# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180655
**Filing Date:** 2025-7
**Character Count:** 303220
**Document Hash:** 4b764c956394a23b674fc3592c5f3c89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180655.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251154602

**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 Limited Duration Bond ETF (Series ID: S000079814)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000241197 | JPMorgan Limited Duration Bond ETF | JPLD            |

## Nport-Ex

**JPMorgan Limited Duration Bond ETF**

**Schedule of Portfolio Investments as of May 31, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — 40.9%** | **Asset-Backed Securities — 40.9%** | **Asset-Backed Securities — 40.9%** |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2024-X2, Class A, 5.22%, 12/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 545118 | &nbsp;&nbsp;&nbsp;&nbsp; 545299 |
| &nbsp;&nbsp;&nbsp; Amortizing Residential Collateral Trust Series 2002-BC9, Class M1, 6.09%, 12/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 996840 | &nbsp;&nbsp;&nbsp;&nbsp; 952357 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7104240 | &nbsp;&nbsp;&nbsp;&nbsp; 7032169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class A, 1.53%, 8/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3999080 | &nbsp;&nbsp;&nbsp;&nbsp; 3841597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class A, 4.29%, 7/17/2041 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7810000 | &nbsp;&nbsp;&nbsp;&nbsp; 7633414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class A, 3.66%, 6/17/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899942 |
| &nbsp;&nbsp;&nbsp; Apidos CLO (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-31A, Class A1R, 5.62%, 4/15/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3015860 | &nbsp;&nbsp;&nbsp;&nbsp; 3018791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-25A, Class A1R3, 5.41%, 1/20/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3355000 | &nbsp;&nbsp;&nbsp;&nbsp; 3348129 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust Series 2025-A, Class A, 5.25%, 12/19/2050 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6208133 | &nbsp;&nbsp;&nbsp;&nbsp; 6192323 |
| &nbsp;&nbsp;&nbsp; Auxilior Term Funding LLC Series 2023-1A, Class A2, 6.18%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 521382 | &nbsp;&nbsp;&nbsp;&nbsp; 525584 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust Series 2024-A1, Class A, 4.93%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4557028 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R, 5.54%, 10/20/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2295656 | &nbsp;&nbsp;&nbsp;&nbsp; 2297086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, 5.55%, 7/15/2032 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5274178 | &nbsp;&nbsp;&nbsp;&nbsp; 5277364 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 5.11%, 1/25/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 223889 | &nbsp;&nbsp;&nbsp;&nbsp; 229595 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 5.34%, 12/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 368806 | &nbsp;&nbsp;&nbsp;&nbsp; 376967 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands) Series 2018-14A, Class AR, 5.64%, 10/20/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5016310 |
| &nbsp;&nbsp;&nbsp; BRE Grand Islander Timeshare Issuer LLC Series 2019-A, Class A, 3.28%, 9/26/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 650076 | &nbsp;&nbsp;&nbsp;&nbsp; 639237 |
| &nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd. Series 2022-FL8, Class A, 5.83%, 2/15/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2183887 | &nbsp;&nbsp;&nbsp;&nbsp; 2178919 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5550273 | &nbsp;&nbsp;&nbsp;&nbsp; 5432202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3529358 | &nbsp;&nbsp;&nbsp;&nbsp; 3585529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5694253 | &nbsp;&nbsp;&nbsp;&nbsp; 5678698 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 417456 | &nbsp;&nbsp;&nbsp;&nbsp; 415510 |
| &nbsp;&nbsp;&nbsp; BXMT Ltd. (Cayman Islands) Series 2020-FL3, Class A, 6.34%, 11/15/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3095617 | &nbsp;&nbsp;&nbsp;&nbsp; 3090228 |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands) Series 2021-1A, Class A1BR, 5.86%, 1/15/2040 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004635 |
| &nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.49%, 2/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1008363 | &nbsp;&nbsp;&nbsp;&nbsp; 1005392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.84%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3235000 | &nbsp;&nbsp;&nbsp;&nbsp; 3263931 |
| &nbsp;&nbsp;&nbsp; CARS-DB5 LP Series 2021-1A, Class A1, 1.44%, 8/15/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2265409 | &nbsp;&nbsp;&nbsp;&nbsp; 2161134 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-N4, Class A, 6.42%, 1/10/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1416636 | &nbsp;&nbsp;&nbsp;&nbsp; 1423251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P2, Class A3, 5.33%, 7/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2270727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A3, 4.26%, 10/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4983322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 1/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp; 1841179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A4, 4.31%, 9/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4319844 |
| &nbsp;&nbsp;&nbsp; Centex Home Equity Loan Trust Series 2002-A, Class MV1, 5.29%, 1/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 68034 | &nbsp;&nbsp;&nbsp;&nbsp; 73326 |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC Series 2020-1, Class A1, 1.69%, 7/15/2060 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2307094 | &nbsp;&nbsp;&nbsp;&nbsp; 2289978 |
| &nbsp;&nbsp;&nbsp; Clarus Capital Funding LLC Series 2024-1A, Class A2, 4.71%, 8/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2212245 | &nbsp;&nbsp;&nbsp;&nbsp; 2210574 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust Series 2024-C, Class A4, 4.12%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp;&nbsp; 3534794 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 4.77%, 10/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2781327 | &nbsp;&nbsp;&nbsp;&nbsp; 2778569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 4.74%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6315000 | &nbsp;&nbsp;&nbsp;&nbsp; 6311743 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A, 3.38%, 5/15/2052 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 78707 | &nbsp;&nbsp;&nbsp;&nbsp; 78090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A, 1.17%, 12/15/2052 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2034899 | &nbsp;&nbsp;&nbsp;&nbsp; 2007411 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC2, Class 2A1, 5.04%, 6/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 107185 | &nbsp;&nbsp;&nbsp;&nbsp; 106620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-S1, Class M2, 5.58%, 2/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8465 | &nbsp;&nbsp;&nbsp;&nbsp; 8416 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust Series 2024-D, Class A, 4.91%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 887420 | &nbsp;&nbsp;&nbsp;&nbsp; 887800 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 6.39%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.68%, 9/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11845000 | &nbsp;&nbsp;&nbsp;&nbsp; 11857306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.02%, 3/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5745000 | &nbsp;&nbsp;&nbsp;&nbsp; 5779236 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 270357 | &nbsp;&nbsp;&nbsp;&nbsp; 267917 |
| &nbsp;&nbsp;&nbsp; DLLAA LLC Series 2025-1A, Class A2, 4.70%, 10/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000174 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust Series 2024-2, Class A3, 4.50%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3460000 | &nbsp;&nbsp;&nbsp;&nbsp; 3453744 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (Cayman Islands) Series 2016-43A, Class AR3, 5.34%, 4/20/2034 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4996125 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands) Series 2021-5A, Class AR, 5.62%, 10/15/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5215512 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC Series 2025-2, Class A3, 4.41%, 6/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3565000 | &nbsp;&nbsp;&nbsp;&nbsp; 3561204 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 5.82%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 418154 | &nbsp;&nbsp;&nbsp;&nbsp; 418373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5A, Class A3, 4.45%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 6.51%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2522753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class A3, 5.28%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006209 |
| &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-FF1, Class M1, 5.49%, 4/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 37894 | &nbsp;&nbsp;&nbsp;&nbsp; 42365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-FF4, Class M1, 6.01%, 2/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 578174 | &nbsp;&nbsp;&nbsp;&nbsp; 496450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-FFH1, Class M2, 7.06%, 9/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 227863 | &nbsp;&nbsp;&nbsp;&nbsp; 208185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-FF8, Class M4, 6.05%, 10/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 188976 | &nbsp;&nbsp;&nbsp;&nbsp; 125540 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class A, 1.54%, 8/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6502857 | &nbsp;&nbsp;&nbsp;&nbsp; 6251259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFRA, Class A, 3.10%, 3/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1958042 | &nbsp;&nbsp;&nbsp;&nbsp; 1900062 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.50%, 12/15/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1716647 | &nbsp;&nbsp;&nbsp;&nbsp; 1740258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.60%, 3/15/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3841266 | &nbsp;&nbsp;&nbsp;&nbsp; 3820367 |
| &nbsp;&nbsp;&nbsp; FS Rialto (Cayman Islands) Series 2021-FL3, Class A, 5.69%, 11/16/2036 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3011331 | &nbsp;&nbsp;&nbsp;&nbsp; 2998376 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35245 | &nbsp;&nbsp;&nbsp;&nbsp; 35238 |
| &nbsp;&nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands) Series 6A, Class AR2, 5.67%, 10/22/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5013790 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.98%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15300000 | &nbsp;&nbsp;&nbsp;&nbsp; 15368432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 4.97%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2513951 |
| &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust Series 2024-4A, Class A2, 4.43%, 12/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1159242 | &nbsp;&nbsp;&nbsp;&nbsp; 1155575 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3, 4.21%, 10/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1247412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A4, 4.22%, 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1242787 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust Series 2024-4A, Class A2, 4.88%, 11/15/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2986287 |
| &nbsp;&nbsp;&nbsp; Goodgreen (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 3.93%, 10/15/2053 ‡ (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1665735 | &nbsp;&nbsp;&nbsp;&nbsp; 1521211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, 3.86%, 10/15/2054 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1197817 | &nbsp;&nbsp;&nbsp;&nbsp; 1082639 |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1027690 | &nbsp;&nbsp;&nbsp;&nbsp; 910680 |
| &nbsp;&nbsp;&nbsp; Goodleap, 6.63%, 7/15/2038 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523714 |
| &nbsp;&nbsp;&nbsp; GreatAmerica Leasing Receivables Funding LLC Series 2025-1, Class A3, 4.49%, 4/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996691 |
| &nbsp;&nbsp;&nbsp; GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 4.62%, 9/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp;&nbsp; 3238 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust Series 2024-B, Class A4, 4.28%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 2826687 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 657488 | &nbsp;&nbsp;&nbsp;&nbsp; 584715 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC Series 2025-2A, Class A, 5.13%, 9/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045033 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, 1/25/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1063634 | &nbsp;&nbsp;&nbsp;&nbsp; 1051140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class A, 2.74%, 2/25/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 465506 | &nbsp;&nbsp;&nbsp;&nbsp; 452196 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2022-1, Class B, 4.33%, 4/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5487442 | &nbsp;&nbsp;&nbsp;&nbsp; 5413095 |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust Series 2025-2, Class A3, 4.15%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp;&nbsp; 2761548 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class B, 4.96%, 3/21/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3421530 | &nbsp;&nbsp;&nbsp;&nbsp; 3412897 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust Series 2025-A, Class A2A, 4.60%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6506651 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust Series 2025-A, Class A4, 4.40%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4345000 | &nbsp;&nbsp;&nbsp;&nbsp; 4333982 |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust Series 2024-C, Class A3, 4.06%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5976134 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class AR, 5.59%, 4/15/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2762126 | &nbsp;&nbsp;&nbsp;&nbsp; 2764098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 36A, Class A1R, 5.33%, 1/15/2034 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3902000 | &nbsp;&nbsp;&nbsp;&nbsp; 3892335 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 2.00%, 4/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5668285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 5.12%, 7/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996114 |
| &nbsp;&nbsp;&nbsp; M&T Equipment Notes Series 2024-1A, Class A2, 4.99%, 8/18/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3821565 | &nbsp;&nbsp;&nbsp;&nbsp; 3827001 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 1.86%, 3/20/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA, Class A, 5.13%, 9/22/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5037747 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust Series 2024-B, Class A4, 4.22%, 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1905999 |
| &nbsp;&nbsp;&nbsp; MF1 Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7, Class A, 5.52%, 10/16/2036 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1700736 | &nbsp;&nbsp;&nbsp;&nbsp; 1698899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8, Class A, 5.67%, 2/19/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3643076 | &nbsp;&nbsp;&nbsp;&nbsp; 3626792 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.43%, 3/20/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2377716 | &nbsp;&nbsp;&nbsp;&nbsp; 2334384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.97%, 9/22/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3542968 | &nbsp;&nbsp;&nbsp;&nbsp; 3545078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 2/20/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1653706 | &nbsp;&nbsp;&nbsp;&nbsp; 1671686 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-42A, Class AR, 5.21%, 7/16/2035 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984095 |
| &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust Series 2003-5, Class AII, 1.07%, 11/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 94477 | &nbsp;&nbsp;&nbsp;&nbsp; 56704 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-9A, Class AR3, 5.36%, 1/15/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4991365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class AR, 5.40%, 4/17/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4992355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class BR, 5.89%, 1/20/2038 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 2851807 |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust Series 2021-1A, Class A1, 1.55%, 6/16/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4755208 |
| &nbsp;&nbsp;&nbsp; Oportun Funding Trust Series 2025-1, Class A, 4.96%, 8/16/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1184954 | &nbsp;&nbsp;&nbsp;&nbsp; 1182307 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 5.05%, 6/9/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1111812 | &nbsp;&nbsp;&nbsp;&nbsp; 1110932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 5.01%, 2/8/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 3432268 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Technology in Housing Trust Series 2023-1, Class A, 3.60%, 10/25/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3363816 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class AR1, 5.51%, 2/15/2038 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008095 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1, 5.32%, 10/15/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 313272 | &nbsp;&nbsp;&nbsp;&nbsp; 313100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1, 5.53%, 10/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1005475 | &nbsp;&nbsp;&nbsp;&nbsp; 1005311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 5.31%, 10/15/2032 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4272970 | &nbsp;&nbsp;&nbsp;&nbsp; 4280448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.71%, 1/15/2033 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.52%, 2/15/2033 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4766371 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC Series 2024-2A, Class A2, 4.74%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1684254 | &nbsp;&nbsp;&nbsp;&nbsp; 1683360 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Porsche Innovative Lease Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A3, 4.35%, 10/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2405000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A4, 4.26%, 9/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 2825194 |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust Series 2024-2A, Class A2, 4.72%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2595893 | &nbsp;&nbsp;&nbsp;&nbsp; 2594746 |
| &nbsp;&nbsp;&nbsp; Progress Residential Series 2021-SFR4, Class A, 1.56%, 5/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4567412 | &nbsp;&nbsp;&nbsp;&nbsp; 4459323 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class A, 1.51%, 10/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4410179 | &nbsp;&nbsp;&nbsp;&nbsp; 4269977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3392478 | &nbsp;&nbsp;&nbsp;&nbsp; 3344572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class A, 3.35%, 2/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5447771 | &nbsp;&nbsp;&nbsp;&nbsp; 5172469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class A, 3.30%, 4/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7874184 | &nbsp;&nbsp;&nbsp;&nbsp; 7436606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4, Class A, 3.10%, 7/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6892198 | &nbsp;&nbsp;&nbsp;&nbsp; 6433534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class A, 3.31%, 4/17/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867830 |
| &nbsp;&nbsp;&nbsp; RASC Trust Series 2003-KS4, Class MI2, 5.01%, 6/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 522587 | &nbsp;&nbsp;&nbsp;&nbsp; 421526 |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust Series 2025-1A, Class A, 4.96%, 8/16/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 778543 | &nbsp;&nbsp;&nbsp;&nbsp; 777865 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series 2025-1, Class A, 4.99%, 4/17/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4055000 | &nbsp;&nbsp;&nbsp;&nbsp; 4069150 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 2/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 4.83%, 4/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005529 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC Series 2024-1A, Class A3, 5.52%, 1/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203418 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Trust LLC Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003402 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.33%, 7/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 254220 | &nbsp;&nbsp;&nbsp;&nbsp; 252511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.81%, 1/21/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2996961 | &nbsp;&nbsp;&nbsp;&nbsp; 2995800 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust Series 2025-1, Class A, 4.80%, 2/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3401218 | &nbsp;&nbsp;&nbsp;&nbsp; 3400667 |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class AFX, 1.14%, 2/15/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2236117 | &nbsp;&nbsp;&nbsp;&nbsp; 1934848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2FX, 3.34%, 8/25/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 167582 | &nbsp;&nbsp;&nbsp;&nbsp; 166640 |
| &nbsp;&nbsp;&nbsp; STAR Trust Series 2025-SFR5, Class A, 5.78%, 2/17/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class A3, 4.47%, 7/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4825000 | &nbsp;&nbsp;&nbsp;&nbsp; 4823919 |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.55%, 5/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A4, 4.88%, 6/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6520404 |
| &nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust Series 2024-B, Class A3, 4.21%, 9/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5985386 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Series 2020-SFR1, Class A, 1.50%, 7/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5953272 | &nbsp;&nbsp;&nbsp;&nbsp; 5789209 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust Series 2019-SFR1, Class A, 2.75%, 3/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3237799 | &nbsp;&nbsp;&nbsp;&nbsp; 3183637 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1648124 | &nbsp;&nbsp;&nbsp;&nbsp; 1641190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class A, 4.65%, 4/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1379159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class A, 5.43%, 3/17/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2725000 | &nbsp;&nbsp;&nbsp;&nbsp; 2721892 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2022-4, Class A, 5.98%, 8/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 219131 | &nbsp;&nbsp;&nbsp;&nbsp; 219126 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 198974 | &nbsp;&nbsp;&nbsp;&nbsp; 197878 |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC Series 2023-1A, Class A2, 6.24%, 1/13/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1744946 | &nbsp;&nbsp;&nbsp;&nbsp; 1771297 |
| &nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust Series 2023-1, Class B, 7.17%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017857 |
| &nbsp;&nbsp;&nbsp; VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 758222 | &nbsp;&nbsp;&nbsp;&nbsp; 756584 |
| &nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, 5.89%, 2/27/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250056 | &nbsp;&nbsp;&nbsp;&nbsp; 249776 |
| &nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, 2/27/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 470180 | &nbsp;&nbsp;&nbsp;&nbsp; 469756 |
| &nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, 4/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 183546 | &nbsp;&nbsp;&nbsp;&nbsp; 183435 |
| &nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, 3/27/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 522961 | &nbsp;&nbsp;&nbsp;&nbsp; 522314 |
| &nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, 3/27/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 260612 | &nbsp;&nbsp;&nbsp;&nbsp; 260452 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, 6.24%, 4/25/2051 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 719036 | &nbsp;&nbsp;&nbsp;&nbsp; 717915 |
| &nbsp;&nbsp;&nbsp; Volvo Financial Equipment LLC Series 2024-1A, Class A3, 4.29%, 10/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2994371 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A3, 5.82%, 5/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3474799 | &nbsp;&nbsp;&nbsp;&nbsp; 3484241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 4.72%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7480000 | &nbsp;&nbsp;&nbsp;&nbsp; 7469867 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding LLC Series 2025-1A, Class A1, 4.57%, 1/18/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7009061 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC Series 2024-1A, Class A2, 4.99%, 9/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3995127 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 4.84%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2911540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3, 4.34%, 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp;&nbsp; 3803242 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust Series 2025-A, Class A3, 4.42%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2745092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $493,632,358)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 492624989 |
| **Collateralized Mortgage Obligations — 26.6%** | **Collateralized Mortgage Obligations — 26.6%** | **Collateralized Mortgage Obligations — 26.6%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-J4, Class 1A6, 5.38%, 6/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-33, Class 3A3, 4.73%, 12/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 90819 | &nbsp;&nbsp;&nbsp;&nbsp; 86495 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust Series 2006-1, Class 2A1, 5.50%, 1/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 75446 | &nbsp;&nbsp;&nbsp;&nbsp; 65486 |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust Series 2004-D, Class 2A2, 6.48%, 5/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55588 | &nbsp;&nbsp;&nbsp;&nbsp; 53778 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 5.44%, 11/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27575 | &nbsp;&nbsp;&nbsp;&nbsp; 7937 |
| &nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-HB15, Class A, 4.00%, 8/25/2034 ‡ (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1405231 | &nbsp;&nbsp;&nbsp;&nbsp; 1390298 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1A1, 5.27%, 1/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3343034 | &nbsp;&nbsp;&nbsp;&nbsp; 3335723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1M1, 5.42%, 1/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2664444 | &nbsp;&nbsp;&nbsp;&nbsp; 2665762 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M1, 5.17%, 12/25/2041 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1334280 | &nbsp;&nbsp;&nbsp;&nbsp; 1331785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 5.32%, 12/25/2041 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 954840 | &nbsp;&nbsp;&nbsp;&nbsp; 953055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1, 7.07%, 5/25/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1963066 | &nbsp;&nbsp;&nbsp;&nbsp; 2004781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, 7.27%, 6/25/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2881471 | &nbsp;&nbsp;&nbsp;&nbsp; 2954180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1, 6.87%, 7/25/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1240216 | &nbsp;&nbsp;&nbsp;&nbsp; 1267736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1, 5.37%, 1/25/2044 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1633211 | &nbsp;&nbsp;&nbsp;&nbsp; 1633718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 5.42%, 2/25/2044 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1926714 | &nbsp;&nbsp;&nbsp;&nbsp; 1925522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2A1, 5.32%, 7/25/2044 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7150506 | &nbsp;&nbsp;&nbsp;&nbsp; 7134863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1, 5.32%, 7/25/2044 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 699423 | &nbsp;&nbsp;&nbsp;&nbsp; 698991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1A1, 5.47%, 9/25/2044 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4949259 | &nbsp;&nbsp;&nbsp;&nbsp; 4957767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M1, 5.47%, 2/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3371166 | &nbsp;&nbsp;&nbsp;&nbsp; 3368001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2A1, 5.77%, 3/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2622468 | &nbsp;&nbsp;&nbsp;&nbsp; 2635679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M1, 5.92%, 3/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2368991 | &nbsp;&nbsp;&nbsp;&nbsp; 2384129 |
| &nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp. (Switzerland) Series 2004-5, Class 4A1, 6.00%, 9/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 197515 | &nbsp;&nbsp;&nbsp;&nbsp; 198796 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 7.34%, 10/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 88806 | &nbsp;&nbsp;&nbsp;&nbsp; 87148 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 3.40%, 2/25/2020 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18185 | &nbsp;&nbsp;&nbsp;&nbsp; 17611 |
| &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust Series 2020-1, Class M55G, 3.00%, 8/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 6146616 | &nbsp;&nbsp;&nbsp;&nbsp; 5493238 |
| &nbsp;&nbsp;&nbsp; FHLMC Stacr Remic Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class A1, 5.27%, 2/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8481416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 5.47%, 2/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5259434 | &nbsp;&nbsp;&nbsp;&nbsp; 5254496 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class A1, 5.57%, 8/25/2044 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9250000 | &nbsp;&nbsp;&nbsp;&nbsp; 9275950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M1, 5.53%, 5/25/2045 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2274523 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1974, Class ZA, 7.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2671 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3737, Class DG, 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4120, Class KI, IO, 3.00%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 453673 | &nbsp;&nbsp;&nbsp;&nbsp; 23143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4187, Class CA, 2.00%, 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 8359297 | &nbsp;&nbsp;&nbsp;&nbsp; 7796808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5000, Class CB, 1.25%, 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3226012 | &nbsp;&nbsp;&nbsp;&nbsp; 2872437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3300, Class FA, 4.75%, 8/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 81870 | &nbsp;&nbsp;&nbsp;&nbsp; 80869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3085, Class VS, IF, 10.93%, 12/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 78421 | &nbsp;&nbsp;&nbsp;&nbsp; 91492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4867, Class WF, 4.85%, 4/15/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5472967 | &nbsp;&nbsp;&nbsp;&nbsp; 5408073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4350, Class AF, 4.80%, 12/15/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1374966 | &nbsp;&nbsp;&nbsp;&nbsp; 1337095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4350, Class FK, 4.80%, 6/15/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1670603 | &nbsp;&nbsp;&nbsp;&nbsp; 1625213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4515, Class FA, 4.82%, 8/15/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 748858 | &nbsp;&nbsp;&nbsp;&nbsp; 738752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4350, Class KF, 4.80%, 1/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 274587 | &nbsp;&nbsp;&nbsp;&nbsp; 266998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4448, Class TF, 4.77%, 5/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1455491 | &nbsp;&nbsp;&nbsp;&nbsp; 1434344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4480, Class FM, 4.80%, 6/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2279834 | &nbsp;&nbsp;&nbsp;&nbsp; 2215969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4457, Class KF, 4.80%, 10/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2503706 | &nbsp;&nbsp;&nbsp;&nbsp; 2463649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4611, Class BF, 4.85%, 6/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7782904 | &nbsp;&nbsp;&nbsp;&nbsp; 7708268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4363, Class FA, 4.82%, 9/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1288260 | &nbsp;&nbsp;&nbsp;&nbsp; 1266131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4413, Class WF, 4.80%, 10/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 965390 | &nbsp;&nbsp;&nbsp;&nbsp; 939720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4559, Class AF, 4.95%, 3/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 782444 | &nbsp;&nbsp;&nbsp;&nbsp; 782983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4074, Class FE, 4.85%, 7/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1079025 | &nbsp;&nbsp;&nbsp;&nbsp; 1059786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4150, Class F, 4.82%, 1/15/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3056026 | &nbsp;&nbsp;&nbsp;&nbsp; 2981691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4161, Class YF, 4.82%, 2/15/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2279400 | &nbsp;&nbsp;&nbsp;&nbsp; 2224734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4281, Class FB, 5.00%, 12/15/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1482712 | &nbsp;&nbsp;&nbsp;&nbsp; 1459956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4606, Class FL, 4.95%, 12/15/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3055203 | &nbsp;&nbsp;&nbsp;&nbsp; 3000110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4594, Class GN, 2.50%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1409413 | &nbsp;&nbsp;&nbsp;&nbsp; 1303068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4935, Class KP, 2.50%, 12/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3136803 | &nbsp;&nbsp;&nbsp;&nbsp; 2730236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5072, Class QC, 1.00%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4790029 | &nbsp;&nbsp;&nbsp;&nbsp; 3777788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5270, Class FH, 5.27%, 6/25/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3256290 | &nbsp;&nbsp;&nbsp;&nbsp; 3196631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5460, Class AF, 5.37%, 10/25/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9441116 | &nbsp;&nbsp;&nbsp;&nbsp; 9376894 |
| &nbsp;&nbsp;&nbsp; FHLMC, STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 343, Class F4, 4.80%, 10/15/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1358333 | &nbsp;&nbsp;&nbsp;&nbsp; 1337255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 328, Class S4, IF, IO, 2.26%, 2/15/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2404075 | &nbsp;&nbsp;&nbsp;&nbsp; 127078 |
| &nbsp;&nbsp;&nbsp; FHLMC, Structured Pass-Through Certificates, Whole Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-51, Class 1A, PO, 9/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 37284 | &nbsp;&nbsp;&nbsp;&nbsp; 29119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-54, Class 4A, 4.29%, 2/25/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 609423 | &nbsp;&nbsp;&nbsp;&nbsp; 579764 |
| &nbsp;&nbsp;&nbsp; First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.48%, 12/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60205 | &nbsp;&nbsp;&nbsp;&nbsp; 58113 |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust Series 2019-2, Class A2, 3.50%, 12/25/2049 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1195757 | &nbsp;&nbsp;&nbsp;&nbsp; 1065069 |
| &nbsp;&nbsp;&nbsp; FNMA Trust, Whole Loan Series 2004-W2, Class 4A, 4.80%, 2/25/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 71842 | &nbsp;&nbsp;&nbsp;&nbsp; 70671 |
| &nbsp;&nbsp;&nbsp; FNMA, Grantor Trust, Whole Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-T6, Class A4, 5.36%, 3/25/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 305499 | &nbsp;&nbsp;&nbsp;&nbsp; 296400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-T8, Class A1, 7.50%, 7/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 98805 | &nbsp;&nbsp;&nbsp;&nbsp; 99910 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-43, Class YH, 2.50%, 5/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 484309 | &nbsp;&nbsp;&nbsp;&nbsp; 460890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-17, Class BF, 4.79%, 1/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30500 | &nbsp;&nbsp;&nbsp;&nbsp; 30471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16, Class HZ, 5.50%, 3/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 91493 | &nbsp;&nbsp;&nbsp;&nbsp; 94870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-124, Class FC, 4.79%, 1/25/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 435473 | &nbsp;&nbsp;&nbsp;&nbsp; 428821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-76, Class ZG, 6.00%, 8/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 110443 | &nbsp;&nbsp;&nbsp;&nbsp; 112429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-23, Class FA, 4.75%, 10/25/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6264249 | &nbsp;&nbsp;&nbsp;&nbsp; 6180361 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-64, Class FC, 4.94%, 6/25/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5230939 | &nbsp;&nbsp;&nbsp;&nbsp; 5196791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-38, Class PA, 2.00%, 9/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 625528 | &nbsp;&nbsp;&nbsp;&nbsp; 584815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class ME, 2.50%, 1/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 797828 | &nbsp;&nbsp;&nbsp;&nbsp; 752556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-13, Class FA, 5.02%, 2/25/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3949784 | &nbsp;&nbsp;&nbsp;&nbsp; 3896744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-31, Class FB, 4.99%, 4/25/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3360976 | &nbsp;&nbsp;&nbsp;&nbsp; 3312168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-23, Class KJ, 2.25%, 5/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1210619 | &nbsp;&nbsp;&nbsp;&nbsp; 1121035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-119, Class FB, 4.79%, 11/25/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2221100 | &nbsp;&nbsp;&nbsp;&nbsp; 2165717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-139, Class JA, 3.50%, 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1645744 | &nbsp;&nbsp;&nbsp;&nbsp; 1551939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-6, Class FL, 4.84%, 2/25/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 527445 | &nbsp;&nbsp;&nbsp;&nbsp; 516145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-49, Class AF, 4.77%, 8/25/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 79798 | &nbsp;&nbsp;&nbsp;&nbsp; 77871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-58, Class FG, 4.79%, 9/25/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3730758 | &nbsp;&nbsp;&nbsp;&nbsp; 3671826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-28, Class CI, IO, 4.00%, 5/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 7906282 | &nbsp;&nbsp;&nbsp;&nbsp; 1474701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-42, Class BF, 4.76%, 6/25/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1738938 | &nbsp;&nbsp;&nbsp;&nbsp; 1719373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-25, Class LA, 3.00%, 7/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5539510 | &nbsp;&nbsp;&nbsp;&nbsp; 5206790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-33, Class JA, 3.00%, 7/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1871526 | &nbsp;&nbsp;&nbsp;&nbsp; 1763687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-91, Class AF, 4.82%, 12/25/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1810179 | &nbsp;&nbsp;&nbsp;&nbsp; 1827419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-19, Class OP, PO, 4/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 893854 | &nbsp;&nbsp;&nbsp;&nbsp; 672660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-58, Class SA, IO, 2.25%, 8/25/2046 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4900205 | &nbsp;&nbsp;&nbsp;&nbsp; 279219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-108, Class PA, 3.00%, 6/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1271173 | &nbsp;&nbsp;&nbsp;&nbsp; 1169757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-104, Class LA, 3.00%, 11/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 888465 | &nbsp;&nbsp;&nbsp;&nbsp; 813346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-38, Class PC, 3.00%, 2/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1957635 | &nbsp;&nbsp;&nbsp;&nbsp; 1837795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7, Class CI, IO, 4.00%, 2/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 9047170 | &nbsp;&nbsp;&nbsp;&nbsp; 1814616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-77, Class FP, 4.99%, 1/25/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8498190 | &nbsp;&nbsp;&nbsp;&nbsp; 8226281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-92, Class HB, 5.00%, 12/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6311506 | &nbsp;&nbsp;&nbsp;&nbsp; 6320954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-41, Class GF, 4.94%, 3/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9623472 | &nbsp;&nbsp;&nbsp;&nbsp; 9532756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-66, Class WF, 4.80%, 10/25/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 765854 | &nbsp;&nbsp;&nbsp;&nbsp; 768474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-74, Class BF, 4.99%, 12/25/2059 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3999433 | &nbsp;&nbsp;&nbsp;&nbsp; 3896587 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC Trust, Whole Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W4, Class 5A, 4.29%, 10/25/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 276900 | &nbsp;&nbsp;&nbsp;&nbsp; 272883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W15, Class 3A, 4.99%, 12/25/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 292082 | &nbsp;&nbsp;&nbsp;&nbsp; 283035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W1, Class 2A, 5.13%, 12/25/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 92284 | &nbsp;&nbsp;&nbsp;&nbsp; 91929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-W1, Class A, 6.00%, 12/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 80100 | &nbsp;&nbsp;&nbsp;&nbsp; 82538 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS Series 400, Class 1, PO, 11/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 844687 | &nbsp;&nbsp;&nbsp;&nbsp; 662950 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-158, Class EB, 4.00%, 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 604534 | &nbsp;&nbsp;&nbsp;&nbsp; 601335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-61, Class FM, 4.84%, 5/16/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2977992 | &nbsp;&nbsp;&nbsp;&nbsp; 2947260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12, Class PA, 2.50%, 6/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 4018315 | &nbsp;&nbsp;&nbsp;&nbsp; 3741797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-24, Class FD, 5.03%, 2/20/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11299994 | &nbsp;&nbsp;&nbsp;&nbsp; 11123580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-159, Class PA, 4.50%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4904975 | &nbsp;&nbsp;&nbsp;&nbsp; 4742045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H21, Class FA, 4.93%, 7/20/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 430326 | &nbsp;&nbsp;&nbsp;&nbsp; 430103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H29, Class FA, 4.95%, 10/20/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 286438 | &nbsp;&nbsp;&nbsp;&nbsp; 287503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H16, Class FA, 4.97%, 7/20/2063 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 899515 | &nbsp;&nbsp;&nbsp;&nbsp; 903635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-H07, Class FC, 5.03%, 5/20/2064 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5508827 | &nbsp;&nbsp;&nbsp;&nbsp; 5533661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-H11, Class JA, 4.93%, 6/20/2064 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1020008 | &nbsp;&nbsp;&nbsp;&nbsp; 1024311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-H17, Class FM, 4.92%, 8/20/2064 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3374736 | &nbsp;&nbsp;&nbsp;&nbsp; 3385949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H03, Class FD, 5.07%, 1/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2130333 | &nbsp;&nbsp;&nbsp;&nbsp; 2132100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FL, 4.91%, 2/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2598407 | &nbsp;&nbsp;&nbsp;&nbsp; 2605888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H12, Class FJ, 4.86%, 5/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1174373 | &nbsp;&nbsp;&nbsp;&nbsp; 1177666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H14, Class FB, 4.86%, 5/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1349257 | &nbsp;&nbsp;&nbsp;&nbsp; 1353013 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H12, Class FA, 4.91%, 5/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1837532 | &nbsp;&nbsp;&nbsp;&nbsp; 1842616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H15, Class FB, 5.03%, 6/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2656318 | &nbsp;&nbsp;&nbsp;&nbsp; 2657452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19, Class FN, 4.87%, 7/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3014852 | &nbsp;&nbsp;&nbsp;&nbsp; 3022690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H23, Class TA, 4.90%, 9/20/2065 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4522681 | &nbsp;&nbsp;&nbsp;&nbsp; 4535757 |
| &nbsp;&nbsp;&nbsp; GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 295583 | &nbsp;&nbsp;&nbsp;&nbsp; 286856 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 41812 | &nbsp;&nbsp;&nbsp;&nbsp; 41681 |
| &nbsp;&nbsp;&nbsp; Impac CMB Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-6, Class 1A2, 5.22%, 10/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14005 | &nbsp;&nbsp;&nbsp;&nbsp; 13973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5, Class A1, 5.08%, 8/25/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 235452 | &nbsp;&nbsp;&nbsp;&nbsp; 220553 |
| &nbsp;&nbsp;&nbsp; IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 4.12%, 3/25/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 188369 | &nbsp;&nbsp;&nbsp;&nbsp; 144774 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2003-A1, Class 1A1, 5.06%, 10/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10092 | &nbsp;&nbsp;&nbsp;&nbsp; 9589 |
| &nbsp;&nbsp;&nbsp; Lhome Mortgage Trust Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1697042 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240411 |
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13, Class 2A1, 6.83%, 4/21/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 41125 | &nbsp;&nbsp;&nbsp;&nbsp; 40482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13, Class 3A7B, 5.89%, 11/21/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 138259 | &nbsp;&nbsp;&nbsp;&nbsp; 133053 |
| &nbsp;&nbsp;&nbsp; MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 4.84%, 2/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30628 | &nbsp;&nbsp;&nbsp;&nbsp; 29898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mellon Residential Funding Corp. Mortgage Pass-Through Certificates Series 2001-TBC1, Class B1, 5.32%, <br> 11/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35152 | &nbsp;&nbsp;&nbsp;&nbsp; 33176 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-D, Class A1, 5.10%, 9/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10084 | &nbsp;&nbsp;&nbsp;&nbsp; 10225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1, Class 2A3, 5.42%, 12/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 46942 | &nbsp;&nbsp;&nbsp;&nbsp; 42341 |
| &nbsp;&nbsp;&nbsp; Metlife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A, 3.00%, 4/25/2055 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 430794 | &nbsp;&nbsp;&nbsp;&nbsp; 410360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 3.75%, 3/25/2057 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1457329 | &nbsp;&nbsp;&nbsp;&nbsp; 1407876 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Dean Witter Capital I, Inc. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HYB1, Class A4, 5.36%, 3/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30105 | &nbsp;&nbsp;&nbsp;&nbsp; 26936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HYB1, Class B1, 5.36%, 3/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17051 | &nbsp;&nbsp;&nbsp;&nbsp; 7008 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3, Class 4A, 5.64%, 4/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 444402 | &nbsp;&nbsp;&nbsp;&nbsp; 431043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5AR, Class 3A3, 5.38%, 7/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 51511 | &nbsp;&nbsp;&nbsp;&nbsp; 50495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5AR, Class 3A5, 5.38%, 7/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290285 | &nbsp;&nbsp;&nbsp;&nbsp; 287358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11AR, Class 1A2A, 4.75%, 1/25/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 136589 | &nbsp;&nbsp;&nbsp;&nbsp; 128755 |
| &nbsp;&nbsp;&nbsp; MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 5.29%, 8/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 21278 | &nbsp;&nbsp;&nbsp;&nbsp; 21393 |
| &nbsp;&nbsp;&nbsp; NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 4.89%, 2/25/2035 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 435394 | &nbsp;&nbsp;&nbsp;&nbsp; 355064 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 5.44%, 9/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3960000 | &nbsp;&nbsp;&nbsp;&nbsp; 3929624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class A1S, 5.19%, 1/25/2048 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 804691 | &nbsp;&nbsp;&nbsp;&nbsp; 787497 |
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A3, Class A1, 5.50%, 8/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 108381 | &nbsp;&nbsp;&nbsp;&nbsp; 109611 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046998 |
| &nbsp;&nbsp;&nbsp; OBX Trust Series 2024-NQM15, Class A1, 5.32%, 10/25/2064 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2556450 | &nbsp;&nbsp;&nbsp;&nbsp; 2545639 |
| &nbsp;&nbsp;&nbsp; PRET Trust Series 2024-RPL2, Class A1, 4.07%, 6/25/2064 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1851287 | &nbsp;&nbsp;&nbsp;&nbsp; 1753302 |
| &nbsp;&nbsp;&nbsp; Prime Mortgage Trust Series 2005-2, Class 2A1, 5.62%, 10/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 141968 | &nbsp;&nbsp;&nbsp;&nbsp; 142838 |
| &nbsp;&nbsp;&nbsp; PRPM LLC Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 ‡ (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4752141 | &nbsp;&nbsp;&nbsp;&nbsp; 4568895 |
| &nbsp;&nbsp;&nbsp; RFMSI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-SA2, Class 2A2, 6.10%, 6/25/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 224492 | &nbsp;&nbsp;&nbsp;&nbsp; 211861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA4, Class 2A1, 5.55%, 11/25/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 113761 | &nbsp;&nbsp;&nbsp;&nbsp; 93305 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; Roc Mortgage Trust Series 2025-RTL1, Class A1, 5.63%, 2/25/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997214 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust Series 2025-1, Class MAU, 3.25%, 11/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 3437758 | &nbsp;&nbsp;&nbsp;&nbsp; 3103768 |
| &nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Trust Series 2024-2, Class VF, 5.57%, 10/25/2034 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8638823 | &nbsp;&nbsp;&nbsp;&nbsp; 8608497 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class A, 5.34%, 12/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5182 | &nbsp;&nbsp;&nbsp;&nbsp; 4506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-3, Class A2, 5.41%, 7/20/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28169 | &nbsp;&nbsp;&nbsp;&nbsp; 25690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11, Class A2, 5.33%, 12/20/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 204665 | &nbsp;&nbsp;&nbsp;&nbsp; 189638 |
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 5.14%, 3/19/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20131 | &nbsp;&nbsp;&nbsp;&nbsp; 18936 |
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 5.19%, 7/19/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 89769 | &nbsp;&nbsp;&nbsp;&nbsp; 62507 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-24A, Class 2A, 6.10%, 7/25/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 219756 | &nbsp;&nbsp;&nbsp;&nbsp; 214638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-40A, Class 4A, 6.62%, 1/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 49628 | &nbsp;&nbsp;&nbsp;&nbsp; 47742 |
| &nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 2.97%, 12/25/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1153074 | &nbsp;&nbsp;&nbsp;&nbsp; 1030023 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust Series 2025-RRTL1, Class A1, 5.52%, 2/25/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044786 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2406068 | &nbsp;&nbsp;&nbsp;&nbsp; 2264595 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR3, Class A1, 5.42%, 6/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 187173 | &nbsp;&nbsp;&nbsp;&nbsp; 174666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR11, Class A, 6.93%, 10/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 91481 | &nbsp;&nbsp;&nbsp;&nbsp; 89087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $324,933,661)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 319834311 |
| **Mortgage-Backed Securities — 13.8%** | **Mortgage-Backed Securities — 13.8%** | **Mortgage-Backed Securities — 13.8%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 427495 | &nbsp;&nbsp;&nbsp;&nbsp; 419427 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA2459, 4.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4434137 | &nbsp;&nbsp;&nbsp;&nbsp; 4115662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA2904, 3.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4107034 | &nbsp;&nbsp;&nbsp;&nbsp; 3531301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA2970, 2.50%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4746565 | &nbsp;&nbsp;&nbsp;&nbsp; 3910217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD1787, 5.00%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2960370 | &nbsp;&nbsp;&nbsp;&nbsp; 2926216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8277, 5.50%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4046584 | &nbsp;&nbsp;&nbsp;&nbsp; 4018167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QF9638, 5.00%, 3/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7644072 | &nbsp;&nbsp;&nbsp;&nbsp; 7438349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QI4073, 5.50%, 4/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3245535 | &nbsp;&nbsp;&nbsp;&nbsp; 3215175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6317, 5.50%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10367362 | &nbsp;&nbsp;&nbsp;&nbsp; 10333569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5658, 5.50%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5360298 | &nbsp;&nbsp;&nbsp;&nbsp; 5342826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ1658, 6.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5498650 | &nbsp;&nbsp;&nbsp;&nbsp; 5568459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6799, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 12952035 | &nbsp;&nbsp;&nbsp;&nbsp; 13170307 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1338, 3.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 629059 | &nbsp;&nbsp;&nbsp;&nbsp; 601979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1401, 3.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 246969 | &nbsp;&nbsp;&nbsp;&nbsp; 235774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1490, 3.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 823740 | &nbsp;&nbsp;&nbsp;&nbsp; 789400 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 995724, 6.00%, 4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 115647 | &nbsp;&nbsp;&nbsp;&nbsp; 120485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AD0588, 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 531817 | &nbsp;&nbsp;&nbsp;&nbsp; 532140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AD9721, 5.50%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 158970 | &nbsp;&nbsp;&nbsp;&nbsp; 158481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3048, 4.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2599587 | &nbsp;&nbsp;&nbsp;&nbsp; 2470305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS4592, 4.00%, 2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 4791322 | &nbsp;&nbsp;&nbsp;&nbsp; 4480848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM5560, 4.00%, 1/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2881252 | &nbsp;&nbsp;&nbsp;&nbsp; 2734471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA0411, 4.00%, 9/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2895335 | &nbsp;&nbsp;&nbsp;&nbsp; 2719235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA2489, 4.50%, 10/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 507592 | &nbsp;&nbsp;&nbsp;&nbsp; 486699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BP7345, 3.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5866834 | &nbsp;&nbsp;&nbsp;&nbsp; 5040134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ7436, 3.00%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3653632 | &nbsp;&nbsp;&nbsp;&nbsp; 3117379 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BQ7454, 3.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5274318 | &nbsp;&nbsp;&nbsp;&nbsp; 4510569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2898, 4.50%, 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4690442 | &nbsp;&nbsp;&nbsp;&nbsp; 4449384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4630, 5.50%, 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6598959 | &nbsp;&nbsp;&nbsp;&nbsp; 6609376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS3051, 5.00%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3008174 | &nbsp;&nbsp;&nbsp;&nbsp; 2974390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB4839, 5.50%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3075390 | &nbsp;&nbsp;&nbsp;&nbsp; 3062947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB5027, 5.50%, 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6176696 | &nbsp;&nbsp;&nbsp;&nbsp; 6139961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FA0711, 5.50%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 11520349 | &nbsp;&nbsp;&nbsp;&nbsp; 11499449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8709, 6.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4974150 | &nbsp;&nbsp;&nbsp;&nbsp; 5025591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU5096, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4732276 | &nbsp;&nbsp;&nbsp;&nbsp; 4812958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB9991, 6.00%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 14750133 | &nbsp;&nbsp;&nbsp;&nbsp; 15005956 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BK7908, 4.00%, 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 251327 | &nbsp;&nbsp;&nbsp;&nbsp; 230163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0769, 4.50%, 9/1/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4733187 | &nbsp;&nbsp;&nbsp;&nbsp; 4476570 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year Pool # CG5224, 3.50%, 8/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8292922 | &nbsp;&nbsp;&nbsp;&nbsp; 7281742 |
| &nbsp;&nbsp;&nbsp; GNMA II, Other Pool # 787496, 6.00%, 7/20/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 2942451 | &nbsp;&nbsp;&nbsp;&nbsp; 2958159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $175,780,886)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 166514220 |
| **Commercial Mortgage-Backed Securities — 7.1%** | **Commercial Mortgage-Backed Securities — 7.1%** | **Commercial Mortgage-Backed Securities — 7.1%** |
| &nbsp;&nbsp;&nbsp; 20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1084928 | &nbsp;&nbsp;&nbsp;&nbsp; 1025257 |
| &nbsp;&nbsp;&nbsp; ARES Trust Series 2025-IND3, Class A, 5.83%, 4/15/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008491 |
| &nbsp;&nbsp;&nbsp; BANK Series 2021-BN35, Class A2, 1.87%, 6/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2485673 |
| &nbsp;&nbsp;&nbsp; Bayview Commercial Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2A, Class A2, 4.96%, 8/25/2035 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 295417 | &nbsp;&nbsp;&nbsp;&nbsp; 287249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2A, Class M1, 5.08%, 8/25/2035 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 59001 | &nbsp;&nbsp;&nbsp;&nbsp; 57091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class A2, 4.87%, 7/25/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 273410 | &nbsp;&nbsp;&nbsp;&nbsp; 255964 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust Series 2020-C7, Class A2, 2.02%, 4/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 908696 | &nbsp;&nbsp;&nbsp;&nbsp; 860946 |
| &nbsp;&nbsp;&nbsp; BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 275201 | &nbsp;&nbsp;&nbsp;&nbsp; 270941 |
| &nbsp;&nbsp;&nbsp; BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000473 |
| &nbsp;&nbsp;&nbsp; BX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class A, 5.14%, 1/15/2034 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1523987 | &nbsp;&nbsp;&nbsp;&nbsp; 1523034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM, Class A, 5.87%, 6/15/2037 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4326923 | &nbsp;&nbsp;&nbsp;&nbsp; 4336838 |
| &nbsp;&nbsp;&nbsp; BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BXMF, Class A, 5.08%, 10/15/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6464208 | &nbsp;&nbsp;&nbsp;&nbsp; 6439967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, 5.24%, 2/15/2036 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6495937 |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust Series 2024-CBM, Class A1, 5.66%, 12/10/2041 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6998477 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk Series 2021-MN1, Class M1, 6.32%, 1/25/2051 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 89114 | &nbsp;&nbsp;&nbsp;&nbsp; 88683 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT2, 6.43%, 10/25/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 675558 | &nbsp;&nbsp;&nbsp;&nbsp; 675103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q013, Class APT1, 6.23%, 5/25/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1249634 | &nbsp;&nbsp;&nbsp;&nbsp; 1248262 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class B, 3.84%, 10/25/2049 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1955430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K64, Class B, 4.00%, 5/25/2050 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921120 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust Series 2022-LPF2, Class A, 6.57%, 10/15/2039 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996250 |
| &nbsp;&nbsp;&nbsp; OAKST Commercial Mortgage Trust Series 2023-NLP, Class A, 6.09%, 3/15/2040 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000256 |
| &nbsp;&nbsp;&nbsp; One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 9/15/2054 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4498718 |
| &nbsp;&nbsp;&nbsp; ONE Mortgage Trust Series 2021-PARK, Class A, 5.14%, 3/15/2036 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6868750 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2380000 | &nbsp;&nbsp;&nbsp;&nbsp; 2410035 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust Series 2024-DSNY, Class A, 5.72%, 5/15/2039 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4964062 |
| &nbsp;&nbsp;&nbsp; SMR Mortgage Trust Series 2022-IND, Class A, 5.98%, 2/15/2039 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7325417 | &nbsp;&nbsp;&nbsp;&nbsp; 7253654 |

---

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 6.10%, 11/15/2036 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2288500 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class A, 5.69%, 2/15/2040 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 986628 | &nbsp;&nbsp;&nbsp;&nbsp; 986043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $86,145,700)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 85201204 |
| **Corporate Bonds — 5.3%** | **Corporate Bonds — 5.3%** | **Corporate Bonds — 5.3%** |
| **Banks — 3.1%** | **Banks — 3.1%** | **Banks — 3.1%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (SOFR + 0.83%), 5.18%, 1/24/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4990095 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6470000 | &nbsp;&nbsp;&nbsp;&nbsp; 6335257 |
| &nbsp;&nbsp;&nbsp; Huntington National Bank (The) (SOFR + 0.72%), 5.05%, 4/12/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3990480 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA (SOFR + 0.90%), 5.23%, 1/12/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993565 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) (SOFR + 1.24%), 5.52%, 1/21/2029 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4992250 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 0.95%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2836393 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. 1.20%, 8/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3976026 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (SOFR + 0.78%), 5.13%, 1/24/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37094316 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) (SOFR + 1.21%), 5.57%, 1/10/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980051 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) (SOFR + 1.08%), 5.41%, 1/28/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4958550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9938601 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. 1.65%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4335000 | &nbsp;&nbsp;&nbsp;&nbsp; 4034398 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC Class A Shares, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 |
| &nbsp;&nbsp;&nbsp; Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 705000 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 0.90%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1737744 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding 1.17%, 7/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5190000 | &nbsp;&nbsp;&nbsp;&nbsp; 5169572 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) (SOFR + 0.84%), 5.17%, 1/13/2028 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $64,377,273)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 63657591 |
|  | **SHARES** |  |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| **Investment Companies — 6.0%** | **Investment Companies — 6.0%** | **Investment Companies — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (e) (f) <br>(Cost $72,838,037)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72824854 | &nbsp;&nbsp;&nbsp;&nbsp; 72839419 |
| **Total Investments — 99.7%** <br>**(Cost $1,217,707,915)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **1200671734** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3784685** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1204456419** |

---

&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;

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligations |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| 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 May 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| 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>|
| UMBS | Uniform Mortgage-Backed Securities |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
 Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Step bond. Interest rate is a fixed rate for an initial period that either resets
 at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest
 rate shown is the current rate as of May 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the current yield as of May 31, 2025.

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

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

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

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

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

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 May 31, 2025.

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

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

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

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

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

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

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

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $472305601 | &nbsp;&nbsp;&nbsp;&nbsp; $20319388 | &nbsp;&nbsp;&nbsp;&nbsp; $492624989 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 318444013 | &nbsp;&nbsp;&nbsp;&nbsp; 1390298 | &nbsp;&nbsp;&nbsp;&nbsp; 319834311 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85201204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85201204 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37094316 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37094316 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9938601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9938601 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4034398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4034398 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 705000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1737744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1737744 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5169572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5169572 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4977960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4977960 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62952591 | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 63657591 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166514220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166514220 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 72839419 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72839419 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $72839419 | &nbsp;&nbsp;&nbsp;&nbsp; $1105417629 | &nbsp;&nbsp;&nbsp;&nbsp; $22414686 | &nbsp;&nbsp;&nbsp;&nbsp; $1200671734 |

---

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>**2025**<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>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $16929953 | $— | $(79252)<br>| $1969 | $4120753 | $(654035)<br>| $— | $— | $20319388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br> Obligations<br>| 2590334 |  | 330 | 720 |  | (200050)<br>|  | (1001036)<br>| 1390298 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  | 705000 |  |  |  | 705000 |
| **Total** | $19520287 | $— | $(78922)<br>| $2689 | $4825753 | $(854085)<br>| $— | $(1001036)<br>| $22414686 |

---

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

<sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions.

<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, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(78,921).

There were no significant transfers into or out of level 3 for the period ended May 31, 2025.

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 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

------

**JPMorgan Limited Duration Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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> **May 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $18795675 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 8.00% (1.58%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.48% - 7.38% (5.84%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 18795675 |  |  |  |
|  | &nbsp;&nbsp; 1390298 | Discounted Cash Flow | Constant Prepayment Rate | 90.00% (90.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.83% (5.83%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 1390298 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $20185973 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2025, the value of these investments was $2,228,713. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.38% <br> (a) (b)<br>| $78487741 | $139917087 | $145550096 | $(2540)<br>| $(12773)<br>| $72839419 | 72824854 | $877452 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of May 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Limited Duration Bond ETF

- **b. EDGAR series identifier (if any):** S000079814

- **c. LEI of Series:** 5493000BIWEW3H1AQT90

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1204870277.52

**Total Liabilities:** $413853.90

**Net Assets:** $1204456423.62

**Cash Not Reported:** $270730.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 934.82611000 | **1-Year:** 84073.49501000 | **5-Year:** 179342.48844000 | **10-Year:** 64111.24931000 | **30-Year:** 0.00000000

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

- **3-Month:** 3.14712000 | **1-Year:** 93.35559000 | **5-Year:** 1029.61040000 | **10-Year:** 232.34944000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241197 | 0.23%                | 0.40%                | 0.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-176.77                 | $-1507012.95                               |
| Month 2  | $-1609.65                | $279250.37                                 |
| Month 3  | $-742.42                 | $-2202552.58                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                 | Title                                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MRFC Mortgage Pass-Through Trust                                     | MRFC Mortgage Pass-Through Trust, Series 2002-TBC2, Class B1                                    | CUSIP: 585525GA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21278 | PA      | $21392.77     | 0.00%             | 2032-08-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| CFMT LLC                                                             | CFMT LLC, Series 2024-HB15, Class A                                                             | CUSIP: 15723AAA9<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |   1405231 | PA      | $1390298.19   | 0.12%             | 2034-08-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| Hertz Vehicle Financing LLC                                          | Hertz Vehicle Financing LLC, Series 2025-2A, Class A                                            | CUSIP: 42806MCX5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1045032.66   | 0.09%             | 2031-09-25      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| BX                                                                   | BX, Series 2024-PALM, Class A                                                                   | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4326923 | PA      | $4336838.22   | 0.36%             | 2037-06-15      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4606, Class FL                                                             | CUSIP: 3137BR4H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3055203 | PA      | $3000110.02   | 0.25%             | 2044-12-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2014-58, Class FG                                                           | CUSIP: 3136AKB36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3730758 | PA      | $3671825.61   | 0.30%             | 2044-09-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank (The)                                       | Huntington National Bank (The)                                                                  | CUSIP: 44644MAL5<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3990480.00   | 0.33%             | 2028-04-12      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H23, Class TA                                                                 | CUSIP: 38376RHJ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4522681 | PA      | $4535757.49   | 0.38%             | 2065-09-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2015-91, Class AF                                                           | CUSIP: 3136AQTL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1810179 | PA      | $1827418.62   | 0.15%             | 2045-12-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                                | SBNA Auto Lease Trust, Series 2024-C, Class A3                                                  | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $999111.20    | 0.08%             | 2028-02-22      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                      | Palmer Square Loan Funding Ltd., Series 2024-1A, Class A1                                       | CUSIP: 69703NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4272970 | PA      | $4280447.98   | 0.36%             | 2032-10-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 31418XYT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    158970 | PA      | $158481.06    | 0.01%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                               | Sequoia Mortgage Trust, Series 11, Class A                                                      | CUSIP: 81744AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5182 | PA      | $4506.21      | 0.00%             | 2032-12-20      | Floating      | 5.34%                 | 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        |    470180 | PA      | $469755.74    | 0.04%             | 2051-02-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4350, Class KF                                                             | CUSIP: 3137BBHT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    274587 | PA      | $266998.19    | 0.02%             | 2039-01-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Carmax Auto Owner Trust                                              | Carmax Auto Owner Trust, Series 2025-1, Class A3                                                | CUSIP: 14319WAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3235000 | PA      | $3263930.61   | 0.27%             | 2030-01-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                                    | World Omni Auto Receivables Trust, Series 2024-A, Class A4                                      | CUSIP: 98164RAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2890000 | PA      | $2911540.04   | 0.24%             | 2029-10-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140KTHN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3653632 | PA      | $3117378.63   | 0.26%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                     | Deutsche Bank AG                                                                                | CUSIP: 25160PAP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5000000 | PA      | $4980051.05   | 0.41%             | 2029-01-10      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                               | Alternative Loan Trust, Series 2004-J4, Class 1A6                                               | CUSIP: 12667FFL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       167 | PA      | $165.38       | 0.00%             | 2034-06-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2017-104, Class LA                                                          | CUSIP: 3136B0LR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    888465 | PA      | $813345.58    | 0.07%             | 2047-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                                          | Business Jet Securities LLC, Series 2024-1A, Class A                                            | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3529358 | PA      | $3585528.87   | 0.30%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  3 | On Loan: No      |
| Toyota Lease Owner Trust                                             | Toyota Lease Owner Trust, Series 2024-B, Class A3                                               | CUSIP: 891943AD4<br>LEI: 254900R64DFTI1MWY364 | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5985386.40   | 0.50%             | 2027-09-20      | Fixed         | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust                                 | Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A4                                  | CUSIP: 73328NAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2835000 | PA      | $2825194.30   | 0.23%             | 2030-09-20      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1                                 | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1926714 | PA      | $1925521.96   | 0.16%             | 2044-02-25      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4281, Class FB                                                             | CUSIP: 3137B6N64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1482712 | PA      | $1459955.70   | 0.12%             | 2043-12-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tricon Residential Trust                                             | Tricon Residential Trust, Series 2024-SFR1, Class A                                             | CUSIP: 89616UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390000 | PA      | $1379158.70   | 0.11%             | 2041-04-17      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M1                                 | CUSIP: 20755DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1240216 | PA      | $1267736.39   | 0.11%             | 2042-07-25      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                               | Tesla Auto Lease Trust, Series 2024-A, Class B                                                  | CUSIP: 88166VAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3023927.40   | 0.25%             | 2028-05-22      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                                   | Ballyrock CLO Ltd., Series 2020-2A, Class A1R                                                   | CUSIP: 05875DAJ1<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |   2295656 | PA      | $2297086.00   | 0.19%             | 2031-10-20      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer Ltd.                                                    | BSPRT Issuer Ltd., Series 2022-FL8, Class A                                                     | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2183887 | PA      | $2178918.94   | 0.18%             | 2037-02-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4074, Class FE                                                             | CUSIP: 3137ASJS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1079025 | PA      | $1059786.02   | 0.09%             | 2042-07-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2013-6, Class FL                                                            | CUSIP: 3136ABY80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    527445 | PA      | $516145.47    | 0.04%             | 2043-02-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                      | CoreVest American Finance Trust, Series 2020-2, Class A                                         | CUSIP: 21872VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78707 | PA      | $78089.79     | 0.01%             | 2052-05-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                  | New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S                                  | CUSIP: 64828FCQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    804691 | PA      | $787497.16    | 0.07%             | 2048-01-25      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                           | ROCK Trust, Series 2024-CNTR, Class A                                                           | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2380000 | PA      | $2410034.65   | 0.20%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3132DN6Y4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2960370 | PA      | $2926215.68   | 0.24%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140JAFA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2881252 | PA      | $2734471.31   | 0.23%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 5460, Class AF                                                             | CUSIP: 3137HFQP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9441116 | PA      | $9376894.20   | 0.78%             | 2054-10-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC STACR REMIC Trust, Series 2024-HQA2, Class A1                                             | CUSIP: 35564NDY6<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |   9250000 | PA      | $9275949.89   | 0.77%             | 2044-08-25      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                         | Hilton Grand Vacations Trust, Series 2020-AA, Class A                                           | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465506 | PA      | $452195.81    | 0.04%             | 2039-02-25      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                 | Lhome Mortgage Trust, Series 2025-RTL2, Class A1                                                | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |   1695000 | PA      | $1697041.97   | 0.14%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, STRIPS, Series 328, Class S4                                                             | CUSIP: 31352DC24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2404075 | PA      | $127078.15    | 0.01%             | 2038-02-15      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                | Countrywide Asset-Backed Certificates, Series 2003-BC2, Class 2A1                               | CUSIP: 126671YB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107185 | PA      | $106619.82    | 0.01%             | 2033-06-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3                                  | CUSIP: 38012QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1247412.13   | 0.10%             | 2027-10-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust                               | Consumer Portfolio Services Auto Trust, Series 2025-B, Class A                                  | CUSIP: 12630SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6315000 | PA      | $6311743.35   | 0.52%             | 2029-02-15      | Fixed         | 4.74%                 | Yes           |                  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        |   1084928 | PA      | $1025257.01   | 0.09%             | 2035-05-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust                            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M55G                            | CUSIP: 35563PPE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6146616 | PA      | $5493238.48   | 0.46%             | 2059-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q007, Class APT2               | CUSIP: 3137FHQC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    675558 | PA      | $675102.54    | 0.06%             | 2047-10-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                             | Foundation Finance Trust, Series 2024-1A, Class A                                               | CUSIP: 349941AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1716647 | PA      | $1740258.10   | 0.14%             | 2049-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                           | AMSR Trust, Series 2020-SFR3, Class A                                                           | CUSIP: 001807AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7104240 | PA      | $7032169.24   | 0.58%             | 2037-09-17      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2006-16, Class HZ                                                           | CUSIP: 31394V6A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91492 | PA      | $94869.53     | 0.01%             | 2036-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                               | Oportun Issuance Trust, Series 2025-A, Class A                                                  | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3440000 | PA      | $3432267.91   | 0.28%             | 2033-02-08      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                       | Carvana Auto Receivables Trust, Series 2024-P4, Class A3                                        | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1835000 | PA      | $1841178.81   | 0.15%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3133KJJP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4746565 | PA      | $3910216.48   | 0.32%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                           | Progress Residential Trust, Series 2024-SFR4, Class A                                           | CUSIP: 74334JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6892198 | PA      | $6433533.54   | 0.53%             | 2041-07-17      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                 | LHOME Mortgage Trust, Series 2024-RTL4, Class A1                                                | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3003521.40   | 0.25%             | 2039-07-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Issuer Trust                                            | Aqua Finance Issuer Trust, Series 2025-A, Class A                                               | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6208133 | PA      | $6192322.65   | 0.51%             | 2050-12-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust                        | WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR3, Class A1                        | CUSIP: 92922FNH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187173 | PA      | $174665.81    | 0.01%             | 2034-06-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                                              | MVW LLC, Series 2025-1A, Class A                                                                | CUSIP: 627924AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3542968 | PA      | $3545077.53   | 0.29%             | 2042-09-22      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                            | OBX Trust, Series 2024-NQM15, Class A1                                                          | CUSIP: 67449DAA7<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |   2556450 | PA      | $2545639.29   | 0.21%             | 2064-10-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| BX                                                                   | BX, Series 2021-MFM1, Class A                                                                   | CUSIP: 05608VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1523987 | PA      | $1523034.41   | 0.13%             | 2034-01-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 1974, Class ZA                                                             | CUSIP: 3133TAN73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2671 | PA      | $2674.78      | 0.00%             | 2027-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC                             | Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A                               | CUSIP: 826525AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    254220 | PA      | $252511.09    | 0.02%             | 2037-07-20      | Fixed         | 1.33%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2012-119, Class FB                                                          | CUSIP: 3136A9NH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2221100 | PA      | $2165716.88   | 0.18%             | 2042-11-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3142GRZY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5498650 | PA      | $5568458.84   | 0.46%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                   | First Franklin Mortgage Loan Trust, Series 2004-FF8, Class M4                                   | CUSIP: 32027NNT4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188976 | PA      | $125539.77    | 0.01%             | 2034-10-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                      | Impac CMB Trust, Series 2005-5, Class A1                                                        | CUSIP: 45254NPU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235452 | PA      | $220553.20    | 0.02%             | 2035-08-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2012-H29, Class FA                                                                 | CUSIP: 38375BZQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    286438 | PA      | $287503.39    | 0.02%             | 2062-10-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                         | Veros Auto Receivables Trust, Series 2023-1, Class B                                            | CUSIP: 924933AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2017857.20   | 0.17%             | 2028-11-15      | Fixed         | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                   | Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 3A3                                  | CUSIP: 61748HAT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51511 | PA      | $50494.65     | 0.00%             | 2034-07-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4611, Class BF                                                             | CUSIP: 3137BRC60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7782904 | PA      | $7708267.73   | 0.64%             | 2041-06-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                      | Palmer Square Loan Funding Ltd., Series 2021-4A, Class A1                                       | CUSIP: 69702HAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    313272 | PA      | $313099.66    | 0.03%             | 2029-10-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140Q9XT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    507592 | PA      | $486699.44    | 0.04%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                      | Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2                                       | CUSIP: 69704CAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4800000 | PA      | $4766371.20   | 0.40%             | 2033-02-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA II, Other                                                                                  | CUSIP: 3622ADGD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2942451 | PA      | $2958159.22   | 0.25%             | 2064-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                 | FirstKey Homes Trust, Series 2022-SFRA, Class A                                                 | CUSIP: 33768DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1958042 | PA      | $1900061.70   | 0.16%             | 2039-03-17      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC Gold Pools, Other                                                                         | CUSIP: 3132FNAK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    427495 | PA      | $419427.46    | 0.03%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3133KHWU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4434137 | PA      | $4115662.17   | 0.34%             | 2050-04-01      | Fixed         | 4.00%                 | 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        |   1008363 | PA      | $1005392.43   | 0.08%             | 2027-02-16      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140QWC59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14750133 | PA      | $15005956.07  | 1.25%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                             | Foundation Finance Trust, Series 2024-2A, Class A                                               | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3841266 | PA      | $3820366.79   | 0.32%             | 2050-03-15      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                | Bank of America Corp.                                                                           | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4990094.65   | 0.41%             | 2029-01-24      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4413, Class WF                                                             | CUSIP: 3137BFBJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    965390 | PA      | $939720.30    | 0.08%             | 2041-10-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                  | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3                                   | CUSIP: 30165BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1746183.08   | 0.14%             | 2028-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4448, Class TF                                                             | CUSIP: 3137BGZB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1455491 | PA      | $1434343.97   | 0.12%             | 2040-05-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3133BXV73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7644072 | PA      | $7438349.02   | 0.62%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 31418MUN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    531817 | PA      | $532139.83    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                                          | Diamond Resorts Owner Trust, Series 2021-1A, Class A                                            | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270357 | PA      | $267917.48    | 0.02%             | 2033-11-21      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2014-H17, Class FM                                                                 | CUSIP: 38375UNT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3374736 | PA      | $3385948.99   | 0.28%             | 2064-08-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Street Capital Group, Inc.                                           | Street Capital Group, Inc.                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |    340000 | PA      | $340000.00    | 0.03%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BBCMS Trust                                                          | BBCMS Trust, Series 2015-VFM, Class A1                                                          | CUSIP: 05546JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275201 | PA      | $270941.09    | 0.02%             | 2036-03-10      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| BA Credit Card Trust                                                 | BA Credit Card Trust, Series 2024-A1, Class A                                                   | CUSIP: 05522RDJ4<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4557027.60   | 0.38%             | 2029-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Centex Home Equity Loan Trust                                        | Centex Home Equity Loan Trust, Series 2002-A, Class MV1                                         | CUSIP: 152314ER7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68034 | PA      | $73325.52     | 0.01%             | 2032-01-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 3737, Class DG                                                             | CUSIP: 3137GAU39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5114 | PA      | $5103.78      | 0.00%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mellon Residential Funding Corp. Mortgage Pass-Through Certificates  | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, Series 2001-TBC1, Class B1 | CUSIP: 585525FE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35152 | PA      | $33175.93     | 0.00%             | 2031-11-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2012-H21, Class FA                                                                 | CUSIP: 38375BVU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    430326 | PA      | $430102.74    | 0.04%             | 2062-07-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                           | AT&T, Inc.                                                                                      | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   4335000 | PA      | $4034397.44   | 0.33%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                       | Bayview Commercial Asset Trust, Series 2005-2A, Class M1                                        | CUSIP: 07324SBQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59001 | PA      | $57091.13     | 0.00%             | 2035-08-25      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                  | COMM Mortgage Trust, Series 2024-CBM, Class A1                                                  | CUSIP: 12674GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6998477.50   | 0.58%             | 2041-12-10      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 5072, Class QC                                                             | CUSIP: 3137F9AR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4790029 | PA      | $3777788.22   | 0.31%             | 2050-10-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GMF Floorplan Owner Revolving Trust                                  | GMF Floorplan Owner Revolving Trust, Series 2024-4A, Class A2                                   | CUSIP: 361886DR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2986287.30   | 0.25%             | 2029-11-15      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2012-93, Class ME                                                           | CUSIP: 3136A8KR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    797828 | PA      | $752555.67    | 0.06%             | 2042-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                 | FREMF Mortgage Trust, Series 2017-K68, Class B                                                  | CUSIP: 30305EAE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1955429.60   | 0.16%             | 2049-10-25      | Variable      | 3.84%                 | Yes           |                  2 | On Loan: No      |
| M&T Equipment 2024-LEAF1 Notes                                       | M&T Equipment Notes, Series 2024-1A, Class A2                                                   | CUSIP: 55376YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3821565 | PA      | $3827000.55   | 0.32%             | 2031-08-18      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2014-H11, Class JA                                                                 | CUSIP: 38375UKE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1020008 | PA      | $1024310.91   | 0.09%             | 2064-06-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2015-28, Class CI                                                           | CUSIP: 3136ANUX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7906282 | PA      | $1474700.98   | 0.12%             | 2045-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 31416CD52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115647 | PA      | $120484.59    | 0.01%             | 2039-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2019-41, Class GF                                                           | CUSIP: 3136B5E27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9623472 | PA      | $9532756.02   | 0.79%             | 2053-03-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                                | SBNA Auto Lease Trust, Series 2025-A, Class A3                                                  | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2005528.60   | 0.17%             | 2028-04-20      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3133WAQ27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3245535 | PA      | $3215175.31   | 0.27%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140Q7N52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2895335 | PA      | $2719234.49   | 0.23%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                              | GSR Mortgage Loan Trust, Series 2004-10F, Class 7A1                                             | CUSIP: 36242DEZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41812 | PA      | $41681.18     | 0.00%             | 2034-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2018-7, Class CI                                                            | CUSIP: 3136B0YS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9047170 | PA      | $1814616.28   | 0.15%             | 2048-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3132DTJB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5360298 | PA      | $5342825.67   | 0.44%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2019-74, Class BF                                                           | CUSIP: 3136B7UH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3999433 | PA      | $3896587.49   | 0.32%             | 2059-12-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                           | Progress Residential Trust, Series 2021-SFR8, Class A                                           | CUSIP: 74333TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4410179 | PA      | $4269976.97   | 0.35%             | 2038-10-17      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                               | Tesla Auto Lease Trust, Series 2024-B, Class A4                                                 | CUSIP: 881934AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6520404.15   | 0.54%             | 2028-06-20      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                               | Lendmark Funding Trust, Series 2021-2A, Class A                                                 | CUSIP: 52604DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5668284.60   | 0.47%             | 2032-04-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                 | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 4A1                  | CUSIP: 22541SZL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    197515 | PA      | $198795.75    | 0.02%             | 2034-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H03, Class FD                                                                 | CUSIP: 38375UTT7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2130333 | PA      | $2132099.65   | 0.18%             | 2065-01-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                       | Bayview Commercial Asset Trust, Series 2005-2A, Class A2                                        | CUSIP: 07324SBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295418 | PA      | $287249.17    | 0.02%             | 2035-08-25      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, Other                                                                                     | CUSIP: 3140HMYE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    251327 | PA      | $230162.56    | 0.02%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, Grantor Trust, Whole Loan, Series 2002-T6, Class A4                                       | CUSIP: 31392CYH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    305499 | PA      | $296400.16    | 0.02%             | 2041-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                            | Auxilior Term Funding LLC, Series 2023-1A, Class A2                                             | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    521382 | PA      | $525584.34    | 0.04%             | 2028-12-15      | Fixed         | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Funding Trust                                        | Banc of America Funding Trust, Series 2006-1, Class 2A1                                         | CUSIP: 05949TBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75446 | PA      | $65486.14     | 0.01%             | 2036-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                               | Alternative Loan Trust, Series 2004-33, Class 3A3                                               | CUSIP: 12667FC52<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90819 | PA      | $86495.00     | 0.01%             | 2034-12-25      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                       | Carvana Auto Receivables Trust, Series 2024-P3, Class A4                                        | CUSIP: 146919AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4350000 | PA      | $4319844.50   | 0.36%             | 2030-09-10      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2016-58, Class SA                                                           | CUSIP: 3136ATAB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4900205 | PA      | $279219.08    | 0.02%             | 2046-08-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4150, Class F                                                              | CUSIP: 3137AY3L3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3056026 | PA      | $2981690.92   | 0.25%             | 2043-01-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| STAR Trust                                                           | STAR Trust, Series 2025-SFR5, Class A                                                           | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.08%             | 2042-02-17      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                      | Palmer Square Loan Funding Ltd., Series 2022-2A, Class A1                                       | CUSIP: 69701NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1005475 | PA      | $1005310.83   | 0.08%             | 2030-10-15      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1                                 | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4949259 | PA      | $4957766.66   | 0.41%             | 2044-09-25      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-40A, Class 4A | CUSIP: 86359BEP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49628 | PA      | $47742.28     | 0.00%             | 2034-01-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                         | Metlife Securitization Trust, Series 2018-1A, Class A                                           | CUSIP: 59166DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1457329 | PA      | $1407876.45   | 0.12%             | 2057-03-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4515, Class FA                                                             | CUSIP: 3137BLAT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    748858 | PA      | $738752.34    | 0.06%             | 2038-08-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| FS Rialto                                                            | FS Rialto, Series 2021-FL3, Class A                                                             | CUSIP: 30323CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3011331 | PA      | $2998375.87   | 0.25%             | 2036-11-16      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO XIV Ltd.                                 | Benefit Street Partners CLO Ltd., Series 2018-14A, Class AR                                     | CUSIP: 08179LAL5<br>LEI: 5493008E17UEFI73RC63 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5016310.00   | 0.42%             | 2037-10-20      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Trust                          | Structured Asset Mortgage Investments Trust, Series 2002-AR2, Class A3                          | CUSIP: 86358HNR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89769 | PA      | $62507.18     | 0.01%             | 2032-07-19      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                                          | Business Jet Securities LLC, Series 2024-2A, Class A                                            | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5694253 | PA      | $5678698.28   | 0.47%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  3 | On Loan: No      |
| Goodgreen Trust                                                      | Goodgreen Trust, Series 2017-2A, Class A                                                        | CUSIP: 38218QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1027690 | PA      | $910680.49    | 0.08%             | 2053-10-15      | Fixed         | 3.26%                 | Yes           |                  3 | On Loan: No      |
| FHLMC STACR REMIC Trust                                              | FHLMC Stacr Remic Trust, Series 2025-HQA1, Class M1                                             | CUSIP: 35564NGZ0<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   5259434 | PA      | $5254496.07   | 0.44%             | 2045-02-25      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 5000, Class CB                                                             | CUSIP: 3137FVEN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3226012 | PA      | $2872436.95   | 0.24%             | 2035-01-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                                        | Volvo Financial Equipment LLC, Series 2024-1A, Class A3                                         | CUSIP: 92887QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2994371.10   | 0.25%             | 2028-10-16      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                                    | GLS Auto Select Receivables Trust, Series 2024-4A, Class A2                                     | CUSIP: 36271BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1159242 | PA      | $1155574.74   | 0.10%             | 2029-12-17      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| Clarus Capital Funding LLC                                           | Clarus Capital Funding LLC, Series 2024-1A, Class A2                                            | CUSIP: 18271JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2212245 | PA      | $2210574.15   | 0.18%             | 2032-08-20      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 20 Year                                                                              | CUSIP: 31418ARX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    246969 | PA      | $235774.27    | 0.02%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                       | Enterprise Fleet Financing LLC, Series 2025-2, Class A3                                         | CUSIP: 29375TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3565000 | PA      | $3561204.34   | 0.30%             | 2029-06-20      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Mortgage Trust                                       | Banc of America Mortgage Trust, Series 2004-D, Class 2A2                                        | CUSIP: 05949ADG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55588 | PA      | $53778.17     | 0.00%             | 2034-05-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| MF1 Ltd.                                                             | MF1 Ltd., Series 2021-FL7, Class A                                                              | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700736 | PA      | $1698899.34   | 0.14%             | 2036-10-16      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes Trust                                          | Tricon American Homes Trust, Series 2019-SFR1, Class A                                          | CUSIP: 89612LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3237799 | PA      | $3183637.06   | 0.26%             | 2038-03-17      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3138WEC64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4791322 | PA      | $4480848.04   | 0.37%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140KTH81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5274318 | PA      | $4510569.19   | 0.37%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OAKST Commercial Mortgage Trust                                      | OAKST Commercial Mortgage Trust, Series 2023-NLP, Class A                                       | CUSIP: 67630KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2000255.80   | 0.17%             | 2040-03-15      | Variable      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                   | First Franklin Mortgage Loan Trust, Series 2002-FF1, Class M1                                   | CUSIP: 32027NAR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37893 | PA      | $42365.40     | 0.00%             | 2032-04-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                      | Palmer Square Loan Funding Ltd., Series 2024-2A, Class A2                                       | CUSIP: 69703RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5007860.00   | 0.42%             | 2033-01-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust                        | WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR11, Class A                        | CUSIP: 92922FYA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91481 | PA      | $89087.35     | 0.01%             | 2034-10-25      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                           | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class AR                              | CUSIP: 64133WAL9<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4984095.00   | 0.41%             | 2035-07-16      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4120, Class KI                                                             | CUSIP: 3137AVE52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    453673 | PA      | $23143.17     | 0.00%             | 2032-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M1                                 | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2881471 | PA      | $2954179.97   | 0.25%             | 2042-06-25      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H14, Class FB                                                                 | CUSIP: 38376RCF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1349257 | PA      | $1353013.24   | 0.11%             | 2065-05-20      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust                                   | New Century Home Equity Loan Trust, Series 2003-5, Class AII                                    | CUSIP: 64352VEG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94477 | PA      | $56703.72     | 0.00%             | 2033-11-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2014-66, Class WF                                                           | CUSIP: 3136ALEZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    765854 | PA      | $768474.09    | 0.06%             | 2054-10-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA II, 30 Year                                                                                | CUSIP: 3617WJYV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8292922 | PA      | $7281742.30   | 0.60%             | 2051-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1                                 | CUSIP: 20754NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1963066 | PA      | $2004781.25   | 0.17%             | 2042-05-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1                                 | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    954840 | PA      | $953054.94    | 0.08%             | 2041-12-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                   | First Franklin Mortgage Loan Trust, Series 2002-FF4, Class M1                                   | CUSIP: 32027NBU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    578174 | PA      | $496449.87    | 0.04%             | 2033-02-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                         | Upstart Securitization Trust, Series 2022-4, Class A                                            | CUSIP: 91678YAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    219131 | PA      | $219126.36    | 0.02%             | 2032-08-20      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                                    | World Omni Auto Receivables Trust, Series 2025-B, Class A3                                      | CUSIP: 98164TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3795000 | PA      | $3803241.60   | 0.32%             | 2030-09-16      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4363, Class FA                                                             | CUSIP: 3137BCNQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1288260 | PA      | $1266131.01   | 0.11%             | 2041-09-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                   | Honda Auto Receivables Owner Trust, Series 2025-2, Class A3                                     | CUSIP: 437921AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2765000 | PA      | $2761548.17   | 0.23%             | 2029-10-15      | Fixed         | 4.15%                 | No            |                  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        |    260612 | PA      | $260452.20    | 0.02%             | 2051-03-27      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140W0YH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11520349 | PA      | $11499449.17  | 0.95%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MF1 Ltd.                                                             | MF1 Ltd., Series 2022-FL8, Class A                                                              | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3643076 | PA      | $3626791.64   | 0.30%             | 2037-02-19      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Dean Witter Capital I, Inc. Trust                     | Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-HYB1, Class A4                    | CUSIP: 61746WC24<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30105 | PA      | $26936.27     | 0.00%             | 2033-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                               | Sequoia Mortgage Trust, Series 2003-3, Class A2                                                 | CUSIP: 81743PAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28169 | PA      | $25690.43     | 0.00%             | 2033-07-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2012-13, Class FA                                                           | CUSIP: 3136A3VK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3949784 | PA      | $3896744.43   | 0.32%             | 2042-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, STRIPS, Series 343, Class F4                                                             | CUSIP: 31351DEC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1358332 | PA      | $1337255.42   | 0.11%             | 2037-10-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| NAAC Reperforming Loan REMIC Trust Certificates                      | NAAC Reperforming Loan REMIC Trust Certificates, Series 2004-R3, Class AF                       | CUSIP: 62951MAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    435394 | PA      | $355063.96    | 0.03%             | 2035-02-25      | Floating      | 4.89%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4480, Class FM                                                             | CUSIP: 3137BKCT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2279834 | PA      | $2215968.64   | 0.18%             | 2040-06-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| SMR Mortgage Trust                                                   | SMR Mortgage Trust, Series 2022-IND, Class A                                                    | CUSIP: 78458MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7325417 | PA      | $7253653.71   | 0.60%             | 2039-02-15      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes                             | Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B                                | CUSIP: 446438SX2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3421530 | PA      | $3412897.23   | 0.28%             | 2033-03-21      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC Trust, Whole Loan, Series 2003-W1, Class 2A                                         | CUSIP: 31392GWB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92284 | PA      | $91928.68     | 0.01%             | 2042-12-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                       | Bayview Commercial Asset Trust, Series 2007-3, Class A2                                         | CUSIP: 07325YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    273410 | PA      | $255963.85    | 0.02%             | 2037-07-25      | Floating      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                   | Regional Management Issuance Trust, Series 2025-1, Class A                                      | CUSIP: 75908AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4055000 | PA      | $4069150.33   | 0.34%             | 2034-04-17      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes                                                | Tricon American Homes, Series 2020-SFR1, Class A                                                | CUSIP: 89613GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5953272 | PA      | $5789209.44   | 0.48%             | 2038-07-17      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| BHMS                                                                 | BHMS, Series 2018-ATLS, Class A                                                                 | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6000472.80   | 0.50%             | 2035-07-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, Structured Pass-Through Certificates, Whole Loan, Series T-51, Class 1A                  | CUSIP: 31392W7F1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     37284 | PA      | $29119.40     | 0.00%             | 2042-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2016-33, Class JA                                                           | CUSIP: 3136AR6G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1871526 | PA      | $1763687.27   | 0.15%             | 2045-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2016-25, Class LA                                                           | CUSIP: 3136ART40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5539510 | PA      | $5206790.39   | 0.43%             | 2045-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Trust                                                | Toorak Mortgage Trust, Series 2025-RRTL1, Class A1                                              | CUSIP: 89053JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1044785.60   | 0.09%             | 2040-02-25      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Dean Witter Capital I, Inc. Trust                     | Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-HYB1, Class B1                    | CUSIP: 61746WC32<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17051 | PA      | $7007.91      | 0.00%             | 2033-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XII Ltd.                                                 | Elmwood CLO Ltd., Series 2021-5A, Class AR                                                      | CUSIP: 29002YAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5200000 | PA      | $5215511.60   | 0.43%             | 2037-10-15      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2012-61, Class FM                                                                  | CUSIP: 38378EJ87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2977992 | PA      | $2947260.11   | 0.24%             | 2042-05-16      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                | GM Financial Automobile Leasing Trust, Series 2024-3, Class A4                                  | CUSIP: 38012QAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1242787.38   | 0.10%             | 2028-10-20      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust                                 | Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A3                                  | CUSIP: 73328NAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2405000 | PA      | $2400136.13   | 0.20%             | 2027-10-20      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| PRET Trust                                                           | PRET Trust, Series 2024-RPL2, Class A1                                                          | CUSIP: 69392CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1851287 | PA      | $1753302.05   | 0.15%             | 2064-06-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCV LLC                                                         | VOLT XCV LLC, Series 2021-NPL4, Class A1                                                        | CUSIP: 92873BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    522961 | PA      | $522313.93    | 0.04%             | 2051-03-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| CSFB Mortgage-Backed Pass-Through Certificates                       | CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR24, Class 2A4                     | CUSIP: 22541QUN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88806 | PA      | $87147.76     | 0.01%             | 2033-10-25      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                                       | Wheels Fleet Lease Funding LLC, Series 2025-1A, Class A1                                        | CUSIP: 96328GCE5<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7009061.50   | 0.58%             | 2040-01-18      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1                                 | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2622468 | PA      | $2635679.02   | 0.22%             | 2045-03-25      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                       | Carvana Auto Receivables Trust, Series 2023-N4, Class A                                         | CUSIP: 14688LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1416636 | PA      | $1423251.31   | 0.12%             | 2028-01-10      | Fixed         | 6.42%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC Trust, Whole Loan, Series 2003-W4, Class 5A                                         | CUSIP: 31393AR33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276900 | PA      | $272882.85    | 0.02%             | 2042-10-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                               | Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A3                                | CUSIP: 59020UNQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46942 | PA      | $42341.01     | 0.00%             | 2034-12-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                              | Hyundai Auto Lease Securitization Trust, Series 2025-A, Class A2A                               | CUSIP: 44935WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6506651.45   | 0.54%             | 2027-06-15      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3132DURU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12952036 | PA      | $13170306.46  | 1.09%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2025-R03, Class 2M1                                 | CUSIP: 20754VAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2368991 | PA      | $2384129.06   | 0.20%             | 2045-03-25      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 20 Year                                                                              | CUSIP: 31418AUQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    823740 | PA      | $789399.72    | 0.07%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                    | GLS Auto Receivables Issuer Trust, Series 2025-1A, Class B                                      | CUSIP: 36271KAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15300000 | PA      | $15368432.31  | 1.28%             | 2029-07-16      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| DLLAA LLC                                                            | DLLAA LLC, Series 2025-1A, Class A2                                                             | CUSIP: 233249AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3000174.30   | 0.25%             | 2027-10-20      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140XJGG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4690442 | PA      | $4449383.84   | 0.37%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                  | Exeter Automobile Receivables Trust, Series 2024-3A, Class A2                                   | CUSIP: 30165AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418154 | PA      | $418372.82    | 0.03%             | 2027-02-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2011-158, Class EB                                                                 | CUSIP: 38378AY96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    604534 | PA      | $601334.79    | 0.05%             | 2026-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140QUVB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4974150 | PA      | $5025591.08   | 0.42%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCM Ltd.                                                             | LCM Ltd., Series 36A, Class A1R                                                                 | CUSIP: 50190LAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3902000 | PA      | $3892334.75   | 0.32%             | 2034-01-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| RASC Trust                                                           | RASC Trust, Series 2003-KS4, Class MI2                                                          | CUSIP: 76110WRW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    522587 | PA      | $421525.61    | 0.03%             | 2033-06-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Trust                                     | Harley-Davidson Motorcycle Trust, Series 2024-B, Class A4                                       | CUSIP: 41284PAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2850000 | PA      | $2826686.72   | 0.23%             | 2032-04-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| STWD Mortgage Trust                                                  | STWD Mortgage Trust, Series 2021-LIH, Class B                                                   | CUSIP: 78486EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2300000 | PA      | $2288500.00   | 0.19%             | 2036-11-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| GreenPoint Mortgage Funding Trust                                    | GreenPoint Mortgage Funding Trust, Series 2005-HE3, Class A                                     | CUSIP: 39538WCZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3264 | PA      | $3238.39      | 0.00%             | 2030-09-15      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Prime Mortgage Trust                                                 | Prime Mortgage Trust, Series 2005-2, Class 2A1                                                  | CUSIP: 74160MHU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    141968 | PA      | $142837.65    | 0.01%             | 2032-10-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H12, Class FA                                                                 | CUSIP: 38376RBF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1837532 | PA      | $1842616.34   | 0.15%             | 2065-05-20      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H12, Class FJ                                                                 | CUSIP: 38376RBU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1174373 | PA      | $1177666.17   | 0.10%             | 2065-05-20      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust LLC                                              | SCF Equipment Trust LLC, Series 2025-1A, Class A2                                               | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3003402.30   | 0.25%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                                              | JPMorgan Mortgage Trust, Series 2003-A1, Class 1A1                                              | CUSIP: 466247AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10092 | PA      | $9588.58      | 0.00%             | 2033-10-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                                      | Wingspire Equipment Finance LLC, Series 2024-1A, Class A2                                       | CUSIP: 97415AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3995127.20   | 0.33%             | 2032-09-20      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                         | OCP CLO Ltd., Series 2023-26A, Class AR                                                         | CUSIP: 67116HAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   5000000 | PA      | $4992355.00   | 0.41%             | 2037-04-17      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| CARS-DB5 LP                                                          | CARS-DB5 LP, Series 2021-1A, Class A1                                                           | CUSIP: 12510HAK6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2265409 | PA      | $2161133.62   | 0.18%             | 2051-08-15      | Fixed         | 1.44%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                               | Palmer Square CLO Ltd., Series 2021-2A, Class AR1                                               | CUSIP: 69701XAJ3<br>LEI: 254900HTQ89UZTKY6247 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5008095.00   | 0.42%             | 2038-02-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                | Westlake Automobile Receivables Trust, Series 2024-3A, Class B                                  | CUSIP: 96043CAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7480000 | PA      | $7469866.84   | 0.62%             | 2029-11-15      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                 | BANK, Series 2021-BN35, Class A2                                                                | CUSIP: 06540CAX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2650000 | PA      | $2485672.71   | 0.21%             | 2064-06-15      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2014-23, Class FA                                                           | CUSIP: 3136AJ4G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6264249 | PA      | $6180361.32   | 0.51%             | 2039-10-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass-Through Trust                            | First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1                           | CUSIP: 32051GBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60205 | PA      | $58112.55     | 0.00%             | 2034-12-25      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| SoFi Professional Loan Program Trust                                 | SoFi Professional Loan Program Trust, Series 2018-B, Class A2FX                                 | CUSIP: 83404RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    167582 | PA      | $166639.73    | 0.01%             | 2047-08-25      | Fixed         | 3.34%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                           | AMSR Trust, Series 2021-SFR2, Class A                                                           | CUSIP: 00179VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3999079 | PA      | $3841596.52   | 0.32%             | 2038-08-17      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                             | BX Trust, Series 2021-LBA, Class AJV                                                            | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6495937.50   | 0.54%             | 2036-02-15      | Floating      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2024-92, Class HB                                                           | CUSIP: 3136BT2V4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6311506 | PA      | $6320953.61   | 0.52%             | 2051-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2007-76, Class ZG                                                           | CUSIP: 31396WZ90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110443 | PA      | $112428.86    | 0.01%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oportun Funding Trust                                                | Oportun Funding Trust, Series 2025-1, Class A                                                   | CUSIP: 68377PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1184954 | PA      | $1182307.49   | 0.10%             | 2032-08-16      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140J7L60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2599587 | PA      | $2470305.04   | 0.21%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                 | BBCMS Mortgage Trust, Series 2020-C7, Class A2                                                  | CUSIP: 05492VAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    908696 | PA      | $860946.15    | 0.07%             | 2053-04-15      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H04, Class FL                                                                 | CUSIP: 38378U8R1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2598407 | PA      | $2605888.34   | 0.22%             | 2065-02-20      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Goodgreen                                                            | Goodgreen, Series 2019-1A, Class A                                                              | CUSIP: 38218DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1197817 | PA      | $1082638.61   | 0.09%             | 2054-10-15      | Fixed         | 3.86%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2010-64, Class FC                                                           | CUSIP: 31398RS22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5230939 | PA      | $5196790.67   | 0.43%             | 2040-06-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4935, Class KP                                                             | CUSIP: 3137FQ5B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3136803 | PA      | $2730236.14   | 0.23%             | 2049-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2013-23, Class KJ                                                           | CUSIP: 3136ADCU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1210619 | PA      | $1121034.65   | 0.09%             | 2042-05-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4350, Class FK                                                             | CUSIP: 3137BBHK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1670603 | PA      | $1625212.52   | 0.13%             | 2038-06-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140QQLV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3075390 | PA      | $3062946.93   | 0.25%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                                              | Verdant Receivables LLC, Series 2023-1A, Class A2                                               | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1744946 | PA      | $1771297.08   | 0.15%             | 2031-01-13      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| IndyMac INDA Mortgage Loan Trust                                     | IndyMac INDA Mortgage Loan Trust, Series 2007-AR1, Class 1A1                                    | CUSIP: 45669AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    188369 | PA      | $144774.09    | 0.01%             | 2037-03-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                         | OCP CLO Ltd., Series 2018-15A, Class BR                                                         | CUSIP: 67112KAH2<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-CBDO         | CORP              | KY        |   2850000 | PA      | $2851806.90   | 0.24%             | 2038-01-20      | Floating      | 5.89%                 | Yes           |                  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        |    444402 | PA      | $431042.96    | 0.04%             | 2034-04-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                                              | MVW LLC, Series 2024-1A, Class A                                                                | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1653706 | PA      | $1671686.46   | 0.14%             | 2043-02-20      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140M6UW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4732276 | PA      | $4812957.78   | 0.40%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                                             | PRPM LLC, Series 2025-RPL2, Class A1                                                            | CUSIP: 69392MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4752141 | PA      | $4568894.66   | 0.38%             | 2055-04-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| ARES Trust                                                           | ARES Trust, Series 2025-IND3, Class A                                                           | CUSIP: 039955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5008491.00   | 0.42%             | 2042-04-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1                                 | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    699423 | PA      | $698990.90    | 0.06%             | 2044-07-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                              | Daimler Truck Finance North America LLC                                                         | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4977960.25   | 0.41%             | 2028-01-13      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                   | First Franklin Mortgage Loan Trust, Series 2003-FFH1, Class M2                                  | CUSIP: 32027NEE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    227863 | PA      | $208184.66    | 0.02%             | 2033-09-25      | Floating      | 7.06%                 | 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        |    250056 | PA      | $249775.55    | 0.02%             | 2051-02-27      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                            | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN1, Class M1                           | CUSIP: 35563FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     89114 | PA      | $88682.80     | 0.01%             | 2051-01-25      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2019-38, Class PC                                                           | CUSIP: 3136B5FZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1957635 | PA      | $1837794.86   | 0.15%             | 2048-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4867, Class WF                                                             | CUSIP: 3137FL2H6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5472967 | PA      | $5408073.09   | 0.45%             | 2037-04-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Galaxy XV CLO Ltd.                                                   | Galaxy CLO Ltd., Series 2013-15A, Class ARR                                                     | CUSIP: 36318WAK6<br>LEI: 549300MJK1HWQWCLYA68 | Long             | ABS-CBDO         | CORP              | KY        |     35244 | PA      | $35237.87     | 0.00%             | 2030-10-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                               | Morgan Stanley Bank NA                                                                          | CUSIP: 61690DK64<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4993564.75   | 0.41%             | 2029-01-12      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, STRIPS, Series 400, Class 1                                                               | CUSIP: 3136FKQW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    844687 | PA      | $662950.29    | 0.06%             | 2039-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3133KJGM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4107034 | PA      | $3531301.26   | 0.29%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                  | New Residential Mortgage Loan Trust, Series 2024-RTL2, Class A1                                 | CUSIP: 64831WAA8<br>LEI: 213800H34ZKQ2LAZZL53 | Long             | ABS-MBS          | CORP              | US        |   3960000 | PA      | $3929624.03   | 0.33%             | 2039-09-25      | Variable      | 5.44%                 | Yes           |                  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        |    198974 | PA      | $197877.85    | 0.02%             | 2025-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                              | Dryden Senior Loan Fund, Series 2016-43A, Class AR3                                             | CUSIP: 26245CBQ5<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4996125.00   | 0.41%             | 2034-04-20      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4187, Class CA                                                             | CUSIP: 3137B1J29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8359297 | PA      | $7796807.94   | 0.65%             | 2033-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                                       | Protective Life Global Funding                                                                  | CUSIP: 74368CAX2<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   5190000 | PA      | $5169571.85   | 0.43%             | 2025-07-15      | Fixed         | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                           | Progress Residential Trust, Series 2023-SFR1, Class A                                           | CUSIP: 74334FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3392478 | PA      | $3344571.83   | 0.28%             | 2040-03-17      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3132DUAS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10367362 | PA      | $10333569.12  | 0.86%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                               | Oportun Issuance Trust, Series 2022-A, Class A                                                  | CUSIP: 68378NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1111812 | PA      | $1110932.37   | 0.09%             | 2031-06-09      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                               | Standard Chartered plc                                                                          | CUSIP: 85325C2F8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $4992250.00   | 0.41%             | 2029-01-21      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust                  | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 2A1                   | CUSIP: 251510CX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18185 | PA      | $17611.16     | 0.00%             | 2020-02-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities                                        | Connecticut Avenue Securities, Series 2025-R01, Class 1M1                                       | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2664444 | PA      | $2665762.19   | 0.22%             | 2045-01-25      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                               | Truist Financial Corp.                                                                          | CUSIP: 89788MAA0<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3976026.36   | 0.33%             | 2025-08-05      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2A1                                 | CUSIP: 20754XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7150506 | PA      | $7134862.54   | 0.59%             | 2044-07-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Goodleap 6.625   144a                                                | Goodleap 6.625   144a                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   1485000 | PA      | $1523713.80   | 0.13%             | 2038-07-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Connecticut Avenue Securities                                        | Connecticut Avenue Securities, Series 2025-R01, Class 1A1                                       | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3343034 | PA      | $3335722.93   | 0.28%             | 2045-01-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4457, Class KF                                                             | CUSIP: 3137BHWP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2503706 | PA      | $2463649.22   | 0.20%             | 2040-10-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                           | FHLMC UMBS, 30 Year                                                                             | CUSIP: 3132DWFS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4046584 | PA      | $4018167.42   | 0.33%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RFMSI Trust                                                          | RFMSI Trust, Series 2005-SA2, Class 2A2                                                         | CUSIP: 76111XVG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    224492 | PA      | $211860.79    | 0.02%             | 2035-06-25      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                     | OneMain Financial Issuance Trust, Series 2021-1A, Class A1                                      | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4755208.50   | 0.39%             | 2036-06-16      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| Amortizing Residential Collateral Trust                              | Amortizing Residential Collateral Trust, Series 2002-BC9, Class M1                              | CUSIP: 86359AFD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    996840 | PA      | $952356.90    | 0.08%             | 2032-12-25      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2015-42, Class BF                                                           | CUSIP: 3136ANW86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1738938 | PA      | $1719372.71   | 0.14%             | 2045-06-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Goodgreen                                                            | Goodgreen, Series 2018-1A, Class A                                                              | CUSIP: 38218GAA0<br>LEI: 549300X0P2BXCQULUH20 | Long             | ABS-O            | CORP              | KY        |   1665735 | PA      | $1521210.74   | 0.13%             | 2053-10-15      | Variable      | 3.93%                 | Yes           |                  3 | On Loan: No      |
| FHLMC STACR REMIC Trust                                              | FHLMC Stacr Remic Trust, Series 2025-HQA1, Class A1                                             | CUSIP: 35564NGY3<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   8500000 | PA      | $8481415.60   | 0.70%             | 2045-02-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MASTR Seasoned Securitization Trust                                  | MASTR Seasoned Securitization Trust, Series 2003-1, Class 3A2                                   | CUSIP: 55265WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30628 | PA      | $29897.98     | 0.00%             | 2033-02-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                                | One Bryant Park Trust, Series 2019-OBP, Class A                                                 | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4498717.50   | 0.37%             | 2054-09-15      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                            | Towd Point Mortgage Trust, Series 2018-4, Class A1                                              | CUSIP: 89175TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2406068 | PA      | $2264595.08   | 0.19%             | 2058-06-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                       | Mariner Finance Issuance Trust, Series 2024-AA, Class A                                         | CUSIP: 567928AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5037747.00   | 0.42%             | 2036-09-22      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                | Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A                                | CUSIP: 95003LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    986628 | PA      | $986042.94    | 0.08%             | 2040-02-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Technology in Housing Trust                                | Pagaya AI Technology in Housing Trust, Series 2023-1, Class A                                   | CUSIP: 69547YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3363816.40   | 0.28%             | 2040-10-25      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                    | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class B                                      | CUSIP: 37989BAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2513950.50   | 0.21%             | 2029-10-15      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, Grantor Trust, Whole Loan, Series 2001-T8, Class A1                                       | CUSIP: 313920UK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98805 | PA      | $99910.11     | 0.01%             | 2041-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                               | Sequoia Mortgage Trust, Series 2004-11, Class A2                                                | CUSIP: 81744FFK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    204665 | PA      | $189637.84    | 0.02%             | 2034-12-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                              | CF Hippolyta Issuer LLC, Series 2020-1, Class A1                                                | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2307094 | PA      | $2289978.09   | 0.19%             | 2060-07-15      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Asset-Backed Securities I Trust                         | Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC6, Class M1                         | CUSIP: 073879LR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27575 | PA      | $7937.12      | 0.00%             | 2034-11-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                       | Hyundai Auto Receivables Trust, Series 2025-A, Class A4                                         | CUSIP: 44935CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4345000 | PA      | $4333981.95   | 0.36%             | 2031-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                   | Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A2A                                | CUSIP: 61748HHB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    136589 | PA      | $128754.55    | 0.01%             | 2035-01-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2016-19, Class OP                                                           | CUSIP: 3136ARZY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    893854 | PA      | $672660.09    | 0.06%             | 2046-04-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2013-43, Class YH                                                           | CUSIP: 3136ADX20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    484309 | PA      | $460889.95    | 0.04%             | 2033-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Roc Mortgage Trust                                                   | Roc Mortgage Trust, Series 2025-RTL1, Class A1                                                  | CUSIP: 77119RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $997214.00    | 0.08%             | 2040-02-25      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BRE Grand Islander Timeshare Issuer LLC                              | BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A                                 | CUSIP: 05588UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650076 | PA      | $639236.76    | 0.05%             | 2033-09-26      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential                                                 | Progress Residential, Series 2021-SFR4, Class A                                                 | CUSIP: 74333EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4567412 | PA      | $4459323.49   | 0.37%             | 2038-05-17      | Fixed         | 1.56%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2014-49, Class AF                                                           | CUSIP: 3136AKWD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79798 | PA      | $77870.51     | 0.01%             | 2044-08-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                      | Impac CMB Trust, Series 2004-6, Class 1A2                                                       | CUSIP: 45254NKD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14005 | PA      | $13973.42     | 0.00%             | 2034-10-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Securitization Trust                     | World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3                       | CUSIP: 98164PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2745092.08   | 0.23%             | 2028-04-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                      | Goldman Sachs Group, Inc. (The)                                                                 | CUSIP: 38141GC69<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4958550.00   | 0.41%             | 2031-01-28      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                               | Merrill Lynch Mortgage Investors Trust, Series 2004-D, Class A1                                 | CUSIP: 59020UGF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10084 | PA      | $10225.07     | 0.00%             | 2029-09-25      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC Trust, Whole Loan, Series 2009-W1, Class A                                          | CUSIP: 31398F7A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80100 | PA      | $82538.27     | 0.01%             | 2049-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                         | Metlife Securitization Trust, Series 2017-1A, Class A                                           | CUSIP: 59166BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430794 | PA      | $410360.34    | 0.03%             | 2055-04-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GSAA Trust                                                           | GSAA Trust, Series 2004-CW1, Class 1A1                                                          | CUSIP: 36228FT48<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295583 | PA      | $286856.48    | 0.02%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tricon Residential Trust                                             | Tricon Residential Trust, Series 2025-SFR1, Class A                                             | CUSIP: 895974AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2725000 | PA      | $2721891.87   | 0.23%             | 2042-03-17      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 20 Year                                                                              | CUSIP: 31418APY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    629059 | PA      | $601979.13    | 0.05%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA Trust, Whole Loan, Series 2004-W2, Class 4A                                                | CUSIP: 31393XGT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71842 | PA      | $70670.70     | 0.01%             | 2044-02-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                                       | Home Partners of America Trust, Series 2022-1, Class B                                          | CUSIP: 43730NAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5487442 | PA      | $5413094.79   | 0.45%             | 2039-04-17      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2017-108, Class PA                                                          | CUSIP: 3136B0RT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1271172 | PA      | $1169756.83   | 0.10%             | 2047-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Thornburg Mortgage Securities Trust                                  | Thornburg Mortgage Securities Trust, Series 2004-4, Class 5A                                    | CUSIP: 885220GK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1153074 | PA      | $1030023.25   | 0.09%             | 2044-12-25      | Variable      | 2.97%                 | 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        |   3000000 | PA      | $2996113.80   | 0.25%             | 2032-07-20      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2012-31, Class FB                                                           | CUSIP: 3136A5JD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3360976 | PA      | $3312168.17   | 0.27%             | 2042-04-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 5270, Class FH                                                             | CUSIP: 3137H9E54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3256290 | PA      | $3196631.16   | 0.27%             | 2052-06-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                               | John Deere Owner Trust, Series 2024-C, Class A3                                                 | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5976134.40   | 0.50%             | 2029-06-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                       | PEAC Solutions Receivables LLC, Series 2024-2A, Class A2                                        | CUSIP: 69392BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1684254 | PA      | $1683359.63   | 0.14%             | 2027-04-20      | Fixed         | 4.74%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4161, Class YF                                                             | CUSIP: 3137AYQ95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2279400 | PA      | $2224734.13   | 0.18%             | 2043-02-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140XJL92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3008174 | PA      | $2974389.66   | 0.25%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                         | OCP CLO Ltd., Series 2015-9A, Class AR3                                                         | CUSIP: 67091YBE3<br>LEI: 254900XV0U0WEM36A370 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4991365.00   | 0.41%             | 2037-01-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Asset-Backed Securities I Trust                         | Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE1, Class M2                         | CUSIP: 073879PS1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223889 | PA      | $229595.25    | 0.02%             | 2035-01-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                       | BNP Paribas SA                                                                                  | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   6470000 | PA      | $6335257.01   | 0.53%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                                             | Tricon Residential Trust, Series 2024-SFR2, Class A                                             | CUSIP: 89616VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1648124 | PA      | $1641190.30   | 0.14%             | 2040-06-17      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust                               | Consumer Portfolio Services Auto Trust, Series 2025-A, Class A                                  | CUSIP: 12633SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2781327 | PA      | $2778569.26   | 0.23%             | 2028-10-16      | Fixed         | 4.77%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4594, Class GN                                                             | CUSIP: 3137BQK22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1409413 | PA      | $1303068.37   | 0.11%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                           | Progress Residential Trust, Series 2025-SFR2, Class A                                           | CUSIP: 74334GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1867829.60   | 0.16%             | 2042-04-17      | Fixed         | 3.31%                 | Yes           |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                                            | CFIN 2022-RTL1 Issuer LLC, Class A                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    365000 | PA      | $365000.00    | 0.03%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                | Countrywide Asset-Backed Certificates, Series 2004-S1, Class M2                                 | CUSIP: 126673TG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8465 | PA      | $8416.37      | 0.00%             | 2035-02-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                           | BXG Receivables Note Trust, Series 2018-A, Class A                                              | CUSIP: 05607UAA7<br>LEI: 549300MVRSYZ837KPY83 | Long             | ABS-O            | CORP              | US        |    417456 | PA      | $415509.89    | 0.03%             | 2034-02-02      | Fixed         | 3.77%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                    | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class A                                      | CUSIP: 22535LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11845000 | PA      | $11857305.77  | 0.98%             | 2034-09-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                 | LHOME Mortgage Trust, Series 2025-RTL1, Class A1                                                | CUSIP: 50205UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1240000 | PA      | $1240411.06   | 0.10%             | 2040-01-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust                       | Structured Asset Mortgage Investments II Trust, Series 2004-AR1, Class 1A1                      | CUSIP: 86359LAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20131 | PA      | $18936.48     | 0.00%             | 2034-03-19      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4350, Class AF                                                             | CUSIP: 3137BBGP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1374966 | PA      | $1337094.62   | 0.11%             | 2037-12-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                    | Affirm Asset Securitization Trust, Series 2024-X2, Class A                                      | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545118 | PA      | $545298.50    | 0.05%             | 2029-12-17      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                     | JPMorgan Prime Money Market Fund, Class IM                                                      | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  72824854 | NS      | $72839418.70  | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FREMF 2017-K64 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2017-K64, Class B                                                  | CUSIP: 30296CAE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4921120.00   | 0.41%             | 2050-05-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                      | CoreVest American Finance Trust, Series 2020-4, Class A                                         | CUSIP: 21873AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2034899 | PA      | $2007410.92   | 0.17%             | 2052-12-15      | Fixed         | 1.17%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd.                                                            | BXMT Ltd., Series 2020-FL3, Class A                                                             | CUSIP: 05608XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   3095617 | PA      | $3090227.79   | 0.26%             | 2037-11-15      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| SoFi Consumer Loan Program Trust                                     | SoFi Consumer Loan Program Trust, Series 2025-1, Class A                                        | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3401218 | PA      | $3400666.86   | 0.28%             | 2034-02-27      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                                       | ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A                                       | CUSIP: 449652AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2996250.00   | 0.25%             | 2039-10-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                                  | Carlyle US CLO Ltd., Series 2021-1A, Class A1BR                                                 | CUSIP: 14316MAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5004635.00   | 0.42%             | 2040-01-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2024-159, Class PA                                                                 | CUSIP: 38384YHQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4904975 | PA      | $4742045.37   | 0.39%             | 2054-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                       | Mariner Finance Issuance Trust, Series 2021-AA, Class A                                         | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2892991.20   | 0.24%             | 2036-03-20      | Fixed         | 1.86%                 | Yes           |                  2 | On Loan: No      |
| Southern Power Co.                                                   | Southern Power Co.                                                                              | CUSIP: 843646AW0<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1737744.40   | 0.14%             | 2026-01-15      | Fixed         | 0.90%                 | 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        |    719036 | PA      | $717914.54    | 0.06%             | 2051-04-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2006-124, Class FC                                                          | CUSIP: 31396PFT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    435473 | PA      | $428820.54    | 0.04%             | 2037-01-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1                                 | CUSIP: 20754AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1334280 | PA      | $1331784.76   | 0.11%             | 2041-12-25      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, Structured Pass-Through Certificates, Whole Loan, Series T-54, Class 4A                  | CUSIP: 31393LFP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    609423 | PA      | $579764.37    | 0.05%             | 2043-02-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                       | Carvana Auto Receivables Trust, Series 2024-P3, Class A3                                        | CUSIP: 146919AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4983322.00   | 0.41%             | 2029-10-10      | Fixed         | 4.26%                 | 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        |    758222 | PA      | $756584.42    | 0.06%             | 2051-05-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2004-17, Class BF                                                           | CUSIP: 31393XYQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30500 | PA      | $30470.70     | 0.00%             | 2034-01-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                           | Progress Residential Trust, Series 2024-SFR1, Class A                                           | CUSIP: 74331QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5447771 | PA      | $5172468.71   | 0.43%             | 2041-02-17      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| GreatAmerica Leasing Receivables Funding LLC                         | GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A3                           | CUSIP: 39154GAJ5<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1996691.00   | 0.17%             | 2029-04-16      | Fixed         | 4.49%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2023-24, Class FD                                                                  | CUSIP: 38383WCM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  11299994 | PA      | $11123579.55  | 0.92%             | 2053-02-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Seasoned Credit Risk Transfer Trust                                  | Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MAU                                   | CUSIP: 35563PZ28<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3437758 | PA      | $3103767.95   | 0.26%             | 2064-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset-Backed Securities Trust                           | Bear Stearns Asset-Backed Securities Trust, Series 2003-SD1, Class A                            | CUSIP: 07384YKL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    368806 | PA      | $376967.25    | 0.03%             | 2033-12-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1                                 | CUSIP: 20754TAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3371166 | PA      | $3368000.52   | 0.28%             | 2045-02-25      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                    | Credit Acceptance Auto Loan Trust, Series 2025-1A, Class A                                      | CUSIP: 22536KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5745000 | PA      | $5779236.18   | 0.48%             | 2035-03-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                                           | CPS Auto Receivables Trust, Series 2024-D, Class A                                              | CUSIP: 22411JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    887420 | PA      | $887799.76    | 0.07%             | 2028-06-15      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                 | FirstKey Homes Trust, Series 2021-SFR1, Class A                                                 | CUSIP: 33767WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6502857 | PA      | $6251258.90   | 0.52%             | 2038-08-17      | Fixed         | 1.54%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO                                                           | Apidos CLO, Series 2019-31A, Class A1R                                                          | CUSIP: 03767VAG3<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |   3015860 | PA      | $3018791.06   | 0.25%             | 2031-04-15      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Seasoned Loans Structured Transaction Trust                          | Seasoned Loans Structured Transaction Trust, Series 2024-2, Class VF                            | CUSIP: 35564CSK4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8638823 | PA      | $8608497.04   | 0.71%             | 2034-10-25      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                           | Progress Residential Trust, Series 2024-SFR2, Class A                                           | CUSIP: 74290XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7874184 | PA      | $7436606.45   | 0.62%             | 2041-04-17      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| NYMT Loan Trust                                                      | NYMT Loan Trust, Series 2024-BPL3, Class A1                                                     | CUSIP: 67119RAA5<br>LEI: 254900Q6RDCV3HGA6340 | Long             | ABS-MBS          | CORP              | US        |   1055000 | PA      | $1046998.46   | 0.09%             | 2039-09-25      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC                             | Sierra Timeshare Receivables Funding LLC, Series 2025-1A, Class A                               | CUSIP: 82653CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2996961 | PA      | $2995800.09   | 0.25%             | 2042-01-21      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, Other                                                                                     | CUSIP: 3140FX2B7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4733187 | PA      | $4476569.96   | 0.37%             | 2063-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2016-12, Class PA                                                                  | CUSIP: 38379TP52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4018315 | PA      | $3741797.19   | 0.31%             | 2045-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                                       | Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A4                                         | CUSIP: 58769GAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1915000 | PA      | $1905998.54   | 0.16%             | 2030-06-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H15, Class FB                                                                 | CUSIP: 38376RCZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2656318 | PA      | $2657451.88   | 0.22%             | 2065-06-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                                | Sumitomo Mitsui Financial Group, Inc.                                                           | CUSIP: 86562MCD0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2900000 | PA      | $2836393.31   | 0.24%             | 2026-01-12      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                           | AMSR Trust, Series 2025-SFR1, Class A                                                           | CUSIP: 00182MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2025000 | PA      | $1899941.67   | 0.16%             | 2042-06-17      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| CNH Equipment Trust                                                  | CNH Equipment Trust, Series 2024-C, Class A4                                                    | CUSIP: 18978GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3585000 | PA      | $3534794.23   | 0.29%             | 2032-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2014-H07, Class FC                                                                 | CUSIP: 38375UHH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5508827 | PA      | $5533660.61   | 0.46%             | 2064-05-20      | Floating      | 5.03%                 | 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        |    183546 | PA      | $183435.25    | 0.02%             | 2051-04-25      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                           | AMSR Trust, Series 2024-SFR1, Class A                                                           | CUSIP: 00179CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7810000 | PA      | $7633413.56   | 0.63%             | 2041-07-17      | Variable      | 4.29%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-24A, Class 2A | CUSIP: 86359AG64<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    219756 | PA      | $214637.72    | 0.02%             | 2033-07-25      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| SoFi Professional Loan Program Trust                                 | SoFi Professional Loan Program Trust, Series 2021-B, Class AFX                                  | CUSIP: 83405NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2236117 | PA      | $1934848.40   | 0.16%             | 2047-02-15      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                                      | Prestige Auto Receivables Trust, Series 2024-2A, Class A2                                       | CUSIP: 74113SAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2595893 | PA      | $2594745.53   | 0.22%             | 2028-02-15      | Fixed         | 4.72%                 | Yes           |                  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        |   5550273 | PA      | $5432202.30   | 0.45%             | 2037-06-15      | Fixed         | 4.46%                 | Yes           |                  3 | On Loan: No      |
| Ballyrock CLO Ltd.                                                   | Ballyrock CLO Ltd., Series 2019-1A, Class A1R                                                   | CUSIP: 05875JAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5274178 | PA      | $5277364.05   | 0.44%             | 2032-07-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                   | Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 3A5                                  | CUSIP: 61748HAV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290285 | PA      | $287358.43    | 0.02%             | 2034-07-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| ONE Mortgage Trust                                                   | ONE Mortgage Trust, Series 2021-PARK, Class A                                                   | CUSIP: 682413AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6868750.00   | 0.57%             | 2036-03-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                    | Wells Fargo & Co.                                                                               | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4980250.00   | 0.41%             | 2028-01-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140QQEC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6598959 | PA      | $6609376.29   | 0.55%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                | Westlake Automobile Receivables Trust, Series 2023-3A, Class A3                                 | CUSIP: 96041CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3474799 | PA      | $3484240.73   | 0.29%             | 2027-05-17      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC STACR REMIC Trust, Series 2025-DNA2, Class M1                                             | CUSIP: 35564NHZ9<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2274522.75   | 0.19%             | 2045-05-25      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust                                | MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7B                               | CUSIP: 576433WM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    138259 | PA      | $133052.61    | 0.01%             | 2034-11-21      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                        | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A                                        | CUSIP: 811304AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4964062.50   | 0.41%             | 2039-05-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO                                                           | Apidos CLO, Series 2016-25A, Class A1R3                                                         | CUSIP: 03762YBD8<br>LEI: 254900C9NN5XS59HZV73 | Long             | ABS-CBDO         | CORP              | KY        |   3355000 | PA      | $3348128.96   | 0.28%             | 2037-01-20      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2015-H19, Class FN                                                                 | CUSIP: 38376RFU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3014852 | PA      | $3022689.92   | 0.25%             | 2065-07-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                    | Credit Acceptance Auto Loan Trust, Series 2023-3A, Class A                                      | CUSIP: 224936AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2375000 | PA      | $2397335.45   | 0.20%             | 2033-08-15      | Fixed         | 6.39%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC Trust, Whole Loan, Series 2003-W15, Class 3A                                        | CUSIP: 31393TC87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    292082 | PA      | $283035.08    | 0.02%             | 2042-12-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140KFET8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5866834 | PA      | $5040134.43   | 0.42%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corp. Alternative Loan Trust                 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2003-A3, Class A1                  | CUSIP: 65535VBZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    108381 | PA      | $109610.85    | 0.01%             | 2033-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q013, Class APT1               | CUSIP: 3137FWGH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1249634 | PA      | $1248261.91   | 0.10%             | 2050-05-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                                              | MVW LLC, Series 2024-2A, Class A                                                                | CUSIP: 55389QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2377716 | PA      | $2334384.08   | 0.19%             | 2042-03-20      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                                      | Reach ABS Trust, Series 2025-1A, Class A                                                        | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    778543 | PA      | $777864.89    | 0.06%             | 2032-08-16      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                 | GNMA, Series 2013-H16, Class FA                                                                 | CUSIP: 38375B4Y5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    899515 | PA      | $903634.84    | 0.08%             | 2063-07-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| HERO Funding                                                         | HERO Funding, Series 2017-3A, Class A2                                                          | CUSIP: 42771AAB2<br>LEI: 549300Z5C0ID42MSJA91 | Long             | ABS-O            | CORP              | KY        |    657488 | PA      | $584715.22    | 0.05%             | 2048-09-20      | Fixed         | 3.95%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 3300, Class FA                                                             | CUSIP: 31397GQR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     81870 | PA      | $80868.73     | 0.01%             | 2035-08-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Generate CLO 6 Ltd.                                                  | Generate CLO Ltd., Series 6A, Class AR2                                                         | CUSIP: 37148JAN3<br>LEI: 254900V675MOVWK0HA08 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5013790.00   | 0.42%             | 2037-10-22      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                       | Carvana Auto Receivables Trust, Series 2024-P2, Class A3                                        | CUSIP: 14688PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2270727.45   | 0.19%             | 2029-07-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA UMBS, 30 Year                                                                              | CUSIP: 3140QQSR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6176696 | PA      | $6139961.37   | 0.51%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RFMSI Trust                                                          | RFMSI Trust, Series 2006-SA4, Class 2A1                                                         | CUSIP: 74958CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    113761 | PA      | $93305.29     | 0.01%             | 2036-11-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                  | Exeter Automobile Receivables Trust, Series 2024-4A, Class A3                                   | CUSIP: 30166UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3006208.50   | 0.25%             | 2030-08-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                             | BX Trust, Series 2021-BXMF, Class A                                                             | CUSIP: 05609RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6464208 | PA      | $6439966.90   | 0.53%             | 2026-10-15      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                         | Hilton Grand Vacations Trust, Series 2022-2A, Class A                                           | CUSIP: 43283GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1063634 | PA      | $1051139.80   | 0.09%             | 2037-01-25      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2012-38, Class PA                                                           | CUSIP: 3136A42X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    625528 | PA      | $584815.00    | 0.05%             | 2041-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 4559, Class AF                                                             | CUSIP: 3137BNCR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    782444 | PA      | $782983.20    | 0.07%             | 2042-03-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                              | Flagstar Mortgage Trust, Series 2019-2, Class A2                                                | CUSIP: 33852BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1195757 | PA      | $1065068.73   | 0.09%             | 2049-12-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust               | Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-AA, Class A3                | CUSIP: 858928AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4825000 | PA      | $4823919.20   | 0.40%             | 2028-07-20      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                         | Drive Auto Receivables Trust, Series 2024-2, Class A3                                           | CUSIP: 26207AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3460000 | PA      | $3453743.97   | 0.29%             | 2028-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                | FHLMC, REMIC, Series 3085, Class VS                                                             | CUSIP: 31396FSL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     78421 | PA      | $91491.58     | 0.01%             | 2035-12-15      | Floating      | 10.93%                | No            |                  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        |     41125 | PA      | $40481.57     | 0.00%             | 2034-04-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2019-77, Class FP                                                           | CUSIP: 3136B7J93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8498190 | PA      | $8226280.66   | 0.68%             | 2050-01-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                                            | SCF Equipment Leasing LLC, Series 2024-1A, Class A3                                             | CUSIP: 783896AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1175000 | PA      | $1203418.08   | 0.10%             | 2032-01-20      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                  | Exeter Automobile Receivables Trust, Series 2023-4A, Class C                                    | CUSIP: 30166TAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2522753.25   | 0.21%             | 2028-08-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| LCM 29 Ltd.                                                          | LCM Ltd., Series 29A, Class AR                                                                  | CUSIP: 50201MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2762126 | PA      | $2764097.78   | 0.23%             | 2031-04-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                  | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1                                 | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1633211 | PA      | $1633717.75   | 0.14%             | 2044-01-25      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                 | FNMA, REMIC, Series 2012-139, Class JA                                                          | CUSIP: 3136AALT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1645744 | PA      | $1551939.27   | 0.13%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer