1054716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992508 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A3, 0.95%, 6/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class B, 0.78%, 11/17/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 586449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A3, 5.49%, 7/15/2026 (b) | &nbsp;&nbsp;&nbsp; 2196000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 2.12%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 806000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727166 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A3, 0.30%, 1/15/2026 | &nbsp;&nbsp;&nbsp; 1236015 | &nbsp;&nbsp;&nbsp;&nbsp; 1189061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A3, 0.44%, 8/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 3.25%, 7/15/2027 | &nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685212 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A3, 0.42%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 912000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A4, 0.52%, 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470245 |
| &nbsp;&nbsp;&nbsp; World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 188673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $108,081,442)<br>|  | 101160811 |
| **Mortgage-Backed Securities — 7.6%** | **Mortgage-Backed Securities — 7.6%** | **Mortgage-Backed Securities — 7.6%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # C91030, 5.50%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # C91802, 3.50%, 1/1/2035 | &nbsp;&nbsp;&nbsp; 2262310 | &nbsp;&nbsp;&nbsp;&nbsp; 2186924 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # A15232, 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 104241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # A57681, 6.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G06493, 4.50%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 435578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437156 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # WN1157, 1.80%, 11/1/2028 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865934 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # U90690, 3.50%, 6/1/2042 | 445932 | 420214 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZM6956, 4.50%, 6/1/2048 | 939672 | 930458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA6702, 3.00%, 2/1/2052 | 3703749 | 3298028 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024 | 172 | 171 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1138, 3.50%, 8/1/2032 | 384547 | 376560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AP9584, 3.00%, 10/1/2032 | 1845115 | 1753534 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL0045, 6.00%, 12/1/2032 | 170103 | 177271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 735503, 6.00%, 4/1/2035 | 43125 | 44835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 888460, 6.50%, 10/1/2036 | 274733 | 292433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 888890, 6.50%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 949320, 7.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 995149, 6.50%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 994410, 7.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 142246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AD9151, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 220996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AE0681, 4.50%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 499397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3500, 4.00%, 9/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 902736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3499, 4.00%, 12/1/2047 | &nbsp;&nbsp;&nbsp; 1102502 | &nbsp;&nbsp;&nbsp;&nbsp; 1062412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BE8354, 4.00%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 427069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2637, 2.50%, 1/1/2052 | &nbsp;&nbsp;&nbsp; 2512225 | &nbsp;&nbsp;&nbsp;&nbsp; 2159511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB2670, 3.00%, 1/1/2052 | &nbsp;&nbsp;&nbsp; 2315200 | &nbsp;&nbsp;&nbsp;&nbsp; 2050655 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM1804, 2.19%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 784269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL3594, 2.69%, 4/1/2023 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 331426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3301, 2.35%, 5/1/2023 | &nbsp;&nbsp;&nbsp; 2018181 | &nbsp;&nbsp;&nbsp;&nbsp; 1989447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM3244, 2.52%, 5/1/2023 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2959063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4628, 3.69%, 11/1/2023 | &nbsp;&nbsp;&nbsp; 1083374 | &nbsp;&nbsp;&nbsp;&nbsp; 1066930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM4716, 3.38%, 12/1/2023 | &nbsp;&nbsp;&nbsp; 1373521 | &nbsp;&nbsp;&nbsp;&nbsp; 1346006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8674, 2.81%, 4/1/2025 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AM8846, 2.68%, 5/1/2025 | &nbsp;&nbsp;&nbsp; 1802892 | &nbsp;&nbsp;&nbsp;&nbsp; 1720785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN1413, 2.49%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 797422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN1497, 2.61%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN1243, 2.64%, 6/1/2026 | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN1247, 2.64%, 6/1/2026 | &nbsp;&nbsp;&nbsp; 1576000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6732, 2.83%, 5/1/2027 | &nbsp;&nbsp;&nbsp; 1191982 | &nbsp;&nbsp;&nbsp;&nbsp; 1118431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7338, 3.06%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 967061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7943, 3.10%, 1/1/2028 | &nbsp;&nbsp;&nbsp; 2422897 | &nbsp;&nbsp;&nbsp;&nbsp; 2283384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN1161, 3.05%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 953970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9486, 3.57%, 6/1/2028 | &nbsp;&nbsp;&nbsp; 3716000 | &nbsp;&nbsp;&nbsp;&nbsp; 3572560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN2069, 2.35%, 8/1/2028 | &nbsp;&nbsp;&nbsp; 1407326 | &nbsp;&nbsp;&nbsp;&nbsp; 1272259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0907, 3.88%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM4162, 3.12%, 10/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 129769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL4333, 2.52%, 11/1/2029 | &nbsp;&nbsp;&nbsp; 1157998 | &nbsp;&nbsp;&nbsp;&nbsp; 1035256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM7037, 1.75%, 3/1/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 999816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5117, 2.58%, 3/1/2032 | &nbsp;&nbsp;&nbsp; 2393690 | &nbsp;&nbsp;&nbsp;&nbsp; 2052118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1125, 4.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 584165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1437, 3.50%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 831469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782579 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1463, 3.50%, 6/1/2043 | 783039 | 736996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230, 5.50%, 1/1/2058 | 3480839 | 3630239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497, 3.00%, 7/1/2060 | 1947012 | 1718393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0546, 2.50%, 7/1/2061 | 914268 | 764519 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 4245, 6.00%, 9/20/2038 | 69472 | 73678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BA7567, 4.50%, 5/20/2048 | 698026 | 682383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BI0416, 4.50%, 11/20/2048 | 79167 | 78146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM9692, 4.50%, 7/20/2049 | 349664 | 343717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA7534, 2.50%, 8/20/2051 | 9016154 | 7948072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA7649, 2.50%, 10/20/2051 | 2574852 | 2267933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $76,299,151)<br>|  | &nbsp;&nbsp; 69596193 |
| **Collateralized Mortgage Obligations — 6.3%** | **Collateralized Mortgage Obligations — 6.3%** | **Collateralized Mortgage Obligations — 6.3%** |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1, Class 3A4, 5.25%, 9/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB4, Class WA, 3.57%, 12/25/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11500 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2022-JR1, Class A1, 4.27%, 10/25/2066 (b) (d) | &nbsp;&nbsp;&nbsp; 1063392 | &nbsp;&nbsp;&nbsp;&nbsp; 1005463 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1578, Class K, 6.90%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2685, Class DT, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2687, Class JH, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2701, Class AC, 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3521, Class B, 4.00%, 4/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3544, Class BC, 4.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3546, Class NB, 4.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 270597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3562, Class JC, 4.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 145401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3563, Class BD, 4.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3571, Class MY, 4.00%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3575, Class EB, 4.00%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3577, Class B, 4.00%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 168008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3578, Class KB, 4.00%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2989, Class TG, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 127512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2988, Class TY, 5.50%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3816, Class HA, 3.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 661604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3087, Class KX, 5.50%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3787, Class AY, 3.50%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 219247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3794, Class LB, 3.50%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 186184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3102, Class CE, 5.50%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 174092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3123, Class HT, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3121, Class JD, 5.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3150, Class EQ, 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3898, Class KH, 3.50%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3885, Class AC, 4.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 112303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3911, Class B, 3.50%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 282306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3959, Class PB, 3.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp; 1666126 | &nbsp;&nbsp;&nbsp;&nbsp; 1613698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4337, Class VJ, 3.50%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 988897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982291 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3337, Class MD, 5.50%, 6/15/2027 | 19404 | 19438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, Class PG, 6.00%, 1/15/2029 | 50106 | 50988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3563, Class LB, 4.00%, 8/15/2029 | 7889 | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3653, Class B, 4.50%, 4/15/2030 | 69763 | 69338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3824, Class EY, 3.50%, 3/15/2031 | 178890 | 173071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2525, Class AM, 4.50%, 4/15/2032 | 373498 | 369835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2441, Class GF, 6.50%, 4/15/2032 | 12067 | 12577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2436, Class MC, 7.00%, 4/15/2032 | 7107 | 7351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2760, Class KT, 4.50%, 9/15/2032 | 47427 | 46631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2505, Class D, 5.50%, 9/15/2032 | 52430 | 53556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2544, Class KE, 5.50%, 12/15/2032 | 33472 | 34025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2557, Class HL, 5.30%, 1/15/2033 | 86156 | 87227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2575, Class PE, 5.50%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2586, Class WG, 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 108175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2596, Class QD, 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2621, Class QH, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 106753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2624, Class QH, 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 130948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2648, Class BK, 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4238, Class UY, 3.00%, 8/15/2033 | &nbsp;&nbsp; 2585173 | &nbsp;&nbsp;&nbsp;&nbsp; 2441751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2673, Class PE, 5.50%, 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 212766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2696, Class DG, 5.50%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 191009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2725, Class TA, 4.50%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2733, Class ME, 5.00%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 181479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2768, Class PK, 5.00%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 158562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2934, Class KG, 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 132440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3077, Class TO, PO, 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2960, Class JH, 5.50%, 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 391743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3082, Class PW, 5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3084, Class BH, 5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 574698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3098, Class KG, 5.50%, 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 582745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3136, Class CO, PO, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3145, Class AJ, 5.50%, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3819, Class ZQ, 6.00%, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 397400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3200, PO, 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3270, Class AT, 5.50%, 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3272, Class PA, 6.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3348, Class HT, 6.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3501, Class A, 4.50%, 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3508, Class PK, 4.00%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3513, Class A, 4.50%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3653, Class HJ, 5.00%, 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 454404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3677, Class KB, 4.50%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 785888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3677, Class PB, 4.50%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 383086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3715, Class PC, 4.50%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 128893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3955, Class HB, 3.00%, 12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3828, Class PU, 4.50%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, IF, 5.50%, 5/15/2041 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 143022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3956, Class EB, 3.25%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 768226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3963, Class JB, 4.50%, 11/15/2041 | &nbsp;&nbsp; 1169588 | &nbsp;&nbsp;&nbsp;&nbsp; 1152131 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4026, Class MQ, 4.00%, 4/15/2042 | 44555 | 42152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4616, Class HP, 3.00%, 9/15/2046 | 1096991 | 1011237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3688, Class GT, 7.54%, 11/15/2046 (e) | 22610 | 24170 |
| &nbsp;&nbsp;&nbsp; FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042 | 483146 | 456434 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-5, Class EQ, 5.50%, 2/25/2023 | 480 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-48, Class TC, 5.00%, 6/25/2023 | 2626 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-55, Class HY, 5.00%, 6/25/2023 | 2212 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-22, Class CE, 4.50%, 8/25/2023 | 9786 | 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-44, Class KT, 6.00%, 6/25/2024 | 4163 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-53, Class NC, 5.50%, 7/25/2024 | 3978 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-71, Class MB, 4.50%, 9/25/2024 | 711 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-70, Class EB, 5.00%, 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class KB, 4.00%, 5/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 137118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-41, Class DC, 4.50%, 5/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997-57, Class PN, 5.00%, 9/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-39, Class LB, 4.50%, 6/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-96, Class DB, 4.00%, 11/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-28, Class DE, 5.00%, 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 175931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-63, Class TC, 6.00%, 12/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-81, Class HE, 6.50%, 1/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-75, Class GB, 5.50%, 11/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-39, Class ZA, 6.00%, 11/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 362207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-85, Class PE, 5.50%, 12/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-21, Class OU, 5.50%, 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-26, Class EB, 3.50%, 4/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 662986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-23, Class CH, 5.00%, 4/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-63, Class YB, 5.00%, 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-69, Class N, 5.00%, 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 145671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-80, Class QG, 5.00%, 8/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 195157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-85, Class QD, 5.50%, 9/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-94, Class CE, 5.00%, 10/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5, Class CK, 5.00%, 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 132837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29, Class WC, 4.75%, 4/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 233731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-48, Class TD, 5.50%, 6/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 201778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-53, Class MJ, 5.50%, 6/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 195814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-58, Class EP, 5.50%, 7/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-68, Class BE, 5.25%, 8/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 229871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-68, Class PG, 5.50%, 8/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-102, Class PG, 5.00%, 11/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 257899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-110, Class GL, 5.50%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 321237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-49, Class PA, 6.00%, 6/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-19, Class PW, 4.50%, 10/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 208258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-114, Class HE, 5.50%, 12/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 242041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-33, Class HE, 5.50%, 4/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-65, Class KI, IF, IO, 2.60%, 7/25/2037 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-71, Class KP, 5.50%, 7/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-71, Class GB, 6.00%, 7/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 139414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-86, Class OT, PO, 10/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21562 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-72, Class BX, 5.50%, 8/25/2038 | 12471 | 12715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-74, Class B, 5.50%, 9/25/2038 | 5089 | 5139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-62, Class HJ, 6.00%, 5/25/2039 | 36555 | 36467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-37, Class KI, IF, IO, 1.98%, 6/25/2039 (e) | 3303 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-86, Class IP, IO, 5.50%, 10/25/2039 | 8047 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-92, Class AD, 6.00%, 11/25/2039 | 386862 | 388818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IF, IO, 2.23%, 1/25/2040 (e) | 60476 | 5235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-22, Class PE, 5.00%, 3/25/2040 | 1276750 | 1290403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IF, IO, 2.40%, 4/25/2040 (e) | 23626 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-37, Class CY, 5.00%, 4/25/2040 | 765025 | 772436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-54, Class EA, 4.50%, 6/25/2040 | 25759 | 25339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-64, Class DM, 5.00%, 6/25/2040 | 3758 | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-71, Class HJ, 5.50%, 7/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-123, Class BP, 4.50%, 11/25/2040 | &nbsp;&nbsp;&nbsp; 1885333 | &nbsp;&nbsp;&nbsp;&nbsp; 1862522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-5, Class CP, 4.50%, 11/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-41, Class KL, 4.00%, 5/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 957651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-50, Class LP, 4.00%, 6/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 435683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-137, Class CF, 4.32%, 8/25/2041 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 113830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-103, Class DA, 3.50%, 10/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-14, Class DE, 3.50%, 3/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 652938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-139, Class JA, 3.50%, 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 312627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-104, Class CY, 5.00%, 10/25/2043 | &nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-65, Class PA, 2.50%, 5/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 242072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-96, Class CB, 4.00%, 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp; 2716866 | &nbsp;&nbsp;&nbsp;&nbsp; 2589411 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 293, Class 1, PO, 12/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 314, Class 1, PO, 7/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23472 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-10, Class KJ, 5.50%, 2/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-29, Class PD, 5.50%, 4/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 161087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-65, Class AP, 5.50%, 8/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-77, Class TK, 5.00%, 9/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 220624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16, Class GC, 5.50%, 2/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 588510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-54, Class BG, 5.50%, 7/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-93, Class PD, 5.00%, 11/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 339355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-101, Class BE, 5.00%, 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 291789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11, Class PL, 5.00%, 2/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 136826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-26, Class XY, 5.50%, 3/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 539984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-33, Class AY, 5.50%, 4/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 137902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-49, Class B, 5.50%, 6/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-51, Class DC, 5.00%, 7/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 109618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-56, Class BD, 5.00%, 7/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7, Class ND, 5.50%, 8/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-37, Class LB, 5.50%, 6/16/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 136450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-79, Class BL, 5.75%, 8/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IF, IO, 2.06%, 2/20/2038 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-7, Class PQ, 5.00%, 2/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 282735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-9, Class PW, 5.25%, 2/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 296668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299372 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-23, Class YA, 5.25%, 3/20/2038 | 70031 | 69975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-35, Class NF, 5.00%, 4/20/2038 | 71505 | 71806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-34, Class PG, 5.25%, 4/20/2038 | 83032 | 83644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-33, Class PB, 5.50%, 4/20/2038 | 242163 | 246242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-38, Class BG, 5.00%, 5/16/2038 | 402274 | 405777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-43, Class NB, 5.50%, 5/20/2038 | 119748 | 121695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-56, Class PX, 5.50%, 6/20/2038 | 232795 | 231843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-58, Class PE, 5.50%, 7/16/2038 | 632443 | 643642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-62, Class SA, IF, IO, 2.21%, 7/20/2038 (e) | 1794 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-76, Class US, IF, IO, 1.96%, 9/20/2038 (e) | 51367 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-97, Class WA, 6.11%, 11/20/2038 (e) | 523076 | 546589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-95, Class DS, IF, IO, 3.36%, 12/20/2038 (e) | 48166 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-14, Class AG, 4.50%, 3/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-72, Class SM, IF, IO, 2.36%, 8/16/2039 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 113510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-61, Class AP, 4.00%, 8/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-130, Class BD, 4.00%, 12/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 240857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO, 12/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-H11, Class VA, 3.64%, 6/20/2064 (e) | &nbsp;&nbsp; 1047888 | &nbsp;&nbsp;&nbsp;&nbsp; 1033202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20, Class FA, 3.61%, 8/20/2065 (e) | &nbsp;&nbsp; 1491749 | &nbsp;&nbsp;&nbsp;&nbsp; 1471505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H26, Class FG, 3.66%, 10/20/2065 (e) | &nbsp;&nbsp; 1055811 | &nbsp;&nbsp;&nbsp;&nbsp; 1038783 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45263 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A2, Class 5A3, 4.19%, 11/25/2033 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 100276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A5, 3.35%, 7/25/2035 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21626 |
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.03%, 4/21/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34211 |
| &nbsp;&nbsp;&nbsp; MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21694 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-F, Class A1, 4.68%, 10/25/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A1, 4.54%, 5/25/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50502 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.65%, 4/25/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19340 |
| &nbsp;&nbsp;&nbsp; PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6670 |
| &nbsp;&nbsp;&nbsp; PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 695055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639070 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, 5/25/2057 | &nbsp;&nbsp; 1558605 | &nbsp;&nbsp;&nbsp;&nbsp; 1469719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class M60C, 3.50%, 6/25/2057 | &nbsp;&nbsp; 1503224 | &nbsp;&nbsp;&nbsp;&nbsp; 1425423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class MT, 3.50%, 6/25/2057 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 364816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class M55D, 4.00%, 11/25/2057 | &nbsp;&nbsp; 1568365 | &nbsp;&nbsp;&nbsp;&nbsp; 1505834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 354722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M55G, 3.00%, 8/25/2059 | &nbsp;&nbsp; 3597031 | &nbsp;&nbsp;&nbsp;&nbsp; 3308334 |
| &nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408128 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust Series 2004-11, Class A1, 4.54%, 12/20/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 166022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146499 |
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 4.64%, 1/19/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76759 |
| &nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 2.71%, 12/25/2044 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 104721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95806 |
| &nbsp;&nbsp;&nbsp; Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 315061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316477 |
| &nbsp;&nbsp;&nbsp; VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 801138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721430 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 4.23%, 10/25/2033 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $61,200,325)<br>|  | &nbsp;&nbsp; 57198656 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **U.S. Government Agency Securities — 1.4%** | **U.S. Government Agency Securities — 1.4%** | **U.S. Government Agency Securities — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA <br>0.50%, 6/17/2025(Cost $13,785,137)<br>| 13767000 | 12537437 |
| **Foreign Government Securities — 0.3%** | **Foreign Government Securities — 0.3%** | **Foreign Government Securities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia 7.38%, 9/18/2037 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277500 |
| &nbsp;&nbsp;&nbsp; Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/22/2024 | 347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 1/23/2030 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346950 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/21/2026 | 332000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031 | 1646000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $3,082,518)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2655553 |
|  | **SHARES** |  |
| **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** |
| **Investment Companies — 3.5%** | **Investment Companies — 3.5%** | **Investment Companies — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.02% (f) (g) <br>(Cost $32,082,073)<br>| 32076740 | &nbsp;&nbsp; 32086363 |
| **Total Investments — 99.4%** <br>**(Cost $971,216,274)**<br>|  | **908412720** |
| **Other Assets Less Liabilities — 0.6%** |  | **5564932** |
| **NET ASSETS — 100.0%** |  | **913977652** |

---

&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** |  |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those <br> associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking <br> interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.<br>|
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of November 30, 2022. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is <br> extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on <br> these securities increases.<br>|
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (g) | The rate shown is the current yield as of November 30, 2022. |

---

**Futures contracts outstanding as of November 30, 2022:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | 1215 | 03/22/2023 | USD | 138263203 | 1079558 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp; 477 | 03/22/2023 | USD | &nbsp;&nbsp; 57336891 | &nbsp;&nbsp;&nbsp; 576471 |
|  |  |  |  |  | 1656029 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp; (60) | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp; (7659375) | &nbsp;&nbsp;&nbsp; (74535) |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (7) | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (960531) | &nbsp;&nbsp;&nbsp; (22328) |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp; (116) | 03/31/2023 | USD | (23844344) | &nbsp;&nbsp;&nbsp; (80882) |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp; (255) | 03/31/2023 | USD | (27743203) | &nbsp;&nbsp; (231436) |
|  |  |  |  |  | &nbsp;&nbsp; (409181) |
|  |  |  |  |  | 1246848 |

---

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

---

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

---

**Centrally Cleared Inflation-linked swap contracts outstanding as of November 30, 2022 :**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX(a)** | **FIXED RATE** | &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.37% at termination | Receive | 10/4/2032 | USD 21,707,000 | &nbsp;&nbsp; (52224) | &nbsp;&nbsp;&nbsp; 612427 | &nbsp;&nbsp;&nbsp; 560203 |
| CPI-U at termination | 2.38% at termination | Receive | 10/4/2029 | USD 34,490,000 | &nbsp;&nbsp; (72237) | &nbsp;&nbsp; 723468 | &nbsp;&nbsp;&nbsp;&nbsp; 651231 |
| CPI-U at termination | 2.41% at termination | Receive | 10/4/2032 | USD 8,534,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 190444 | &nbsp;&nbsp;&nbsp; 190444 |
| CPI-U at termination | 2.51% at termination | Receive | 11/23/2030 | USD 61,240,000 | &nbsp;&nbsp;&nbsp; (21553) | &nbsp;&nbsp; 790966 | &nbsp;&nbsp;&nbsp;&nbsp; 769413 |
| CPI-U at termination | 2.52% at termination | Receive | 11/23/2031 | USD 9,906,000 | &nbsp;&nbsp;&nbsp; (4696) | &nbsp;&nbsp; 134290 | &nbsp;&nbsp;&nbsp; 129594 |
| CPI-U at termination | 2.58% at termination | Receive | 10/5/2025 | USD 35,773,000 | &nbsp;&nbsp; (15298) | &nbsp;&nbsp; 134383 | &nbsp;&nbsp;&nbsp;&nbsp; 119085 |
| CPI-U at termination | 2.59% at termination | Receive | 11/23/2026 | USD 23,415,000 | &nbsp;&nbsp;&nbsp;&nbsp; 37241 | &nbsp;&nbsp;&nbsp;&nbsp; 75670 | &nbsp;&nbsp;&nbsp;&nbsp; 112911 |
| CPI-U at termination | 2.60% at termination | Receive | 11/23/2027 | USD 11,257,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61825 | &nbsp;&nbsp;&nbsp;&nbsp; 61825 |
| CPI-U at termination | 2.64% at termination | Receive | 9/27/2032 | USD 14,815,000 | &nbsp;&nbsp;&nbsp; (67533) | &nbsp;&nbsp;&nbsp; 74808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7275 |
| CPI-U at termination | 2.65% at termination | Receive | 12/2/2027 | USD 6,787,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| CPI-U at termination | 2.96% at termination | Receive | 3/8/2032 | USD 4,742,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33885 | &nbsp;&nbsp;&nbsp;&nbsp; 33885 |
|  |  |  |  |  | (196300) | 2832166 | 2635866 |

---

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX(a)** | **FIXED RATE** | &nbsp;&nbsp; **PAY/**<br> **RECEIVE**<br> **FLOATING**<br> **RATE**<br>| &nbsp;&nbsp; **MATURITY**<br> **DATE**<br>| **NOTIONAL**<br> **AMOUNT**<br>| **UPFRONT**<br> **PAYMENTS**<br> **(RECEIPTS)**<br> **$**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.62% at termination | Receive | 12/2/2027 | USD 69,323,000 | (260830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143) | &nbsp;&nbsp; (260973) |
| CPI-U at termination | 2.67% at termination | Receive | 12/2/2025 | USD 78,554,000 | (283474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258) | &nbsp;&nbsp;&nbsp; (283732) |
| CPI-U at termination | 2.69% at termination | Receive | 9/27/2029 | USD 11,833,000 | &nbsp;&nbsp; (38216) | &nbsp;&nbsp;&nbsp;&nbsp; 16258 | &nbsp;&nbsp;&nbsp;&nbsp; (21958) |
| CPI-U at termination | 2.70% at termination | Receive | 11/16/2029 | USD 19,949,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3169) |
| CPI-U at termination | 2.72% at termination | Receive | 11/16/2027 | USD 40,169,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10570) | &nbsp;&nbsp;&nbsp;&nbsp; (10570) |
| CPI-U at termination | 2.76% at termination | Receive | 9/15/2029 | USD 32,717,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (221818) | &nbsp;&nbsp;&nbsp; (221818) |
| CPI-U at termination | 2.77% at termination | Receive | 11/16/2025 | USD 20,402,000 | &nbsp;&nbsp;&nbsp;&nbsp; 3319 | &nbsp;&nbsp;&nbsp;&nbsp; (15737) | &nbsp;&nbsp;&nbsp;&nbsp; (12418) |
| CPI-U at termination | 2.82% at termination | Receive | 9/15/2027 | USD 20,639,000 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp; (157371) | &nbsp;&nbsp; (155206) |
| CPI-U at termination | 2.82% at termination | Receive | 8/2/2032 | USD 2,459,000 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp; (19867) | &nbsp;&nbsp;&nbsp;&nbsp; (17325) |
| CPI-U at termination | 2.91% at termination | Receive | 9/1/2028 | USD 6,991,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978 | (102362) | &nbsp;&nbsp; (101384) |
| CPI-U at termination | 2.93% at termination | Receive | 5/31/2032 | USD 9,112,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (64787) | &nbsp;&nbsp;&nbsp;&nbsp; (64787) |
| CPI-U at termination | 3.04% at termination | Receive | 3/14/2032 | USD 5,072,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8863) | &nbsp;&nbsp;&nbsp;&nbsp; (8863) |
| CPI-U at termination | 3.07% at termination | Receive | 6/13/2032 | USD 16,305,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (439) | (340055) | (340494) |
|  |  |  |  |  | (573955) | &nbsp;&nbsp; (928742) | (1502697) |
|  |  |  |  |  | (770255) | 1903424 | &nbsp;&nbsp; 1133169 |

---

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

CPI-U Consumer Price Index for All Urban Consumers <br> USD United States Dollar

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

(a) Value of floating rate index at November 30, 2022 was as follows:<br>

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; CPI-U | 2.98% |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of November 30, 2022:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX . NA.IG.39-V1 | 1.00 | Quarterly | 12/20/2027 | 0.80 | USD 20,362,000 | (214619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116) | (214735) |
| CDX . NA.IG.39-V1 | 1.00 | Quarterly | 12/20/2027 | 0.80 | USD 29,551,000 | (259009) | (122205) | (381214) |
|  |  |  |  |  |  | (473628) | (122321) | (595949) |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**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"),

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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 the 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 the SEC 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 Funds 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 Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

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

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2022.

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

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

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

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

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

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

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | $— | $92685184 | $8475627 | $101160811 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56868932 | &nbsp;&nbsp;&nbsp;&nbsp; 329724 | &nbsp;&nbsp;&nbsp;&nbsp; 57198656 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 110834671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 110834671 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 230607856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 230607856 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655553 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69596193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69596193 |
| U.S. Government Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12537437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12537437 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 291735180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 291735180 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 32086363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32086363 |
| **Total Investments in Securities** | $32086363 | $867521006 | $8805351 | $908412720 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $1656029 | $— | $— | $1656029 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2848424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2848424 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (409181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409181) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1067321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1067321) |
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| $1246848 | $1781103 | $— | $3027951 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2022**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**November 30,** <br>**2022**<br>|
| **Investments in** <br> **Securities:**<br>|  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed <br> Securities<br>| $5714010 | $— | $(827372) | $3092 | $1171994 | $(485406) | $4663053 | $(1763744) | $8475627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized <br> Mortgage <br> Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 449673 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 388065 | &nbsp;&nbsp;&nbsp;&nbsp; (28993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (449336) | &nbsp;&nbsp;&nbsp;&nbsp; 329724 |
| **Total** | $6163683 | $— | $(857097) | $3132 | $1560059 | $(514399) | $4663053 | $(2213080) | $8805351 |

---

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

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(857,097). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2022.

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Quantitative Information about Level 3 Fair Value Measurements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**November 30, 2022**<br>| **Valuation Technique(s)** | **Unobservable Input** | &nbsp;&nbsp; **Range (Weighted** <br>**Average) (a)**<br>|
|  | $8475627 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 20.00% (2.97%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 6.88% - 8.23% (7.51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed <br>Securities<br>| &nbsp;&nbsp; 8475627 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 329724 | Discounted Cash Flow | Constant Prepayment Rate | 100.00% (100.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.40% (5.40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 329724 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 8805351 |  |  |  |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** | **For the period ended November 30, 2022\*** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.02% <br> (a) (b)<br>| $— | $384985893 | $352908000 | $4180 | $4290 | $32086363 | 32076740 | $338295 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market <br> Fund Class Institutional <br> Shares, 3.94% (a) (b)<br>| &nbsp;&nbsp; 20605752 | &nbsp;&nbsp;&nbsp;&nbsp; 67013404 | &nbsp;&nbsp;&nbsp;&nbsp; 87616671 | &nbsp;&nbsp; 3657 | &nbsp;&nbsp; (6142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4270 | &nbsp;&nbsp; — |
| **Total** | $20605752 | $451999297 | $440524671 | $7837 | $(1852) | $32086363 |  | $342565 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of November 30, 2022.

\* As of the close of business on April 8, 2022, JPMorgan Inflation Managed Bond (the "Acquired fund"), a series of Trust I Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Inflation Managed Bond ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The tables include transactions from the Acquired Fund for the period March 1, 2021 through April 8, 2022. 

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

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

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

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

Notes (1) — (2) below describe the various derivatives used by the Fund.

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

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

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

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

**(2). Swaps —** The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

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

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

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

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

------

**JPMorgan Inflation Managed Bond ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

<u>Inflation-Linked Swaps</u>

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

------

## 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 Inflation Managed Bond ETF

- **b. EDGAR series identifier (if any):** S000074053

- **c. LEI of Series:** 5493001Z7M5V3WTBX559

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $915955346.69

**Total Liabilities:** $775413.47

**Net Assets:** $915179933.22

**Cash Not Reported:** $501678.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -119681.02497000 | **1-Year:** 30820.58720000 | **5-Year:** 104328.32623000 | **10-Year:** 64912.75026000 | **30-Year:** 0.00000000

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

- **3-Month:** -213412.40470000 | **1-Year:** 913.06087000 | **5-Year:** 207.64632000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231436 | -5.15%               | 0.95%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7548382.43             | $-21391113.56                              |
| Month 2  | $-2982439.38             | $460595.62                                 |
| Month 3  | $-434060.56              | $13706214.53                               |

**Designated Index Information**

- **Index Name:** U.S. Treasury Inflation Notes: 1-10 Year

- **Index Identifier:** 63TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOC Aviation Ltd.                                    | BOC Aviation Ltd.                                                                 | CUSIP: 09681LAJ9<br>LEI: 254900H06V5RMEB3KE72 | Long             | DBT              | CORP              | SG        |    400000 | PA      | $383325.00    | 0.04%             | 2024-10-10      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3852, Class TP                                               | CUSIP: 3137ABB59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    143022 | PA      | $141119.79    | 0.02%             | 2041-05-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2020-SFR3, Class B                             | CUSIP: 74333AAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    785000 | PA      | $689328.99    | 0.08%             | 2027-10-17      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                           | Flagship Credit Auto Trust, Series 2020-4, Class A                                | CUSIP: 33845XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86939 | PA      | $86799.44     | 0.01%             | 2025-04-15      | Fixed         | 0.53%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2004-53, Class NC                                             | CUSIP: 31394ABD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3978 | PA      | $3962.62      | 0.00%             | 2024-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Corporate Office Properties LP                       | Corporate Office Properties LP                                                    | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    257000 | PA      | $198896.12    | 0.02%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                | GM Financial Automobile Leasing Trust, Series 2021-1, Class A4                    | CUSIP: 36261RAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $977015.80    | 0.11%             | 2025-02-20      | Fixed         | 0.33%                 | No            |                  2 | On Loan: No      |
| Biogen, Inc.                                         | Biogen, Inc.                                                                      | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    594000 | PA      | $490024.30    | 0.05%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Humana, Inc.                                         | Humana, Inc.                                                                      | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    618000 | PA      | $595852.95    | 0.07%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 3140QM6G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2315200 | PA      | $2050654.95   | 0.22%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 5 Year Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -54 | NC      | $-47358.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Airlines Pass-Through Trust                   | Spirit Airlines Pass-Through Trust, Series 2017-1, Class AA                       | CUSIP: 84858WAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115334 | PA      | $99713.56     | 0.01%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Xilinx, Inc.                                         | Xilinx, Inc.                                                                      | CUSIP: 983919AK7<br>LEI: 6EY4K7ZMF9UX1CU6KC79 | Long             | DBT              | CORP              | US        |    600000 | PA      | $510379.46    | 0.06%             | 2030-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-41, Class DC                                             | CUSIP: 31398PC56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17759 | PA      | $17566.07     | 0.00%             | 2025-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                     | Bank of Montreal                                                                  | CUSIP: 06367WMQ3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $481211.78    | 0.05%             | 2024-06-28      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1527591.03   | 0.17%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hasbro, Inc.                                         | Hasbro, Inc.                                                                      | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    778000 | PA      | $701653.13    | 0.08%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15397000 | PA      | $14793124.25  | 1.62%             | 2032-07-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| VOLT XCIV LLC                                        | VOLT XCIV LLC, Series 2021-NPL3, Class A1                                         | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1183830 | PA      | $1047695.46   | 0.11%             | 2051-02-27      | Variable      | 2.24%                 | Yes           |                  2 | On Loan: No      |
| Constellation Brands, Inc.                           | Constellation Brands, Inc.                                                        | CUSIP: 21036PBE7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    400000 | PA      | $354572.13    | 0.04%             | 2029-08-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                               | Extra Space Storage LP                                                            | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    928000 | PA      | $705857.29    | 0.08%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                     | BP Capital Markets America, Inc.                                                  | CUSIP: 10373QAE0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    464000 | PA      | $452405.53    | 0.05%             | 2028-11-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                     | ABN AMRO Bank NV                                                                  | CUSIP: 00084DAW0<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $810614.44    | 0.09%             | 2029-12-13      | Variable      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                                | Athene Global Funding                                                             | CUSIP: 04685A2J9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    550000 | PA      | $523130.67    | 0.06%             | 2024-06-25      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-5, Class CP                                              | CUSIP: 31397QQY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14497 | PA      | $14378.12     | 0.00%             | 2040-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FRTKL                                                | FRTKL, Series 2021-SFR1, Class A                                                  | CUSIP: 30322DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2118000 | PA      | $1818304.06   | 0.20%             | 2038-09-17      | Fixed         | 1.57%                 | Yes           |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                  | Kinder Morgan, Inc.                                                               | CUSIP: 49456BAM3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1387312.67   | 0.15%             | 2023-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                                 | CUSIP: 404280BS7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1800000 | PA      | $1778911.02   | 0.19%             | 2024-05-18      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Flex Intermediate Holdco LLC                         | Flex Intermediate Holdco LLC                                                      | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   1488000 | PA      | $1187397.78   | 0.13%             | 2031-06-30      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Westlake Corp.                                       | Westlake Corp.                                                                    | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |   1038000 | PA      | $975166.84    | 0.11%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                | United Mexican States                                                             | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1646000 | PA      | $1365357.00   | 0.15%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2015-H26, Class FG                                                   | CUSIP: 38376RKA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1055811 | PA      | $1038782.69   | 0.11%             | 2065-10-20      | Floating      | 3.66%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2021-SFR9, Class E1                            | CUSIP: 74333QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1048000 | PA      | $821873.67    | 0.09%             | 2040-11-17      | Fixed         | 2.81%                 | Yes           |                  3 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                    | CUSIP: 09659W2G8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $494192.99    | 0.05%             | 2025-01-10      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                       | Broadcom, Inc.                                                                    | CUSIP: 11135FAL5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1594000 | PA      | $1489395.07   | 0.16%             | 2028-09-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                    | Tyson Foods, Inc.                                                                 | CUSIP: 902494BG7<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494915.51    | 0.05%             | 2023-09-28      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                        | Duquesne Light Holdings, Inc.                                                     | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    421000 | PA      | $332952.57    | 0.04%             | 2030-10-01      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                             | PRET LLC, Series 2021-NPL6, Class A1                                              | CUSIP: 69362GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    913105 | PA      | $843956.19    | 0.09%             | 2051-07-25      | Variable      | 2.49%                 | Yes           |                  3 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-65, Class AP                                                    | CUSIP: 38374BQX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     55142 | PA      | $55734.49     | 0.01%             | 2033-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Service Co. of New Hampshire                  | Public Service Co. of New Hampshire                                               | CUSIP: 744482BL3<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |    283000 | PA      | $279188.93    | 0.03%             | 2023-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| National Retail Properties, Inc.                     | National Retail Properties, Inc.                                                  | CUSIP: 637417AL0<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    550000 | PA      | $513465.05    | 0.06%             | 2028-10-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                         | Leidos, Inc.                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    928000 | PA      | $718554.06    | 0.08%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 30 Year                                                         | CUSIP: 31296PY55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    104241 | PA      | $105857.28    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                  | NatWest Markets plc                                                               | CUSIP: 63906YAB4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    577000 | PA      | $532430.94    | 0.06%             | 2024-08-12      | Fixed         | 0.80%                 | Yes           |                  2 | On Loan: No      |
| Mead Johnson Nutrition Co.                           | Mead Johnson Nutrition Co.                                                        | CUSIP: 582839AH9<br>LEI: E4BJRFT3MF4GJDY1SC50 | Long             | DBT              | CORP              | US        |     89000 | PA      | $87732.36     | 0.01%             | 2025-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                          | Apple, Inc.                                                                       | CUSIP: 037833DF4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    825000 | PA      | $797946.48    | 0.09%             | 2025-01-13      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   9112000 | PA      | $-64786.68    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5072000 | PA      | $-8863.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3959, Class PB                                               | CUSIP: 3137AHH68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1666126 | PA      | $1613698.24   | 0.18%             | 2026-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSMC Trust                                           | CSMC Trust, Series 2022-JR1, Class A1                                             | CUSIP: 12546WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1063392 | PA      | $1005462.81   | 0.11%             | 2066-10-25      | Variable      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                         | CUSIP: 90265EAV2<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    400000 | PA      | $290173.69    | 0.03%             | 2033-06-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                              | KeyCorp                                                                           | CUSIP: 49326EEL3<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    184000 | PA      | $180413.73    | 0.02%             | 2025-05-23      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| VOLT CI LLC                                          | VOLT CI LLC, Series 2021-NP10, Class A1                                           | CUSIP: 92873EAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    902009 | PA      | $826450.77    | 0.09%             | 2051-05-25      | Variable      | 1.99%                 | Yes           |                  3 | On Loan: No      |
| ERAC USA Finance LLC                                 | ERAC USA Finance LLC                                                              | CUSIP: 26884TAL6<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    612000 | PA      | $592482.97    | 0.06%             | 2024-11-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3136, Class CO                                               | CUSIP: 31396NGH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13320 | PA      | $11480.00     | 0.00%             | 2036-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Triton Container International Ltd.                  | Triton Container International Ltd.                                               | CUSIP: 89681LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    724000 | PA      | $562819.50    | 0.06%             | 2032-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Entergy Arkansas LLC                                 | Entergy Arkansas LLC                                                              | CUSIP: 29364DAR1<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    693000 | PA      | $685864.57    | 0.07%             | 2023-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                 | FREMF Mortgage Trust, Series 2016-K722, Class B                                   | CUSIP: 30295AAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    735000 | PA      | $728828.57    | 0.08%             | 2049-07-25      | Variable      | 4.06%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-14, Class DE                                             | CUSIP: 3136A4VC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    652938 | PA      | $615571.16    | 0.07%             | 2042-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust               | Merrill Lynch Mortgage Investors Trust, Series 2004-B, Class A1                   | CUSIP: 59020UBU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52931 | PA      | $50502.38     | 0.01%             | 2029-05-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                               | WEC Energy Group, Inc.                                                            | CUSIP: 92939UAD8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    728000 | PA      | $618226.66    | 0.07%             | 2027-10-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                 | Mitsubishi UFJ Financial Group, Inc.                                              | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    850000 | PA      | $750516.35    | 0.08%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                          | Capital One Financial Corp.                                                       | CUSIP: 14040HCQ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    580000 | PA      | $564243.90    | 0.06%             | 2025-05-09      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| PG&E Wildfire Recovery Funding LLC                   | PG&E Wildfire Recovery Funding LLC, Series A-2                                    | CUSIP: 693342AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1022000 | PA      | $955551.23    | 0.10%             | 2036-06-01      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2021-3A, Class A3                   | CUSIP: 96043JAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $531971.11    | 0.06%             | 2025-06-16      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                               | CUSIP: 3133KNNT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3703749 | PA      | $3298028.26   | 0.36%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                              | Entergy Mississippi LLC                                                           | CUSIP: 29364NAT5<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |    233000 | PA      | $207732.12    | 0.02%             | 2028-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2557, Class HL                                               | CUSIP: 31393JLU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86156 | PA      | $87227.45     | 0.01%             | 2033-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fells Point Funding Trust                            | Fells Point Funding Trust                                                         | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1324000 | PA      | $1205325.19   | 0.13%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust             | AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A3                 | CUSIP: 03063FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    722882 | PA      | $708941.41    | 0.08%             | 2025-08-18      | Fixed         | 0.37%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-56, Class PX                                                    | CUSIP: 3837426V0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    232795 | PA      | $231843.04    | 0.03%             | 2038-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-11, Class PL                                                    | CUSIP: 38374KZV8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    136826 | PA      | $138043.97    | 0.02%             | 2035-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Finance plc                                  | Invesco Finance plc                                                               | CUSIP: 46132FAD2<br>LEI: 549300OYQ3LAJYXXO449 | Long             | DBT              | CORP              | GB        |    436000 | PA      | $419314.28    | 0.05%             | 2026-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                          | Marsh & McLennan Cos., Inc.                                                       | CUSIP: 571748BF8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    620000 | PA      | $611586.72    | 0.07%             | 2024-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K039, Class A2   | CUSIP: 3137BDCW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2550000 | PA      | $2487030.81   | 0.27%             | 2024-07-25      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  20402000 | PA      | $-15736.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K737, Class AM   | CUSIP: 3137FQXK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3110000 | PA      | $2841541.69   | 0.31%             | 2026-10-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  21707000 | PA      | $612427.20    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                         | Drive Auto Receivables Trust, Series 2021-3, Class B                              | CUSIP: 262081AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    357000 | PA      | $344408.47    | 0.04%             | 2026-05-15      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| Campbell Soup Co.                                    | Campbell Soup Co.                                                                 | CUSIP: 134429BJ7<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    576000 | PA      | $481387.29    | 0.05%             | 2030-04-24      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust       | Structured Asset Mortgage Investments II Trust, Series 2003-AR4, Class A1         | CUSIP: 86359LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82747 | PA      | $76759.32     | 0.01%             | 2034-01-19      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| RPM International, Inc.                              | RPM International, Inc.                                                           | CUSIP: 749685AY9<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |    238000 | PA      | $189206.87    | 0.02%             | 2032-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K729, Class A2   | CUSIP: 3137FCM43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1219000 | PA      | $1181905.10   | 0.13%             | 2024-10-25      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortgage Trust               | UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4                  | CUSIP: 90269CAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       192 | PA      | $192.39       | 0.00%             | 2063-05-10      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-54, Class BG                                                    | CUSIP: 38374HQC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12383 | PA      | $12536.68     | 0.00%             | 2034-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 20 Times Square Trust                                | 20 Times Square Trust, Series 2018-20TS, Class A                                  | CUSIP: 90137LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1162000 | PA      | $1129693.15   | 0.12%             | 2035-05-15      | Variable      | 3.20%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-34, Class PG                                                    | CUSIP: 383742M34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83032 | PA      | $83644.31     | 0.01%             | 2038-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                  | Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M55G                    | CUSIP: 35563PPE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3597031 | PA      | $3308333.59   | 0.36%             | 2059-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Discover Bank                                        | Discover Bank                                                                     | CUSIP: 25466AAQ4<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |    900000 | PA      | $850453.67    | 0.09%             | 2024-09-12      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                              | Hyundai Capital America                                                           | CUSIP: 44891ABP1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    479000 | PA      | $406171.42    | 0.04%             | 2027-10-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                       | Home Partners of America Trust, Series 2022-1, Class D                            | CUSIP: 43730NAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1166157 | PA      | $1062784.10   | 0.12%             | 2039-04-17      | Fixed         | 4.73%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31416BQA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13819 | PA      | $14555.52     | 0.00%             | 2038-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                         | UBS Group AG                                                                      | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    437000 | PA      | $422694.34    | 0.05%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust, Inc.                  | Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB4, Class WA                   | CUSIP: 17307GMJ4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |     12238 | PA      | $11500.01     | 0.00%             | 2034-12-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                   | Crown Castle, Inc.                                                                | CUSIP: 22822VAB7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $1067508.83   | 0.12%             | 2026-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Office Properties Income Trust                       | Office Properties Income Trust                                                    | CUSIP: 67623CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    466000 | PA      | $298382.64    | 0.03%             | 2031-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3337, Class MD                                               | CUSIP: 31397HN87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19404 | PA      | $19438.05     | 0.00%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2013-M7, Class A2                                               | CUSIP: 3136AEGQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120016 | PA      | $119646.03    | 0.01%             | 2022-12-25      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                  | Toyota Auto Receivables Owner Trust, Series 2021-A, Class A3                      | CUSIP: 89240BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1218055 | PA      | $1184382.68   | 0.13%             | 2025-05-15      | Fixed         | 0.26%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140JBZB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    999816 | PA      | $800534.70    | 0.09%             | 2032-03-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                 | Steel Dynamics, Inc.                                                              | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    374000 | PA      | $313900.16    | 0.03%             | 2027-10-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3963, Class JB                                               | CUSIP: 3137AHVU9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1169588 | PA      | $1152130.56   | 0.13%             | 2041-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                       | Mercedes-Benz Auto Lease Trust, Series 2021-A, Class A3                           | CUSIP: 58770GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392071 | PA      | $387505.99    | 0.04%             | 2024-01-16      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                         | DNB Bank ASA                                                                      | CUSIP: 25601B2B0<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1450000 | PA      | $1232851.25   | 0.13%             | 2028-03-30      | Variable      | 1.60%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-71, Class MB                                             | CUSIP: 31398FAL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       711 | PA      | $708.38       | 0.00%             | 2024-09-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                     | Ventas Realty LP                                                                  | CUSIP: 92277GAE7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86350.89     | 0.01%             | 2025-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-9, Class PW                                                     | CUSIP: 38375PKJ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    296668 | PA      | $299371.66    | 0.03%             | 2038-02-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust, Inc.                  | Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A4                     | CUSIP: 17307GBT4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |      4071 | PA      | $3699.15      | 0.00%             | 2033-09-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M12, Class A2                                              | CUSIP: 3136AX7E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2867863 | PA      | $2707894.30   | 0.30%             | 2027-06-25      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1006000 | PA      | $912754.84    | 0.10%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| US Auto Funding                                      | US Auto Funding, Series 2021-1A, Class A                                          | CUSIP: 90355EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136607 | PA      | $136115.10    | 0.01%             | 2024-07-15      | Fixed         | 0.79%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                   | CNO Global Funding                                                                | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    531000 | PA      | $467828.32    | 0.05%             | 2026-10-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-72, Class SM                                                    | CUSIP: 38373AGM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    113510 | PA      | $7223.42      | 0.00%             | 2039-08-16      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| LSEGA Financing plc                                  | LSEGA Financing plc                                                               | CUSIP: 50220PAC7<br>LEI: 2138009YFYTGEHZNNZ09 | Long             | DBT              | CORP              | GB        |   1700000 | PA      | $1453903.31   | 0.16%             | 2028-04-06      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                            | PG&E Recovery Funding LLC, Series A-1                                             | CUSIP: 71710TAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1111000 | PA      | $1113043.78   | 0.12%             | 2032-07-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-5, Class CK                                              | CUSIP: 31394B4Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132837 | PA      | $131521.18    | 0.01%             | 2035-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2960, Class JH                                               | CUSIP: 31395RD62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    391743 | PA      | $397519.69    | 0.04%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.           | Australia & New Zealand Banking Group Ltd.                                        | CUSIP: 052528AK2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $953511.01    | 0.10%             | 2026-05-19      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi HC Capital, Inc.                          | Mitsubishi HC Capital, Inc.                                                       | CUSIP: 60682LAC6<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | DBT              | CORP              | JP        |    820000 | PA      | $808839.80    | 0.09%             | 2023-09-19      | Fixed         | 3.96%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                         | UBS Group AG                                                                      | CUSIP: 902613AK4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    750000 | PA      | $585137.27    | 0.06%             | 2033-02-11      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 20 Year                                                                | CUSIP: 3138MDUJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1845115 | PA      | $1753534.00   | 0.19%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                            | Mid-America Apartments LP                                                         | CUSIP: 59523UAS6<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    387000 | PA      | $302485.63    | 0.03%             | 2031-02-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust        | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR11, Class A6         | CUSIP: 92922FJF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64721 | PA      | $58703.85     | 0.01%             | 2033-10-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                             | CUSIP: 06051GFM6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1046000 | PA      | $1025510.42   | 0.11%             | 2025-01-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                           | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    518000 | PA      | $494409.84    | 0.05%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-96, Class DB                                             | CUSIP: 31398FXL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62383 | PA      | $60927.33     | 0.01%             | 2029-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Healthpeak Properties, Inc.                          | Healthpeak Properties, Inc.                                                       | CUSIP: 42250PAD5<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    310000 | PA      | $261257.86    | 0.03%             | 2028-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-151, Class A2  | CUSIP: 3137H9JG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2750000 | PA      | $2620294.60   | 0.29%             | 2032-10-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                | Quanta Services, Inc.                                                             | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    632000 | PA      | $486558.28    | 0.05%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                              | APA Infrastructure Ltd.                                                           | CUSIP: 00205GAD9<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    850000 | PA      | $796922.23    | 0.09%             | 2027-07-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                    | GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C                        | CUSIP: 36263LAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    815000 | PA      | $760581.23    | 0.08%             | 2026-09-15      | Fixed         | 1.11%                 | Yes           |                  2 | On Loan: No      |
| Manulife Financial Corp.                             | Manulife Financial Corp.                                                          | CUSIP: 56501RAC0<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |    449000 | PA      | $441665.67    | 0.05%             | 2026-03-04      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-21, Class OU                                             | CUSIP: 31392J3H0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23605 | PA      | $24077.69     | 0.00%             | 2033-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                              | BPCE SA                                                                           | CUSIP: 05583JAJ1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    694000 | PA      | $517477.73    | 0.06%             | 2032-01-20      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Grupo Televisa SAB                                   | Grupo Televisa SAB                                                                | CUSIP: 40049JBB2<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |    285000 | PA      | $276592.50    | 0.03%             | 2026-01-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                              | CarMax Auto Owner Trust, Series 2020-3, Class A3                                  | CUSIP: 14315FAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285325 | PA      | $280306.22    | 0.03%             | 2025-03-17      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-55, Class HY                                             | CUSIP: 31393CQH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2212 | PA      | $2201.34      | 0.00%             | 2023-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    234000 | PA      | $231102.74    | 0.03%             | 2023-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                     | Brixmor Operating Partnership LP                                                  | CUSIP: 11120VAL7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    450000 | PA      | $341042.15    | 0.04%             | 2031-08-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138EK7G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    331426 | PA      | $328147.12    | 0.04%             | 2023-04-01      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC                    | LYB International Finance III LLC                                                 | CUSIP: 50249AAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    928000 | PA      | $739554.76    | 0.08%             | 2030-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                             | CUSIP: 06051GEU9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31946.83     | 0.00%             | 2023-01-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LDUX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    860000 | PA      | $806817.99    | 0.09%             | 2026-06-01      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-112, Class ST                                            | CUSIP: 31398GKH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60476 | PA      | $5234.77      | 0.00%             | 2040-01-25      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-85, Class QD                                             | CUSIP: 31393EX87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82142 | PA      | $84035.84     | 0.01%             | 2033-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eni SpA                                              | Eni SpA, Series X-R                                                               | CUSIP: 26874RAG3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |   1145000 | PA      | $1127574.15   | 0.12%             | 2023-09-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                                | Westpac Banking Corp.                                                             | CUSIP: 961214EM1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $454807.53    | 0.05%             | 2030-02-04      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  23415000 | PA      | $75669.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers LP                                   | Regency Centers LP                                                                | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    566000 | PA      | $476111.97    | 0.05%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                                      | Cameron LNG LLC                                                                   | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    146000 | PA      | $124649.91    | 0.01%             | 2031-07-15      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2018-1, Class A                        | CUSIP: 90931VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1081785 | PA      | $870182.78    | 0.10%             | 2030-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Healthcare Realty Holdings LP                        | Healthcare Realty Holdings LP                                                     | CUSIP: 42225UAH7<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |    575000 | PA      | $436757.74    | 0.05%             | 2031-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-110, Class GL                                            | CUSIP: 31394US60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    321237 | PA      | $328902.53    | 0.04%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  88892000 | PA      | $88050969.27  | 9.62%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-53, Class MJ                                             | CUSIP: 31394DE48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195814 | PA      | $200111.64    | 0.02%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 2 Year Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -116 | NC      | $-80882.39    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BAT Capital Corp.                                    | BAT Capital Corp.                                                                 | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    990000 | PA      | $829903.08    | 0.09%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                       | Citizens Financial Group, Inc.                                                    | CUSIP: 174610AW5<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    500000 | PA      | $373690.06    | 0.04%             | 2032-09-30      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Microchip Technology, Inc.                           | Microchip Technology, Inc.                                                        | CUSIP: 595017BB9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    762000 | PA      | $720982.44    | 0.08%             | 2024-02-15      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                         | Ecopetrol SA                                                                      | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    701000 | PA      | $653384.58    | 0.07%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                        | Pioneer Natural Resources Co.                                                     | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    564000 | PA      | $450669.42    | 0.05%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3794, Class LB                                               | CUSIP: 3137A4ZL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    186184 | PA      | $182168.08    | 0.02%             | 2026-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, STRIPS, Series 314, Class 1                                                 | CUSIP: 3136FABE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26535 | PA      | $23472.07     | 0.00%             | 2031-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Electric Illuminating Co. (The)            | Cleveland Electric Illuminating Co. (The)                                         | CUSIP: 186108CK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    476000 | PA      | $436109.96    | 0.05%             | 2028-04-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                   | Banco Santander SA                                                                | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $171344.57    | 0.02%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| S&P Global, Inc.                                     | S&P Global, Inc.                                                                  | CUSIP: 78409VBC7<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    538000 | PA      | $463588.76    | 0.05%             | 2032-03-01      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                           | AMSR Trust, Series 2020-SFR4, Class A                                             | CUSIP: 66981FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2019000 | PA      | $1783478.60   | 0.19%             | 2037-11-17      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  11190000 | PA      | $-107348.36   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-22, Class PE                                             | CUSIP: 31398MHP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1276750 | PA      | $1290403.48   | 0.14%             | 2040-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                      | Principal Financial Group, Inc.                                                   | CUSIP: 74251VAR3<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    728000 | PA      | $680730.32    | 0.07%             | 2029-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp., Series N                                                   | CUSIP: 06051GJQ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1231675.68   | 0.13%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-49, Class B                                                     | CUSIP: 38374LKD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45054 | PA      | $46056.72     | 0.01%             | 2035-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                  | CUSIP: 3617H9N97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     79167 | PA      | $78145.58     | 0.01%             | 2048-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                              | CarMax Auto Owner Trust, Series 2022-2, Class A3                                  | CUSIP: 14317HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1038000 | PA      | $1008999.42   | 0.11%             | 2027-02-16      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 30 Year                                                         | CUSIP: 3128M8RN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    435578 | PA      | $437155.59    | 0.05%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                     | Brixmor Operating Partnership LP                                                  | CUSIP: 11120VAK9<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    186000 | PA      | $153942.44    | 0.02%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | CDI                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  29551000 | PA      | $-122205.02   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                        | UniCredit SpA                                                                     | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $522456.74    | 0.06%             | 2032-06-19      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2021-M11, Class A2                                              | CUSIP: 3136BF4D2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1517000 | PA      | $1196948.80   | 0.13%             | 2031-03-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-56, Class BD                                                    | CUSIP: 38374LRM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17073 | PA      | $17144.40     | 0.00%             | 2035-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3911, Class B                                                | CUSIP: 3137ADZD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    282305 | PA      | $275729.01    | 0.03%             | 2026-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                     | Ventas Realty LP                                                                  | CUSIP: 92277GAG2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43506.73     | 0.00%             | 2026-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WP Carey, Inc.                                       | WP Carey, Inc.                                                                    | CUSIP: 92936UAH2<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   1292000 | PA      | $954931.50    | 0.10%             | 2033-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                 | FREMF Mortgage Trust, Series 2015-K44, Class B                                    | CUSIP: 30292NAG8<br>LEI: 549300OFE1DNC7KO4K57 | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1427622.00   | 0.16%             | 2048-01-25      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                         | CUSIP: 90265EAL4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    106000 | PA      | $97304.48     | 0.01%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAD3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    778000 | PA      | $758963.83    | 0.08%             | 2024-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 31418AS33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    831470 | PA      | $782579.38    | 0.09%             | 2043-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K081, Class A1   | CUSIP: 3137FJEG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1037164 | PA      | $1022444.34   | 0.11%             | 2028-02-25      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                | Global Payments, Inc.                                                             | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    600000 | PA      | $512686.25    | 0.06%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                          | Capital One Financial Corp.                                                       | CUSIP: 14040HCJ2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1013000 | PA      | $775441.37    | 0.08%             | 2032-11-02      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3819, Class ZQ                                               | CUSIP: 3137A8N20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    397400 | PA      | $414967.19    | 0.05%             | 2036-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables X LLC             | Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2                | CUSIP: 03236VAB7<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |   1456385 | PA      | $1376954.22   | 0.15%             | 2027-10-20      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                      | Hertz Vehicle Financing III LLC, Series 2022-1A, Class A                          | CUSIP: 42806MAJ8<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    922000 | PA      | $843378.29    | 0.09%             | 2026-06-25      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| Nutrien Ltd.                                         | Nutrien Ltd.                                                                      | CUSIP: 67077MAW8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $171817.28    | 0.02%             | 2030-05-13      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                             | MRCD MARK Mortgage Trust, Series 2019-PARK, Class A                               | CUSIP: 55348UAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $275565.84    | 0.03%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2014-M2, Class A2                                               | CUSIP: 3136AJDU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2286253 | PA      | $2245052.64   | 0.25%             | 2023-12-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31410GRK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6072 | PA      | $6402.35      | 0.00%             | 2037-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-62, Class SA                                                    | CUSIP: 38375XHT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1794 | PA      | $29.63        | 0.00%             | 2038-07-20      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                     | Ventas Realty LP                                                                  | CUSIP: 92277GAJ6<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    327000 | PA      | $302780.75    | 0.03%             | 2026-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2596, Class QD                                               | CUSIP: 31393NXS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94269 | PA      | $91863.90     | 0.01%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                   | CNO Global Funding                                                                | CUSIP: 18977W2C3<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    400000 | PA      | $339865.38    | 0.04%             | 2029-01-06      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                           | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    118000 | PA      | $112564.17    | 0.01%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1404000 | PA      | $1234530.74   | 0.13%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                   | Republic of Panama                                                                | CUSIP: 698299BD5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    347000 | PA      | $340884.13    | 0.04%             | 2024-09-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                 | American Tower Corp.                                                              | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1898000 | PA      | $1651497.27   | 0.18%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                           | AT&T, Inc.                                                                        | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1751000 | PA      | $1503172.58   | 0.16%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                 | FirstKey Homes Trust, Series 2021-SFR1, Class E1                                  | CUSIP: 33767WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $489834.06    | 0.05%             | 2038-08-17      | Fixed         | 2.39%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3145, Class AJ                                               | CUSIP: 31396NCK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22026 | PA      | $22271.88     | 0.00%             | 2036-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KJ11, Class A2   | CUSIP: 3137BUWM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57877 | PA      | $57611.65     | 0.01%             | 2023-01-25      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                  | CUSIP: 097023DE2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    805000 | PA      | $768448.36    | 0.08%             | 2024-02-04      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K079, Class A2   | CUSIP: 3137FGZT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3600000 | PA      | $3528259.56   | 0.39%             | 2028-06-25      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Guardian Life Global Funding                         | Guardian Life Global Funding                                                      | CUSIP: 40139LAE3<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |    230000 | PA      | $228972.00    | 0.03%             | 2023-04-25      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Bank of New Zealand                                  | Bank of New Zealand                                                               | CUSIP: 06407EAA3<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |   1580000 | PA      | $1551923.40   | 0.17%             | 2024-02-20      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                             | Octane Receivables Trust, Series 2020-1A, Class A                                 | CUSIP: 67592LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    398130 | PA      | $393399.77    | 0.04%             | 2025-02-20      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| Office Properties Income Trust                       | Office Properties Income Trust                                                    | CUSIP: 67623CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    218000 | PA      | $162615.93    | 0.02%             | 2026-06-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1451000 | PA      | $1422668.96   | 0.16%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                    | Wells Fargo & Co.                                                                 | CUSIP: 95000U2H5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $1029120.41   | 0.11%             | 2025-10-30      | Variable      | 2.41%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-23, Class YA                                                    | CUSIP: 383742WE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70031 | PA      | $69975.13     | 0.01%             | 2038-03-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP                          | Targa Resources Partners LP                                                       | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    153000 | PA      | $131211.03    | 0.01%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                         | UBS Group AG                                                                      | CUSIP: 902613AA6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    449000 | PA      | $382101.27    | 0.04%             | 2030-08-13      | Variable      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M3, Class A2                                               | CUSIP: 3136B1LF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1218592 | PA      | $1122850.04   | 0.12%             | 2030-02-25      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LDL50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1576000 | PA      | $1480437.65   | 0.16%             | 2026-06-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K070, Class A2   | CUSIP: 3137FCJK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    910000 | PA      | $869250.56    | 0.09%             | 2027-11-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-58, Class PE                                                    | CUSIP: 38375DKN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    632443 | PA      | $643641.56    | 0.07%             | 2038-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                           | CPS Auto Receivables Trust, Series 2021-B, Class B                                | CUSIP: 12656QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    885635 | PA      | $877523.32    | 0.10%             | 2025-12-15      | Fixed         | 0.81%                 | Yes           |                  2 | On Loan: No      |
| Amgen, Inc.                                          | Amgen, Inc.                                                                       | CUSIP: 031162DE7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    397000 | PA      | $353777.83    | 0.04%             | 2032-02-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                | Sumitomo Mitsui Financial Group, Inc.                                             | CUSIP: 86562MBM1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1982000 | PA      | $1898660.88   | 0.21%             | 2024-07-16      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-96, Class CB                                             | CUSIP: 31398FXJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16595 | PA      | $15735.96     | 0.00%             | 2049-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3082, Class PW                                               | CUSIP: 31396G3K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27430 | PA      | $28111.13     | 0.00%             | 2035-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                         | Barclays plc                                                                      | CUSIP: 06738EBH7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1255000 | PA      | $1210572.67   | 0.13%             | 2025-05-07      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Discovery Communications LLC                         | Discovery Communications LLC                                                      | CUSIP: 25470DAR0<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    828000 | PA      | $743597.97    | 0.08%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                           | Niagara Mohawk Power Corp.                                                        | CUSIP: 65364UAK2<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    866000 | PA      | $831609.95    | 0.09%             | 2024-10-01      | Fixed         | 3.51%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2014-M13, Class A2                                              | CUSIP: 3136ALYF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000791 | PA      | $968359.31    | 0.11%             | 2024-08-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, Other                                                           | CUSIP: 3132H3XT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    445932 | PA      | $420214.08    | 0.05%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                      | Oncor Electric Delivery Co. LLC                                                   | CUSIP: 68233JBK9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    300000 | PA      | $313444.62    | 0.03%             | 2029-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2020-M50, Class A1                                              | CUSIP: 3136BCGR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    650647 | PA      | $599815.54    | 0.07%             | 2030-10-25      | Fixed         | 0.67%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                | GM Financial Automobile Leasing Trust, Series 2022-2, Class A3                    | CUSIP: 36266FAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1057000 | PA      | $1030570.98   | 0.11%             | 2025-06-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2021-2, Class C                    | CUSIP: 80286XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    956000 | PA      | $929762.29    | 0.10%             | 2026-06-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.                   | American International Group, Inc.                                                | CUSIP: 026874DH7<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194328.13    | 0.02%             | 2026-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2021-M3, Class 1A1                                              | CUSIP: 3136BDXP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33934 | PA      | $31631.46     | 0.00%             | 2033-11-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA                                                                              | CUSIP: 3135G04Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  13767000 | PA      | $12537437.15  | 1.37%             | 2025-06-17      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M4, Class A2                                               | CUSIP: 3136B1XJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2166117 | PA      | $2034237.08   | 0.22%             | 2028-03-25      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-68, Class PG                                             | CUSIP: 31394E7B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78142 | PA      | $79158.56     | 0.01%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Office Properties Income Trust                       | Office Properties Income Trust                                                    | CUSIP: 67623CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    698000 | PA      | $504381.79    | 0.06%             | 2027-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4238, Class UY                                               | CUSIP: 3137B4FJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2585173 | PA      | $2441751.15   | 0.27%             | 2033-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140HVY73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1157998 | PA      | $1035256.23   | 0.11%             | 2029-11-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    808000 | PA      | $691602.05    | 0.08%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2018-1, Class AA                       | CUSIP: 909318AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    605217 | PA      | $518483.68    | 0.06%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Halliburton Co.                                      | Halliburton Co.                                                                   | CUSIP: 406216BL4<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129675.72    | 0.01%             | 2030-03-01      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Allstate Corp. (The)                                 | Allstate Corp. (The)                                                              | CUSIP: 020002AZ4<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    615000 | PA      | $609438.36    | 0.07%             | 2023-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                  | CommonSpirit Health                                                               | CUSIP: 20268JAB9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    661000 | PA      | $574938.80    | 0.06%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.                              | Quest Diagnostics, Inc.                                                           | CUSIP: 74834LBB5<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     93000 | PA      | $80524.40     | 0.01%             | 2030-06-30      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2544, Class KE                                               | CUSIP: 31393FPW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33472 | PA      | $34025.47     | 0.00%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 20 Year                                                         | CUSIP: 3128P7EB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25680 | PA      | $26003.93     | 0.00%             | 2027-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-39, Class LB                                             | CUSIP: 31397NG90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52678 | PA      | $51625.35     | 0.01%             | 2029-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2019-7, Class CA                                              | CUSIP: 3136B32G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2716866 | PA      | $2589411.14   | 0.28%             | 2057-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-14, Class AG                                                    | CUSIP: 38374XAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83217 | PA      | $82774.66     | 0.01%             | 2039-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Welltower, Inc.                                      | Welltower, Inc.                                                                   | CUSIP: 95040QAP9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    600000 | PA      | $476490.81    | 0.05%             | 2032-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WRKCo, Inc.                                          | WRKCo, Inc.                                                                       | CUSIP: 92940PAD6<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144955.87    | 0.02%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-150, Class A2  | CUSIP: 3137H9C98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2837723.10   | 0.31%             | 2032-09-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                             | UnitedHealth Group, Inc.                                                          | CUSIP: 91324PBZ4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    365000 | PA      | $363675.84    | 0.04%             | 2023-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    700000 | PA      | $662539.11    | 0.07%             | 2024-08-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2022-2A, Class A                                      | CUSIP: 23345AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1006932 | PA      | $987109.99    | 0.11%             | 2026-06-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   2160000 | PA      | $-36101.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                                 | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $248966.36    | 0.03%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3513, Class A                                                | CUSIP: 31397YVP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10350 | PA      | $10090.99     | 0.00%             | 2039-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                  | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    500000 | PA      | $419769.76    | 0.05%             | 2028-01-07      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                        | Pioneer Natural Resources Co.                                                     | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    624000 | PA      | $557016.21    | 0.06%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                   | Altria Group, Inc.                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    996000 | PA      | $755091.43    | 0.08%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2016-1, Class AA                       | CUSIP: 90931LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    951132 | PA      | $845858.17    | 0.09%             | 2028-07-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 15 Year                                                                | CUSIP: 31416BXJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       172 | PA      | $171.38       | 0.00%             | 2024-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                  | CUSIP: 251526BR9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    500000 | PA      | $497339.53    | 0.05%             | 2023-02-27      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                  | CUSIP: 36179WLP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9016154 | PA      | $7948071.97   | 0.87%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L3U37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2018181 | PA      | $1989446.64   | 0.22%             | 2023-05-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                              | MVW LLC, Series 2021-2A, Class A                                                  | CUSIP: 55400KAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    952390 | PA      | $841110.47    | 0.09%             | 2039-05-20      | Fixed         | 1.43%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                | Gray Oak Pipeline LLC                                                             | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $283061.39    | 0.03%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-48, Class TD                                             | CUSIP: 31394DA75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    201778 | PA      | $206578.94    | 0.02%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BA Credit Card Trust                                 | BA Credit Card Trust, Series 2020-A1, Class A1                                    | CUSIP: 05522RDC9<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |    930000 | PA      | $885969.80    | 0.10%             | 2026-05-15      | Fixed         | 0.34%                 | No            |                  2 | On Loan: No      |
| Triton Container International Ltd.                  | Triton Container International Ltd.                                               | CUSIP: 89680YAA3<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    928000 | PA      | $800771.20    | 0.09%             | 2026-04-15      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3571, Class MY                                               | CUSIP: 31398JYL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     39030 | PA      | $38635.54     | 0.00%             | 2024-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3270, Class AT                                               | CUSIP: 31397EQH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15542 | PA      | $15788.14     | 0.00%             | 2037-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K027, Class A2   | CUSIP: 3137B1UG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68674 | PA      | $68472.89     | 0.01%             | 2023-01-25      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| PG&E Energy Recovery Funding LLC                     | PG&E Energy Recovery Funding LLC, Series A-2                                      | CUSIP: 71710TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $171477.72    | 0.02%             | 2036-01-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                       | Takeda Pharmaceutical Co. Ltd.                                                    | CUSIP: 874060AX4<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |   1500000 | PA      | $1235415.80   | 0.13%             | 2030-03-31      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-86, Class IP                                             | CUSIP: 31398FTC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8047 | PA      | $1519.95      | 0.00%             | 2039-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4337, Class VJ                                               | CUSIP: 3137BBB66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    988897 | PA      | $982290.66    | 0.11%             | 2027-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                  | Seasoned Credit Risk Transfer Trust, Series 2018-2, Class M55D                    | CUSIP: 35563PFP9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1568365 | PA      | $1505834.23   | 0.16%             | 2057-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K145, Class AM   | CUSIP: 3137H7YZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    880000 | PA      | $749195.57    | 0.08%             | 2055-06-25      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                  | CommonSpirit Health                                                               | CUSIP: 20268JAF0<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    564000 | PA      | $455057.56    | 0.05%             | 2030-10-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                          | L3Harris Technologies, Inc.                                                       | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473889.23    | 0.05%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Textron, Inc.                                        | Textron, Inc.                                                                     | CUSIP: 883203CB5<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $866047.26    | 0.09%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                | United Mexican States                                                             | CUSIP: 91086QBG2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    332000 | PA      | $324862.00    | 0.04%             | 2026-01-21      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                 | Charter Communications Operating LLC                                              | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1456000 | PA      | $1433128.54   | 0.16%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                           | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    514000 | PA      | $421802.04    | 0.05%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31419AXK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    499397 | PA      | $500660.23    | 0.05%             | 2040-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                             | CenterPoint Energy, Inc.                                                          | CUSIP: 15189TBA4<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    288000 | PA      | $256615.93    | 0.03%             | 2026-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  32717000 | PA      | $-221817.60   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                | Quanta Services, Inc.                                                             | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    175000 | PA      | $145463.77    | 0.02%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-16, Class GC                                                    | CUSIP: 38374FHH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    588510 | PA      | $597115.66    | 0.07%             | 2034-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  11257000 | PA      | $61824.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 10 Year Note                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      1215 | NC      | $1079557.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                     | NRG Energy, Inc.                                                                  | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    445000 | PA      | $380802.62    | 0.04%             | 2027-12-02      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140FXRT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1947012 | PA      | $1718393.53   | 0.19%             | 2060-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BB-UBS Trust                                         | BB-UBS Trust, Series 2012-SHOW, Class A                                           | CUSIP: 05538UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1299645.62   | 0.14%             | 2036-11-05      | Fixed         | 3.43%                 | Yes           |                  2 | On Loan: No      |
| Discover Bank                                        | Discover Bank                                                                     | CUSIP: 25466AAJ0<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |    447000 | PA      | $411919.37    | 0.05%             | 2026-07-27      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KL3L, Class ALNZ | CUSIP: 3137FJF53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1928705.80   | 0.21%             | 2025-04-25      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP                      | Plains All American Pipeline LP                                                   | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $87145.57     | 0.01%             | 2029-12-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust         | American Credit Acceptance Receivables Trust, Series 2022-1, Class A              | CUSIP: 02530WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590232 | PA      | $583069.08    | 0.06%             | 2025-12-15      | Fixed         | 0.99%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding                 | Jackson National Life Global Funding                                              | CUSIP: 46849LSQ5<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $959693.58    | 0.10%             | 2026-04-29      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                   | General Motors Financial Co., Inc.                                                | CUSIP: 37045XDM5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    480000 | PA      | $443004.01    | 0.05%             | 2024-10-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LDJF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    953970 | PA      | $894538.99    | 0.10%             | 2028-04-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, STRIPS, Series 262, Class 35                                               | CUSIP: 3128HXKY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    483146 | PA      | $456433.65    | 0.05%             | 2042-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2020-M50, Class X1                                              | CUSIP: 3136BCGU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6360638 | PA      | $478382.32    | 0.05%             | 2030-10-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2001-63, Class TC                                             | CUSIP: 31392AUJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35945 | PA      | $36377.89     | 0.00%             | 2031-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                           | Sherwin-Williams Co. (The)                                                        | CUSIP: 824348BD7<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    225000 | PA      | $216335.23    | 0.02%             | 2025-02-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods, Inc.                               | Smithfield Foods, Inc.                                                            | CUSIP: 832248BB3<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    556000 | PA      | $516556.37    | 0.06%             | 2029-04-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 3140J73J2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    902736 | PA      | $888037.90    | 0.10%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                       | Aircastle Ltd.                                                                    | CUSIP: 00928QAR2<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    550000 | PA      | $544178.01    | 0.06%             | 2023-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                         | CUSIP: 90265EAM2<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    287000 | PA      | $266346.27    | 0.03%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                 | American Tower Corp.                                                              | CUSIP: 03027XBJ8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    545000 | PA      | $450139.35    | 0.05%             | 2028-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                         | Verizon Communications, Inc.                                                      | CUSIP: 92343VDD3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1823000 | PA      | $1696636.59   | 0.19%             | 2026-08-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-123, Class BP                                            | CUSIP: 31398NU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1885333 | PA      | $1862522.44   | 0.20%             | 2040-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2021-3A, Class B                      | CUSIP: 30166AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    594000 | PA      | $582362.06    | 0.06%             | 2026-01-15      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series J22F, Class A2   | CUSIP: 3137FJYB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    137867 | PA      | $135922.06    | 0.01%             | 2024-09-25      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-94, Class CE                                             | CUSIP: 31393EB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13882 | PA      | $13776.10     | 0.00%             | 2033-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-50, Class LP                                             | CUSIP: 31397S7A6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    435683 | PA      | $419374.11    | 0.05%             | 2041-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    800000 | PA      | $767676.40    | 0.08%             | 2025-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                | Gray Oak Pipeline LLC                                                             | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    928000 | PA      | $824452.92    | 0.09%             | 2027-10-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                  | Graphic Packaging International LLC                                               | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    513000 | PA      | $446080.53    | 0.05%             | 2026-04-15      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   9906000 | PA      | $134289.50    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GE Capital International Funding Co. Unlimited Co.   | GE Capital International Funding Co. Unlimited Co.                                | CUSIP: 36164QNA2<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |   1100000 | PA      | $1038237.89   | 0.11%             | 2035-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 912828B25<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29678000 | PA      | $37009396.67  | 4.04%             | 2024-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3121, Class JD                                               | CUSIP: 31396JG66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8115 | PA      | $8072.59      | 0.00%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                                 | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    941000 | PA      | $750046.92    | 0.08%             | 2031-06-04      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                 | American Airlines Pass-Through Trust, Series 2021-1, Class B                      | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1337000 | PA      | $1091423.58   | 0.12%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $469730.25    | 0.05%             | 2029-05-01      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                              | Hyundai Capital America                                                           | CUSIP: 44891ABT3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    308000 | PA      | $251669.85    | 0.03%             | 2028-01-10      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3575, Class EB                                               | CUSIP: 31398JUA9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     97105 | PA      | $95768.42     | 0.01%             | 2024-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2020-3A, Class B                    | CUSIP: 96042QAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586449 | PA      | $582216.32    | 0.06%             | 2025-11-17      | Fixed         | 0.78%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                    | GLS Auto Receivables Issuer Trust, Series 2021-2A, Class B                        | CUSIP: 36261XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379500 | PA      | $374097.38    | 0.04%             | 2025-09-15      | Fixed         | 0.77%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                      | Blackstone Secured Lending Fund                                                   | CUSIP: 09261LAD0<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    550000 | PA      | $543606.27    | 0.06%             | 2023-07-14      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31416AVB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142246 | PA      | $148036.72    | 0.02%             | 2038-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-28, Class DE                                             | CUSIP: 31398MG75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    175931 | PA      | $174792.99    | 0.02%             | 2030-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2021-SFR11, Class A                            | CUSIP: 74333XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1995577 | PA      | $1662451.27   | 0.18%             | 2039-01-17      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| CMS Energy Corp.                                     | CMS Energy Corp.                                                                  | CUSIP: 125896BR0<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $154985.07    | 0.02%             | 2027-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                          | L3Harris Technologies, Inc.                                                       | CUSIP: 502431AL3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    475000 | PA      | $456482.53    | 0.05%             | 2026-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                              | BPCE SA                                                                           | CUSIP: 05583JAK8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1114000 | PA      | $954649.75    | 0.10%             | 2027-10-19      | Variable      | 2.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  14815000 | PA      | $74807.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-137, Class CF                                            | CUSIP: 3136AAJ71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113830 | PA      | $113035.77    | 0.01%             | 2041-08-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| BAE Systems plc                                      | BAE Systems plc                                                                   | CUSIP: 05523RAD9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $889964.74    | 0.10%             | 2030-04-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-39, Class ZA                                             | CUSIP: 31397SVY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    362207 | PA      | $372898.36    | 0.04%             | 2032-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                         | AbbVie, Inc.                                                                      | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1807000 | PA      | $1691846.50   | 0.18%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2021-4A, Class D                                      | CUSIP: 26253WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    760000 | PA      | $665651.62    | 0.07%             | 2027-09-15      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Notes                                                               | CUSIP: 91282CAJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1821800 | PA      | $1639335.34   | 0.18%             | 2025-08-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| CSFB Mortgage-Backed Pass-Through Certificates       | CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27, Class 5A4         | CUSIP: 22541QP89<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       771 | PA      | $736.90       | 0.00%             | 2033-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                   | Energy Transfer LP                                                                | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    244000 | PA      | $243567.45    | 0.03%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                 | Glencore Funding LLC                                                              | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $405736.83    | 0.04%             | 2030-09-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                  | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1096000 | PA      | $1014558.14   | 0.11%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                | Nissan Motor Co. Ltd.                                                             | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $694563.86    | 0.08%             | 2030-09-17      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCVI LLC                                        | VOLT XCVI LLC, Series 2021-NPL5, Class A1                                         | CUSIP: 92873FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1232506 | PA      | $1096734.32   | 0.12%             | 2051-03-27      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| MASTR Asset Securitization Trust                     | MASTR Asset Securitization Trust, Series 2003-11, Class 8A1                       | CUSIP: 55265K2N8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24614 | PA      | $21694.19     | 0.00%             | 2033-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                 | FirstKey Homes Trust, Series 2020-SFR2, Class A                                   | CUSIP: 33767JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1069795 | PA      | $943072.20    | 0.10%             | 2037-10-19      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                               | CUSIP: 3131Y1WR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    939672 | PA      | $930457.58    | 0.10%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                   | Regency Centers LP                                                                | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    400000 | PA      | $349647.22    | 0.04%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                              | Hyundai Capital America                                                           | CUSIP: 44891ABG1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1237000 | PA      | $1098527.42   | 0.12%             | 2027-02-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3563, Class LB                                               | CUSIP: 31398JGN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7888 | PA      | $7728.57      | 0.00%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3577, Class B                                                | CUSIP: 31398JPY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    168008 | PA      | $166265.04    | 0.02%             | 2024-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-43, Class NB                                                    | CUSIP: 38375QQM4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    119748 | PA      | $121695.17    | 0.01%             | 2038-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                       | AIA Group Ltd.                                                                    | CUSIP: 00131LAJ4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $177000.00    | 0.02%             | 2030-04-07      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2022-P3, Class A3                          | CUSIP: 14686MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $238633.50    | 0.03%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                   | ITC Holdings Corp.                                                                | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    251000 | PA      | $213199.74    | 0.02%             | 2030-05-14      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-29, Class WC                                             | CUSIP: 31394DGG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    233730 | PA      | $230472.88    | 0.03%             | 2035-04-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    728000 | PA      | $562051.67    | 0.06%             | 2032-01-27      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2006-22, Class CE                                             | CUSIP: 31395BD75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9786 | PA      | $9727.61      | 0.00%             | 2023-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OGE Energy Corp.                                     | OGE Energy Corp.                                                                  | CUSIP: 670837AC7<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | DBT              | CORP              | US        |    208000 | PA      | $203657.56    | 0.02%             | 2023-05-26      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                          | Huntington Bancshares, Inc.                                                       | CUSIP: 446150BA1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1068000 | PA      | $1018015.05   | 0.11%             | 2033-05-17      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2021-4A, Class B                      | CUSIP: 30165JAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    946000 | PA      | $912981.86    | 0.10%             | 2026-05-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2696, Class DG                                               | CUSIP: 31394KR89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    191009 | PA      | $191321.31    | 0.02%             | 2033-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140FXHG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3480840 | PA      | $3630238.99   | 0.40%             | 2058-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts LLC                                 | Westgate Resorts LLC, Series 2022-1A, Class A                                     | CUSIP: 96034JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1054716 | PA      | $992508.03    | 0.11%             | 2036-08-20      | Fixed         | 1.79%                 | Yes           |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                           | CIG Auto Receivables Trust, Series 2021-1A, Class A                               | CUSIP: 12598NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271515 | PA      | $266175.68    | 0.03%             | 2025-04-14      | Fixed         | 0.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2436, Class MC                                               | CUSIP: 3133TVR99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7107 | PA      | $7351.26      | 0.00%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust              | Hyundai Auto Lease Securitization Trust, Series 2020-B, Class A3                  | CUSIP: 44891PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119956 | PA      | $119763.45    | 0.01%             | 2023-09-15      | Fixed         | 0.51%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M14, Class A2                                              | CUSIP: 3136B27L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    382763 | PA      | $367380.00    | 0.04%             | 2028-08-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital International SA               | TotalEnergies Capital International SA                                            | CUSIP: 89153VAE9<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $199377.08    | 0.02%             | 2023-01-25      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140LFVK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2393690 | PA      | $2052118.17   | 0.22%             | 2032-03-01      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2016-2, Class AA                       | CUSIP: 90932EAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950512 | PA      | $815094.44    | 0.09%             | 2028-10-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2021-SFR2, Class E1                            | CUSIP: 74333DAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $292781.97    | 0.03%             | 2038-04-19      | Fixed         | 2.55%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2673, Class PE                                               | CUSIP: 31394JKA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    212766 | PA      | $216317.82    | 0.02%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                   | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $2965778.42   | 0.32%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| NBN Co. Ltd.                                         | NBN Co. Ltd.                                                                      | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |   1100000 | PA      | $886785.32    | 0.10%             | 2031-05-05      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-71, Class GB                                             | CUSIP: 31396WNK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139414 | PA      | $144025.98    | 0.02%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-26, Class EB                                             | CUSIP: 31393AKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    662986 | PA      | $628392.91    | 0.07%             | 2033-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                               | Credit Suisse Group AG                                                            | CUSIP: 225401AU2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    378000 | PA      | $257517.29    | 0.03%             | 2032-05-14      | Variable      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| UBS-BAMLL Trust                                      | UBS-BAMLL Trust, Series 2012-WRM, Class A                                         | CUSIP: 90269PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27444 | PA      | $27406.83     | 0.00%             | 2030-06-10      | Fixed         | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                         | Pacific Gas and Electric Co.                                                      | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1092999 | PA      | $997052.64    | 0.11%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2505, Class D                                                | CUSIP: 31392UBG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     52430 | PA      | $53556.13     | 0.01%             | 2032-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                | Alexandria Real Estate Equities, Inc.                                             | CUSIP: 015271AR0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    639000 | PA      | $557533.48    | 0.06%             | 2031-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                              | GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4                                | CUSIP: 36228F2K1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47499 | PA      | $45263.36     | 0.00%             | 2034-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2725, Class TA                                               | CUSIP: 31394MWL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    284000 | PA      | $280198.86    | 0.03%             | 2033-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 1997-57, Class PN                                             | CUSIP: 31359QJS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54893 | PA      | $54413.48     | 0.01%             | 2027-09-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                       | AIA Group Ltd.                                                                    | CUSIP: 00131LAH8<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    595000 | PA      | $544425.00    | 0.06%             | 2029-04-09      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2701, Class AC                                               | CUSIP: 31394LN57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66525 | PA      | $66176.59     | 0.01%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                   | Credit Agricole SA                                                                | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    874000 | PA      | $761641.25    | 0.08%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust              | United Auto Credit Securitization Trust, Series 2021-1, Class C                   | CUSIP: 90943UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212230 | PA      | $210199.07    | 0.02%             | 2026-06-10      | Fixed         | 0.84%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2002-75, Class GB                                             | CUSIP: 31392FNE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44128 | PA      | $43538.54     | 0.00%             | 2032-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                             | Cooperatieve Rabobank UA                                                          | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $866154.06    | 0.09%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-33, Class AY                                                    | CUSIP: 38374K2D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137902 | PA      | $139849.24    | 0.02%             | 2035-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                     | Paramount Global                                                                  | CUSIP: 124857AR4<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    539000 | PA      | $483204.05    | 0.05%             | 2027-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Microchip Technology, Inc.                           | Microchip Technology, Inc.                                                        | CUSIP: 595017BC7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    600000 | PA      | $554761.75    | 0.06%             | 2024-09-01      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| Goodman US Finance Three LLC                         | Goodman US Finance Three LLC                                                      | CUSIP: 38239JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163000 | PA      | $148268.17    | 0.02%             | 2028-03-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2014-M8, Class A2                                               | CUSIP: 3136AKQM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2561264 | PA      | $2484507.17   | 0.27%             | 2024-06-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3546, Class NB                                               | CUSIP: 31398E4H4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270597 | PA      | $267103.39    | 0.03%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 3140J73H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1102502 | PA      | $1062411.81   | 0.12%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                             | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    928000 | PA      | $813136.80    | 0.09%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-37, Class KI                                             | CUSIP: 31396QAF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3303 | PA      | $164.32       | 0.00%             | 2039-06-25      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2021-M3, Class X1                                               | CUSIP: 3136BDXR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    347691 | PA      | $31546.30     | 0.00%             | 2033-11-25      | Variable      | 2.06%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                         | ING Groep NV                                                                      | CUSIP: 456837AM5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    406000 | PA      | $386601.25    | 0.04%             | 2028-10-02      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| World Omni Select Auto Trust                         | World Omni Select Auto Trust, Series 2020-A, Class A3                             | CUSIP: 98163DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188673 | PA      | $187012.93    | 0.02%             | 2025-07-15      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| Life Storage LP                                      | Life Storage LP                                                                   | CUSIP: 53227JAC8<br>LEI: X0MIGH67XZCB7HL1A534 | Long             | DBT              | CORP              | US        |    550000 | PA      | $428550.83    | 0.05%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GSK Consumer Healthcare Capital US LLC               | GSK Consumer Healthcare Capital US LLC                                            | CUSIP: 36264FAL5<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    632000 | PA      | $572566.32    | 0.06%             | 2029-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Prudential Insurance Co. of America (The)            | Prudential Insurance Co. of America (The)                                         | CUSIP: 743917AH9<br>LEI: X574KRZ6V5A7UBU45C31 | Long             | DBT              | CORP              | US        |    650000 | PA      | $690883.83    | 0.08%             | 2025-07-01      | Fixed         | 8.30%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    678000 | PA      | $653009.35    | 0.07%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-51, Class DC                                                    | CUSIP: 38374LXL0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    109618 | PA      | $111619.93    | 0.01%             | 2035-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.            | Consolidated Edison Co. of New York, Inc.                                         | CUSIP: 209111FP3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    632000 | PA      | $602400.57    | 0.07%             | 2028-05-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2022-4A, Class C                      | CUSIP: 30166BAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1076000 | PA      | $1012785.97   | 0.11%             | 2028-12-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3787, Class AY                                               | CUSIP: 3137A5HP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    219247 | PA      | $214522.49    | 0.02%             | 2026-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2021-3A, Class D                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    806000 | PA      | $727166.19    | 0.08%             | 2027-01-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K066, Class A2   | CUSIP: 3137F2LJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1362000 | PA      | $1292799.10   | 0.14%             | 2027-06-25      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Lear Corp.                                           | Lear Corp.                                                                        | CUSIP: 521865BC8<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |    222000 | PA      | $170455.16    | 0.02%             | 2032-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2014-M1, Class A2                                               | CUSIP: 3136AH2E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    762756 | PA      | $754429.88    | 0.08%             | 2023-07-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                | Nissan Motor Co. Ltd.                                                             | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $720780.32    | 0.08%             | 2027-09-17      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-38, Class BG                                                    | CUSIP: 38375QGP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    402274 | PA      | $405776.54    | 0.04%             | 2038-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arrow Electronics, Inc.                              | Arrow Electronics, Inc.                                                           | CUSIP: 042735BF6<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    854000 | PA      | $784977.87    | 0.09%             | 2028-01-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Life Storage LP                                      | Life Storage LP                                                                   | CUSIP: 53227JAD6<br>LEI: X0MIGH67XZCB7HL1A534 | Long             | DBT              | CORP              | US        |    476000 | PA      | $367385.42    | 0.04%             | 2031-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-5, Class EQ                                              | CUSIP: 31392H4K6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       480 | PA      | $478.37       | 0.00%             | 2023-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3200                                                         | CUSIP: 31397AJ95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43019 | PA      | $34596.26     | 0.00%             | 2036-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receivables Trust            | Santander Consumer Auto Receivables Trust, Series 2021-AA, Class A3               | CUSIP: 80282YAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315456 | PA      | $309102.66    | 0.03%             | 2025-10-15      | Fixed         | 0.33%                 | Yes           |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                     | Brixmor Operating Partnership LP                                                  | CUSIP: 11120VAA1<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    375000 | PA      | $359725.33    | 0.04%             | 2025-02-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                      | Air Lease Corp.                                                                   | CUSIP: 00912XBC7<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395931.66    | 0.04%             | 2023-07-03      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                                 | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    640000 | PA      | $617586.46    | 0.07%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class A2   | CUSIP: 3137FEBQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    473000 | PA      | $454684.68    | 0.05%             | 2027-12-25      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust             | AmeriCredit Automobile Receivables Trust, Series 2020-3, Class B                  | CUSIP: 03066PAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $711839.15    | 0.08%             | 2025-12-18      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LDLZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1600000 | PA      | $1502672.99   | 0.16%             | 2026-06-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                    | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $734695.19    | 0.08%             | 2026-06-09      | Variable      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Time Warner Cable Enterprises LLC                    | Time Warner Cable Enterprises LLC                                                 | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    464000 | PA      | $520647.64    | 0.06%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                             | Roper Technologies, Inc.                                                          | CUSIP: 776743AD8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    928000 | PA      | $892973.16    | 0.10%             | 2026-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2004-44, Class KT                                             | CUSIP: 31393YZV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4163 | PA      | $4152.53      | 0.00%             | 2024-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SpringCastle America Funding LLC                     | SpringCastle America Funding LLC, Series 2020-AA, Class A                         | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250410 | PA      | $225672.02    | 0.02%             | 2037-09-25      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                          | Volkswagen Auto Lease Trust, Series 2020-A, Class A3                              | CUSIP: 92868VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202908 | PA      | $201436.04    | 0.02%             | 2024-01-22      | Fixed         | 0.39%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                           | Aviation Capital Group LLC                                                        | CUSIP: 05369AAH4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    788000 | PA      | $771502.83    | 0.08%             | 2024-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Ventas Realty LP                                     | Ventas Realty LP                                                                  | CUSIP: 92277GAD9<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    434000 | PA      | $423077.07    | 0.05%             | 2024-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP                      | Plains All American Pipeline LP                                                   | CUSIP: 72650RBJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    407000 | PA      | $400727.50    | 0.04%             | 2025-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Evergy, Inc.                                         | Evergy, Inc.                                                                      | CUSIP: 30034WAB2<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    368000 | PA      | $317674.28    | 0.03%             | 2029-09-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust   | GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A3       | CUSIP: 36261LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345850 | PA      | $334551.73    | 0.04%             | 2025-10-16      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| Jersey Central Power & Light Co.                     | Jersey Central Power & Light Co.                                                  | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    288000 | PA      | $234203.45    | 0.03%             | 2032-03-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Scentre Group Trust 1                                | Scentre Group Trust 1                                                             | CUSIP: 806213AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    400000 | PA      | $382331.91    | 0.04%             | 2025-02-12      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                      | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2                         | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1966000 | PA      | $1663483.72   | 0.18%             | 2046-08-15      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 30 Year                                                         | CUSIP: 3128KLRA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       647 | PA      | $681.16       | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                 | Glencore Funding LLC                                                              | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    400000 | PA      | $329412.50    | 0.04%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Sabra Health Care LP                                 | Sabra Health Care LP                                                              | CUSIP: 78574MAA1<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    616000 | PA      | $461901.94    | 0.05%             | 2031-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140FXTC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    914268 | PA      | $764519.28    | 0.08%             | 2061-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                      | CoreVest American Finance Trust, Series 2019-3, Class A                           | CUSIP: 21872NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171838 | PA      | $160977.00    | 0.02%             | 2052-10-15      | Fixed         | 2.71%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                    | American Electric Power Co., Inc.                                                 | CUSIP: 025537AK7<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    277000 | PA      | $266163.72    | 0.03%             | 2024-03-15      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| American Tower Trust #1                              | American Tower Trust #1                                                           | CUSIP: 03027WAJ1<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | ABS-O            | CORP              | US        |    504000 | PA      | $499603.81    | 0.05%             | 2023-03-15      | Fixed         | 3.07%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A                        | CUSIP: 22536BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1805502 | PA      | $1757074.04   | 0.19%             | 2029-10-15      | Fixed         | 1.24%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  45023000 | PA      | $-23200.56    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K038, Class A2   | CUSIP: 3137BBBD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4768000 | PA      | $4669548.91   | 0.51%             | 2024-03-25      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                      | Air Lease Corp.                                                                   | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    620000 | PA      | $542105.40    | 0.06%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust             | AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A3                 | CUSIP: 03065WAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81000 | PA      | $79215.00     | 0.01%             | 2028-04-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                 | Macquarie Group Ltd.                                                              | CUSIP: 55608JAP3<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $188703.32    | 0.02%             | 2030-01-15      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2021-3, Class B                    | CUSIP: 80287EAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1345852 | PA      | $1332045.87   | 0.15%             | 2025-12-15      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2013-M9, Class A2                                               | CUSIP: 3136AEX69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    465754 | PA      | $463178.17    | 0.05%             | 2023-01-25      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury Ultra Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -7 | NC      | $-22327.90    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2007-37, Class LB                                                    | CUSIP: 38375KLC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    136450 | PA      | $138666.45    | 0.02%             | 2037-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-77, Class TK                                                    | CUSIP: 38374B4M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    220624 | PA      | $218444.14    | 0.02%             | 2033-09-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                | Nomura Holdings, Inc.                                                             | CUSIP: 65535HAS8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    453000 | PA      | $362231.99    | 0.04%             | 2030-07-16      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                          | AvalonBay Communities, Inc.                                                       | CUSIP: 05348EBA6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    215000 | PA      | $199925.73    | 0.02%             | 2027-05-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Ovintiv Exploration, Inc.                            | Ovintiv Exploration, Inc.                                                         | CUSIP: 651290AR9<br>LEI: T8W3X1PFLPW2YE0UIP44 | Long             | DBT              | CORP              | US        |    480000 | PA      | $477465.69    | 0.05%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-106, Class ST                                                   | CUSIP: 38376JFW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     91095 | PA      | $5055.85      | 0.00%             | 2038-02-20      | Floating      | 2.06%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 3140FUH84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    427069 | PA      | $410678.61    | 0.04%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S&P Global, Inc.                                     | S&P Global, Inc.                                                                  | CUSIP: 78409VAZ7<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    346000 | PA      | $333931.59    | 0.04%             | 2029-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2624, Class QH                                               | CUSIP: 31393RJ92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    130948 | PA      | $132116.99    | 0.01%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thornburg Mortgage Securities Trust                  | Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A                      | CUSIP: 885220GF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    104721 | PA      | $95805.64     | 0.01%             | 2044-12-25      | Variable      | 2.71%                 | No            |                  2 | On Loan: No      |
| Healthcare Realty Holdings LP                        | Healthcare Realty Holdings LP                                                     | CUSIP: 42225UAG9<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |    269000 | PA      | $225755.81    | 0.02%             | 2030-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| eBay, Inc.                                           | eBay, Inc.                                                                        | CUSIP: 278642AY9<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $938152.92    | 0.10%             | 2031-05-10      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                   | General Motors Financial Co., Inc.                                                | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1289000 | PA      | $995566.72    | 0.11%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   8651000 | PA      | $-126567.28   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                  | Expedia Group, Inc.                                                               | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1307000 | PA      | $1117571.82   | 0.12%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M8, Class A2                                               | CUSIP: 3136AW7J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1360975 | PA      | $1288663.59   | 0.14%             | 2027-05-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                  | CUSIP: 251526CC1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    360000 | PA      | $345384.67    | 0.04%             | 2024-09-18      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K060, Class A2   | CUSIP: 3137BTAC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1918634.20   | 0.21%             | 2026-10-25      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                           | Liberty Mutual Group, Inc.                                                        | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    928000 | PA      | $862484.86    | 0.09%             | 2029-02-01      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2008-74, Class B                                              | CUSIP: 31397MNW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5089 | PA      | $5138.72      | 0.00%             | 2038-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2934, Class KG                                               | CUSIP: 31395MDU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    132440 | PA      | $132810.75    | 0.01%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                              | CarMax Auto Owner Trust, Series 2021-1, Class A3                                  | CUSIP: 14316NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1982968 | PA      | $1915111.36   | 0.21%             | 2025-12-15      | Fixed         | 0.34%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-93, Class PD                                                    | CUSIP: 38374J6G6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    339355 | PA      | $337250.53    | 0.04%             | 2034-11-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                             | PRPM LLC, Series 2021-10, Class A1                                                | CUSIP: 69360HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    695055 | PA      | $639070.48    | 0.07%             | 2026-10-25      | Variable      | 2.49%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2022-4, Class A3                   | CUSIP: 80286FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1248000 | PA      | $1215069.27   | 0.13%             | 2027-02-16      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31413MDZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39804 | PA      | $40475.18     | 0.00%             | 2037-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GWL4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    928000 | PA      | $867899.30    | 0.09%             | 2028-06-05      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2733, Class ME                                               | CUSIP: 31394NUA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    181479 | PA      | $181605.25    | 0.02%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                    | NatWest Group plc                                                                 | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    286000 | PA      | $244854.16    | 0.03%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                      | Air Lease Corp.                                                                   | CUSIP: 00912XAT1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1292000 | PA      | $1266577.88   | 0.14%             | 2023-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                    | CUSIP: 05581KAC5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $950325.91    | 0.10%             | 2027-03-13      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                   | T-Mobile USA, Inc.                                                                | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    703000 | PA      | $606962.30    | 0.07%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust   | GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3       | CUSIP: 36258NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    724640 | PA      | $720044.69    | 0.08%             | 2024-09-16      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 1578, Class K                                                | CUSIP: 3133T0J70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       865 | PA      | $867.10       | 0.00%             | 2023-09-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2021-P3, Class A3                          | CUSIP: 14687JAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1230000 | PA      | $1125523.43   | 0.12%             | 2026-11-10      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-68, Class BE                                             | CUSIP: 31394E4D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    229871 | PA      | $228816.72    | 0.03%             | 2035-08-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                  | Societe Generale SA                                                               | CUSIP: 83367TBJ7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $382155.72    | 0.04%             | 2025-04-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                          | Stellantis Finance US, Inc.                                                       | CUSIP: 85855CAB6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    378000 | PA      | $291922.98    | 0.03%             | 2031-09-15      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2988, Class TY                                               | CUSIP: 31395UWJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6196 | PA      | $6170.89      | 0.00%             | 2025-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-33, Class HE                                             | CUSIP: 31396VGT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17557 | PA      | $17862.66     | 0.00%             | 2037-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust             | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B                  | CUSIP: 03066RAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704000 | PA      | $659108.88    | 0.07%             | 2027-01-19      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3677, Class KB                                               | CUSIP: 3137A04H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    785888 | PA      | $774857.15    | 0.08%             | 2040-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                  | CUSIP: 251526CK3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    626000 | PA      | $471472.13    | 0.05%             | 2032-05-28      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                   | Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A                       | CUSIP: 61745MA52<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20184 | PA      | $19340.40     | 0.00%             | 2034-04-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                    | World Omni Auto Receivables Trust, Series 2022-B, Class A3                        | CUSIP: 98163QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1685212.38   | 0.18%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                  | Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT                      | CUSIP: 35563PCM9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    364816 | PA      | $329724.25    | 0.04%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  3 | On Loan: No      |
| First Investors Auto Owner Trust                     | First Investors Auto Owner Trust, Series 2021-1A, Class A                         | CUSIP: 32059FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74609 | PA      | $73638.07     | 0.01%             | 2026-03-16      | Fixed         | 0.45%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K046, Class A2   | CUSIP: 3137BJP64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2503000 | PA      | $2419179.54   | 0.26%             | 2025-03-25      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3816, Class HA                                               | CUSIP: 3137A6QZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    661604 | PA      | $647631.65    | 0.07%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONE Gas, Inc.                                        | ONE Gas, Inc.                                                                     | CUSIP: 68235PAH1<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |    248000 | PA      | $202378.61    | 0.02%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   8534000 | PA      | $190443.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust   | GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class A4       | CUSIP: 36261LAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2571136.12   | 0.28%             | 2027-05-17      | Fixed         | 0.54%                 | No            |                  2 | On Loan: No      |
| NGPL PipeCo LLC                                      | NGPL PipeCo LLC                                                                   | CUSIP: 62928CAA0<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    271000 | PA      | $221744.45    | 0.02%             | 2031-07-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 20 Year                                                         | CUSIP: 3128P8AB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2262310 | PA      | $2186924.48   | 0.24%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Co.                           | Arizona Public Service Co.                                                        | CUSIP: 040555CQ5<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    372000 | PA      | $359767.24    | 0.04%             | 2024-06-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2007-79, Class BL                                                    | CUSIP: 383742DX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     94423 | PA      | $95661.33     | 0.01%             | 2037-08-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co.                               | Kentucky Utilities Co.                                                            | CUSIP: 491674BK2<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190331.00    | 0.02%             | 2025-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| VOLT XCIII LLC                                       | VOLT XCIII LLC, Series 2021-NPL2, Class A1                                        | CUSIP: 92873CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    876011 | PA      | $784277.34    | 0.09%             | 2051-02-27      | Variable      | 1.89%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3563, Class BD                                               | CUSIP: 31398JG72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     92299 | PA      | $91451.01     | 0.01%             | 2024-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-54, Class EA                                             | CUSIP: 31398RUH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25759 | PA      | $25339.20     | 0.00%             | 2040-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1200000 | PA      | $1196382.64   | 0.13%             | 2023-01-23      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   3315000 | PA      | $2681321.18   | 0.29%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                 | Republic of Colombia                                                              | CUSIP: 195325BK0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    300000 | PA      | $277500.00    | 0.03%             | 2037-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  61240000 | PA      | $790965.70    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                | Global Payments, Inc.                                                             | CUSIP: 37940XAG7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    677000 | PA      | $591221.03    | 0.06%             | 2027-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                        | Comcast Corp.                                                                     | CUSIP: 20030NCR0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    928000 | PA      | $914876.34    | 0.10%             | 2024-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31418XEZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220996 | PA      | $226115.59    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US Auto Funding Trust                                | US Auto Funding Trust, Series 2022-1A, Class A                                    | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    628061 | PA      | $617530.31    | 0.07%             | 2025-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| WP Carey, Inc.                                       | WP Carey, Inc.                                                                    | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    285000 | PA      | $226611.26    | 0.02%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                              | Nissan Auto Lease Trust, Series 2020-B, Class A3                                  | CUSIP: 65480EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68853 | PA      | $68661.30     | 0.01%             | 2023-10-16      | Fixed         | 0.43%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                   | Banco Santander SA                                                                | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $448923.18    | 0.05%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                           | Liberty Mutual Group, Inc.                                                        | CUSIP: 53079EBE3<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208150.55    | 0.02%             | 2023-06-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $378881.78    | 0.04%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                            | HCA, Inc.                                                                         | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1467658.26   | 0.16%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                           | Constellation Brands, Inc.                                                        | CUSIP: 21036PBF4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    119000 | PA      | $102422.00    | 0.01%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31410GB51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274733 | PA      | $292432.69    | 0.03%             | 2036-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co.                             | Becton Dickinson and Co.                                                          | CUSIP: 075887BV0<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     46000 | PA      | $44927.84     | 0.00%             | 2024-06-06      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                  | Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3                      | CUSIP: 89232HAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83209 | PA      | $82663.12     | 0.01%             | 2024-05-15      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                             | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1747000 | PA      | $1643859.65   | 0.18%             | 2028-01-20      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAF8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    624000 | PA      | $594263.71    | 0.06%             | 2024-07-01      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3956, Class EB                                               | CUSIP: 3137AHEZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    768226 | PA      | $722844.47    | 0.08%             | 2041-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                  | CUSIP: 3617ALMQ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    698026 | PA      | $682383.23    | 0.07%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Park Aerospace Holdings Ltd.                         | Park Aerospace Holdings Ltd.                                                      | CUSIP: 70014LAB6<br>LEI: 635400CPI3EOIFF6OC33 | Long             | DBT              | CORP              | KY        |    392000 | PA      | $386234.11    | 0.04%             | 2024-02-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                   | Republic of Panama                                                                | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    400000 | PA      | $346950.00    | 0.04%             | 2030-01-23      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                   | Honda Auto Receivables Owner Trust, Series 2019-4, Class A3                       | CUSIP: 43813VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78726 | PA      | $78364.22     | 0.01%             | 2024-01-18      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| VOLT CV LLC                                          | VOLT CV LLC, Series 2021-CF2, Class A1                                            | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    801138 | PA      | $721429.93    | 0.08%             | 2051-11-27      | Variable      | 2.49%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                     | CVS Health Corp.                                                                  | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1551000 | PA      | $1235717.33   | 0.14%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-61, Class AP                                                    | CUSIP: 38376FFN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8894 | PA      | $8743.87      | 0.00%             | 2039-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-71, Class KP                                             | CUSIP: 31396WNG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19386 | PA      | $19079.01     | 0.00%             | 2037-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 20 Year                                                                | CUSIP: 31418AHQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    384547 | PA      | $376559.57    | 0.04%             | 2032-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty LP                                     | Kilroy Realty LP                                                                  | CUSIP: 49427RAR3<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    778000 | PA      | $553759.10    | 0.06%             | 2033-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 31418AHB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    584165 | PA      | $564480.84    | 0.06%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                            | SCF Equipment Leasing LLC, Series 2022-2A, Class A3                               | CUSIP: 78397WAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1780000 | PA      | $1797031.75   | 0.20%             | 2030-10-21      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-92, Class AD                                             | CUSIP: 31398FVM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    386862 | PA      | $388817.78    | 0.04%             | 2039-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.                              | Quest Diagnostics, Inc.                                                           | CUSIP: 74834LBC3<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    633000 | PA      | $531758.12    | 0.06%             | 2031-06-30      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K067, Class A2   | CUSIP: 3137FAWS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1686000 | PA      | $1604521.69   | 0.18%             | 2027-07-25      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2685, Class DT                                               | CUSIP: 31394JZF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36587 | PA      | $36418.57     | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3102, Class CE                                               | CUSIP: 31396H5G0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    174092 | PA      | $173354.39    | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                              | JPMorgan Mortgage Trust, Series 2006-A2, Class 5A3                                | CUSIP: 466247K93<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100276 | PA      | $94893.36     | 0.01%             | 2033-11-25      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC              | Mercedes-Benz Finance North America LLC                                           | CUSIP: 233851DZ4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1170981.98   | 0.13%             | 2025-03-10      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-69, Class N                                              | CUSIP: 31393DHA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145671 | PA      | $145549.73    | 0.02%             | 2033-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                         | Ford Credit Auto Lease Trust, Series 2021-A, Class A3                             | CUSIP: 34532QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    276738 | PA      | $275697.67    | 0.03%             | 2024-02-15      | Fixed         | 0.26%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                    | NatWest Group plc                                                                 | CUSIP: 780097BG5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    620000 | PA      | $583717.00    | 0.06%             | 2029-05-18      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   6991000 | PA      | $-102361.70   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Pennsylvania Electric Co.                            | Pennsylvania Electric Co.                                                         | CUSIP: 708696BY4<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |    256000 | PA      | $231902.00    | 0.03%             | 2028-03-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                  | Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M60C                    | CUSIP: 35563PDB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1503224 | PA      | $1425423.23   | 0.16%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2030400 | PA      | $1947494.18   | 0.21%             | 2032-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KLU2, Class A7   | CUSIP: 3137FPHV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    334333 | PA      | $312222.67    | 0.03%             | 2025-09-25      | Variable      | 2.23%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2621, Class QH                                               | CUSIP: 31393QB84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    106753 | PA      | $106632.26    | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Siemens Financieringsmaatschappij NV                 | Siemens Financieringsmaatschappij NV                                              | CUSIP: 82620KAS2<br>LEI: TAFO772JB70PDRN5VS48 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $391361.95    | 0.04%             | 2024-03-16      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Dell International LLC                               | Dell International LLC                                                            | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $593397.38    | 0.06%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                | GM Financial Automobile Leasing Trust, Series 2021-3, Class A3                    | CUSIP: 36262XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1137000 | PA      | $1099255.81   | 0.12%             | 2024-10-21      | Fixed         | 0.39%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3077, Class TO                                               | CUSIP: 31396FZ71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4877 | PA      | $4643.31      | 0.00%             | 2035-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                             | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     21000 | PA      | $18947.99     | 0.00%             | 2026-06-19      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2021-SFR8, Class E1                            | CUSIP: 74333TAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1144000 | PA      | $943116.69    | 0.10%             | 2038-10-17      | Fixed         | 2.38%                 | Yes           |                  3 | On Loan: No      |
| Cargill, Inc.                                        | Cargill, Inc.                                                                     | CUSIP: 141781BM5<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    400000 | PA      | $331492.41    | 0.04%             | 2030-04-23      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury Long Bond                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -60 | NC      | $-74535.24    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2015-H20, Class FA                                                   | CUSIP: 38376RFG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1491749 | PA      | $1471504.77   | 0.16%             | 2065-08-20      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3828, Class PU                                               | CUSIP: 3137A7V98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41612 | PA      | $41458.67     | 0.00%             | 2041-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CNA Financial Corp.                                  | CNA Financial Corp.                                                               | CUSIP: 126117AS9<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    499000 | PA      | $489753.64    | 0.05%             | 2024-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                   | Essex Portfolio LP                                                                | CUSIP: 29717PAW7<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    529000 | PA      | $396398.71    | 0.04%             | 2031-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                             | Lloyds Banking Group plc                                                          | CUSIP: 53944YAD5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    869000 | PA      | $807896.94    | 0.09%             | 2027-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                 | FirstKey Homes Trust, Series 2021-SFR2, Class D                                   | CUSIP: 33767TAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2900000 | PA      | $2410551.63   | 0.26%             | 2038-09-17      | Fixed         | 2.06%                 | Yes           |                  3 | On Loan: No      |
| Starbucks Corp.                                      | Starbucks Corp.                                                                   | CUSIP: 855244AW9<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    778000 | PA      | $658148.52    | 0.07%             | 2030-03-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                | Gilead Sciences, Inc.                                                             | CUSIP: 375558AZ6<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34177.96     | 0.00%             | 2025-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Cayman 3 Ltd.                 | Mizuho Financial Group Cayman 3 Ltd.                                              | CUSIP: 60688UAB2<br>LEI: 549300AM6U7J7ZZI1G88 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $982520.00    | 0.11%             | 2024-03-27      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2687, Class JH                                               | CUSIP: 31394K6U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8521 | PA      | $8482.47      | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2022-1A, Class A2                     | CUSIP: 30167JAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351886 | PA      | $351264.75    | 0.04%             | 2024-06-17      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Puget Energy, Inc.                                   | Puget Energy, Inc.                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    234000 | PA      | $200255.86    | 0.02%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L2AE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    784269 | PA      | $781916.11    | 0.09%             | 2022-12-01      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140HSAH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $683213.08    | 0.07%             | 2028-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                      | CoreVest American Finance Trust, Series 2022-1, Class A                           | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    546536 | PA      | $530016.70    | 0.06%             | 2055-06-17      | Variable      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K034, Class A2   | CUSIP: 3137B5JM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4987559 | PA      | $4934015.61   | 0.54%             | 2023-07-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                               | Dell International LLC                                                            | CUSIP: 24703TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    628000 | PA      | $621203.57    | 0.07%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-26, Class XY                                                    | CUSIP: 38374KP23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    539984 | PA      | $551761.81    | 0.06%             | 2035-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                           | Flagship Credit Auto Trust, Series 2021-4, Class A                                | CUSIP: 33845AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    813557 | PA      | $786947.55    | 0.09%             | 2026-07-17      | Fixed         | 0.81%                 | Yes           |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                          | Raytheon Technologies Corp.                                                       | CUSIP: 75513EBX8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    476000 | PA      | $459863.06    | 0.05%             | 2024-12-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2014-M3, Class A2                                               | CUSIP: 3136AJLC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    694032 | PA      | $680730.60    | 0.07%             | 2024-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Air Canada Pass-Through Trust                        | Air Canada Pass-Through Trust, Series 2017-1, Class AA                            | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    485072 | PA      | $415897.97    | 0.05%             | 2030-01-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                             | SCE Recovery Funding LLC, Series A-2                                              | CUSIP: 78433LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $201430.13    | 0.02%             | 2038-05-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                  | CUSIP: 097023CT0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    541000 | PA      | $535981.92    | 0.06%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3348, Class HT                                               | CUSIP: 31397JLW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38249 | PA      | $38817.07     | 0.00%             | 2037-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LEJP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1407326 | PA      | $1272259.03   | 0.14%             | 2028-08-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                              | CarMax Auto Owner Trust, Series 2020-1, Class A3                                  | CUSIP: 14315XAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    251336 | PA      | $247999.96    | 0.03%             | 2024-12-16      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                   | Energy Transfer LP                                                                | CUSIP: 86765BAS8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    506000 | PA      | $513175.60    | 0.06%             | 2025-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  35773000 | PA      | $134383.43    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-41, Class KL                                             | CUSIP: 31397SU51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    957651 | PA      | $911291.13    | 0.10%             | 2041-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                   | T-Mobile USA, Inc.                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    925000 | PA      | $849552.53    | 0.09%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                            | O'Reilly Automotive, Inc.                                                         | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290215.25    | 0.03%             | 2026-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-35, Class SB                                             | CUSIP: 31398PKD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23626 | PA      | $1788.63      | 0.00%             | 2040-04-25      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| F&G Global Funding                                   | F&G Global Funding                                                                | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    978000 | PA      | $855420.14    | 0.09%             | 2027-04-11      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Safehold Operating Partnership LP                    | Safehold Operating Partnership LP                                                 | CUSIP: 78646UAA7<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    986000 | PA      | $765131.34    | 0.08%             | 2031-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2022-5, Class B                    | CUSIP: 80287HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    562000 | PA      | $542334.72    | 0.06%             | 2027-03-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Seasoned Loans Structured Transaction                | Seasoned Loans Structured Transaction, Series 2018-2, Class A1                    | CUSIP: 35564CAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    425691 | PA      | $408128.20    | 0.04%             | 2028-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Welltower, Inc.                                      | Welltower, Inc.                                                                   | CUSIP: 42217KBC9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    828000 | PA      | $820330.85    | 0.09%             | 2024-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                          | Business Jet Securities LLC, Series 2020-1A, Class A                              | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    251312 | PA      | $227773.73    | 0.02%             | 2035-11-15      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                  | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    998000 | PA      | $907197.38    | 0.10%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Securitization Trust     | World Omni Automobile Lease Securitization Trust, Series 2020-B, Class A4         | CUSIP: 98163GAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $470244.86    | 0.05%             | 2026-02-17      | Fixed         | 0.52%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-7, Class PQ                                                     | CUSIP: 38375PK59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    282735 | PA      | $281444.89    | 0.03%             | 2038-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2016-M6, Class A2                                               | CUSIP: 3136ASVZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    706043 | PA      | $663284.78    | 0.07%             | 2026-05-25      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-86, Class OT                                             | CUSIP: 31398FRT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26505 | PA      | $21562.20     | 0.00%             | 2037-10-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse AG                                     | Credit Suisse AG                                                                  | CUSIP: 22546QAP2<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |   1920000 | PA      | $1766403.59   | 0.19%             | 2024-09-09      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-80, Class QG                                             | CUSIP: 31393DK42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195157 | PA      | $193277.34    | 0.02%             | 2033-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                              | Anheuser-Busch Cos. LLC                                                           | CUSIP: 03522AAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    568000 | PA      | $551173.02    | 0.06%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M13, Class A2                                              | CUSIP: 3136AY2C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    365176 | PA      | $343534.76    | 0.04%             | 2027-09-25      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L9T85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2200000 | PA      | $2106132.80   | 0.23%             | 2025-04-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-95, Class DS                                                    | CUSIP: 38375DYP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48166 | PA      | $2402.57      | 0.00%             | 2038-12-20      | Floating      | 3.36%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3715, Class PC                                               | CUSIP: 3137A0TC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    128893 | PA      | $127013.20    | 0.01%             | 2040-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                            | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAK8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    984000 | PA      | $961122.00    | 0.11%             | 2024-05-13      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 3140QM4X9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2512225 | PA      | $2159510.78   | 0.24%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2010-157, Class OP                                                   | CUSIP: 38377NF41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     79526 | PA      | $66319.17     | 0.01%             | 2040-12-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                   | General Motors Co.                                                                | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    620000 | PA      | $628111.91    | 0.07%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                           | Flagship Credit Auto Trust, Series 2022-1, Class A                                | CUSIP: 33845VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1658836 | PA      | $1595029.78   | 0.17%             | 2026-10-15      | Fixed         | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Public Storage                                       | Public Storage                                                                    | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    495000 | PA      | $400320.86    | 0.04%             | 2031-11-09      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3508, Class PK                                               | CUSIP: 31397YWZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2563 | PA      | $2447.65      | 0.00%             | 2039-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                    | World Omni Auto Receivables Trust, Series 2021-C, Class A3                        | CUSIP: 98164CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    747000 | PA      | $710168.34    | 0.08%             | 2026-08-17      | Fixed         | 0.44%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                               | Lendmark Funding Trust, Series 2022-1A, Class A                                   | CUSIP: 52608JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177000 | PA      | $171133.02    | 0.02%             | 2032-07-20      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                     | BP Capital Markets America, Inc.                                                  | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $925141.80    | 0.10%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Continental Airlines Pass-Through Trust              | Continental Airlines Pass-Through Trust, Series 2012-2, Class A                   | CUSIP: 210795QB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144076 | PA      | $137168.12    | 0.01%             | 2024-10-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3562, Class JC                                               | CUSIP: 31398J6W8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    145401 | PA      | $143925.74    | 0.02%             | 2024-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                | Theorem Funding Trust, Series 2021-1A, Class A                                    | CUSIP: 88339VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    554999 | PA      | $544765.46    | 0.06%             | 2027-12-15      | Fixed         | 1.21%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                            | Bank of Ireland Group plc                                                         | CUSIP: 06279JAB5<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |   1125000 | PA      | $932928.75    | 0.10%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                         | CUSIP: 90265EAQ3<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    260000 | PA      | $223721.80    | 0.02%             | 2030-01-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| National Retail Properties, Inc.                     | National Retail Properties, Inc.                                                  | CUSIP: 637417AJ5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    247000 | PA      | $231082.78    | 0.03%             | 2026-12-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2989, Class TG                                               | CUSIP: 31395VG60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    127512 | PA      | $127059.25    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                      | Air Lease Corp.                                                                   | CUSIP: 00912XAV6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    928000 | PA      | $851901.49    | 0.09%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                   | CUSIP: 172967LU3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $913160.14    | 0.10%             | 2039-01-24      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K056, Class A2   | CUSIP: 3137BQYS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $3753298.40   | 0.41%             | 2026-05-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-49, Class KB                                             | CUSIP: 31398P5Z8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    137118 | PA      | $135374.79    | 0.01%             | 2025-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust             | AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3                 | CUSIP: 03066EAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34636 | PA      | $34478.15     | 0.00%             | 2024-12-18      | Fixed         | 0.66%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 31402RDG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43125 | PA      | $44834.90     | 0.00%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                     | DTE Electric Co.                                                                  | CUSIP: 23338VAB2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    464000 | PA      | $456210.48    | 0.05%             | 2024-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 31418ATV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    783039 | PA      | $736995.76    | 0.08%             | 2043-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Indiana Michigan Power Co.                           | Indiana Michigan Power Co., Series J                                              | CUSIP: 454889AP1<br>LEI: JHR9V15J0ZRG02MIRD06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99352.32     | 0.01%             | 2023-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  17143000 | PA      | $16672.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4026, Class MQ                                               | CUSIP: 3137AP4C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44555 | PA      | $42152.15     | 0.00%             | 2042-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LKPS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1191982 | PA      | $1118431.06   | 0.12%             | 2027-05-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-33, Class PB                                                    | CUSIP: 38375QEY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    242163 | PA      | $246242.49    | 0.03%             | 2038-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2110, Class PG                                               | CUSIP: 3133THLK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50106 | PA      | $50987.50     | 0.01%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NXP BV                                               | NXP BV                                                                            | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1142000 | PA      | $904535.38    | 0.10%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2021-2A, Class B                      | CUSIP: 30165XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    399755 | PA      | $396086.83    | 0.04%             | 2025-09-15      | Fixed         | 0.57%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-76, Class US                                                    | CUSIP: 38375DUZ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51367 | PA      | $1794.01      | 0.00%             | 2038-09-20      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                           | AMSR Trust, Series 2020-SFR5, Class A                                             | CUSIP: 03217JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    526971 | PA      | $467458.48    | 0.05%             | 2037-11-17      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-103, Class DA                                            | CUSIP: 3136A8ZR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16711 | PA      | $16308.25     | 0.00%             | 2041-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                         | ING Groep NV                                                                      | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    480000 | PA      | $423688.05    | 0.05%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2586, Class WG                                               | CUSIP: 31393MW98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    108175 | PA      | $106229.69    | 0.01%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                  | Societe Generale SA                                                               | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    937000 | PA      | $797228.00    | 0.09%             | 2027-06-09      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.             | International Flavors & Fragrances, Inc.                                          | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    310000 | PA      | $259074.46    | 0.03%             | 2027-10-15      | Fixed         | 1.83%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A                        | CUSIP: 22535MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1952623 | PA      | $1929646.98   | 0.21%             | 2029-07-16      | Fixed         | 1.37%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-35, Class NF                                                    | CUSIP: 3837422X0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71505 | PA      | $71806.38     | 0.01%             | 2038-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance, Inc.                             | Brookfield Finance, Inc.                                                          | CUSIP: 11271LAA0<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    778000 | PA      | $757242.23    | 0.08%             | 2026-06-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2022-1, Class A2                   | CUSIP: 80286EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    695778 | PA      | $693534.22    | 0.08%             | 2024-12-16      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Cleveland Electric Illuminating Co. (The)            | Cleveland Electric Illuminating Co. (The)                                         | CUSIP: 186108CL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $274281.42    | 0.03%             | 2030-11-15      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L5G20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1373521 | PA      | $1346005.88   | 0.15%             | 2023-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3653, Class HJ                                               | CUSIP: 31398VXZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    454404 | PA      | $456501.22    | 0.05%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3098, Class KG                                               | CUSIP: 31396GS85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    582745 | PA      | $586277.02    | 0.06%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                            | O'Reilly Automotive, Inc.                                                         | CUSIP: 67103HAF4<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    463000 | PA      | $440011.07    | 0.05%             | 2027-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class A2   | CUSIP: 3137FGR31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1541000 | PA      | $1505241.56   | 0.16%             | 2028-06-25      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M5, Class A2                                               | CUSIP: 3136AWWF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2863306 | PA      | $2674010.96   | 0.29%             | 2029-04-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K048, Class A2   | CUSIP: 3137BLAC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3480000 | PA      | $3365471.46   | 0.37%             | 2025-06-25      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  20639000 | PA      | $-157371.25   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2006-114, Class HE                                            | CUSIP: 31396L3T5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242041 | PA      | $246861.16    | 0.03%             | 2036-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                   | Energy Transfer LP                                                                | CUSIP: 292480AK6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    494000 | PA      | $472424.21    | 0.05%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                    | NatWest Group plc                                                                 | CUSIP: 780097BJ9<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $989548.84    | 0.11%             | 2024-06-25      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3501, Class A                                                | CUSIP: 31397YS36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94162 | PA      | $91087.24     | 0.01%             | 2039-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                      | Regeneron Pharmaceuticals, Inc.                                                   | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    381000 | PA      | $299344.69    | 0.03%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                         | Pacific Gas and Electric Co.                                                      | CUSIP: 694308KA4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1107396.98   | 0.12%             | 2024-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                     | JPMorgan Prime Money Market Fund, Class IM                                        | CUSIP: 46637K844<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  32076740 | NS      | $32086363.39  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4616, Class HP                                               | CUSIP: 3137BS3J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1096991 | PA      | $1011237.13   | 0.11%             | 2046-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rogers Communications, Inc.                          | Rogers Communications, Inc.                                                       | CUSIP: 775109CC3<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |   1038000 | PA      | $918932.10    | 0.10%             | 2032-03-15      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2010-130, Class BD                                                   | CUSIP: 38377LQ35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    240857 | PA      | $237009.94    | 0.03%             | 2039-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3885, Class AC                                               | CUSIP: 3137ABST9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    112303 | PA      | $111016.96    | 0.01%             | 2026-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2022-3, Class A3                   | CUSIP: 80285UAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    914000 | PA      | $894477.51    | 0.10%             | 2026-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L3TA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2959063.32   | 0.32%             | 2023-05-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   2459000 | PA      | $-19867.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortgage Trust               | UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4                  | CUSIP: 90349GBF1<br>LEI: 549300G1IXWLFE766Q13 | Long             | ABS-MBS          | CORP              | US        |   1486000 | PA      | $1473339.58   | 0.16%             | 2046-04-10      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                       | Morgan Stanley                                                                    | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3923000 | PA      | $3819444.22   | 0.42%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                               | Tesla Auto Lease Trust, Series 2021-B, Class A4                                   | CUSIP: 88161KAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    715000 | PA      | $666224.92    | 0.07%             | 2025-09-22      | Fixed         | 0.63%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 15 Year                                                         | CUSIP: 3128MCGL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       120 | PA      | $119.92       | 0.00%             | 2024-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                | Vendee Mortgage Trust, Series 2003-2, Class Z                                     | CUSIP: 911760TM8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    315061 | PA      | $316476.76    | 0.03%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guardian Life Global Funding                         | Guardian Life Global Funding                                                      | CUSIP: 40139LBC6<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |    728000 | PA      | $644063.43    | 0.07%             | 2025-12-10      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3955, Class HB                                               | CUSIP: 3137AJ7E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82845 | PA      | $79918.59     | 0.01%             | 2040-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VOLT XCVII LLC                                       | VOLT XCVII LLC, Series 2021-NPL6, Class A1                                        | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1467368 | PA      | $1308764.19   | 0.14%             | 2051-04-25      | Variable      | 2.24%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2006-49, Class PA                                             | CUSIP: 31395DXA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35118 | PA      | $36632.42     | 0.00%             | 2036-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                   | Banco Santander SA                                                                | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $198732.53    | 0.02%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2648, Class BK                                               | CUSIP: 31394G4Y6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10817 | PA      | $10943.11     | 0.00%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3087, Class KX                                               | CUSIP: 31396GBL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17589 | PA      | $17482.54     | 0.00%             | 2025-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2021-1A, Class B                                      | CUSIP: 23344GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237070 | PA      | $234968.50    | 0.03%             | 2025-09-15      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2021-P4, Class A4                          | CUSIP: 14687KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2419116.84   | 0.26%             | 2027-12-10      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2022-3A, Class A3                   | CUSIP: 96043PAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2196000 | PA      | $2183945.72   | 0.24%             | 2026-07-15      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                                 | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1250000 | PA      | $1190830.10   | 0.13%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-71, Class HJ                                             | CUSIP: 31398TDU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79870 | PA      | $82085.77     | 0.01%             | 2040-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2760, Class KT                                               | CUSIP: 31394T5J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47427 | PA      | $46630.51     | 0.01%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                       | Morgan Stanley Capital I Trust, Series 2021-PLZA, Class A                         | CUSIP: 61773PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1958000 | PA      | $1471820.91   | 0.16%             | 2043-11-09      | Fixed         | 2.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-58, Class EP                                             | CUSIP: 31394ECS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14671 | PA      | $14951.85     | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wachovia Corp.                                       | Wachovia Corp.                                                                    | CUSIP: 337358BH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    624000 | PA      | $676632.25    | 0.07%             | 2026-08-01      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                    | Wells Fargo & Co.                                                                 | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    928000 | PA      | $798053.12    | 0.09%             | 2030-10-30      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K041, Class A2   | CUSIP: 3137BFE98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7000000 | PA      | $6782090.70   | 0.74%             | 2024-10-25      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| VOLT C LLC                                           | VOLT C LLC, Series 2021-NPL9, Class A1                                            | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463518 | PA      | $410964.53    | 0.04%             | 2051-05-25      | Variable      | 1.99%                 | Yes           |                  2 | On Loan: No      |
| Shire Acquisitions Investments Ireland DAC           | Shire Acquisitions Investments Ireland DAC                                        | CUSIP: 82481LAD1<br>LEI: 549300XK5HGW68R8K327 | Long             | DBT              | CORP              | IE        |    620000 | PA      | $584176.04    | 0.06%             | 2026-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3084, Class BH                                               | CUSIP: 31396GCR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    574698 | PA      | $589645.75    | 0.06%             | 2035-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                   | Southern Co. (The), Series 21-B                                                   | CUSIP: 842587DH7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $420834.55    | 0.05%             | 2028-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                | Walt Disney Co. (The)                                                             | CUSIP: 254687DH6<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    600000 | PA      | $658020.61    | 0.07%             | 2026-10-01      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  34490000 | PA      | $723468.23    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1292000 | PA      | $1174441.53   | 0.13%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                         | Ecopetrol SA                                                                      | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    431000 | PA      | $404493.50    | 0.04%             | 2025-01-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2019-65, Class PA                                             | CUSIP: 3136B7AE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242072 | PA      | $219799.59    | 0.02%             | 2048-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                         | Sabine Pass Liquefaction LLC                                                      | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236219.38    | 0.03%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LLEL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    967061 | PA      | $912101.66    | 0.10%             | 2027-11-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Securitization Trust     | World Omni Automobile Lease Securitization Trust, Series 2021-A, Class A3         | CUSIP: 98163JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    912000 | PA      | $879420.17    | 0.10%             | 2024-08-15      | Fixed         | 0.42%                 | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co. Ltd.                              | Mitsui Fudosan Co. Ltd.                                                           | CUSIP: 60683MAA7<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | DBT              | CORP              | JP        |    219000 | PA      | $206470.96    | 0.02%             | 2027-07-20      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2002-85, Class PE                                             | CUSIP: 31392FYC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29460 | PA      | $29694.89     | 0.00%             | 2032-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, STRIPS, Series 293, Class 1                                                 | CUSIP: 31364HR74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2736 | PA      | $2673.71      | 0.00%             | 2024-12-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                      | CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1                         | CUSIP: 12669FZW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       417 | PA      | $249.73       | 0.00%             | 2019-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                     | Bank of Montreal                                                                  | CUSIP: 06368BQ68<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    728000 | PA      | $714109.21    | 0.08%             | 2028-10-05      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                 | Coterra Energy, Inc.                                                              | CUSIP: 127097AE3<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    620000 | PA      | $585040.90    | 0.06%             | 2027-05-15      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L5EA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1083374 | PA      | $1066929.87   | 0.12%             | 2023-11-01      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36525000 | PA      | $42295184.87  | 4.62%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 912828N71<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36529000 | PA      | $44170574.25  | 4.83%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                           | Flagship Credit Auto Trust, Series 2019-4, Class C                                | CUSIP: 33845FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $305396.19    | 0.03%             | 2025-12-15      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3898, Class KH                                               | CUSIP: 3137ADXN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300011 | PA      | $293321.91    | 0.03%             | 2026-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                    | World Omni Auto Receivables Trust, Series 2021-A, Class A3                        | CUSIP: 98164EAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1236015 | PA      | $1189060.63   | 0.13%             | 2026-01-15      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                  | Abbott Laboratories                                                               | CUSIP: 002824BM1<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    600000 | PA      | $590857.10    | 0.06%             | 2025-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                        | Equinix, Inc.                                                                     | CUSIP: 29444UBD7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   1069000 | PA      | $977097.09    | 0.11%             | 2026-11-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-29, Class PD                                                    | CUSIP: 38373S7F8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    161087 | PA      | $161181.38    | 0.02%             | 2033-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  40169000 | PA      | $-10570.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings LLC                 | Cheniere Corpus Christi Holdings LLC                                              | CUSIP: 16412XAC9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    678000 | PA      | $681210.32    | 0.07%             | 2025-03-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                  | CUSIP: 36202EWE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69472 | PA      | $73678.53     | 0.01%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group, Inc.                | Public Service Enterprise Group, Inc.                                             | CUSIP: 744573AQ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    745000 | PA      | $580709.51    | 0.06%             | 2030-08-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2013-M13, Class A2                                              | CUSIP: 3136AGJ60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    552007 | PA      | $544485.73    | 0.06%             | 2023-04-25      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                             | Advance Auto Parts, Inc.                                                          | CUSIP: 00751YAG1<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    500000 | PA      | $414756.83    | 0.05%             | 2032-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                  | Societe Generale SA                                                               | CUSIP: 83368RAV4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1200000 | PA      | $1120748.18   | 0.12%             | 2025-01-22      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                 | American Airlines Pass-Through Trust, Series 2016-3, Class AA                     | CUSIP: 023771R91<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79437 | PA      | $70078.93     | 0.01%             | 2028-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-48, Class TC                                             | CUSIP: 31393CMC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2626 | PA      | $2613.29      | 0.00%             | 2023-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Physicians Realty LP                                 | Physicians Realty LP                                                              | CUSIP: 71951QAC6<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              | CORP              | US        |    469000 | PA      | $368679.33    | 0.04%             | 2031-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3677, Class PB                                               | CUSIP: 3137A05F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    383086 | PA      | $376252.76    | 0.04%             | 2040-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3653, Class B                                                | CUSIP: 31398VWE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69763 | PA      | $69337.60     | 0.01%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5179600 | PA      | $5584225.31   | 0.61%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding                 | Brighthouse Financial Global Funding                                              | CUSIP: 10921U2A5<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    528000 | PA      | $495519.08    | 0.05%             | 2024-04-12      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| AutoZone, Inc.                                       | AutoZone, Inc.                                                                    | CUSIP: 053332BA9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    751000 | PA      | $582628.26    | 0.06%             | 2031-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| VOLT XCIX LLC                                        | VOLT XCIX LLC, Series 2021-NPL8, Class A1                                         | CUSIP: 92872VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    684963 | PA      | $604588.48    | 0.07%             | 2051-04-25      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                   | Credit Agricole SA                                                                | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1359256.49   | 0.15%             | 2026-06-16      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| CNA Financial Corp.                                  | CNA Financial Corp.                                                               | CUSIP: 126117AT7<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    364000 | PA      | $359417.85    | 0.04%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LDSB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    797422 | PA      | $746954.19    | 0.08%             | 2026-05-01      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.   | National Rural Utilities Cooperative Finance Corp.                                | CUSIP: 637432NP6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1063778.10   | 0.12%             | 2028-02-07      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3140J8TU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129769 | PA      | $121629.96    | 0.01%             | 2029-10-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Fifth Third Auto Trust                               | Fifth Third Auto Trust, Series 2019-1, Class A4                                   | CUSIP: 31680YAE7<br>LEI: 549300EMGYBMVWMPNI56 | Long             | ABS-O            | CORP              | US        |    229070 | PA      | $228534.78    | 0.02%             | 2026-11-16      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K069, Class A2   | CUSIP: 3137FBU79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3235000 | PA      | $3075523.23   | 0.34%             | 2027-09-25      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                          | Business Jet Securities LLC, Series 2022-1A, Class A                              | CUSIP: 12327AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1128865 | PA      | $1029446.56   | 0.11%             | 2037-06-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3123, Class HT                                               | CUSIP: 31396JPK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25273 | PA      | $25022.34     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3272, Class PA                                               | CUSIP: 31397FAG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4092 | PA      | $4229.99      | 0.00%             | 2037-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2022-5A, Class B                      | CUSIP: 30167FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1392000 | PA      | $1385745.74   | 0.15%             | 2027-03-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                             | Lloyds Banking Group plc                                                          | CUSIP: 539439AV1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $323708.56    | 0.04%             | 2026-02-05      | Variable      | 2.44%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC             | Sierra Timeshare Receivables Funding LLC, Series 2022-2A, Class A                 | CUSIP: 82650TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138214 | PA      | $134545.23    | 0.01%             | 2040-06-20      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                    | BAT Capital Corp.                                                                 | CUSIP: 05526DAZ8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482222.31    | 0.05%             | 2024-08-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                           | CPS Auto Receivables Trust, Series 2022-C, Class B                                | CUSIP: 12664DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2149058.34   | 0.23%             | 2030-04-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                              | JPMorgan Mortgage Trust, Series 2007-A1, Class 5A5                                | CUSIP: 46630GAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22464 | PA      | $21626.19     | 0.00%             | 2035-07-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Interstate Power and Light Co.                       | Interstate Power and Light Co.                                                    | CUSIP: 461070AP9<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    928000 | PA      | $891053.11    | 0.10%             | 2028-09-26      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                | Alexandria Real Estate Equities, Inc.                                             | CUSIP: 015271AJ8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    285000 | PA      | $273029.70    | 0.03%             | 2027-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                         | Oracle Corp.                                                                      | CUSIP: 68389XAE5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51927.38     | 0.01%             | 2038-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                               | Sequoia Mortgage Trust, Series 2004-11, Class A1                                  | CUSIP: 81744FFJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166022 | PA      | $146499.08    | 0.02%             | 2034-12-20      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-65, Class KI                                             | CUSIP: 31396WLY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4222 | PA      | $422.65       | 0.00%             | 2037-07-25      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-64, Class DM                                             | CUSIP: 31398RM85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3758 | PA      | $3776.65      | 0.00%             | 2040-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2768, Class PK                                               | CUSIP: 31394TAE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    158562 | PA      | $157342.63    | 0.02%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust         | American Credit Acceptance Receivables Trust, Series 2022-2, Class A              | CUSIP: 02530BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509616 | PA      | $504567.25    | 0.06%             | 2026-02-13      | Fixed         | 2.66%                 | Yes           |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC                            | Baker Hughes Holdings LLC                                                         | CUSIP: 05723KAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $233451.85    | 0.03%             | 2027-12-15      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                             | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2748000 | PA      | $2142492.54   | 0.23%             | 2031-07-23      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2015-M10, Class A2                                              | CUSIP: 3136AN6U6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    983568 | PA      | $935253.27    | 0.10%             | 2027-04-25      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2441, Class GF                                               | CUSIP: 3133TVJF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12067 | PA      | $12577.17     | 0.00%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                  | Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M55D                    | CUSIP: 35563PLQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    354722 | PA      | $339312.64    | 0.04%             | 2058-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K049, Class A2   | CUSIP: 3137BLMZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2469000 | PA      | $2369995.82   | 0.26%             | 2025-07-25      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2001-81, Class HE                                             | CUSIP: 31392BQR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88556 | PA      | $91840.48     | 0.01%             | 2032-01-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                    | GLS Auto Receivables Issuer Trust, Series 2021-4A, Class A                        | CUSIP: 36263DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    771318 | PA      | $759294.62    | 0.08%             | 2025-07-15      | Fixed         | 0.84%                 | Yes           |                  2 | On Loan: No      |
| Packaging Corp. of America                           | Packaging Corp. of America                                                        | CUSIP: 695156AU3<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |    300000 | PA      | $259240.28    | 0.03%             | 2029-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Workday, Inc.                                        | Workday, Inc.                                                                     | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    320000 | PA      | $302514.85    | 0.03%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-63, Class YB                                             | CUSIP: 31393DRM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79342 | PA      | $79430.85     | 0.01%             | 2033-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2022-3A, Class A3                     | CUSIP: 30166YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $396124.32    | 0.04%             | 2026-01-15      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2525, Class AM                                               | CUSIP: 31392XUX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    373498 | PA      | $369834.71    | 0.04%             | 2032-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K058, Class A1   | CUSIP: 3137BSP64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1247297 | PA      | $1194337.91   | 0.13%             | 2026-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                  | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2284000 | PA      | $2129302.05   | 0.23%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                         | Oracle Corp.                                                                      | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1424000 | PA      | $1191087.85   | 0.13%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| 7-Eleven, Inc.                                       | 7-Eleven, Inc.                                                                    | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $851190.60    | 0.09%             | 2028-02-10      | Fixed         | 1.30%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    635000 | PA      | $536504.76    | 0.06%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3578, Class KB                                               | CUSIP: 31398JWL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22578 | PA      | $22213.49     | 0.00%             | 2024-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2011-97, Class WA                                                    | CUSIP: 38376LK65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    523076 | PA      | $546589.48    | 0.06%             | 2038-11-20      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-19, Class PW                                             | CUSIP: 31397NUJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    208258 | PA      | $204782.30    | 0.02%             | 2036-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2004-70, Class EB                                             | CUSIP: 31394A5A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9301 | PA      | $9232.75      | 0.00%             | 2024-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                    | HF Sinclair Corp.                                                                 | CUSIP: 403949AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $503156.13    | 0.05%             | 2026-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Assurant, Inc.                                       | Assurant, Inc.                                                                    | CUSIP: 04621XAH1<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    109000 | PA      | $107852.62    | 0.01%             | 2023-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K029, Class A2   | CUSIP: 3137B36J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1602352 | PA      | $1595594.86   | 0.17%             | 2023-02-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                                | CUSIP: 3138EGBP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    170103 | PA      | $177270.73    | 0.02%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                          | Aker BP ASA                                                                       | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    730000 | PA      | $642696.34    | 0.07%             | 2026-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2020-M50, Class A2                                              | CUSIP: 3136BCGS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    415000 | PA      | $358201.15    | 0.04%             | 2030-10-25      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                            | Duke Energy Carolinas LLC                                                         | CUSIP: 264399ED4<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54260.43     | 0.01%             | 2032-10-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2013-104, Class CY                                            | CUSIP: 3136AGSP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2250000 | PA      | $2268900.45   | 0.25%             | 2043-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                    | Santander Retail Auto Lease Trust, Series 2022-A, Class A3                        | CUSIP: 80287CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    611000 | PA      | $575825.71    | 0.06%             | 2025-07-21      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| SLG Office Trust                                     | SLG Office Trust, Series 2021-OVA, Class A                                        | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1770000 | PA      | $1427635.80   | 0.16%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-102, Class PG                                            | CUSIP: 31394UKE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257899 | PA      | $258020.97    | 0.03%             | 2035-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2022-1A, Class A                                      | CUSIP: 23345YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1182090 | PA      | $1157107.28   | 0.13%             | 2026-04-15      | Fixed         | 1.58%                 | Yes           |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                         | CUSIP: 90265EAT7<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    306000 | PA      | $227238.32    | 0.02%             | 2032-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust               | Merrill Lynch Mortgage Investors Trust, Series 2003-F, Class A1                   | CUSIP: 5899292M9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43012 | PA      | $39825.72     | 0.00%             | 2028-10-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                  | CUSIP: 36179WQA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2574852 | PA      | $2267933.32   | 0.25%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HERO Funding                                         | HERO Funding, Series 2017-3A, Class A2                                            | CUSIP: 42771AAB2<br>LEI: 549300Z5C0ID42MSJA91 | Long             | ABS-O            | CORP              | KY        |    133678 | PA      | $123394.56    | 0.01%             | 2048-09-20      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2575, Class PE                                               | CUSIP: 31393KTB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26017 | PA      | $26570.13     | 0.00%             | 2033-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3150, Class EQ                                               | CUSIP: 31396RBY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73407 | PA      | $72692.75     | 0.01%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                  | Toyota Auto Receivables Owner Trust, Series 2020-C, Class A4                      | CUSIP: 89237VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    532000 | PA      | $505841.99    | 0.06%             | 2025-10-15      | Fixed         | 0.57%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                  | Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M60C                    | CUSIP: 35563PEL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1558605 | PA      | $1469718.81   | 0.16%             | 2057-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K036, Class A2   | CUSIP: 3137B7MZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2958149.10   | 0.32%             | 2023-10-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3544, Class BC                                               | CUSIP: 31398E6W9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5624 | PA      | $5561.45      | 0.00%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3688, Class GT                                               | CUSIP: 3137A0ML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22610 | PA      | $24169.78     | 0.00%             | 2046-11-15      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KSMC, Class A2   | CUSIP: 3137B04Y7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6000000 | PA      | $5971678.20   | 0.65%             | 2023-01-25      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  76081000 | PA      | $-739261.53   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Phillips 66                                          | Phillips 66                                                                       | CUSIP: 718546AW4<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |    186000 | PA      | $150725.73    | 0.02%             | 2030-12-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                             | Marvell Technology, Inc.                                                          | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    618000 | PA      | $504976.70    | 0.06%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GXZ2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    370000 | PA      | $364526.93    | 0.04%             | 2024-03-08      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                    | Enterprise Products Operating LLC                                                 | CUSIP: 29379VBL6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    560000 | PA      | $540010.88    | 0.06%             | 2027-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-23, Class CH                                             | CUSIP: 31392J6V6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21771 | PA      | $21869.13     | 0.00%             | 2033-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC              | Volkswagen Group of America Finance LLC                                           | CUSIP: 928668BN1<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    621000 | PA      | $526123.42    | 0.06%             | 2027-11-24      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                         | AbbVie, Inc.                                                                      | CUSIP: 00287YCV9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1125942.60   | 0.12%             | 2024-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2020-4, Class C                    | CUSIP: 80286WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334556 | PA      | $330488.11    | 0.04%             | 2026-01-15      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A                        | CUSIP: 22537CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1396000 | PA      | $1333856.64   | 0.15%             | 2030-02-15      | Fixed         | 0.96%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC             | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A                 | CUSIP: 05377RDU5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $650500.79    | 0.07%             | 2026-08-20      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-101, Class BE                                                   | CUSIP: 38374JB96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    291789 | PA      | $293453.47    | 0.03%             | 2034-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                           | Flagship Credit Auto Trust, Series 2021-3, Class A                                | CUSIP: 33846QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    874521 | PA      | $844195.40    | 0.09%             | 2027-07-15      | Fixed         | 0.36%                 | Yes           |                  2 | On Loan: No      |
| Mylan, Inc.                                          | Mylan, Inc.                                                                       | CUSIP: 628530AV9<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |    600000 | PA      | $597972.08    | 0.07%             | 2023-01-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                | Nomura Holdings, Inc.                                                             | CUSIP: 65535HAZ2<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $876909.36    | 0.10%             | 2027-01-22      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                    | HF Sinclair Corp.                                                                 | CUSIP: 403949AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $93051.16     | 0.01%             | 2023-10-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                          | Penske Truck Leasing Co. LP                                                       | CUSIP: 709599AX2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1077790.27   | 0.12%             | 2027-04-01      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust                              | CUSIP: 68327LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    325000 | PA      | $300662.15    | 0.03%             | 2027-03-20      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-62, Class HJ                                             | CUSIP: 31396QTN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36555 | PA      | $36466.60     | 0.00%             | 2039-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 10 Year Ultra Note                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       458 | NC      | $553647.35    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PHH Mortgage Trust                                   | PHH Mortgage Trust, Series 2008-CIM2, Class 5A1                                   | CUSIP: 69338AAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7175 | PA      | $6669.87      | 0.00%             | 2038-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2006-7, Class ND                                                     | CUSIP: 38374MXA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17117 | PA      | $17507.99     | 0.00%             | 2035-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  11833000 | PA      | $16258.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-10, Class KJ                                                    | CUSIP: 38373SBV8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     41892 | PA      | $41796.94     | 0.00%             | 2033-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                        | Duquesne Light Holdings, Inc.                                                     | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    254000 | PA      | $199211.59    | 0.02%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LNRG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3716000 | PA      | $3572559.98   | 0.39%             | 2028-06-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| SITE Centers Corp.                                   | SITE Centers Corp.                                                                | CUSIP: 23317HAD4<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94363.78     | 0.01%             | 2025-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2020-3A, Class B                                      | CUSIP: 26253AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175922 | PA      | $175125.53    | 0.02%             | 2024-12-16      | Fixed         | 0.91%                 | Yes           |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust                | MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1                  | CUSIP: 576433UE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36550 | PA      | $34211.49     | 0.00%             | 2034-04-21      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-37, Class CY                                             | CUSIP: 31398MJ80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    765025 | PA      | $772436.10    | 0.08%             | 2040-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138L9ZL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1802892 | PA      | $1720785.50   | 0.19%             | 2025-05-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                | NextEra Energy Capital Holdings, Inc.                                             | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $124433.32    | 0.01%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2008-72, Class BX                                             | CUSIP: 31397MJJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12471 | PA      | $12715.34     | 0.00%             | 2038-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                | Athene Global Funding                                                             | CUSIP: 04685A3G4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $845544.50    | 0.09%             | 2029-01-07      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Entergy Arkansas LLC                                 | Entergy Arkansas LLC                                                              | CUSIP: 29364DAU4<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    224000 | PA      | $216297.62    | 0.02%             | 2026-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Edison International                                 | Edison International                                                              | CUSIP: 281020AQ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    978000 | PA      | $941191.75    | 0.10%             | 2024-11-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                  | CUSIP: 3617K1XV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    349664 | PA      | $343716.79    | 0.04%             | 2049-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust              | Hyundai Auto Lease Securitization Trust, Series 2021-A, Class A3                  | CUSIP: 44891TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205216 | PA      | $203479.26    | 0.02%             | 2024-01-16      | Fixed         | 0.33%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                       | CUSIP: 3138LLZH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2422897 | PA      | $2283383.89   | 0.25%             | 2028-01-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Fortis, Inc.                                         | Fortis, Inc.                                                                      | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |    541000 | PA      | $503790.21    | 0.06%             | 2026-10-04      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A                        | CUSIP: 22535GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    695000 | PA      | $655499.68    | 0.07%             | 2030-05-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                        | Comcast Corp.                                                                     | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    978000 | PA      | $948929.01    | 0.10%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                        | UniCredit SpA                                                                     | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    635000 | PA      | $538049.81    | 0.06%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC Gold Pools, Other                                                           | CUSIP: 3132XFJB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $865933.75    | 0.09%             | 2028-11-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  19949000 | PA      | $-3168.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3521, Class B                                                | CUSIP: 31398CHM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57427 | PA      | $56682.82     | 0.01%             | 2024-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy, Inc.                                  | Suncor Energy, Inc.                                                               | CUSIP: 867229AD8<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | CORP              | CA        |    274000 | PA      | $275398.94    | 0.03%             | 2034-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   4742000 | PA      | $33884.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M2, Class A2                                               | CUSIP: 3136B0YM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3247162 | PA      | $3048431.67   | 0.33%             | 2028-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2021-3A, Class C                                      | CUSIP: 23344QAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1292000 | PA      | $1201088.68   | 0.13%             | 2027-05-17      | Fixed         | 0.87%                 | Yes           |                  2 | On Loan: No      |
| Air Canada Pass-Through Trust                        | Air Canada Pass-Through Trust, Series 2013-1, Class A                             | CUSIP: 009089AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    351012 | PA      | $317921.24    | 0.03%             | 2025-05-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K083, Class A2   | CUSIP: 3137FJXV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    594000 | PA      | $584218.72    | 0.06%             | 2028-09-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M9, Class APT2                                             | CUSIP: 3136B2HC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3183479 | PA      | $2997609.14   | 0.33%             | 2028-04-25      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| Blackstone Holdings Finance Co. LLC                  | Blackstone Holdings Finance Co. LLC                                               | CUSIP: 09256BAD9<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |    470000 | PA      | $469468.73    | 0.05%             | 2023-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                 | American Express Co.                                                              | CUSIP: 025816CG2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    928000 | PA      | $894810.84    | 0.10%             | 2024-07-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3824, Class EY                                               | CUSIP: 3137A7SN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    178890 | PA      | $173070.76    | 0.02%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Indexed Notes                                             | CUSIP: 912828H45<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  46502000 | PA      | $56244875.78  | 6.15%             | 2025-01-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2014-H11, Class VA                                                   | CUSIP: 38375UKC3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1047888 | PA      | $1033201.78   | 0.11%             | 2064-06-20      | Floating      | 3.64%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-139, Class JA                                            | CUSIP: 3136AALT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    312627 | PA      | $295084.48    | 0.03%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                              | MVW LLC, Series 2021-1WA, Class A                                                 | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189750 | PA      | $173454.87    | 0.02%             | 2041-01-22      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  16305000 | PA      | $-340054.84   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer