# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180671
**Filing Date:** 2025-7
**Character Count:** 558863
**Document Hash:** 5722af7d1828d08fe3e31eb25d3eae96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180671.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180671

**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:** 251154622

**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 Ultra-Short Income ETF (Series ID: S000054790)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000172198 | JPMorgan Ultra-Short Income ETF | JPST            |

## Nport-Ex

**JPMorgan Ultra-Short Income 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 Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 58.2%** | **Corporate Bonds — 58.2%** | **Corporate Bonds — 58.2%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; BAE Systems Holdings, Inc. (United Kingdom) 3.85%, 12/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10275000 | &nbsp;&nbsp;&nbsp;&nbsp; 10224789 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 3.85%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2402000 | &nbsp;&nbsp;&nbsp;&nbsp; 2379202 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. 3.55%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2826000 | &nbsp;&nbsp;&nbsp;&nbsp; 2811515 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. 3.95%, 8/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp; 776403 |
| &nbsp;&nbsp;&nbsp; RTX Corp. 5.75%, 11/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60648000 | &nbsp;&nbsp;&nbsp;&nbsp; 61689579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77881488 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) 4.15%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8252000 | &nbsp;&nbsp;&nbsp;&nbsp; 8230930 |
| **Automobiles — 3.3%** | **Automobiles — 3.3%** | **Automobiles — 3.3%** |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) | &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) | &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.62%), 4.94%, 8/11/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9237000 | &nbsp;&nbsp;&nbsp;&nbsp; 9242256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.55%), 4.91%, 4/2/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 81125000 | &nbsp;&nbsp;&nbsp;&nbsp; 81142694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/11/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20155000 | &nbsp;&nbsp;&nbsp;&nbsp; 19398283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40876000 | &nbsp;&nbsp;&nbsp;&nbsp; 40969133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 371111 |
| &nbsp;&nbsp;&nbsp; General Motors Co.  | &nbsp;&nbsp;&nbsp; General Motors Co.  | &nbsp;&nbsp;&nbsp; General Motors Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 54422000 | &nbsp;&nbsp;&nbsp;&nbsp; 54584836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 4/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33607000 | &nbsp;&nbsp;&nbsp;&nbsp; 33878254 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/26/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24390000 | &nbsp;&nbsp;&nbsp;&nbsp; 24401117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/11/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28960000 | &nbsp;&nbsp;&nbsp;&nbsp; 28992951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3192000 | &nbsp;&nbsp;&nbsp;&nbsp; 3155167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.64%, 11/3/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7016869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/3/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10641000 | &nbsp;&nbsp;&nbsp;&nbsp; 10694884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7029000 | &nbsp;&nbsp;&nbsp;&nbsp; 7067020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8713000 | &nbsp;&nbsp;&nbsp;&nbsp; 8412129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41417000 | &nbsp;&nbsp;&nbsp;&nbsp; 41623624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 9/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3451000 | &nbsp;&nbsp;&nbsp;&nbsp; 3312819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9316274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43739000 | &nbsp;&nbsp;&nbsp;&nbsp; 43949418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28410000 | &nbsp;&nbsp;&nbsp;&nbsp; 28371620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/24/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 66987000 | &nbsp;&nbsp;&nbsp;&nbsp; 66118207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14138980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 31960967 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15710000 | &nbsp;&nbsp;&nbsp;&nbsp; 15716146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/26/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85449000 | &nbsp;&nbsp;&nbsp;&nbsp; 85631660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 3/2/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7330000 | &nbsp;&nbsp;&nbsp;&nbsp; 7164630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/31/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 114280000 | &nbsp;&nbsp;&nbsp;&nbsp; 114573277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 8/3/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3886000 | &nbsp;&nbsp;&nbsp;&nbsp; 3909569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/11/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5009346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4502630 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. 5.35%, 3/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14689000 | &nbsp;&nbsp;&nbsp;&nbsp; 14731303 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles — continued** | **Automobiles — continued** | **Automobiles — continued** |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.30%, 9/12/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 119020000 | &nbsp;&nbsp;&nbsp;&nbsp; 119122357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 9/12/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1792862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/13/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5708000 | &nbsp;&nbsp;&nbsp;&nbsp; 5698651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/24/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12208000 | &nbsp;&nbsp;&nbsp;&nbsp; 11994606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 8/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17311000 | &nbsp;&nbsp;&nbsp;&nbsp; 17314488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7060130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4885145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7459323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4678000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26866000 | &nbsp;&nbsp;&nbsp;&nbsp; 26861290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1037211751 |
| **Banks — 27.4%** | **Banks — 27.4%** | **Banks — 27.4%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) | &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) | &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130000000 | &nbsp;&nbsp;&nbsp;&nbsp; 132456767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.99%, 12/3/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 59500000 | &nbsp;&nbsp;&nbsp;&nbsp; 59905101 |
| &nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l Ltd. (New Zealand) 1.25%, 6/22/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3555000 | &nbsp;&nbsp;&nbsp;&nbsp; 3442015 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 72769000 | &nbsp;&nbsp;&nbsp;&nbsp; 72818126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%), 4.91%, 3/18/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 82670000 | &nbsp;&nbsp;&nbsp;&nbsp; 82826652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009660 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 9/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56000000 | &nbsp;&nbsp;&nbsp;&nbsp; 55414621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 82151000 | &nbsp;&nbsp;&nbsp;&nbsp; 82328722 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 134118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 3/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31452000 | &nbsp;&nbsp;&nbsp;&nbsp; 30781867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 8/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24306818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40281000 | &nbsp;&nbsp;&nbsp;&nbsp; 38720127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.53%, 11/7/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1640402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31600000 | &nbsp;&nbsp;&nbsp;&nbsp; 31980497 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 6/19/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 44071000 | &nbsp;&nbsp;&nbsp;&nbsp; 43985328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%), 4.83%, 7/22/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 69845000 | &nbsp;&nbsp;&nbsp;&nbsp; 68861020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.08%, 1/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 95610000 | &nbsp;&nbsp;&nbsp;&nbsp; 95810762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15241000 | &nbsp;&nbsp;&nbsp;&nbsp; 14888946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 43173000 | &nbsp;&nbsp;&nbsp;&nbsp; 42730748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FIX, (SOFR + 0.83%), 4.98%, 1/24/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp; 97950091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 4.62%, 5/9/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49988146 |
| &nbsp;&nbsp;&nbsp; Bank of America NA  | &nbsp;&nbsp;&nbsp; Bank of America NA  | &nbsp;&nbsp;&nbsp; Bank of America NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%), 5.10%, 8/18/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5320000 | &nbsp;&nbsp;&nbsp;&nbsp; 5323038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 8/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038354 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999250 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 9/25/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1441063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 69200000 | &nbsp;&nbsp;&nbsp;&nbsp; 69753468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1937000 | &nbsp;&nbsp;&nbsp;&nbsp; 1860512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.43%), 4.59%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 137095000 | &nbsp;&nbsp;&nbsp;&nbsp; 136993953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.16%), 5.51%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60331000 | &nbsp;&nbsp;&nbsp;&nbsp; 60874160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 0.95%, 1/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17296000 | &nbsp;&nbsp;&nbsp;&nbsp; 16880249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 76330000 | &nbsp;&nbsp;&nbsp;&nbsp; 76267768 |
| &nbsp;&nbsp;&nbsp; Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64500000 | &nbsp;&nbsp;&nbsp;&nbsp; 65149843 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 6/11/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22760000 | &nbsp;&nbsp;&nbsp;&nbsp; 22740399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 106590000 | &nbsp;&nbsp;&nbsp;&nbsp; 106612263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8577000 | &nbsp;&nbsp;&nbsp;&nbsp; 8308669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2885978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6696000 | &nbsp;&nbsp;&nbsp;&nbsp; 6778697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 4.40%, 9/8/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 66856000 | &nbsp;&nbsp;&nbsp;&nbsp; 66620452 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) | &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) | &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 1/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85390000 | &nbsp;&nbsp;&nbsp;&nbsp; 85584579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 7/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113402000 | &nbsp;&nbsp;&nbsp;&nbsp; 114967686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 1/23/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18989000 | &nbsp;&nbsp;&nbsp;&nbsp; 19118415 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58294000 | &nbsp;&nbsp;&nbsp;&nbsp; 58153678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45273000 | &nbsp;&nbsp;&nbsp;&nbsp; 45313271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%), 7.33%, 11/2/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24091000 | &nbsp;&nbsp;&nbsp;&nbsp; 24337120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.21%), 5.83%, 5/9/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 92223000 | &nbsp;&nbsp;&nbsp;&nbsp; 93064678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.84%, 9/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 33613000 | &nbsp;&nbsp;&nbsp;&nbsp; 33681976 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.07%), 2.22%, 6/9/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 38087000 | &nbsp;&nbsp;&nbsp;&nbsp; 38067505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65038000 | &nbsp;&nbsp;&nbsp;&nbsp; 63683531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.68%, 6/30/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8603000 | &nbsp;&nbsp;&nbsp;&nbsp; 8325951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 4.79%, 5/9/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 144310000 | &nbsp;&nbsp;&nbsp;&nbsp; 144066412 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 5.25%, 9/25/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 113486000 | &nbsp;&nbsp;&nbsp;&nbsp; 113655984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 1/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 1/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 67344000 | &nbsp;&nbsp;&nbsp;&nbsp; 67460954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6081000 | &nbsp;&nbsp;&nbsp;&nbsp; 6008923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 1/18/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7177000 | &nbsp;&nbsp;&nbsp;&nbsp; 7252303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5330000 | &nbsp;&nbsp;&nbsp;&nbsp; 5356568 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1637000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2901032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 10/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13413000 | &nbsp;&nbsp;&nbsp;&nbsp; 13658431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.51%, 9/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 72048000 | &nbsp;&nbsp;&nbsp;&nbsp; 71935478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.86%, 1/13/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 106829000 | &nbsp;&nbsp;&nbsp;&nbsp; 107283125 |
| &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.59%), 4.94%, 4/30/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19329000 | &nbsp;&nbsp;&nbsp;&nbsp; 19374737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 8/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20508000 | &nbsp;&nbsp;&nbsp;&nbsp; 20623492 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 5/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 58400000 | &nbsp;&nbsp;&nbsp;&nbsp; 58483152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.88%, 11/19/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 116750000 | &nbsp;&nbsp;&nbsp;&nbsp; 117175320 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.51%), 5.81%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 23987000 | &nbsp;&nbsp;&nbsp;&nbsp; 24014949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 41284000 | &nbsp;&nbsp;&nbsp;&nbsp; 41379063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20419000 | &nbsp;&nbsp;&nbsp;&nbsp; 20050687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 76884000 | &nbsp;&nbsp;&nbsp;&nbsp; 75056530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.64%, 5/7/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 80652000 | &nbsp;&nbsp;&nbsp;&nbsp; 80527727 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 12/9/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42188000 | &nbsp;&nbsp;&nbsp;&nbsp; 42280636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 5.12%, 3/13/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2766000 | &nbsp;&nbsp;&nbsp;&nbsp; 2774555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 9/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2940212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 11/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45001000 | &nbsp;&nbsp;&nbsp;&nbsp; 45254076 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 8/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 1.11%, 2/24/2027 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24586000 | &nbsp;&nbsp;&nbsp;&nbsp; 23932724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60578000 | &nbsp;&nbsp;&nbsp;&nbsp; 58130237 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40126000 | &nbsp;&nbsp;&nbsp;&nbsp; 40079966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 7/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46257000 | &nbsp;&nbsp;&nbsp;&nbsp; 46837093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 4.63%, 9/11/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 36124000 | &nbsp;&nbsp;&nbsp;&nbsp; 35972765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.23%, 1/9/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 72500000 | &nbsp;&nbsp;&nbsp;&nbsp; 73264194 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20005000 | &nbsp;&nbsp;&nbsp;&nbsp; 19815722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 32087000 | &nbsp;&nbsp;&nbsp;&nbsp; 32207901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.43%, 3/1/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5076502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.30%, 4/1/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14391893 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) | &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9184000 | &nbsp;&nbsp;&nbsp;&nbsp; 9085320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 42180000 | &nbsp;&nbsp;&nbsp;&nbsp; 42341277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.72%), 1.54%, 5/25/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 42394000 | &nbsp;&nbsp;&nbsp;&nbsp; 41120819 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp 2.55%, 5/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6723000 | &nbsp;&nbsp;&nbsp;&nbsp; 6470825 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA 3.95%, 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9589000 | &nbsp;&nbsp;&nbsp;&nbsp; 9579492 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.10%, 6/4/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20123000 | &nbsp;&nbsp;&nbsp;&nbsp; 20120020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 62765000 | &nbsp;&nbsp;&nbsp;&nbsp; 62643648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.03%), 7.34%, 11/3/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9797346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3538000 | &nbsp;&nbsp;&nbsp;&nbsp; 3433190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 5.13%, 11/19/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30556000 | &nbsp;&nbsp;&nbsp;&nbsp; 30781208 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc. 4.65%, 6/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 39811000 | &nbsp;&nbsp;&nbsp;&nbsp; 39922911 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52629000 | &nbsp;&nbsp;&nbsp;&nbsp; 52595083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7299000 | &nbsp;&nbsp;&nbsp;&nbsp; 7278230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9455000 | &nbsp;&nbsp;&nbsp;&nbsp; 9228511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 6.08%, 9/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 54500000 | &nbsp;&nbsp;&nbsp;&nbsp; 55476107 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 4.86%, 3/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 38479000 | &nbsp;&nbsp;&nbsp;&nbsp; 38631187 |
| &nbsp;&nbsp;&nbsp; KeyBank NA  | &nbsp;&nbsp;&nbsp; KeyBank NA  | &nbsp;&nbsp;&nbsp; KeyBank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | &nbsp;&nbsp;&nbsp;&nbsp; 4545000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39320000 | &nbsp;&nbsp;&nbsp;&nbsp; 39255511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49133000 | &nbsp;&nbsp;&nbsp;&nbsp; 49093871 |
| &nbsp;&nbsp;&nbsp; KeyCorp 4.15%, 10/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25914000 | &nbsp;&nbsp;&nbsp;&nbsp; 25839202 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 22995000 | &nbsp;&nbsp;&nbsp;&nbsp; 22987660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5436000 | &nbsp;&nbsp;&nbsp;&nbsp; 5369488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19103000 | &nbsp;&nbsp;&nbsp;&nbsp; 18561222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 67732000 | &nbsp;&nbsp;&nbsp;&nbsp; 68502648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.09%, 11/26/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28220000 | &nbsp;&nbsp;&nbsp;&nbsp; 28474013 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. (SOFR + 0.93%), 4.83%, 1/16/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38078000 | &nbsp;&nbsp;&nbsp;&nbsp; 38153135 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co. 4.65%, 1/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 136894000 | &nbsp;&nbsp;&nbsp;&nbsp; 136775541 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38127000 | &nbsp;&nbsp;&nbsp;&nbsp; 37974323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 118912000 | &nbsp;&nbsp;&nbsp;&nbsp; 114835361 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 4/12/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14215000 | &nbsp;&nbsp;&nbsp;&nbsp; 14082968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28629000 | &nbsp;&nbsp;&nbsp;&nbsp; 27708014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.55%, 7/9/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35751000 | &nbsp;&nbsp;&nbsp;&nbsp; 34562983 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA  | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA  | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8121000 | &nbsp;&nbsp;&nbsp;&nbsp; 8282031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 4.95%, 1/14/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 22062000 | &nbsp;&nbsp;&nbsp;&nbsp; 22194555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.97%, 7/14/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25973000 | &nbsp;&nbsp;&nbsp;&nbsp; 26193546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 5.02%, 1/12/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 56306000 | &nbsp;&nbsp;&nbsp;&nbsp; 56871677 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27294000 | &nbsp;&nbsp;&nbsp;&nbsp; 27326977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 5.00%, 12/10/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 44601000 | &nbsp;&nbsp;&nbsp;&nbsp; 44689425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.88%, 1/29/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 104000000 | &nbsp;&nbsp;&nbsp;&nbsp; 104171488 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%), 4.70%, 3/5/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 195972000 | &nbsp;&nbsp;&nbsp;&nbsp; 195732091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.90%), 5.24%, 3/25/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 119076000 | &nbsp;&nbsp;&nbsp;&nbsp; 119141829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 5.60%, 7/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55211000 | &nbsp;&nbsp;&nbsp;&nbsp; 55722958 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12245000 | &nbsp;&nbsp;&nbsp;&nbsp; 12272201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30019000 | &nbsp;&nbsp;&nbsp;&nbsp; 30363766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120464000 | &nbsp;&nbsp;&nbsp;&nbsp; 121439019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17454000 | &nbsp;&nbsp;&nbsp;&nbsp; 16911718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%, 3/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 48926000 | &nbsp;&nbsp;&nbsp;&nbsp; 49605933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 5.36%, 5/23/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 38498000 | &nbsp;&nbsp;&nbsp;&nbsp; 38499540 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 1.60%, 9/29/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7131000 | &nbsp;&nbsp;&nbsp;&nbsp; 6860177 |
| &nbsp;&nbsp;&nbsp; PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 144871000 | &nbsp;&nbsp;&nbsp;&nbsp; 144963109 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.81%, 6/12/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31425000 | &nbsp;&nbsp;&nbsp;&nbsp; 31431281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.09%), 4.76%, 1/26/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 111563000 | &nbsp;&nbsp;&nbsp;&nbsp; 111626595 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24788000 | &nbsp;&nbsp;&nbsp;&nbsp; 24097851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 7/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.46%), 4.78%, 8/3/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 184918000 | &nbsp;&nbsp;&nbsp;&nbsp; 184986420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17063000 | &nbsp;&nbsp;&nbsp;&nbsp; 17203164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 5.07%, 7/23/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50504000 | &nbsp;&nbsp;&nbsp;&nbsp; 50837802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.83%), 4.97%, 1/24/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp; 97965437 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. 3.45%, 6/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11857000 | &nbsp;&nbsp;&nbsp;&nbsp; 11857000 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 166564000 | &nbsp;&nbsp;&nbsp;&nbsp; 165322489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35426000 | &nbsp;&nbsp;&nbsp;&nbsp; 35748828 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) 1.20%, 9/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2881575 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 105414000 | &nbsp;&nbsp;&nbsp;&nbsp; 103436084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91492000 | &nbsp;&nbsp;&nbsp;&nbsp; 92029171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 5.42%, 2/19/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27638000 | &nbsp;&nbsp;&nbsp;&nbsp; 27615123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24226000 | &nbsp;&nbsp;&nbsp;&nbsp; 23466033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 101500000 | &nbsp;&nbsp;&nbsp;&nbsp; 102259641 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.99%, 10/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3905082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70066000 | &nbsp;&nbsp;&nbsp;&nbsp; 70655255 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 4/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8840000 | &nbsp;&nbsp;&nbsp;&nbsp; 8786076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27420000 | &nbsp;&nbsp;&nbsp;&nbsp; 27630037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20835000 | &nbsp;&nbsp;&nbsp;&nbsp; 20401840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 53627000 | &nbsp;&nbsp;&nbsp;&nbsp; 54333487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.55%, 1/21/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 32333000 | &nbsp;&nbsp;&nbsp;&nbsp; 32810235 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24389000 | &nbsp;&nbsp;&nbsp;&nbsp; 23854068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52209000 | &nbsp;&nbsp;&nbsp;&nbsp; 52450184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20680000 | &nbsp;&nbsp;&nbsp;&nbsp; 20263335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 9/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12492032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13610000 | &nbsp;&nbsp;&nbsp;&nbsp; 13346935 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 9/12/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38071000 | &nbsp;&nbsp;&nbsp;&nbsp; 38399781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5070542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14607000 | &nbsp;&nbsp;&nbsp;&nbsp; 14787059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43800000 | &nbsp;&nbsp;&nbsp;&nbsp; 43790791 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 109095000 | &nbsp;&nbsp;&nbsp;&nbsp; 110124507 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2019000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.48%), 4.84%, 10/10/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 91929000 | &nbsp;&nbsp;&nbsp;&nbsp; 91991512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 1/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2468521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5295000 | &nbsp;&nbsp;&nbsp;&nbsp; 5308610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9406000 | &nbsp;&nbsp;&nbsp;&nbsp; 9104755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 7/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20483000 | &nbsp;&nbsp;&nbsp;&nbsp; 20709440 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1865696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41342000 | &nbsp;&nbsp;&nbsp;&nbsp; 41393517 |
| &nbsp;&nbsp;&nbsp; Truist Bank (SOFR + 0.59%), 4.67%, 5/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 123622000 | &nbsp;&nbsp;&nbsp;&nbsp; 123707282 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 8/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6524000 | &nbsp;&nbsp;&nbsp;&nbsp; 6484899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.26%, 7/28/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 21947000 | &nbsp;&nbsp;&nbsp;&nbsp; 21921893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.90%, 10/28/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13464000 | &nbsp;&nbsp;&nbsp;&nbsp; 13521962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.61%), 1.27%, 3/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 23597000 | &nbsp;&nbsp;&nbsp;&nbsp; 22961381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 6.05%, 6/8/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24918000 | &nbsp;&nbsp;&nbsp;&nbsp; 25239695 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | &nbsp;&nbsp;&nbsp; US Bancorp  | &nbsp;&nbsp;&nbsp; US Bancorp  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1959724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 5.73%, 10/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 67136000 | &nbsp;&nbsp;&nbsp;&nbsp; 67388610 |
| &nbsp;&nbsp;&nbsp; US Bank NA  | &nbsp;&nbsp;&nbsp; US Bank NA  | &nbsp;&nbsp;&nbsp; US Bank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 4.51%, 10/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 93509000 | &nbsp;&nbsp;&nbsp;&nbsp; 93398653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 4.73%, 5/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 53930000 | &nbsp;&nbsp;&nbsp;&nbsp; 53981505 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 4.54%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3498583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 61195000 | &nbsp;&nbsp;&nbsp;&nbsp; 61421158 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA  | &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA  | &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 71583000 | &nbsp;&nbsp;&nbsp;&nbsp; 71706710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.42%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13194000 | &nbsp;&nbsp;&nbsp;&nbsp; 13282740 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.88%, 1/29/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 103539000 | &nbsp;&nbsp;&nbsp;&nbsp; 103595358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 5/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13463000 | &nbsp;&nbsp;&nbsp;&nbsp; 13281032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 6/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4844711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40646000 | &nbsp;&nbsp;&nbsp;&nbsp; 40851157 |
| &nbsp;&nbsp;&nbsp; Westpac New Zealand Ltd. (New Zealand) | &nbsp;&nbsp;&nbsp; Westpac New Zealand Ltd. (New Zealand) | &nbsp;&nbsp;&nbsp; Westpac New Zealand Ltd. (New Zealand) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/26/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22513000 | &nbsp;&nbsp;&nbsp;&nbsp; 22748818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29500000 | &nbsp;&nbsp;&nbsp;&nbsp; 29776514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8533005648 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc.  | &nbsp;&nbsp;&nbsp; Constellation Brands, Inc.  | &nbsp;&nbsp;&nbsp; Constellation Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 187637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3441000 | &nbsp;&nbsp;&nbsp;&nbsp; 3400627 |
| &nbsp;&nbsp;&nbsp; Diageo Capital plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Diageo Capital plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Diageo Capital plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 687000 | &nbsp;&nbsp;&nbsp;&nbsp; 679960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5570000 | &nbsp;&nbsp;&nbsp;&nbsp; 5582812 |
| &nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. 3.40%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9380000 | &nbsp;&nbsp;&nbsp;&nbsp; 9325917 |
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) 3.25%, 6/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69144000 | &nbsp;&nbsp;&nbsp;&nbsp; 68146505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 87323458 |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. 2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 490160 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 2.60%, 8/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4631000 | &nbsp;&nbsp;&nbsp;&nbsp; 4535435 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 4.05%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6994479 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; CRH SMW Finance DAC 5.13%, 1/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 28656000 | &nbsp;&nbsp;&nbsp;&nbsp; 29111839 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc 3.90%, 2/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4077000 | &nbsp;&nbsp;&nbsp;&nbsp; 4049520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33161359 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) (SOFR + 0.69%), 4.59%, 4/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002593 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The)  | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The)  | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 5/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24776000 | &nbsp;&nbsp;&nbsp;&nbsp; 24428072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 4.41%, 7/24/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24395000 | &nbsp;&nbsp;&nbsp;&nbsp; 24377444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 4.95%, 4/26/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25937000 | &nbsp;&nbsp;&nbsp;&nbsp; 26056418 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The)  | &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The)  | &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 5/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4770000 | &nbsp;&nbsp;&nbsp;&nbsp; 4626060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3048085 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 5.12%, 3/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75019000 | &nbsp;&nbsp;&nbsp;&nbsp; 75066124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%), 5.28%, 3/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 41188000 | &nbsp;&nbsp;&nbsp;&nbsp; 41363181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 5.41%, 5/21/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 33893000 | &nbsp;&nbsp;&nbsp;&nbsp; 34130989 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14456000 | &nbsp;&nbsp;&nbsp;&nbsp; 14381676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.38%, 8/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13838000 | &nbsp;&nbsp;&nbsp;&nbsp; 13855159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 1.09%, 12/9/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11106000 | &nbsp;&nbsp;&nbsp;&nbsp; 10895413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 1/26/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 39500000 | &nbsp;&nbsp;&nbsp;&nbsp; 39152681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, 3/9/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 106626000 | &nbsp;&nbsp;&nbsp;&nbsp; 103942273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.94%, 4/23/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 63100000 | &nbsp;&nbsp;&nbsp;&nbsp; 63421375 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70341000 | &nbsp;&nbsp;&nbsp;&nbsp; 70340553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 116788000 | &nbsp;&nbsp;&nbsp;&nbsp; 116931288 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) 5.39%, 12/7/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17507000 | &nbsp;&nbsp;&nbsp;&nbsp; 17760373 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.21%), 5.11%, 8/9/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 68073000 | &nbsp;&nbsp;&nbsp;&nbsp; 68097657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.34%, 1/12/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 96852000 | &nbsp;&nbsp;&nbsp;&nbsp; 94886560 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.67%), 4.68%, 7/17/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12488000 | &nbsp;&nbsp;&nbsp;&nbsp; 12486320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%), 6.14%, 10/16/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4355000 | &nbsp;&nbsp;&nbsp;&nbsp; 4376802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.99%, 12/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 80224000 | &nbsp;&nbsp;&nbsp;&nbsp; 78619815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%), 5.05%, 1/28/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70736000 | &nbsp;&nbsp;&nbsp;&nbsp; 70886376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27511000 | &nbsp;&nbsp;&nbsp;&nbsp; 26732800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18011000 | &nbsp;&nbsp;&nbsp;&nbsp; 17378152 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27252000 | &nbsp;&nbsp;&nbsp;&nbsp; 27258411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35574000 | &nbsp;&nbsp;&nbsp;&nbsp; 35445077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 483179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 1/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1386000 | &nbsp;&nbsp;&nbsp;&nbsp; 1332485 |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. 4.59%, 11/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 62407000 | &nbsp;&nbsp;&nbsp;&nbsp; 62684515 |
| &nbsp;&nbsp;&nbsp; State Street Corp.  | &nbsp;&nbsp;&nbsp; State Street Corp.  | &nbsp;&nbsp;&nbsp; State Street Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 8/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3029589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 5.75%, 11/4/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506953 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 4.53%, 2/20/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7909000 | &nbsp;&nbsp;&nbsp;&nbsp; 7932754 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.28%, 9/11/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70430000 | &nbsp;&nbsp;&nbsp;&nbsp; 70556237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 9/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4183000 | &nbsp;&nbsp;&nbsp;&nbsp; 4196661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2523695 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/24/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2936000 | &nbsp;&nbsp;&nbsp;&nbsp; 2929236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32378000 | &nbsp;&nbsp;&nbsp;&nbsp; 32258719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3199000 | &nbsp;&nbsp;&nbsp;&nbsp; 3197874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 52355000 | &nbsp;&nbsp;&nbsp;&nbsp; 52344747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%), 6.37%, 7/15/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24696000 | &nbsp;&nbsp;&nbsp;&nbsp; 24730476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 21542000 | &nbsp;&nbsp;&nbsp;&nbsp; 21654244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35818000 | &nbsp;&nbsp;&nbsp;&nbsp; 35020793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40110000 | &nbsp;&nbsp;&nbsp;&nbsp; 39182095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27149000 | &nbsp;&nbsp;&nbsp;&nbsp; 26120048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1517580218 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8320000 | &nbsp;&nbsp;&nbsp;&nbsp; 8188212 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 4.49%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4043000 | &nbsp;&nbsp;&nbsp;&nbsp; 4040035 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc.  | &nbsp;&nbsp;&nbsp; Ecolab, Inc.  | &nbsp;&nbsp;&nbsp; Ecolab, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2172000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 13571000 | &nbsp;&nbsp;&nbsp;&nbsp; 13611284 |
| &nbsp;&nbsp;&nbsp; EIDP, Inc. 4.50%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001317 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) 5.95%, 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9660000 | &nbsp;&nbsp;&nbsp;&nbsp; 9702938 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. 1.20%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 749695 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. 3.60%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49030000 | &nbsp;&nbsp;&nbsp;&nbsp; 48336395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88753976 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 6/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 93891000 | &nbsp;&nbsp;&nbsp;&nbsp; 95271314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 3/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59831000 | &nbsp;&nbsp;&nbsp;&nbsp; 60696409 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. 0.88%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4790000 | &nbsp;&nbsp;&nbsp;&nbsp; 4709982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 160677705 |
| **Consumer Finance — 3.1%** | **Consumer Finance — 3.1%** | **Consumer Finance — 3.1%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 44719000 | &nbsp;&nbsp;&nbsp;&nbsp; 44738239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39487000 | &nbsp;&nbsp;&nbsp;&nbsp; 39437385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 1/30/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30544000 | &nbsp;&nbsp;&nbsp;&nbsp; 29925230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33860000 | &nbsp;&nbsp;&nbsp;&nbsp; 32816924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 66211000 | &nbsp;&nbsp;&nbsp;&nbsp; 66548258 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61374000 | &nbsp;&nbsp;&nbsp;&nbsp; 61342400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 5/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2976000 | &nbsp;&nbsp;&nbsp;&nbsp; 2941285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.34%, 10/30/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15483000 | &nbsp;&nbsp;&nbsp;&nbsp; 15589009 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 5.65%, 4/23/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85628000 | &nbsp;&nbsp;&nbsp;&nbsp; 86399082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 5.10%, 2/16/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12100000 | &nbsp;&nbsp;&nbsp;&nbsp; 12210558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.04%, 7/26/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 26600000 | &nbsp;&nbsp;&nbsp;&nbsp; 26913115 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp. (SOFR + 0.62%), 4.99%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 107556000 | &nbsp;&nbsp;&nbsp;&nbsp; 107541754 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6024000 | &nbsp;&nbsp;&nbsp;&nbsp; 6024783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32111000 | &nbsp;&nbsp;&nbsp;&nbsp; 31224415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50710000 | &nbsp;&nbsp;&nbsp;&nbsp; 50076632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15428000 | &nbsp;&nbsp;&nbsp;&nbsp; 15266006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5542000 | &nbsp;&nbsp;&nbsp;&nbsp; 5223612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48876000 | &nbsp;&nbsp;&nbsp;&nbsp; 48664123 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 4.99%, 7/24/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31861000 | &nbsp;&nbsp;&nbsp;&nbsp; 31860751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.88%, 11/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20514000 | &nbsp;&nbsp;&nbsp;&nbsp; 19730398 |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp. 4.45%, 10/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36349000 | &nbsp;&nbsp;&nbsp;&nbsp; 36447521 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15081000 | &nbsp;&nbsp;&nbsp;&nbsp; 15136237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50515000 | &nbsp;&nbsp;&nbsp;&nbsp; 49391547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008843 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp. (SOFR + 0.50%), 4.79%, 7/3/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 36599000 | &nbsp;&nbsp;&nbsp;&nbsp; 36605376 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 5.11%, 8/7/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 33926000 | &nbsp;&nbsp;&nbsp;&nbsp; 34056398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 41451000 | &nbsp;&nbsp;&nbsp;&nbsp; 41581819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 952705458 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. 3.88%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18722 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) 2.65%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7172000 | &nbsp;&nbsp;&nbsp;&nbsp; 7003776 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. 3.75%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61866000 | &nbsp;&nbsp;&nbsp;&nbsp; 61667050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68689548 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc. 4.80%, 3/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29463000 | &nbsp;&nbsp;&nbsp;&nbsp; 29538781 |
| &nbsp;&nbsp;&nbsp; Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398728 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. 4.45%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37666000 | &nbsp;&nbsp;&nbsp;&nbsp; 37476536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67414045 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  | &nbsp;&nbsp;&nbsp; AT&T, Inc.  | &nbsp;&nbsp;&nbsp; AT&T, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2132634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9695000 | &nbsp;&nbsp;&nbsp;&nbsp; 9860569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 112605000 | &nbsp;&nbsp;&nbsp;&nbsp; 109969185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2947145 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1638000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613435 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13656000 | &nbsp;&nbsp;&nbsp;&nbsp; 13501768 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 0.85%, 11/20/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2347000 | &nbsp;&nbsp;&nbsp;&nbsp; 2307003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 142331739 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3241000 | &nbsp;&nbsp;&nbsp;&nbsp; 3190260 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co. 2.55%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5170000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031725 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co. 4.25%, 5/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6399000 | &nbsp;&nbsp;&nbsp;&nbsp; 6363752 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | &nbsp;&nbsp;&nbsp; Duke Energy Corp.  | &nbsp;&nbsp;&nbsp; Duke Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28833000 | &nbsp;&nbsp;&nbsp;&nbsp; 28521017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1004000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2747000 | &nbsp;&nbsp;&nbsp;&nbsp; 2687635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 1/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 76842000 | &nbsp;&nbsp;&nbsp;&nbsp; 77356786 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) | &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) | &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/2025 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 14133000 | &nbsp;&nbsp;&nbsp;&nbsp; 14130262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 10/14/2025 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 27022000 | &nbsp;&nbsp;&nbsp;&nbsp; 27209069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 7/12/2026 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5005000 | &nbsp;&nbsp;&nbsp;&nbsp; 4837968 |
| &nbsp;&nbsp;&nbsp; Entergy Corp.  | &nbsp;&nbsp;&nbsp; Entergy Corp.  | &nbsp;&nbsp;&nbsp; Entergy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23130000 | &nbsp;&nbsp;&nbsp;&nbsp; 22878279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2699000 | &nbsp;&nbsp;&nbsp;&nbsp; 2646657 |
| &nbsp;&nbsp;&nbsp; Eversource Energy  | &nbsp;&nbsp;&nbsp; Eversource Energy  | &nbsp;&nbsp;&nbsp; Eversource Energy  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12766000 | &nbsp;&nbsp;&nbsp;&nbsp; 12829143 |
| &nbsp;&nbsp;&nbsp; Exelon Corp.  | &nbsp;&nbsp;&nbsp; Exelon Corp.  | &nbsp;&nbsp;&nbsp; Exelon Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56891000 | &nbsp;&nbsp;&nbsp;&nbsp; 56868026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6956000 | &nbsp;&nbsp;&nbsp;&nbsp; 6882998 |
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co. 3.40%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 562270 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 3.25%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145971 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 86783000 | &nbsp;&nbsp;&nbsp;&nbsp; 87008026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 101615000 | &nbsp;&nbsp;&nbsp;&nbsp; 101873166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 48322000 | &nbsp;&nbsp;&nbsp;&nbsp; 48833411 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30731000 | &nbsp;&nbsp;&nbsp;&nbsp; 30789362 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc. 3.10%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2308000 | &nbsp;&nbsp;&nbsp;&nbsp; 2275036 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) 3.25%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15200000 | &nbsp;&nbsp;&nbsp;&nbsp; 15018248 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co.  | &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co.  | &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1562000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, 2.75%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2398752 |
| &nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30458757 | &nbsp;&nbsp;&nbsp;&nbsp; 30592090 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. 3.30%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14518000 | &nbsp;&nbsp;&nbsp;&nbsp; 14518000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 610954535 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. 1.70%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291890 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. 1.75%, 8/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2859000 | &nbsp;&nbsp;&nbsp;&nbsp; 2751319 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. 1.60%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21077000 | &nbsp;&nbsp;&nbsp;&nbsp; 20553770 |
| &nbsp;&nbsp;&nbsp; Tyco Electronics Group SA (Switzerland) 4.50%, 2/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25596522 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5937000 | &nbsp;&nbsp;&nbsp;&nbsp; 5915765 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 5.00%, 3/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11117000 | &nbsp;&nbsp;&nbsp;&nbsp; 11141098 |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp. 1.85%, 7/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2919570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14060668 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. 1.15%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26081000 | &nbsp;&nbsp;&nbsp;&nbsp; 25410786 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.  | &nbsp;&nbsp;&nbsp; Fiserv, Inc.  | &nbsp;&nbsp;&nbsp; Fiserv, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5718000 | &nbsp;&nbsp;&nbsp;&nbsp; 5718000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24446000 | &nbsp;&nbsp;&nbsp;&nbsp; 24091088 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 48783000 | &nbsp;&nbsp;&nbsp;&nbsp; 47478065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25199000 | &nbsp;&nbsp;&nbsp;&nbsp; 25188739 |
| &nbsp;&nbsp;&nbsp; LSEGA Financing plc (United Kingdom) 1.38%, 4/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9889000 | &nbsp;&nbsp;&nbsp;&nbsp; 9631148 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. (SOFR + 0.58%), 4.93%, 11/22/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 139446000 | &nbsp;&nbsp;&nbsp;&nbsp; 139507708 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) 1.50%, 10/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1958000 | &nbsp;&nbsp;&nbsp;&nbsp; 1880802 |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) 1.16%, 4/3/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1776000 | &nbsp;&nbsp;&nbsp;&nbsp; 1727132 |
| &nbsp;&nbsp;&nbsp; Shell International Finance BV 2.88%, 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1974418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 282607886 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. 2.50%, 8/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10150000 | &nbsp;&nbsp;&nbsp;&nbsp; 9931232 |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 1.63%, 8/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12121000 | &nbsp;&nbsp;&nbsp;&nbsp; 12038319 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc.  | &nbsp;&nbsp;&nbsp; Conagra Brands, Inc.  | &nbsp;&nbsp;&nbsp; Conagra Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp;&nbsp; 11837274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3083724 |
| &nbsp;&nbsp;&nbsp; Danone SA (France) 2.95%, 11/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10041000 | &nbsp;&nbsp;&nbsp;&nbsp; 9827159 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. 4.70%, 1/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7335000 | &nbsp;&nbsp;&nbsp;&nbsp; 7364294 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc.  | &nbsp;&nbsp;&nbsp; McCormick & Co., Inc.  | &nbsp;&nbsp;&nbsp; McCormick & Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3282000 | &nbsp;&nbsp;&nbsp;&nbsp; 3252649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11687920 |
| &nbsp;&nbsp;&nbsp; Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14292000 | &nbsp;&nbsp;&nbsp;&nbsp; 14265555 |
| &nbsp;&nbsp;&nbsp; Mondelez International Holdings Netherlands BV 4.25%, 9/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496765 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4004000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88772019 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) 2.75%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1974391 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) 1.75%, 12/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190831 |
| &nbsp;&nbsp;&nbsp; CSX Corp. 3.35%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21643000 | &nbsp;&nbsp;&nbsp;&nbsp; 21542198 |
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC  | &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC  | &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1047000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30740000 | &nbsp;&nbsp;&nbsp;&nbsp; 30214640 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. 3.88%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8050000 | &nbsp;&nbsp;&nbsp;&nbsp; 7998786 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 11/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108844000 | &nbsp;&nbsp;&nbsp;&nbsp; 109765661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8153000 | &nbsp;&nbsp;&nbsp;&nbsp; 7900248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14293000 | &nbsp;&nbsp;&nbsp;&nbsp; 14017646 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/12/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24179000 | &nbsp;&nbsp;&nbsp;&nbsp; 24364640 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. 3.75%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 738000 | &nbsp;&nbsp;&nbsp;&nbsp; 737276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 221945940 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. 2.60%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7547000 | &nbsp;&nbsp;&nbsp;&nbsp; 7372524 |
| &nbsp;&nbsp;&nbsp; Stryker Corp.  | &nbsp;&nbsp;&nbsp; Stryker Corp.  | &nbsp;&nbsp;&nbsp; Stryker Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4676000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 57958000 | &nbsp;&nbsp;&nbsp;&nbsp; 58155513 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35107000 | &nbsp;&nbsp;&nbsp;&nbsp; 34781750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 81123000 | &nbsp;&nbsp;&nbsp;&nbsp; 81270821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 186232499 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp; Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp; Cardinal Health, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 76962000 | &nbsp;&nbsp;&nbsp;&nbsp; 76800596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33465000 | &nbsp;&nbsp;&nbsp;&nbsp; 33527455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 37784000 | &nbsp;&nbsp;&nbsp;&nbsp; 37040516 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 4.63%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12004000 | &nbsp;&nbsp;&nbsp;&nbsp; 12069755 |
| &nbsp;&nbsp;&nbsp; Cigna Group (The)  | &nbsp;&nbsp;&nbsp; Cigna Group (The)  | &nbsp;&nbsp;&nbsp; Cigna Group (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4047000 | &nbsp;&nbsp;&nbsp;&nbsp; 4045733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2663000 | &nbsp;&nbsp;&nbsp;&nbsp; 2593966 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc.  | &nbsp;&nbsp;&nbsp; Elevance Health, Inc.  | &nbsp;&nbsp;&nbsp; Elevance Health, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14682000 | &nbsp;&nbsp;&nbsp;&nbsp; 14704761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13878000 | &nbsp;&nbsp;&nbsp;&nbsp; 13877972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8955000 | &nbsp;&nbsp;&nbsp;&nbsp; 8742413 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19379000 | &nbsp;&nbsp;&nbsp;&nbsp; 19583271 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings 1.55%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1809000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 224743819 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6706000 | &nbsp;&nbsp;&nbsp;&nbsp; 6688630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26405000 | &nbsp;&nbsp;&nbsp;&nbsp; 26201569 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC 3.25%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2324000 | &nbsp;&nbsp;&nbsp;&nbsp; 2288650 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC 4.25%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30224000 | &nbsp;&nbsp;&nbsp;&nbsp; 30137491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65316340 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc.  | &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc.  | &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9854905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 31860000 | &nbsp;&nbsp;&nbsp;&nbsp; 31758188 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8135000 | &nbsp;&nbsp;&nbsp;&nbsp; 8144145 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc.  | &nbsp;&nbsp;&nbsp; Marriott International, Inc.  | &nbsp;&nbsp;&nbsp; Marriott International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3909000 | &nbsp;&nbsp;&nbsp;&nbsp; 3895644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44438000 | &nbsp;&nbsp;&nbsp;&nbsp; 44898177 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  | &nbsp;&nbsp;&nbsp; Starbucks Corp.  | &nbsp;&nbsp;&nbsp; Starbucks Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21251000 | &nbsp;&nbsp;&nbsp;&nbsp; 21275168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4014285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 123840512 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) 1.38%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4661000 | &nbsp;&nbsp;&nbsp;&nbsp; 4555146 |
| &nbsp;&nbsp;&nbsp; Southern Power Co. 4.15%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11912000 | &nbsp;&nbsp;&nbsp;&nbsp; 11886319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16441465 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. 2.50%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1947884 |
| **Insurance — 5.3%** | **Insurance — 5.3%** | **Insurance — 5.3%** |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC (Netherlands) 5.50%, 4/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 73400000 | &nbsp;&nbsp;&nbsp;&nbsp; 74108533 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  | &nbsp;&nbsp;&nbsp; Athene Global Funding  | &nbsp;&nbsp;&nbsp; Athene Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 1/8/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 524576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 2/23/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4710000 | &nbsp;&nbsp;&nbsp;&nbsp; 4740147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.85%), 5.19%, 5/8/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12860000 | &nbsp;&nbsp;&nbsp;&nbsp; 12889223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 5.10%, 7/16/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24818000 | &nbsp;&nbsp;&nbsp;&nbsp; 24872699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 8/27/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 225572000 | &nbsp;&nbsp;&nbsp;&nbsp; 226093777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110158000 | &nbsp;&nbsp;&nbsp;&nbsp; 110442842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 3/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6896000 | &nbsp;&nbsp;&nbsp;&nbsp; 6674345 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding  | &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding  | &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 5/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3406000 | &nbsp;&nbsp;&nbsp;&nbsp; 3300952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 4/9/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61662000 | &nbsp;&nbsp;&nbsp;&nbsp; 62452464 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp. 4.50%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6739456 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding  | &nbsp;&nbsp;&nbsp; CNO Global Funding  | &nbsp;&nbsp;&nbsp; CNO Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 33597000 | &nbsp;&nbsp;&nbsp;&nbsp; 33688131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/9/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17367000 | &nbsp;&nbsp;&nbsp;&nbsp; 17350334 |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding  | &nbsp;&nbsp;&nbsp; Corebridge Global Funding  | &nbsp;&nbsp;&nbsp; Corebridge Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 6/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111306000 | &nbsp;&nbsp;&nbsp;&nbsp; 112259028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64606000 | &nbsp;&nbsp;&nbsp;&nbsp; 65422887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97494000 | &nbsp;&nbsp;&nbsp;&nbsp; 97725352 |
| &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding  | &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding  | &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 7/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2471000 | &nbsp;&nbsp;&nbsp;&nbsp; 2386327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 167980000 | &nbsp;&nbsp;&nbsp;&nbsp; 167914177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70152000 | &nbsp;&nbsp;&nbsp;&nbsp; 70604911 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 5.15%, 7/7/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249980 |
| &nbsp;&nbsp;&nbsp; Guardian Life Global Funding 1.10%, 6/23/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1871000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867269 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  | &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  | &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 4/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109709000 | &nbsp;&nbsp;&nbsp;&nbsp; 110614067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/2/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46967000 | &nbsp;&nbsp;&nbsp;&nbsp; 47751234 |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II 4.50%, 4/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001952 |
| &nbsp;&nbsp;&nbsp; Met Tower Global Funding 4.85%, 1/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19592000 | &nbsp;&nbsp;&nbsp;&nbsp; 19720614 |
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding 5.35%, 4/9/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13008000 | &nbsp;&nbsp;&nbsp;&nbsp; 13163492 |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding  | &nbsp;&nbsp;&nbsp; New York Life Global Funding  | &nbsp;&nbsp;&nbsp; New York Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/18/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%), 5.03%, 4/2/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9017000 | &nbsp;&nbsp;&nbsp;&nbsp; 9039366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 169001000 | &nbsp;&nbsp;&nbsp;&nbsp; 169222527 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II  | &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II  | &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.86%), 5.21%, 6/16/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7205000 | &nbsp;&nbsp;&nbsp;&nbsp; 7207109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/24/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.48%), 4.80%, 2/4/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 43739000 | &nbsp;&nbsp;&nbsp;&nbsp; 43691071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49504000 | &nbsp;&nbsp;&nbsp;&nbsp; 49573921 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I 5.55%, 8/28/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3039551 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. 3.10%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489464 |
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II  | &nbsp;&nbsp;&nbsp; Principal Life Global Funding II  | &nbsp;&nbsp;&nbsp; Principal Life Global Funding II  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/23/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3493401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2052000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8349000 | &nbsp;&nbsp;&nbsp;&nbsp; 8411197 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding 4.99%, 1/12/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18117000 | &nbsp;&nbsp;&nbsp;&nbsp; 18242653 |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II 5.24%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21309000 | &nbsp;&nbsp;&nbsp;&nbsp; 21369929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1635831685 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) 1.45%, 9/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19338000 | &nbsp;&nbsp;&nbsp;&nbsp; 18574322 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC  | &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC  | &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25570000 | &nbsp;&nbsp;&nbsp;&nbsp; 25654562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8530000 | &nbsp;&nbsp;&nbsp;&nbsp; 8384136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11650000 | &nbsp;&nbsp;&nbsp;&nbsp; 11222678 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 8/8/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17943000 | &nbsp;&nbsp;&nbsp;&nbsp; 17965660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11998000 | &nbsp;&nbsp;&nbsp;&nbsp; 12022844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17100000 | &nbsp;&nbsp;&nbsp;&nbsp; 16445413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17392000 | &nbsp;&nbsp;&nbsp;&nbsp; 17496422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18623000 | &nbsp;&nbsp;&nbsp;&nbsp; 18734772 |
| &nbsp;&nbsp;&nbsp; Dover Corp. 3.15%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 188788 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. 3.40%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12458000 | &nbsp;&nbsp;&nbsp;&nbsp; 12333160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 141996452 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc. 3.35%, 9/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 2683488 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. 3.60%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16335000 | &nbsp;&nbsp;&nbsp;&nbsp; 16173012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18856500 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 9/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23940000 | &nbsp;&nbsp;&nbsp;&nbsp; 23746683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 5.09%, 10/1/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6842000 | &nbsp;&nbsp;&nbsp;&nbsp; 6846373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 4/4/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1278000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292224 |
| &nbsp;&nbsp;&nbsp; POSCO (South Korea) 4.38%, 8/4/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10479000 | &nbsp;&nbsp;&nbsp;&nbsp; 10470093 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc (Australia) | &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc (Australia) | &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7153000 | &nbsp;&nbsp;&nbsp;&nbsp; 7171757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15547000 | &nbsp;&nbsp;&nbsp;&nbsp; 15609941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65137071 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39033000 | &nbsp;&nbsp;&nbsp;&nbsp; 38946935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12036000 | &nbsp;&nbsp;&nbsp;&nbsp; 11711426 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co.  | &nbsp;&nbsp;&nbsp; DTE Energy Co.  | &nbsp;&nbsp;&nbsp; DTE Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 1.05%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17297000 | &nbsp;&nbsp;&nbsp;&nbsp; 17297000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5215000 | &nbsp;&nbsp;&nbsp;&nbsp; 5099647 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.  | &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.  | &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17277000 | &nbsp;&nbsp;&nbsp;&nbsp; 17281769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35196000 | &nbsp;&nbsp;&nbsp;&nbsp; 35220241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 125557018 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. 3.80%, 9/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 790668 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 4.75%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 59866000 | &nbsp;&nbsp;&nbsp;&nbsp; 59795335 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC  | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC  | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 54064000 | &nbsp;&nbsp;&nbsp;&nbsp; 54324027 |
| &nbsp;&nbsp;&nbsp; MPLX LP 1.75%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21387000 | &nbsp;&nbsp;&nbsp;&nbsp; 20905695 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc.  | &nbsp;&nbsp;&nbsp; ONEOK, Inc.  | &nbsp;&nbsp;&nbsp; ONEOK, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22871000 | &nbsp;&nbsp;&nbsp;&nbsp; 22710590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16899000 | &nbsp;&nbsp;&nbsp;&nbsp; 16923891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65850000 | &nbsp;&nbsp;&nbsp;&nbsp; 65418813 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5290000 | &nbsp;&nbsp;&nbsp;&nbsp; 5223048 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. 5.10%, 3/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29294000 | &nbsp;&nbsp;&nbsp;&nbsp; 29433997 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.88%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18821000 | &nbsp;&nbsp;&nbsp;&nbsp; 18934893 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) 4.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17339000 | &nbsp;&nbsp;&nbsp;&nbsp; 17301139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 313768578 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC  | &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC  | &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/30/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1949000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6897000 | &nbsp;&nbsp;&nbsp;&nbsp; 6670506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14544000 | &nbsp;&nbsp;&nbsp;&nbsp; 14558693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23157722 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC (United Kingdom) 1.20%, 5/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1941739 |
| &nbsp;&nbsp;&nbsp; Bayer US Finance II LLC (Germany) 4.25%, 12/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6117169 |
| &nbsp;&nbsp;&nbsp; Roche Holdings, Inc. 5.27%, 11/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507039 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. 4.50%, 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 182880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8748827 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. 2.95%, 5/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2991000 | &nbsp;&nbsp;&nbsp;&nbsp; 2949953 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP 3.38%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4489000 | &nbsp;&nbsp;&nbsp;&nbsp; 4439389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7389342 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP 4.13%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32405000 | &nbsp;&nbsp;&nbsp;&nbsp; 32222778 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP 1.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38788000 | &nbsp;&nbsp;&nbsp;&nbsp; 37833849 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Retail REITs — continued** | **Retail REITs — continued** | **Retail REITs — continued** |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5943000 | &nbsp;&nbsp;&nbsp;&nbsp; 5923330 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 4.88%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5562000 | &nbsp;&nbsp;&nbsp;&nbsp; 5574526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81554483 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. 4.21%, 9/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47233000 | &nbsp;&nbsp;&nbsp;&nbsp; 47259651 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 3.50%, 12/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977243 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48997000 | &nbsp;&nbsp;&nbsp;&nbsp; 48677609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 9/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40286000 | &nbsp;&nbsp;&nbsp;&nbsp; 39783394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70284000 | &nbsp;&nbsp;&nbsp;&nbsp; 71097656 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. 4.25%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26547000 | &nbsp;&nbsp;&nbsp;&nbsp; 26506622 |
| &nbsp;&nbsp;&nbsp; NXP BV (Netherlands) | &nbsp;&nbsp;&nbsp; NXP BV (Netherlands) | &nbsp;&nbsp;&nbsp; NXP BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7377000 | &nbsp;&nbsp;&nbsp;&nbsp; 7400053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12773000 | &nbsp;&nbsp;&nbsp;&nbsp; 12660214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 255362442 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7865000 | &nbsp;&nbsp;&nbsp;&nbsp; 7906327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8137000 | &nbsp;&nbsp;&nbsp;&nbsp; 7938521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2937144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 56807000 | &nbsp;&nbsp;&nbsp;&nbsp; 57367081 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2505000 | &nbsp;&nbsp;&nbsp;&nbsp; 2478811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6436000 | &nbsp;&nbsp;&nbsp;&nbsp; 6410552 |
| &nbsp;&nbsp;&nbsp; VMware LLC 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3688000 | &nbsp;&nbsp;&nbsp;&nbsp; 3550966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88589402 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp.  | &nbsp;&nbsp;&nbsp; American Tower Corp.  | &nbsp;&nbsp;&nbsp; American Tower Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24486000 | &nbsp;&nbsp;&nbsp;&nbsp; 24227014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9307000 | &nbsp;&nbsp;&nbsp;&nbsp; 9288750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21421000 | &nbsp;&nbsp;&nbsp;&nbsp; 20851133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6725000 | &nbsp;&nbsp;&nbsp;&nbsp; 6559680 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc.  | &nbsp;&nbsp;&nbsp; Crown Castle, Inc.  | &nbsp;&nbsp;&nbsp; Crown Castle, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36747000 | &nbsp;&nbsp;&nbsp;&nbsp; 36700353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3118000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6233000 | &nbsp;&nbsp;&nbsp;&nbsp; 5978436 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 1.45%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1852043 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP 3.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6852000 | &nbsp;&nbsp;&nbsp;&nbsp; 6776822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 116549494 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.  | &nbsp;&nbsp;&nbsp; AutoZone, Inc.  | &nbsp;&nbsp;&nbsp; AutoZone, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5970000 | &nbsp;&nbsp;&nbsp;&nbsp; 5905474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9752912 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) 5.10%, 12/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 34774000 | &nbsp;&nbsp;&nbsp;&nbsp; 34906410 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  | &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  | &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 9/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13747000 | &nbsp;&nbsp;&nbsp;&nbsp; 13740853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4230000 | &nbsp;&nbsp;&nbsp;&nbsp; 4215479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47901000 | &nbsp;&nbsp;&nbsp;&nbsp; 47992589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19676880 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  | &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  | &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17092000 | &nbsp;&nbsp;&nbsp;&nbsp; 16963170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11532000 | &nbsp;&nbsp;&nbsp;&nbsp; 11727355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 164881122 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC  | &nbsp;&nbsp;&nbsp; Dell International LLC  | &nbsp;&nbsp;&nbsp; Dell International LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12057000 | &nbsp;&nbsp;&nbsp;&nbsp; 12168662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6911000 | &nbsp;&nbsp;&nbsp;&nbsp; 6929700 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. 4.45%, 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58198000 | &nbsp;&nbsp;&nbsp;&nbsp; 58112939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77211301 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 4.40%, 2/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7006000 | &nbsp;&nbsp;&nbsp;&nbsp; 6995532 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11796455 |
| &nbsp;&nbsp;&nbsp; BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 118437000 | &nbsp;&nbsp;&nbsp;&nbsp; 115631133 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc.  | &nbsp;&nbsp;&nbsp; Philip Morris International, Inc.  | &nbsp;&nbsp;&nbsp; Philip Morris International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5314000 | &nbsp;&nbsp;&nbsp;&nbsp; 5298030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1176000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26859000 | &nbsp;&nbsp;&nbsp;&nbsp; 26923889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31466000 | &nbsp;&nbsp;&nbsp;&nbsp; 31059872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6632000 | &nbsp;&nbsp;&nbsp;&nbsp; 6420236 |
| &nbsp;&nbsp;&nbsp; Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8220000 | &nbsp;&nbsp;&nbsp;&nbsp; 8219383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 213522566 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC 4.75%, 4/14/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29135000 | &nbsp;&nbsp;&nbsp;&nbsp; 29021145 |
| &nbsp;&nbsp;&nbsp; TTX Co. 5.50%, 9/25/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5705000 | &nbsp;&nbsp;&nbsp;&nbsp; 5768504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34789649 |
| **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.63%, 4/28/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7970000 | &nbsp;&nbsp;&nbsp;&nbsp; 7888652 |
| &nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty. Ltd. (Australia) 4.13%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5018000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12883668 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13875000 | &nbsp;&nbsp;&nbsp;&nbsp; 13551240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35175000 | &nbsp;&nbsp;&nbsp;&nbsp; 34570767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6757000 | &nbsp;&nbsp;&nbsp;&nbsp; 6652276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54774283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $18,064,455,770)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 18109473583 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — 14.6%** | **Asset-Backed Securities — 14.6%** | **Asset-Backed Securities — 14.6%** |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.32%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16104356 | &nbsp;&nbsp;&nbsp;&nbsp; 16116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 5.07%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2180008 | &nbsp;&nbsp;&nbsp;&nbsp; 2182367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 4.76%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7967067 | &nbsp;&nbsp;&nbsp;&nbsp; 7968557 |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 3.75%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 63195000 | &nbsp;&nbsp;&nbsp;&nbsp; 63093382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A, 4.95%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10400000 | &nbsp;&nbsp;&nbsp;&nbsp; 10415417 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 797680 | &nbsp;&nbsp;&nbsp;&nbsp; 797277 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC Series 2024-2A, Class A2, 5.19%, 7/21/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5106891 | &nbsp;&nbsp;&nbsp;&nbsp; 5141493 |
| &nbsp;&nbsp;&nbsp; Apidos CLO (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-24A, Class A1AL, 5.48%, 10/20/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 24070779 | &nbsp;&nbsp;&nbsp;&nbsp; 24073860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-31A, Class A1R, 5.62%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 19804145 | &nbsp;&nbsp;&nbsp;&nbsp; 19823395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XXXA, Class A1AR, 5.35%, 10/18/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 11587004 | &nbsp;&nbsp;&nbsp;&nbsp; 11578464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-23A, Class ARR, 5.31%, 4/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 58800000 | &nbsp;&nbsp;&nbsp;&nbsp; 58782654 |
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class A1RR, 5.34%, 10/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 15410390 | &nbsp;&nbsp;&nbsp;&nbsp; 15404441 |
| &nbsp;&nbsp;&nbsp; ARI Fleet Lease Trust Series 2023-A, Class A2, 5.41%, 2/17/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2736455 | &nbsp;&nbsp;&nbsp;&nbsp; 2741424 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A1, Class A1, 3.53%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7306000 | &nbsp;&nbsp;&nbsp;&nbsp; 7303379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A2, Class A2, 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45812000 | &nbsp;&nbsp;&nbsp;&nbsp; 45899098 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR3, 5.20%, 10/17/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 136641978 | &nbsp;&nbsp;&nbsp;&nbsp; 136230002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class X, 5.36%, 4/19/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199896 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 5.39%, 10/23/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 293333 | &nbsp;&nbsp;&nbsp;&nbsp; 293293 |
| &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) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14829059 | &nbsp;&nbsp;&nbsp;&nbsp; 14838297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, 5.55%, 7/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 47984747 | &nbsp;&nbsp;&nbsp;&nbsp; 48013730 |
| &nbsp;&nbsp;&nbsp; Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6246749 | &nbsp;&nbsp;&nbsp;&nbsp; 6251045 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd. (Cayman Islands) Series 2018-4A, Class A1R, 5.41%, 10/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 64257618 | &nbsp;&nbsp;&nbsp;&nbsp; 64258646 |
| &nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.10%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11219425 | &nbsp;&nbsp;&nbsp;&nbsp; 11228523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.99%, 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8238073 | &nbsp;&nbsp;&nbsp;&nbsp; 8270222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.98%, 3/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6845000 | &nbsp;&nbsp;&nbsp;&nbsp; 6869079 |
| &nbsp;&nbsp;&nbsp; BofA Auto Trust Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21255000 | &nbsp;&nbsp;&nbsp;&nbsp; 21240313 |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd. (Cayman Islands) Series 2018-1A, Class A1R, 5.34%, 10/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 25277500 | &nbsp;&nbsp;&nbsp;&nbsp; 25270043 |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 0.77%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 678566 | &nbsp;&nbsp;&nbsp;&nbsp; 676875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.66%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1990735 | &nbsp;&nbsp;&nbsp;&nbsp; 1982784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 4.61%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8784554 | &nbsp;&nbsp;&nbsp;&nbsp; 8784901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A4, 3.69%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5715000 | &nbsp;&nbsp;&nbsp;&nbsp; 5672405 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR3, 5.51%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3811970 | &nbsp;&nbsp;&nbsp;&nbsp; 3813357 |
| &nbsp;&nbsp;&nbsp; CARLYLE US CLO Ltd. (Cayman Islands) Series 2018-2A, Class A1R, 5.41%, 10/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5718101 | &nbsp;&nbsp;&nbsp;&nbsp; 5718090 |
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class AR, 5.49%, 7/16/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 32580443 | &nbsp;&nbsp;&nbsp;&nbsp; 32628076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class AR2, 5.29%, 4/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 132713031 | &nbsp;&nbsp;&nbsp;&nbsp; 132556429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, 5.26%, 7/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 29591704 | &nbsp;&nbsp;&nbsp;&nbsp; 29534503 |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 4.99%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43723119 | &nbsp;&nbsp;&nbsp;&nbsp; 43893512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 6.28%, 4/14/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7003043 | &nbsp;&nbsp;&nbsp;&nbsp; 7084778 |
| &nbsp;&nbsp;&nbsp; Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7357405 | &nbsp;&nbsp;&nbsp;&nbsp; 7446895 |

---

------

**JPMorgan Ultra-Short Income 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; CIFC Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3RA, Class A1R, 5.28%, 4/24/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 64552562 | &nbsp;&nbsp;&nbsp;&nbsp; 64504083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class AR3, 5.27%, 10/21/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 119684354 | &nbsp;&nbsp;&nbsp;&nbsp; 119503152 |
| &nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 4.97%, 12/8/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 65328000 | &nbsp;&nbsp;&nbsp;&nbsp; 65373730 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, 2.94%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2599218 | &nbsp;&nbsp;&nbsp;&nbsp; 2576920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.19%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8791592 | &nbsp;&nbsp;&nbsp;&nbsp; 8800959 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.65%, 9/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3812806 | &nbsp;&nbsp;&nbsp;&nbsp; 3821581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.65%, 1/22/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4055733 | &nbsp;&nbsp;&nbsp;&nbsp; 4071178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.58%, 3/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20762248 | &nbsp;&nbsp;&nbsp;&nbsp; 20810647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 4.69%, 8/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46470000 | &nbsp;&nbsp;&nbsp;&nbsp; 46497701 |
| &nbsp;&nbsp;&nbsp; Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 5.44%, 10/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 26636323 | &nbsp;&nbsp;&nbsp;&nbsp; 26655048 |
| &nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A3, Class A3, 3.56%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 56837000 | &nbsp;&nbsp;&nbsp;&nbsp; 56765971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A1, Class A, 4.31%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 107878000 | &nbsp;&nbsp;&nbsp;&nbsp; 107753671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A2, Class A2, 1.03%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 117266000 | &nbsp;&nbsp;&nbsp;&nbsp; 112226986 |
| &nbsp;&nbsp;&nbsp; Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19367967 | &nbsp;&nbsp;&nbsp;&nbsp; 19449138 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. (Cayman Islands) Series 2019-72A, Class ARR, 5.43%, 5/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 20661026 | &nbsp;&nbsp;&nbsp;&nbsp; 20655241 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30A, Class AR, 5.41%, 11/15/2028 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 132359 | &nbsp;&nbsp;&nbsp;&nbsp; 132317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-26A, Class AR, 5.42%, 4/15/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2417914 | &nbsp;&nbsp;&nbsp;&nbsp; 2418441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class AR, 5.48%, 7/18/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 559950 | &nbsp;&nbsp;&nbsp;&nbsp; 559946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A, Class AR, 5.49%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1930084 | &nbsp;&nbsp;&nbsp;&nbsp; 1932187 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A1R, 5.54%, 4/20/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40034760 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.69%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16196000 | &nbsp;&nbsp;&nbsp;&nbsp; 16202404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A2, 5.76%, 10/22/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11596330 | &nbsp;&nbsp;&nbsp;&nbsp; 11639731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2, 6.40%, 3/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32515491 | &nbsp;&nbsp;&nbsp;&nbsp; 32991264 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.06%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 23633000 | &nbsp;&nbsp;&nbsp;&nbsp; 23676442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 5.05%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1601000 | &nbsp;&nbsp;&nbsp;&nbsp; 1609818 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.68%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4092191 | &nbsp;&nbsp;&nbsp;&nbsp; 4095962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 74390945 | &nbsp;&nbsp;&nbsp;&nbsp; 74301750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A2A, 4.59%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 78516000 | &nbsp;&nbsp;&nbsp;&nbsp; 78531978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.23%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14890560 | &nbsp;&nbsp;&nbsp;&nbsp; 14963432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.37%, 10/17/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113195000 | &nbsp;&nbsp;&nbsp;&nbsp; 110079138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.53%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 92543000 | &nbsp;&nbsp;&nbsp;&nbsp; 88694914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.88%, 11/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16811042 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 982500 | &nbsp;&nbsp;&nbsp;&nbsp; 982315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A, Class AR, 5.53%, 4/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2710530 | &nbsp;&nbsp;&nbsp;&nbsp; 2710265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class A1, 5.62%, 7/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3866719 | &nbsp;&nbsp;&nbsp;&nbsp; 3868115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-26A, Class AR, 5.50%, 11/22/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 29043529 | &nbsp;&nbsp;&nbsp;&nbsp; 29050906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class XRR, 5.42%, 4/16/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 842105 | &nbsp;&nbsp;&nbsp;&nbsp; 842030 |
| &nbsp;&nbsp;&nbsp; Gm Financial Automobile Leasing Trust Series 2025-2, Class A2A, 4.55%, 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 36260000 | &nbsp;&nbsp;&nbsp;&nbsp; 36253187 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.43%, 9/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 42189550 | &nbsp;&nbsp;&nbsp;&nbsp; 42286003 |

---

------

**JPMorgan Ultra-Short Income 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.38%, 11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7906489 | &nbsp;&nbsp;&nbsp;&nbsp; 7922338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.09%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11255000 | &nbsp;&nbsp;&nbsp;&nbsp; 11291681 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.12%, 2/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9260058 | &nbsp;&nbsp;&nbsp;&nbsp; 9269499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.33%, 3/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10370272 | &nbsp;&nbsp;&nbsp;&nbsp; 10385477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 5.35%, 6/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465234 | &nbsp;&nbsp;&nbsp;&nbsp; 466211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.44%, 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 32705000 | &nbsp;&nbsp;&nbsp;&nbsp; 32673570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.45%, 6/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8078966 | &nbsp;&nbsp;&nbsp;&nbsp; 8129062 |
| &nbsp;&nbsp;&nbsp; Greenwood Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, 5.53%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 889391 | &nbsp;&nbsp;&nbsp;&nbsp; 889805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, 5.55%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 533336 | &nbsp;&nbsp;&nbsp;&nbsp; 533584 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.15%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8795320 | &nbsp;&nbsp;&nbsp;&nbsp; 8799213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, 5.80%, 12/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32505337 | &nbsp;&nbsp;&nbsp;&nbsp; 32618469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A4, 5.17%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18472000 | &nbsp;&nbsp;&nbsp;&nbsp; 18490902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.41%, 5/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68793000 | &nbsp;&nbsp;&nbsp;&nbsp; 69350650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A4, 5.84%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15053000 | &nbsp;&nbsp;&nbsp;&nbsp; 15181179 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.58%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30449847 | &nbsp;&nbsp;&nbsp;&nbsp; 30446199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.29%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11929008 | &nbsp;&nbsp;&nbsp;&nbsp; 11951414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.15%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60366795 | &nbsp;&nbsp;&nbsp;&nbsp; 60506103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.53%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 28937053 | &nbsp;&nbsp;&nbsp;&nbsp; 28931283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.48%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 28124829 | &nbsp;&nbsp;&nbsp;&nbsp; 28300480 |
| &nbsp;&nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class XRR, 5.44%, 4/29/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 631584 | &nbsp;&nbsp;&nbsp;&nbsp; 631528 |
| &nbsp;&nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, Class A, 5.52%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4098241 | &nbsp;&nbsp;&nbsp;&nbsp; 4097446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15, Class A1R2, 5.37%, 1/18/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 65256455 | &nbsp;&nbsp;&nbsp;&nbsp; 65215278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24, Class A1R, 5.61%, 4/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10585666 | &nbsp;&nbsp;&nbsp;&nbsp; 10596601 |
| &nbsp;&nbsp;&nbsp; KKR Financial CLO Ltd. (Cayman Islands) Series 2013-1A, Class A1R2, 5.36%, 4/15/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1933733 | &nbsp;&nbsp;&nbsp;&nbsp; 1933162 |
| &nbsp;&nbsp;&nbsp; KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR2, 5.25%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 28331867 | &nbsp;&nbsp;&nbsp;&nbsp; 28276790 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust Series 2022-1A, Class A3, 2.67%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20610928 | &nbsp;&nbsp;&nbsp;&nbsp; 20500178 |
| &nbsp;&nbsp;&nbsp; LCM LP (Cayman Islands) Series 14A, Class AR, 5.57%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5531456 | &nbsp;&nbsp;&nbsp;&nbsp; 5532844 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class AR, 5.51%, 3/20/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1444197 | &nbsp;&nbsp;&nbsp;&nbsp; 1444248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26A, Class A1, 5.60%, 1/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1349837 | &nbsp;&nbsp;&nbsp;&nbsp; 1349980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class AR, 5.59%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5524251 | &nbsp;&nbsp;&nbsp;&nbsp; 5528196 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-18A, Class ARR, 5.47%, 10/21/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 33458418 | &nbsp;&nbsp;&nbsp;&nbsp; 33481271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-14A, Class AR4, 5.23%, 10/22/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 108354285 | &nbsp;&nbsp;&nbsp;&nbsp; 108138227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class AR, 5.43%, 11/21/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 30247299 | &nbsp;&nbsp;&nbsp;&nbsp; 30247843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A, Class X, 5.43%, 1/22/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 789474 | &nbsp;&nbsp;&nbsp;&nbsp; 789407 |
| &nbsp;&nbsp;&nbsp; Magnetite Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-15A, Class AR, 5.55%, 7/25/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 785794 | &nbsp;&nbsp;&nbsp;&nbsp; 786060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-12A, Class AR4, 5.41%, 10/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4393151 | &nbsp;&nbsp;&nbsp;&nbsp; 4393200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.74%, 1/25/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 16765315 | &nbsp;&nbsp;&nbsp;&nbsp; 16780739 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R2, 5.32%, 7/23/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 20487663 | &nbsp;&nbsp;&nbsp;&nbsp; 20462812 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.74%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1196438 | &nbsp;&nbsp;&nbsp;&nbsp; 1196415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.23%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35070000 | &nbsp;&nbsp;&nbsp;&nbsp; 34959249 |

---

------

**JPMorgan Ultra-Short Income 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.57%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40077192 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 5.44%, 10/15/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 31066553 | &nbsp;&nbsp;&nbsp;&nbsp; 31077924 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-40A, Class A, 5.58%, 4/16/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5615882 | &nbsp;&nbsp;&nbsp;&nbsp; 5622469 |
| &nbsp;&nbsp;&nbsp; Newark BSL CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R, 5.64%, 12/21/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3558113 | &nbsp;&nbsp;&nbsp;&nbsp; 3558658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1R, 5.51%, 7/25/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 36651333 | &nbsp;&nbsp;&nbsp;&nbsp; 36665810 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust Series 2022-B, Class A3, 4.46%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4527353 | &nbsp;&nbsp;&nbsp;&nbsp; 4524788 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A1RR, 5.50%, 7/19/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 629554 | &nbsp;&nbsp;&nbsp;&nbsp; 629529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, 5.59%, 1/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2600996 | &nbsp;&nbsp;&nbsp;&nbsp; 2601433 |
| &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) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1910961 | &nbsp;&nbsp;&nbsp;&nbsp; 1909908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.31%, 4/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6414430 | &nbsp;&nbsp;&nbsp;&nbsp; 6407874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1AR, 5.36%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 16900074 | &nbsp;&nbsp;&nbsp;&nbsp; 16895089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, 5.39%, 8/8/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 64838152 | &nbsp;&nbsp;&nbsp;&nbsp; 64798989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 5.31%, 10/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 43413378 | &nbsp;&nbsp;&nbsp;&nbsp; 43489351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1N, 5.26%, 1/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 17174839 | &nbsp;&nbsp;&nbsp;&nbsp; 17141160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, 5.12%, 2/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 148300000 | &nbsp;&nbsp;&nbsp;&nbsp; 147454838 |
| &nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2328514 | &nbsp;&nbsp;&nbsp;&nbsp; 2331035 |
| &nbsp;&nbsp;&nbsp; Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23310000 | &nbsp;&nbsp;&nbsp;&nbsp; 23332690 |
| &nbsp;&nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands) Series 2020-7A, Class A1R, 5.63%, 4/17/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 22750000 | &nbsp;&nbsp;&nbsp;&nbsp; 22774934 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2, 5.91%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6126193 | &nbsp;&nbsp;&nbsp;&nbsp; 6131959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.21%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 356489 | &nbsp;&nbsp;&nbsp;&nbsp; 356574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.61%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5740262 | &nbsp;&nbsp;&nbsp;&nbsp; 5747132 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2, 4.94%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19564796 | &nbsp;&nbsp;&nbsp;&nbsp; 19568938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.39%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46342994 | &nbsp;&nbsp;&nbsp;&nbsp; 46437149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 5.67%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15255748 | &nbsp;&nbsp;&nbsp;&nbsp; 15278110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2, 4.68%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 57491000 | &nbsp;&nbsp;&nbsp;&nbsp; 57453717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 6.51%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 33599079 | &nbsp;&nbsp;&nbsp;&nbsp; 33771073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.56%, 11/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30250605 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14814727 | &nbsp;&nbsp;&nbsp;&nbsp; 14912967 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Trust LLC Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11540000 | &nbsp;&nbsp;&nbsp;&nbsp; 11553087 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 5.61%, 1/26/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 596764 | &nbsp;&nbsp;&nbsp;&nbsp; 597097 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 5.48%, 4/16/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 18738225 | &nbsp;&nbsp;&nbsp;&nbsp; 18748887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class AR2, 5.36%, 1/16/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 25935553 | &nbsp;&nbsp;&nbsp;&nbsp; 25952359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-24A, Class AR, 5.48%, 1/23/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 44843066 | &nbsp;&nbsp;&nbsp;&nbsp; 44883469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-21A, Class AR2, 5.16%, 7/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 29617249 | &nbsp;&nbsp;&nbsp;&nbsp; 29518476 |
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 5.45%, 7/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 8736584 | &nbsp;&nbsp;&nbsp;&nbsp; 8734994 |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6299880 | &nbsp;&nbsp;&nbsp;&nbsp; 6304744 |
| &nbsp;&nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class AR, 5.66%, 1/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 406757 | &nbsp;&nbsp;&nbsp;&nbsp; 406830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class AR2, 5.32%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 46632649 | &nbsp;&nbsp;&nbsp;&nbsp; 46600659 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A, 1.07%, 2/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65371000 | &nbsp;&nbsp;&nbsp;&nbsp; 63734470 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 5.16%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 621726 | &nbsp;&nbsp;&nbsp;&nbsp; 622871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 4.71%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8824244 | &nbsp;&nbsp;&nbsp;&nbsp; 8831842 |

---

------

**JPMorgan Ultra-Short Income 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; Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96311716 | &nbsp;&nbsp;&nbsp;&nbsp; 96769235 |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC Series 2025-1A, Class A2, 4.85%, 3/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19410000 | &nbsp;&nbsp;&nbsp;&nbsp; 19420400 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1A, 5.00%, 12/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 78273000 | &nbsp;&nbsp;&nbsp;&nbsp; 78437577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class A, 3.67%, 1/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40745000 | &nbsp;&nbsp;&nbsp;&nbsp; 40696750 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 46059123 | &nbsp;&nbsp;&nbsp;&nbsp; 46266881 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A2A, 5.50%, 12/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 731198 | &nbsp;&nbsp;&nbsp;&nbsp; 731640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2A, 5.72%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 33772730 | &nbsp;&nbsp;&nbsp;&nbsp; 33863865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 4.65%, 11/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 41981764 | &nbsp;&nbsp;&nbsp;&nbsp; 42004585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.02%, 6/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13056000 | &nbsp;&nbsp;&nbsp;&nbsp; 13096808 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) Series 2017-3A, Class XR, 5.38%, 4/20/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 761905 | &nbsp;&nbsp;&nbsp;&nbsp; 761838 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.16%, 2/18/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 18961552 | &nbsp;&nbsp;&nbsp;&nbsp; 18983669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19139000 | &nbsp;&nbsp;&nbsp;&nbsp; 19167710 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.05%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 22299524 | &nbsp;&nbsp;&nbsp;&nbsp; 22312150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.66%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5148067 | &nbsp;&nbsp;&nbsp;&nbsp; 5129716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.49%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 101223000 | &nbsp;&nbsp;&nbsp;&nbsp; 101201490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.38%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25215000 | &nbsp;&nbsp;&nbsp;&nbsp; 25187813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $4,538,937,571)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 4543414389 |
| **U.S. Treasury Obligations — 2.2%** | **U.S. Treasury Obligations — 2.2%** | **U.S. Treasury Obligations — 2.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000000 | &nbsp;&nbsp;&nbsp;&nbsp; 135933398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000000 | &nbsp;&nbsp;&nbsp;&nbsp; 270316408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000000 | &nbsp;&nbsp;&nbsp;&nbsp; 165908789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 99972656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $671,765,467)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 672131251 |
| **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051 <br>(Cost $2,000,135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1941930 | &nbsp;&nbsp;&nbsp;&nbsp; 1905730 |
| **Short-Term Investments — 25.0%** | **Short-Term Investments — 25.0%** | **Short-Term Investments — 25.0%** |
| **Certificates of Deposits — 7.7%** | **Certificates of Deposits — 7.7%** | **Certificates of Deposits — 7.7%** |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) , 4.64%, 11/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33712000 | &nbsp;&nbsp;&nbsp;&nbsp; 33727282 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) (SOFR + 0.34%), 4.69%, 6/4/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 226610000 | &nbsp;&nbsp;&nbsp;&nbsp; 226616640 |
| &nbsp;&nbsp;&nbsp; Barclays Bank plc (United Kingdom) (SOFR + 0.40%), 4.68%, 12/9/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 46265000 | &nbsp;&nbsp;&nbsp;&nbsp; 46298278 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%), 4.84%, 8/8/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 38432000 | &nbsp;&nbsp;&nbsp;&nbsp; 38461723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 163452000 | &nbsp;&nbsp;&nbsp;&nbsp; 163558293 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) , 4.37%, 5/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 102171000 | &nbsp;&nbsp;&nbsp;&nbsp; 102190750 |
| &nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.88%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30536000 | &nbsp;&nbsp;&nbsp;&nbsp; 30561862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 93938000 | &nbsp;&nbsp;&nbsp;&nbsp; 93886644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 46140000 | &nbsp;&nbsp;&nbsp;&nbsp; 46158253 |
| &nbsp;&nbsp;&nbsp; Credit Industriel et Commercial (France) , 4.65%, 11/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45394000 | &nbsp;&nbsp;&nbsp;&nbsp; 45413733 |
| &nbsp;&nbsp;&nbsp; DZ Bank AG (Germany) , 4.42%, 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 287436000 | &nbsp;&nbsp;&nbsp;&nbsp; 287417863 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) , 4.75%, 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 49529000 | &nbsp;&nbsp;&nbsp;&nbsp; 49517965 |
| &nbsp;&nbsp;&nbsp; Kookmin Bank (South Korea) (SOFR + 0.55%), 4.83%, 6/9/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 61378000 | &nbsp;&nbsp;&nbsp;&nbsp; 61384598 |
| &nbsp;&nbsp;&nbsp; Landesbank Baden-Wuerttemberg (Germany) , 4.66%, 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60104000 | &nbsp;&nbsp;&nbsp;&nbsp; 60175265 |
| &nbsp;&nbsp;&nbsp; Landesbank Baden-Wurttemberg (Germany) , 5.02%, 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500350 |
| &nbsp;&nbsp;&nbsp; Lloyds Bank Corporate Markets plc (United Kingdom) (SOFR + 0.57%), 4.85%, 10/30/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11750000 | &nbsp;&nbsp;&nbsp;&nbsp; 11769045 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.33%), 4.61%, 3/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 182017000 | &nbsp;&nbsp;&nbsp;&nbsp; 182049308 |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38749000 | &nbsp;&nbsp;&nbsp;&nbsp; 38758842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35490000 | &nbsp;&nbsp;&nbsp;&nbsp; 35512983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.35%), 4.63%, 2/4/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 54447000 | &nbsp;&nbsp;&nbsp;&nbsp; 54477621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.32%), 4.60%, 3/6/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 72807000 | &nbsp;&nbsp;&nbsp;&nbsp; 72821583 |
| &nbsp;&nbsp;&nbsp; Natixis SA (France) (SOFR + 0.59%), 4.87%, 8/8/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31855000 | &nbsp;&nbsp;&nbsp;&nbsp; 31884058 |
| &nbsp;&nbsp;&nbsp; Norinchukin Bank (The) (Japan) , 4.51%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 143906000 | &nbsp;&nbsp;&nbsp;&nbsp; 143857187 |
| &nbsp;&nbsp;&nbsp; Shinhan Bank (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.83%, 6/9/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24679000 | &nbsp;&nbsp;&nbsp;&nbsp; 24682132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.83%, 6/13/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50008950 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 68590000 | &nbsp;&nbsp;&nbsp;&nbsp; 68557200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 11/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23180000 | &nbsp;&nbsp;&nbsp;&nbsp; 23189513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28718000 | &nbsp;&nbsp;&nbsp;&nbsp; 28749291 |
| &nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) , 4.50%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 57933000 | &nbsp;&nbsp;&nbsp;&nbsp; 57925330 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 217168000 | &nbsp;&nbsp;&nbsp;&nbsp; 217094793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.45%), 4.73%, 4/27/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65108000 | &nbsp;&nbsp;&nbsp;&nbsp; 65181422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit <br>(Cost $2,391,994,334)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2392388757 |
| **Commercial Paper — 10.0%** | **Commercial Paper — 10.0%** | **Commercial Paper — 10.0%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. 4.71%, 9/16/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 279606000 | &nbsp;&nbsp;&nbsp;&nbsp; 275719756 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. 4.35%, 6/23/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 164800000 | &nbsp;&nbsp;&nbsp;&nbsp; 164325656 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp. 4.71%, 7/16/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 52704000 | &nbsp;&nbsp;&nbsp;&nbsp; 52385647 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) 4.59%, 11/25/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 189166000 | &nbsp;&nbsp;&nbsp;&nbsp; 185092991 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) 4.57%, 2/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 93412000 | &nbsp;&nbsp;&nbsp;&nbsp; 90529175 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 7/8/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7362802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 10/21/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14725380 |
| &nbsp;&nbsp;&nbsp; Brookfield Corporate Treasury Ltd. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 6/4/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 92000000 | &nbsp;&nbsp;&nbsp;&nbsp; 91939979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 6/30/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 22855000 | &nbsp;&nbsp;&nbsp;&nbsp; 22762088 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp (The) 4.61%, 11/14/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24489700 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) 4.60%, 7/22/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 284236000 | &nbsp;&nbsp;&nbsp;&nbsp; 282406089 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. 5.50%, 6/3/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 45025000 | &nbsp;&nbsp;&nbsp;&nbsp; 45003361 |
| &nbsp;&nbsp;&nbsp; Credit Industriel et Commercial (France) 4.57%, 2/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 29691000 | &nbsp;&nbsp;&nbsp;&nbsp; 28789287 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/13/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 55845000 | &nbsp;&nbsp;&nbsp;&nbsp; 54307649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 2/6/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 144677000 | &nbsp;&nbsp;&nbsp;&nbsp; 140301968 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 11/25/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 61581000 | &nbsp;&nbsp;&nbsp;&nbsp; 60262982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2908496 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 4.55%, 6/2/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 102000000 | &nbsp;&nbsp;&nbsp;&nbsp; 101961169 |
| &nbsp;&nbsp;&nbsp; European Investment Bank (Luxembourg) 4.37%, 12/9/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 70422000 | &nbsp;&nbsp;&nbsp;&nbsp; 68800801 |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/10/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 13812000 | &nbsp;&nbsp;&nbsp;&nbsp; 13536321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/13/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 287098000 | &nbsp;&nbsp;&nbsp;&nbsp; 281268217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 2/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 75034000 | &nbsp;&nbsp;&nbsp;&nbsp; 72718833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 2/27/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 112560000 | &nbsp;&nbsp;&nbsp;&nbsp; 108890060 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 4.66%, 10/31/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 189249000 | &nbsp;&nbsp;&nbsp;&nbsp; 185520151 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/5/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16599536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 2/4/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16479111 |
| &nbsp;&nbsp;&nbsp; ING US Funding LLC (Netherlands) 4.49%, 10/7/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 190242000 | &nbsp;&nbsp;&nbsp;&nbsp; 187216981 |
| &nbsp;&nbsp;&nbsp; KEB Hana Bank (South Korea) 4.60%, 11/26/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 20768000 | &nbsp;&nbsp;&nbsp;&nbsp; 20309027 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) 4.62%, 11/20/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 82707000 | &nbsp;&nbsp;&nbsp;&nbsp; 80939303 |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. (Japan) 4.62%, 11/18/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 106676000 | &nbsp;&nbsp;&nbsp;&nbsp; 104465364 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) 4.40%, 5/13/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 28903000 | &nbsp;&nbsp;&nbsp;&nbsp; 27736712 |
| &nbsp;&nbsp;&nbsp; National Grid North America, Inc. 4.79%, 7/29/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5120000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080832 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 4.60%, 11/18/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 59325000 | &nbsp;&nbsp;&nbsp;&nbsp; 58082770 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. 4.60%, 6/13/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9982067 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services plc (United Kingdom) 4.66%, 6/23/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4985050 |
| &nbsp;&nbsp;&nbsp; RTX Corp. 4.75%, 6/25/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30895766 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) 4.60%, 1/14/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 28107000 | &nbsp;&nbsp;&nbsp;&nbsp; 27334440 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) 4.59%, 11/18/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 121604000 | &nbsp;&nbsp;&nbsp;&nbsp; 119100028 |
| &nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) 4.60%, 6/27/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 34000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33883689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper <br>(Cost $3,119,523,800)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3119099234 |
|  | **SHARES** |  |
| **Investment Companies — 6.4%** | **Investment Companies — 6.4%** | **Investment Companies — 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (h) (i) <br>(Cost $1,985,279,115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1985279115 | &nbsp;&nbsp;&nbsp;&nbsp; 1985279115 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.36% (h) (i) <br>(Cost $34,779,265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34779265 | &nbsp;&nbsp;&nbsp;&nbsp; 34779265 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, 4.77%, dated 5/31/2025, due 8/29/2025, repurchase price $242,862,000, <br> collateralized by Collateralized Mortgage Obligations, 0.00% - 6.50%, due 11/25/2031 - 6/25/2064 and <br> Municipal Debt Securities, 0.00% - 7.38%, due 6/1/2025 - 6/1/2059, with the value of $265,067,643. <br>(Cost $240,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 240000000 | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $7,771,576,514)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 7771546371 |
| **Total Investments — 100.0%** <br>**(Cost $31,048,735,457)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **31098471324** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | &nbsp;&nbsp;&nbsp;&nbsp; **5638233** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **31104109557** |

---

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

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (c) | The security or a portion of this security is on loan at May 31, 2025. The total value of securities on loan at May 31, 2025 is $33,708,463. |
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (g) | The rate shown is the effective yield as of May 31, 2025.  |
| (h) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (i) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Ultra-Short Income 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.

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

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.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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; $4543414389 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4543414389 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1905730 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1905730 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18109473583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18109473583 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 672131251 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 672131251 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2392388757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2392388757 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3119099234 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3119099234 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1985279115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1985279115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34779265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34779265 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2020058380 | &nbsp;&nbsp;&nbsp;&nbsp; 5751487991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7771546371 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2020058380 | &nbsp;&nbsp;&nbsp;&nbsp; $29078412944 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31098471324 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended 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** <br> **Description**<br>| **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 <br> Securities <br> Lending <br> Money <br> Market Fund <br> Agency SL <br> Class Shares, <br> 4.36% <br> (a) (b)<br>| $76209770 | $74830245 | $116260750 | $— | $— | $34779265 | 34779265 | $513179 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan <br> U.S. Government <br> Money <br> Market Fund <br> Class IM <br> Shares, <br> 4.26% <br> (a) (b)<br>| 3163005924 | 4291850323 | 5469577132 |  |  | 1985279115 | 1985279115 | 24954831 |  |
| **Total** | $3239215694 | $4366680568 | $5585837882 | $— | $— | $2020058380 |  | $25468010 | $— |

---

&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 Ultra-Short Income ETF

- **b. EDGAR series identifier (if any):** S000054790

- **c. LEI of Series:** 549300VN24B8TQAGGX74

**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:** $31350723025.56

**Total Liabilities:** $246611212.79

**Net Assets:** $31104111812.77

**Cash Not Reported:** $9159259.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 245048.02314000 | **1-Year:** 2317830.63182000 | **5-Year:** 57137.02838000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172198 | 0.36%                | 0.42%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1447738.85              | $-6968944.75                               |
| Month 2  | $2885981.80              | $5006330.37                                |
| Month 3  | $829585.03               | $-23630479.92                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBK4<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    5000000 | PA      | $5070541.55    | 0.02%             | 2026-09-14      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAM6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   11650000 | PA      | $11222678.00   | 0.04%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBG3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   38071000 | PA      | $38399780.78   | 0.12%             | 2026-03-09      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Eversource Energy                                  | Eversource Energy                                                            | CUSIP: 30040WAB4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1976448.80    | 0.01%             | 2026-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3L3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    6896000 | PA      | $6674345.25    | 0.02%             | 2027-03-08      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| Dryden 41 Senior Loan Fund                         | Dryden Senior Loan Fund, Series 2015-41A, Class AR                           | CUSIP: 26244KAN6<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |    1930084 | PA      | $1932187.42    | 0.01%             | 2031-04-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   31600000 | PA      | $31980497.50   | 0.10%             | 2028-03-14      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                | Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A2A                | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   33772730 | PA      | $33863865.48   | 0.11%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                      | Equinix, Inc.                                                                | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    1910000 | PA      | $1852042.85    | 0.01%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9316274.11    | 0.03%             | 2026-09-21      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816CF4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2976000 | PA      | $2941285.32    | 0.01%             | 2026-05-20      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAL9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   31452000 | PA      | $30781866.70   | 0.10%             | 2026-03-25      | Fixed         | 1.85%                 | No            |                  2 | On Loan: —       |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668BY7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |  119020000 | PA      | $119122357.20  | 0.38%             | 2025-09-12      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| CarVal CLO Ltd.                                    | CarVal CLO Ltd., Series 2019-2A, Class AR2                                   | CUSIP: 14686WAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   29591704 | PA      | $29534503.04   | 0.09%             | 2032-07-20      | Floating      | 5.26%                 | 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        |   43413378 | PA      | $43489351.49   | 0.14%             | 2032-10-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                      | Entergy Corp.                                                                | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    2699000 | PA      | $2646656.62    | 0.01%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECL7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   81125000 | PA      | $81142694.17   | 0.26%             | 2026-04-02      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| DTE Electric Co.                                   | DTE Electric Co.                                                             | CUSIP: 23338VAW6<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    6399000 | PA      | $6363751.75    | 0.02%             | 2027-05-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Porsche Financial Auto Securitization Trust        | Porsche Financial Auto Securitization Trust, Series 2023-1A, Class A3        | CUSIP: 73328QAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2328514 | PA      | $2331034.91    | 0.01%             | 2028-09-22      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Starbucks Corp.                                    | Starbucks Corp.                                                              | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   21251000 | PA      | $21275168.12   | 0.07%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABG5<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    5000000 | PA      | $5076502.05    | 0.02%             | 2028-03-01      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JBC0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4502630.12    | 0.01%             | 2027-04-01      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 780097BA8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   12245000 | PA      | $12272201.29   | 0.04%             | 2026-04-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACK1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   28960000 | PA      | $28992950.69   | 0.09%             | 2025-07-11      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Pricoa Global Funding I                            | Pricoa Global Funding I                                                      | CUSIP: 74153WCT4<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3039550.59    | 0.01%             | 2026-08-28      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2022-4, Class A2                      | CUSIP: 29374GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11596330 | PA      | $11639730.53   | 0.04%             | 2029-10-22      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   80652000 | PA      | $80527727.37   | 0.26%             | 2028-05-07      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280CM9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    3538000 | PA      | $3433190.32    | 0.01%             | 2027-05-24      | Variable      | 1.59%                 | No            |                  2 | On Loan: —       |
| Westlake Corp.                                     | Westlake Corp.                                                               | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |   49030000 | PA      | $48336394.65   | 0.16%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                              | Lockheed Martin Corp.                                                        | CUSIP: 539830BH1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    2826000 | PA      | $2811515.08    | 0.01%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   44719000 | PA      | $44738238.56   | 0.14%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                    | Principal Financial Group, Inc.                                              | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     500000 | PA      | $489463.91     | 0.00%             | 2026-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 902674ZZ6<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    2000000 | PA      | $1937802.88    | 0.01%             | 2026-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A                | CUSIP: 92868RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   41981764 | PA      | $42004585.02   | 0.14%             | 2027-11-22      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                     | Wheels Fleet Lease Funding LLC, Series 2024-3A, Class A1                     | CUSIP: 96328GBZ9<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   19139000 | PA      | $19167710.41   | 0.06%             | 2039-09-19      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MAF7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   20680000 | PA      | $20263334.60   | 0.07%             | 2026-07-14      | Fixed         | 2.63%                 | No            |                  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        |   14829059 | PA      | $14838297.51   | 0.05%             | 2031-10-20      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                     | CUSIP: 24422EXA2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   36599000 | PA      | $36605376.28   | 0.12%             | 2025-07-03      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Galaxy XXVI CLO Ltd.                               | Galaxy CLO Ltd., Series 2018-26A, Class AR                                   | CUSIP: 36321LAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   29043529 | PA      | $29050905.62   | 0.09%             | 2031-11-22      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135MXM3<br>LEI: 549300WV6GIDOZJTV909 | Long             | STIV             | CORP              | US        |   15000000 | PA      | $14725380.00   | 0.05%             | 2025-10-21      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Power Fuel Securitization LLC             | Virginia Power Fuel Securitization LLC, Series A-1                           | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |   30458757 | PA      | $30592090.49   | 0.10%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Transurban Finance Co. Pty. Ltd.                   | Transurban Finance Co. Pty. Ltd.                                             | CUSIP: 89400PAE3<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |    5018000 | PA      | $4995016.36    | 0.02%             | 2026-02-02      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust, Series 2024-2, Class A2A              | CUSIP: 36269WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   42189550 | PA      | $42286003.43   | 0.14%             | 2026-09-21      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   75019000 | PA      | $75066123.94   | 0.24%             | 2027-03-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   47901000 | PA      | $47992588.63   | 0.15%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AQ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   52355000 | PA      | $52344746.80   | 0.17%             | 2026-06-05      | Variable      | 2.19%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CHY0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  135000000 | PA      | $135933398.10  | 0.44%             | 2026-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mead Johnson Nutrition Co.                         | Mead Johnson Nutrition Co.                                                   | CUSIP: 582839AH9<br>LEI: E4BJRFT3MF4GJDY1SC50 | Long             | DBT              | CORP              | US        |   14292000 | PA      | $14265555.23   | 0.05%             | 2025-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies, Inc.                        | Teledyne Technologies, Inc.                                                  | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   21077000 | PA      | $20553770.22   | 0.07%             | 2026-04-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YEZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   70736000 | PA      | $70886376.25   | 0.23%             | 2027-01-28      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2023-A, Class A3                               | CUSIP: 78436TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   33599079 | PA      | $33771072.72   | 0.11%             | 2027-04-20      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Cox Communications, Inc.                           | Cox Communications, Inc.                                                     | CUSIP: 224044CG0<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    2735000 | PA      | $2683488.44    | 0.01%             | 2026-09-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AF7<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   17100000 | PA      | $16445412.86   | 0.05%             | 2026-12-14      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBP3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   14607000 | PA      | $14787059.17   | 0.05%             | 2027-03-07      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214FR9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $2013263.12    | 0.01%             | 2026-04-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAQ0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5009346.10    | 0.02%             | 2027-01-11      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $99972656.00   | 0.32%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2025-A, Class A2                               | CUSIP: 78437KAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   57491000 | PA      | $57453717.09   | 0.18%             | 2027-04-20      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3                 | CUSIP: 891941AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8824244 | PA      | $8831842.38    | 0.03%             | 2028-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| McCormick & Co., Inc.                              | McCormick & Co., Inc.                                                        | CUSIP: 579780AR8<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   12000000 | PA      | $11687919.60   | 0.04%             | 2026-02-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   25973000 | PA      | $26193545.83   | 0.08%             | 2028-07-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3            | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1990735 | PA      | $1982784.00    | 0.01%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016HZX1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   50504000 | PA      | $50837802.15   | 0.16%             | 2027-07-23      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   85628000 | PA      | $86399081.85   | 0.28%             | 2027-04-23      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| CRH SMW Finance DAC                                | CRH SMW Finance DAC                                                          | CUSIP: 12704PAB4<br>LEI: 54930044475SH442C864 | Long             | DBT              | CORP              | IE        |   28656000 | PA      | $29111839.30   | 0.09%             | 2030-01-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3             | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   68793000 | PA      | $69350649.82   | 0.22%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding               | Brighthouse Financial Global Funding                                         | CUSIP: 10921U2C1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    3406000 | PA      | $3300952.15    | 0.01%             | 2026-05-24      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.                       | Advanced Micro Devices, Inc.                                                 | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   47233000 | PA      | $47259651.22   | 0.15%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| EIDP, Inc.                                         | EIDP, Inc.                                                                   | CUSIP: 263534CQ0<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2001316.84    | 0.01%             | 2026-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABP1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   15000000 | PA      | $14138980.20   | 0.05%             | 2027-10-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   48322000 | PA      | $48833410.57   | 0.16%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO II Ltd.                            | Sound Point CLO II Ltd., Series 2013-1A, Class A1R                           | CUSIP: 83608GAN6<br>LEI: 549300Q00FJ0WHHYC788 | Long             | ABS-CBDO         | CORP              | KY        |     596764 | PA      | $597096.62     | 0.00%             | 2031-01-26      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Securities Lending Money Market Fund      | JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares        | CUSIP: 46645V642<br>LEI: 5493002FD4HXUJXMRO62 | Long             | STIV             | RF                | US        |   34779265 | NS      | $34779265.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TCI-Symphony CLO Ltd.                              | TCI-Symphony CLO Ltd., Series 2017-1A, Class AR                              | CUSIP: 87232BAF9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8736584 | PA      | $8734993.94    | 0.03%             | 2030-07-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   91492000 | PA      | $92029170.58   | 0.30%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MADISON PARK FUNDING XLII, LTD.                    | Madison Park Funding Ltd., Series 13A, Class AR                              | CUSIP: 55822RAA8<br>LEI: 549300YWZ8HFDYP0MR16 | Long             | ABS-CBDO         | CORP              | KY        |   30247299 | PA      | $30247843.22   | 0.10%             | 2030-11-21      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle, Inc.                                 | Crown Castle, Inc.                                                           | CUSIP: 22822VAB7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   36747000 | PA      | $36700353.36   | 0.12%             | 2026-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust                | Citibank Credit Card Issuance Trust, Series 2023-A2, Class A2                | CUSIP: 17305EGX7<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |   65328000 | PA      | $65373729.60   | 0.21%             | 2027-12-08      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   17507000 | PA      | $17760373.21   | 0.06%             | 2026-12-07      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABN6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    3192000 | PA      | $3155167.03    | 0.01%             | 2025-10-15      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: —       |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2024-D, Class A2A                       | CUSIP: 34535VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   78516000 | PA      | $78531978.01   | 0.25%             | 2027-10-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Mondelez International Holdings Netherlands BV     | Mondelez International Holdings Netherlands BV                               | CUSIP: 60920LAS3<br>LEI: 549300CW356R8I7N8D33 | Long             | DBT              | CORP              | NL        |    1500000 | PA      | $1496765.25    | 0.00%             | 2025-09-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co., Series W                                                  | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   61195000 | PA      | $61421158.36   | 0.20%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                                  | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   20514000 | PA      | $19730397.61   | 0.06%             | 2027-11-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816CY3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   61374000 | PA      | $61342400.37   | 0.20%             | 2025-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Norinchukin BK NY BR                               | Norinchukin Bank (The)                                                       | CUSIP: 65603AL33<br>LEI: 549300KQZJBM38M51L16 | Long             | STIV             | CORP              | US        |  143906000 | PA      | $143857187.08  | 0.46%             | 2025-10-09      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                       | Exelon Corp.                                                                 | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    6956000 | PA      | $6882997.82    | 0.02%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   50710000 | PA      | $50076632.10   | 0.16%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co.                         | Archer-Daniels-Midland Co.                                                   | CUSIP: 039483BL5<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |   10150000 | PA      | $9931232.48    | 0.03%             | 2026-08-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                             | Keurig Dr. Pepper, Inc.                                                      | CUSIP: 26138EAS8<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    9380000 | PA      | $9325916.98    | 0.03%             | 2025-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2Z4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   91929000 | PA      | $91991511.72   | 0.30%             | 2025-10-10      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                | Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A                | CUSIP: 92867WAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     731198 | PA      | $731640.28     | 0.00%             | 2026-12-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                              | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115DAX4<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |  217168000 | PA      | $217094792.67  | 0.70%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                       | Marriott International, Inc.                                                 | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   44438000 | PA      | $44898176.82   | 0.14%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XV Ltd.                | Octagon Investment Partners Ltd., Series 2013-1A, Class A1RR                 | CUSIP: 67590EBG8<br>LEI: 549300VYCI9AZ4NZBX86 | Long             | ABS-CBDO         | CORP              | KY        |     629554 | PA      | $629529.26     | 0.00%             | 2030-07-19      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XII Ltd.                                 | Magnetite Ltd., Series 2015-12A, Class AR4                                   | CUSIP: 55953HBD4<br>LEI: 549300Z6VW568TT64K70 | Long             | ABS-CBDO         | CORP              | KY        |    4393151 | PA      | $4393199.54    | 0.01%             | 2031-10-15      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| CarVal CLO II Ltd.                                 | CarVal CLO Ltd., Series 2019-1A, Class AR2                                   | CUSIP: 14686AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  132713031 | PA      | $132556429.17  | 0.43%             | 2032-04-20      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U8A1<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   22062000 | PA      | $22194555.34   | 0.07%             | 2028-01-14      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LNT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   69200000 | PA      | $69753467.83   | 0.22%             | 2026-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2024-1, Class A2                         | CUSIP: 02008FAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   16104356 | PA      | $16116733.57   | 0.05%             | 2027-01-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| DZ Bank AG                                         | DZ Bank AG                                                                   | CUSIP: 23344JD51<br>LEI: 529900HNOAA1KXQJUQ27 | Long             | STIV             | CORP              | DE        |  287436000 | PA      | $287417862.79  | 0.92%             | 2025-09-02      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 2027A0KQ1<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    2766000 | PA      | $2774555.16    | 0.01%             | 2026-03-13      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Natixis SA                                         | Natixis SA                                                                   | CUSIP: 63873QY57<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |   31855000 | PA      | $31884058.13   | 0.10%             | 2025-08-08      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                           | Toyota Lease Owner Trust, Series 2024-A, Class A3                            | CUSIP: 89238GAD3<br>LEI: 254900MVSB4M6HOIRE71 | Long             | ABS-O            | CORP              | US        |   96311716 | PA      | $96769234.84   | 0.31%             | 2027-04-20      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O'Reilly Automotive, Inc.                                                    | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   11532000 | PA      | $11727355.42   | 0.04%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                    | Santander UK Group Holdings plc                                              | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |  166564000 | PA      | $165322488.58  | 0.53%             | 2026-08-21      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                               | Macquarie Group Ltd.                                                         | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   96852000 | PA      | $94886560.09   | 0.31%             | 2027-01-12      | Variable      | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   32087000 | PA      | $32207900.93   | 0.10%             | 2026-09-22      | Variable      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368EDC3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   17296000 | PA      | $16880249.13   | 0.05%             | 2027-01-22      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal, Series f2f                                                 | CUSIP: 06368L8K5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   76330000 | PA      | $76267768.15   | 0.25%             | 2027-09-10      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2024-1, Class A3                             | CUSIP: 05611UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6845000 | PA      | $6869078.66    | 0.02%             | 2027-03-25      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  165000000 | PA      | $165908788.65  | 0.53%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2023-2, Class A3                        | CUSIP: 24703GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4055733 | PA      | $4071178.01    | 0.01%             | 2029-01-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                             | Home Depot, Inc. (The)                                                       | CUSIP: 437076CX8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   34774000 | PA      | $34906410.00   | 0.11%             | 2025-12-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAJ1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   13464000 | PA      | $13521961.58   | 0.04%             | 2026-10-28      | Variable      | 5.90%                 | 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        |    1910961 | PA      | $1909907.91    | 0.01%             | 2029-10-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607HVE9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $2901031.83    | 0.01%             | 2026-06-22      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MAK6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   13610000 | PA      | $13346934.62   | 0.04%             | 2026-10-19      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                    | Palmer Square Loan Funding Ltd., Series 2025-1A, Class A1                    | CUSIP: 69704CAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  148300000 | PA      | $147454838.30  | 0.47%             | 2033-02-15      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Galaxy XX CLO Ltd.                                 | Galaxy CLO Ltd., Series 2015-20A, Class AR                                   | CUSIP: 36320MAL2<br>LEI: 549300S1CAKZT00VQL17 | Long             | ABS-CBDO         | CORP              | KY        |    2710530 | PA      | $2710264.69    | 0.01%             | 2031-04-20      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Roper Technologies, Inc.                           | Roper Technologies, Inc.                                                     | CUSIP: 776743AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    2505000 | PA      | $2478811.15    | 0.01%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    7029000 | PA      | $7067019.86    | 0.02%             | 2026-03-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                     | Mercedes-Benz Auto Lease Trust, Series 2023-A, Class A3                      | CUSIP: 58768RAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1196438 | PA      | $1196415.10    | 0.00%             | 2027-01-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GLA5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2999657.04    | 0.01%             | 2026-07-22      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-B, Class A3                               | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   30000000 | PA      | $30250605.00   | 0.10%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                    | Palmer Square Loan Funding Ltd., Series 2022-1A, Class A1                    | CUSIP: 69701CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6414430 | PA      | $6407874.38    | 0.02%             | 2030-04-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   95610000 | PA      | $95810761.88   | 0.31%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings               | Laboratory Corp. of America Holdings                                         | CUSIP: 50540RAX0<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |    1809000 | PA      | $1757381.38    | 0.01%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XDZ6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   15081000 | PA      | $15136236.73   | 0.05%             | 2025-10-10      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661DM6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   20000000 | PA      | $19676880.40   | 0.06%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Galaxy XXII CLO Ltd.                               | Galaxy CLO Ltd., Series 2016-22A, Class XRR                                  | CUSIP: 36320TAT0<br>LEI: 54930022KENWLYJ8SJ86 | Long             | ABS-CBDO         | CORP              | KY        |     842105 | PA      | $842030.05     | 0.00%             | 2034-04-16      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| KKR Financial CLO Ltd.                             | KKR Financial CLO Ltd., Series 2013-1A, Class A1R2                           | CUSIP: 48249VAW1<br>LEI: 549300ZUUB37M3VWNC17 | Long             | ABS-CBDO         | CORP              | KY        |    1933733 | PA      | $1933162.09    | 0.01%             | 2029-04-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   40281000 | PA      | $38720126.56   | 0.12%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   93891000 | PA      | $95271314.12   | 0.31%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   19329000 | PA      | $19374737.44   | 0.06%             | 2026-04-30      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series N                                              | CUSIP: 06051GJQ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   15241000 | PA      | $14888945.70   | 0.05%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849HYA4<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |   13812000 | PA      | $13536320.77   | 0.04%             | 2025-11-10      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434PZ58<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   17000000 | PA      | $16599536.10   | 0.05%             | 2025-12-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                       | Zimmer Biomet Holdings, Inc.                                                 | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   81123000 | PA      | $81270820.71   | 0.26%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668BL5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   12208000 | PA      | $11994606.36   | 0.04%             | 2025-11-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| CARLYLE US CLO Ltd.                                | CARLYLE US CLO Ltd., Series 2018-2A, Class A1R                               | CUSIP: 14317PAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5718101 | PA      | $5718089.82    | 0.02%             | 2031-10-15      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| ERAC USA Finance LLC                               | ERAC USA Finance LLC                                                         | CUSIP: 26884TAR3<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |   30740000 | PA      | $30214640.18   | 0.10%             | 2026-12-01      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                              | ARI Fleet Lease Trust, Series 2023-A, Class A2                               | CUSIP: 00218GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2736455 | PA      | $2741424.24    | 0.01%             | 2032-02-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853BC3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   18623000 | PA      | $18734771.71   | 0.06%             | 2028-01-13      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, Inc.                                        | ONEOK, Inc.                                                                  | CUSIP: 682680BR3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   16899000 | PA      | $16923890.71   | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85324UAE3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   28107000 | PA      | $27334439.76   | 0.09%             | 2026-01-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                | Georgia-Pacific LLC                                                          | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    6897000 | PA      | $6670505.55    | 0.02%             | 2026-05-15      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| Bank of America NA                                 | Bank of America NA                                                           | CUSIP: 06428CAD6<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |    5320000 | PA      | $5323038.25    | 0.02%             | 2025-08-18      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABW6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    8713000 | PA      | $8412129.31    | 0.03%             | 2026-06-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A2A | CUSIP: 362955AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   32705000 | PA      | $32673570.50   | 0.11%             | 2028-01-18      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  110158000 | PA      | $110442842.15  | 0.36%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Starbucks Corp.                                    | Starbucks Corp.                                                              | CUSIP: 855244AK5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    4100000 | PA      | $4014284.83    | 0.01%             | 2026-06-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                              | CCG Receivables Trust, Series 2023-2, Class A2                               | CUSIP: 12511QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7003043 | PA      | $7084778.04    | 0.02%             | 2032-04-14      | Fixed         | 6.28%                 | Yes           |                  2 | On Loan: No      |
| BA Credit Card Trust                               | BA Credit Card Trust, Series 2022-A1, Class A1                               | CUSIP: 05522RDE5<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |    7306000 | PA      | $7303378.61    | 0.02%             | 2027-11-15      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   24696000 | PA      | $24730476.11   | 0.08%             | 2026-07-15      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XV Ltd.                                  | Magnetite Ltd., Series 2015-15A, Class AR                                    | CUSIP: 55953MAN2<br>LEI: 549300B3V0K3DX0M2K31 | Long             | ABS-CBDO         | CORP              | KY        |     785794 | PA      | $786059.98     | 0.00%             | 2031-07-25      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HBG3<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2010387.92    | 0.01%             | 2026-01-09      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Shinhan Bank                                       | Shinhan Bank                                                                 | CUSIP: 82460ARW0<br>LEI: 5493003P813VL21KG928 | Long             | STIV             | CORP              | KR        |   50000000 | PA      | $50008950.00   | 0.16%             | 2025-06-13      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                 | Johnson Controls International plc                                           | CUSIP: 478375AR9<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |    4077000 | PA      | $4049519.72    | 0.01%             | 2026-02-14      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                        | Amgen, Inc.                                                                  | CUSIP: 031162CJ7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    4631000 | PA      | $4535435.47    | 0.01%             | 2026-08-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   48926000 | PA      | $49605932.94   | 0.16%             | 2028-03-01      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214ER0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    5000000 | PA      | $4844710.60    | 0.02%             | 2026-06-03      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                           | European Investment Bank                                                     | CUSIP: 29878RZ92<br>LEI: 5493006YXS1U5GIHE750 | Long             | STIV             | NUSS              | LU        |   70422000 | PA      | $68800801.05   | 0.22%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                    | Southwestern Electric Power Co., Series K                                    | CUSIP: 845437BP6<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    2460000 | PA      | $2398752.27    | 0.01%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   33860000 | PA      | $32816923.74   | 0.11%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp.               | Mitsubishi UFJ Trust & Banking Corp.                                         | CUSIP: 60683DZ28<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |  182017000 | PA      | $182049308.02  | 0.59%             | 2026-03-11      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XX Ltd.                               | Symphony CLO Ltd., Series 2018-20A, Class AR2                                | CUSIP: 87166VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   25935553 | PA      | $25952359.03   | 0.08%             | 2032-01-16      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016FZZ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2018338.56    | 0.01%             | 2026-07-20      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    1280000 | PA      | $1230332.60    | 0.00%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TF97<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   72807000 | PA      | $72821583.24   | 0.23%             | 2026-03-06      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   80224000 | PA      | $78619815.22   | 0.25%             | 2026-12-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    6081000 | PA      | $6008922.64    | 0.02%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| THL Credit Wind River CLO Ltd.                     | THL Credit Wind River CLO Ltd., Series 2019-3A, Class AR2                    | CUSIP: 97314JAJ4<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |   46632649 | PA      | $46600659.38   | 0.15%             | 2031-04-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, Inc.                                        | ONEOK, Inc.                                                                  | CUSIP: 682680CB7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   65850000 | PA      | $65418812.88   | 0.21%             | 2027-09-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Schlumberger Holdings Corp.                        | Schlumberger Holdings Corp.                                                  | CUSIP: 806851AG6<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    5937000 | PA      | $5915764.48    | 0.02%             | 2025-12-21      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                           | Buttermilk Park CLO Ltd., Series 2018-1A, Class A1R                          | CUSIP: 124166AQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   25277500 | PA      | $25270043.30   | 0.08%             | 2031-10-15      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HBE8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   27252000 | PA      | $27258410.76   | 0.09%             | 2025-07-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   70284000 | PA      | $71097656.08   | 0.23%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 0641593U8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $2924106.00    | 0.01%             | 2026-03-02      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 63253QAF1<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   27294000 | PA      | $27326976.88   | 0.09%             | 2025-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust, Series 2022-4, Class A         | CUSIP: 02582JJX9<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   10400000 | PA      | $10415416.96   | 0.03%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   58294000 | PA      | $58153678.18   | 0.19%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                        | ONEOK, Inc.                                                                  | CUSIP: 682680BA0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   22871000 | PA      | $22710589.90   | 0.07%             | 2025-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Federal Realty OP LP                               | Federal Realty OP LP                                                         | CUSIP: 313747BB2<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |   38788000 | PA      | $37833848.95   | 0.12%             | 2026-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECA1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     378000 | PA      | $371110.70     | 0.00%             | 2027-04-01      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-B, Class A2                               | CUSIP: 78437VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15255748 | PA      | $15278110.30   | 0.05%             | 2026-11-20      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                               | Macquarie Group Ltd.                                                         | CUSIP: 55608JBF4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   68073000 | PA      | $68097656.72   | 0.22%             | 2026-08-09      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.               | Mitsubishi UFJ Financial Group, Inc.                                         | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  118912000 | PA      | $114835361.31  | 0.37%             | 2027-07-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| NBN Co. Ltd.                                       | NBN Co. Ltd.                                                                 | CUSIP: 62878U2H4<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |   13656000 | PA      | $13501768.04   | 0.04%             | 2027-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   39500000 | PA      | $39152681.24   | 0.13%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40428HR95<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   39811000 | PA      | $39922910.71   | 0.13%             | 2028-06-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   24179000 | PA      | $24364640.08   | 0.08%             | 2027-01-12      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAT4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |  114280000 | PA      | $114573276.76  | 0.37%             | 2026-07-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 37790AXX6<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |  189249000 | PA      | $185520151.25  | 0.60%             | 2025-10-31      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    9017000 | PA      | $9039365.86    | 0.03%             | 2027-04-02      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAV0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   14133000 | PA      | $14130262.44   | 0.05%             | 2025-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172BQ1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    5314000 | PA      | $5298029.52    | 0.02%             | 2025-08-11      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 63254AAP3<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $1987974.22    | 0.01%             | 2026-01-14      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust              | Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class A2             | CUSIP: 95001QAR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1941930 | PA      | $1905730.25    | 0.01%             | 2051-08-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XAM2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    6725000 | PA      | $6559680.27    | 0.02%             | 2027-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                          | CUSIP: 63906EYJ5<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | STIV             | CORP              | GB        |   59325000 | PA      | $58082770.10   | 0.19%             | 2025-11-18      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-C, Class A2A                     | CUSIP: 448976AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   28937053 | PA      | $28931283.31   | 0.09%             | 2027-09-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                   | Skandinaviska Enskilda Banken AB                                             | CUSIP: 83051GAT5<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    3000000 | PA      | $2881574.82    | 0.01%             | 2026-09-09      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| Omnicom Group, Inc.                                | Omnicom Group, Inc.                                                          | CUSIP: 68217FAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   16335000 | PA      | $16173012.01   | 0.05%             | 2026-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                          | Chesapeake Funding LLC, Series 2023-2A, Class A1                             | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    7357405 | PA      | $7446894.73    | 0.02%             | 2035-10-15      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   32111000 | PA      | $31224415.29   | 0.10%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| LSEGA Financing plc                                | LSEGA Financing plc                                                          | CUSIP: 50220PAB9<br>LEI: 2138009YFYTGEHZNNZ09 | Long             | DBT              | CORP              | GB        |    9889000 | PA      | $9631147.98    | 0.03%             | 2026-04-06      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAT0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   22995000 | PA      | $22987659.77   | 0.07%             | 2026-08-11      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A4             | CUSIP: 448980AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   18472000 | PA      | $18490902.40   | 0.06%             | 2027-04-15      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XIV LLC         | Amur Equipment Finance Receivables LLC, Series 2024-2A, Class A2             | CUSIP: 03238BAB9<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |    5106891 | PA      | $5141492.94    | 0.02%             | 2031-07-21      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| General Motors Co.                                 | General Motors Co.                                                           | CUSIP: 37045VBC3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   33607000 | PA      | $33878253.86   | 0.11%             | 2028-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| Fidelity National Information Services, Inc.       | Fidelity National Information Services, Inc.                                 | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   26081000 | PA      | $25410785.59   | 0.08%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 85325C2D3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   32333000 | PA      | $32810235.08   | 0.11%             | 2029-01-21      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                              | CUSIP: 22536MBB3<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |   29691000 | PA      | $28789287.30   | 0.09%             | 2026-02-11      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CE0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2007752.06    | 0.01%             | 2026-03-20      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                       | Canadian Pacific Railway Co.                                                 | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    2279000 | PA      | $2190830.44    | 0.01%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                     | Protective Life Global Funding                                               | CUSIP: 74368CBX1<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   18117000 | PA      | $18242652.81   | 0.06%             | 2027-01-12      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CF7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    4678000 | PA      | $4700915.18    | 0.02%             | 2027-03-22      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CN0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   26866000 | PA      | $26861290.39   | 0.09%             | 2027-03-25      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                 | Energy Transfer LP                                                           | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   59866000 | PA      | $59795334.77   | 0.19%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                          | Kubota Credit Owner Trust, Series 2022-1A, Class A3                          | CUSIP: 50117EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   20610928 | PA      | $20500177.63   | 0.07%             | 2026-10-15      | Fixed         | 2.67%                 | Yes           |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                           | Darden Restaurants, Inc.                                                     | CUSIP: 237194AL9<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   10000000 | PA      | $9854905.30    | 0.03%             | 2027-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                     | M&T Bank Corp.                                                               | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   38078000 | PA      | $38153134.75   | 0.12%             | 2029-01-16      | Variable      | 4.83%                 | No            |                  2 | On Loan: —       |
| Stellantis Finance US, Inc.                        | Stellantis Finance US, Inc.                                                  | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   14689000 | PA      | $14731302.70   | 0.05%             | 2028-03-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Conagra Brands, Inc.                               | Conagra Brands, Inc.                                                         | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   11850000 | PA      | $11837274.05   | 0.04%             | 2025-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                           | Bunge Ltd. Finance Corp.                                                     | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   12121000 | PA      | $12038319.14   | 0.04%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                         | Baxter International, Inc.                                                   | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    7547000 | PA      | $7372524.00    | 0.02%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XIX Ltd.                              | Symphony CLO Ltd., Series 2018-19A, Class A                                  | CUSIP: 87165YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   18738225 | PA      | $18748887.42   | 0.06%             | 2031-04-16      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                    | CUSIP: 76720AAQ9<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    7153000 | PA      | $7171757.53    | 0.02%             | 2027-03-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Westpac New Zealand Ltd.                           | Westpac New Zealand Ltd.                                                     | CUSIP: 96122FAB3<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |   22513000 | PA      | $22748818.50   | 0.07%             | 2027-02-26      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Healthpeak OP LLC                                  | Healthpeak OP LLC                                                            | CUSIP: 40414LAQ2<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    2324000 | PA      | $2288649.57    | 0.01%             | 2026-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO Ltd.                                   | Elmwood CLO Ltd., Series 2021-3A, Class A1R                                  | CUSIP: 29002VAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   40000000 | PA      | $40034760.00   | 0.13%             | 2034-04-20      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418GAC1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  106590000 | PA      | $106612263.45  | 0.34%             | 2025-06-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 74256LEX3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    8349000 | PA      | $8411197.29    | 0.03%             | 2027-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   41417000 | PA      | $41623623.61   | 0.13%             | 2026-06-24      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849MBC4<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |   75034000 | PA      | $72718833.43   | 0.23%             | 2026-02-12      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                   | Welltower OP LLC                                                             | CUSIP: 95040QAC8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   30224000 | PA      | $30137491.05   | 0.10%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp (The)                                                    | CUSIP: 8085A2YE1<br>LEI: 549300VSGCJ7E698NM85 | Long             | STIV             | CORP              | US        |   25000000 | PA      | $24489700.00   | 0.08%             | 2025-11-14      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                  | CIFC Funding Ltd., Series 2016-1A, Class AR3                                 | CUSIP: 17180TBL5<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |  119684354 | PA      | $119503152.12  | 0.38%             | 2031-10-21      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Dryden 49 Senior Loan Fund                         | Dryden Senior Loan Fund, Series 2017-49A, Class AR                           | CUSIP: 26244QAN3<br>LEI: 549300VCB8LYR1RGV869 | Long             | ABS-CBDO         | CORP              | KY        |     559950 | PA      | $559946.05     | 0.00%             | 2030-07-18      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Dryden CLO Ltd.                                    | Dryden CLO Ltd., Series 2019-72A, Class ARR                                  | CUSIP: 26252NAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   20661026 | PA      | $20655240.98   | 0.07%             | 2032-05-15      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325X2A3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |    3900000 | PA      | $3905082.40    | 0.01%             | 2026-10-08      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571CBB6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | STIV             | CORP              | FR        |   93412000 | PA      | $90529174.90   | 0.29%             | 2026-02-11      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38145GAN0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   13838000 | PA      | $13855159.12   | 0.04%             | 2026-08-10      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2024-C, Class A2A                       | CUSIP: 34532UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   74390945 | PA      | $74301750.48   | 0.24%             | 2027-08-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust, Series 2024-1, Class A1A                               | CUSIP: 92348KCL5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   78273000 | PA      | $78437576.81   | 0.25%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                       | Nutrien Ltd.                                                                 | CUSIP: 67077MAY4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    9660000 | PA      | $9702938.60    | 0.03%             | 2025-11-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCC5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2006482.58    | 0.01%             | 2026-01-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 22550L2G5<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    2620000 | PA      | $2523694.72    | 0.01%             | 2026-08-07      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Telstra Group Ltd.                                 | Telstra Group Ltd.                                                           | CUSIP: 8796VQTT0<br>LEI: 894500WRW54CVN62K416 | Long             | STIV             | CORP              | AU        |   34000000 | PA      | $33883689.40   | 0.11%             | 2025-06-27      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic Services, Inc.                            | Republic Services, Inc.                                                      | CUSIP: 760759AY6<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    4790000 | PA      | $4709981.42    | 0.02%             | 2025-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| CSX Corp.                                          | CSX Corp.                                                                    | CUSIP: 126408HD8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |   21643000 | PA      | $21542197.51   | 0.07%             | 2025-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 632525BP5<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |  104000000 | PA      | $104171487.68  | 0.33%             | 2026-01-29      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YBS7<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   35751000 | PA      | $34562982.83   | 0.11%             | 2027-07-09      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    6757000 | PA      | $6652275.89    | 0.02%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp.                          | TWDC Enterprises 18 Corp.                                                    | CUSIP: 25468PDM5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2919569.70    | 0.01%             | 2026-07-30      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368D3S1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $2999250.00    | 0.01%             | 2025-06-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CA8<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    7360000 | PA      | $7459323.20    | 0.02%             | 2026-11-16      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                      | Bank of New York Mellon (The)                                                | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2002592.74    | 0.01%             | 2027-04-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3048085.20    | 0.01%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   30544000 | PA      | $29925230.48   | 0.10%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837BQ5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   38479000 | PA      | $38631187.14   | 0.12%             | 2029-03-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 6944PL3G2<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   43739000 | PA      | $43691070.80   | 0.14%             | 2027-02-04      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 9612E0DK0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |  103539000 | PA      | $103595358.35  | 0.33%             | 2026-01-29      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JB Hunt Transport Services, Inc.                   | JB Hunt Transport Services, Inc.                                             | CUSIP: 445658CF2<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |    8050000 | PA      | $7998785.58    | 0.03%             | 2026-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd.                                    | Galaxy CLO Ltd., Series 2018-28A, Class A1                                   | CUSIP: 36321JAC8<br>LEI: 549300QR0537E9AXFW42 | Long             | ABS-CBDO         | CORP              | KY        |    3866719 | PA      | $3868115.38    | 0.01%             | 2031-07-15      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Verdant Receivables LLC                            | Verdant Receivables LLC, Series 2025-1A, Class A2                            | CUSIP: 92340GAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19410000 | PA      | $19420399.88   | 0.06%             | 2028-03-13      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    8137000 | PA      | $7938521.65    | 0.03%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                            | KeyCorp                                                                      | CUSIP: 49326EEH2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   25914000 | PA      | $25839201.83   | 0.08%             | 2025-10-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   39487000 | PA      | $39437384.58   | 0.13%             | 2025-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO                            | Bain Capital Credit CLO, Series 2019-2A, Class AR3                           | CUSIP: 05682LBA4<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |  136641978 | PA      | $136230002.03  | 0.44%             | 2032-10-17      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Shell International Finance BV                     | Shell International Finance BV                                               | CUSIP: 822582BT8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    2000000 | PA      | $1974418.26    | 0.01%             | 2026-05-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ecolab, Inc.                                       | Ecolab, Inc.                                                                 | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   13571000 | PA      | $13611284.02   | 0.04%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  184918000 | PA      | $184986419.66  | 0.59%             | 2026-08-03      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CBJ3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   28833000 | PA      | $28521017.43   | 0.09%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| KEB Hana Bank                                      | KEB Hana Bank                                                                | CUSIP: 48252PYS1<br>LEI: 6RPK2YDJN6L35AS0M510 | Long             | STIV             | CORP              | KR        |   20768000 | PA      | $20309027.20   | 0.07%             | 2025-11-26      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Exelon Corp.                                       | Exelon Corp.                                                                 | CUSIP: 30161NAN1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   56891000 | PA      | $56868025.71   | 0.18%             | 2025-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                 | Discover Card Execution Note Trust, Series 2021-A2, Class A2                 | CUSIP: 254683CQ6<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |  117266000 | PA      | $112226986.17  | 0.36%             | 2028-09-15      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JBB2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5010481.05    | 0.02%             | 2026-11-13      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M2K9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    4545000 | PA      | $4545000.00    | 0.01%             | 2025-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89114TZD7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    9406000 | PA      | $9104754.60    | 0.03%             | 2026-06-03      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                            | MPLX LP                                                                      | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   21387000 | PA      | $20905695.19   | 0.07%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACF2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   24390000 | PA      | $24401117.21   | 0.08%             | 2025-06-26      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A3             | CUSIP: 448980AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8795320 | PA      | $8799212.51    | 0.03%             | 2026-06-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Reliance Standard Life Global Funding II           | Reliance Standard Life Global Funding II                                     | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   21309000 | PA      | $21369928.82   | 0.07%             | 2026-02-02      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                        | L3Harris Technologies, Inc.                                                  | CUSIP: 502431AL3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    2402000 | PA      | $2379202.35    | 0.01%             | 2026-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668BV3<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $7060130.42    | 0.02%             | 2026-09-12      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   24091000 | PA      | $24337119.68   | 0.08%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECT0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   33613000 | PA      | $33681976.23   | 0.11%             | 2028-09-10      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214FV0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   40646000 | PA      | $40851156.62   | 0.13%             | 2026-10-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 74256LES4<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    2052000 | PA      | $1968535.11    | 0.01%             | 2026-11-17      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AU2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   38498000 | PA      | $38499539.92   | 0.12%             | 2029-05-23      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661DH7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    4230000 | PA      | $4215479.26    | 0.01%             | 2025-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 35 Ltd.                | Octagon Investment Partners Ltd., Series 2018-1A, Class A1A                  | CUSIP: 67591TAA8<br>LEI: 549300EBYXJ9QVMC7X31 | Long             | ABS-CBDO         | CORP              | KY        |    2600996 | PA      | $2601432.83    | 0.01%             | 2031-01-20      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                       | AbbVie, Inc.                                                                 | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     500000 | PA      | $490159.95     | 0.00%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XBB5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   24486000 | PA      | $24227014.03   | 0.08%             | 2025-09-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets, Inc.                     | Citigroup Global Markets, Inc.                                               | CUSIP: 17327AT31<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |   45025000 | PA      | $45003360.99   | 0.14%             | 2025-06-03      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   27149000 | PA      | $26120047.47   | 0.08%             | 2027-08-10      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2024-4, Class A2                      | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   16196000 | PA      | $16202403.90   | 0.05%             | 2027-07-20      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A | CUSIP: 36268GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9260058 | PA      | $9269498.66    | 0.03%             | 2027-02-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   92223000 | PA      | $93064677.82   | 0.30%             | 2027-05-09      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2022-2, Class A4            | CUSIP: 14043GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5715000 | PA      | $5672404.96    | 0.02%             | 2027-12-15      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADK0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   32000000 | PA      | $31960966.72   | 0.10%             | 2027-11-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ares XXXVII CLO Ltd.                               | Ares CLO Ltd., Series 2015-4A, Class A1RR                                    | CUSIP: 04015NAN4<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   15410390 | PA      | $15404441.38   | 0.05%             | 2030-10-15      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   13875000 | PA      | $13551240.61   | 0.04%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LCM XIV LP                                         | LCM LP, Series 14A, Class AR                                                 | CUSIP: 50184VAR5<br>LEI: 549300NGJ6CPPJRPGL08 | Long             | ABS-CBDO         | CORP              | KY        |    5531456 | PA      | $5532844.49    | 0.02%             | 2031-07-20      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135MU87<br>LEI: 549300WV6GIDOZJTV909 | Long             | STIV             | CORP              | US        |    7400000 | PA      | $7362802.42    | 0.02%             | 2025-07-08      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd.                              | Newark BSL CLO Ltd., Series 2017-1A, Class A1R                               | CUSIP: 65023PAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   36651333 | PA      | $36665810.18   | 0.12%             | 2030-07-25      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    4710000 | PA      | $4740147.39    | 0.02%             | 2026-02-23      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   19103000 | PA      | $18561222.11   | 0.06%             | 2027-05-11      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                              | Elevance Health, Inc.                                                        | CUSIP: 28622HAA9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   13878000 | PA      | $13877971.97   | 0.04%             | 2026-02-08      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  105414000 | PA      | $103436084.44  | 0.33%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAJ6<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   15710000 | PA      | $15716146.22   | 0.05%             | 2025-08-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                             | Tesla Auto Lease Trust, Series 2024-A, Class A2A                             | CUSIP: 88166VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6299880 | PA      | $6304744.33    | 0.02%             | 2026-06-22      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   12488000 | PA      | $12486320.36   | 0.04%             | 2026-07-17      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2025-A, Class A2A                  | CUSIP: 98164YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  101223000 | PA      | $101201490.11  | 0.33%             | 2028-04-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                    | Santander UK Group Holdings plc                                              | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   35426000 | PA      | $35748827.93   | 0.11%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                 | CNO Global Funding                                                           | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   33597000 | PA      | $33688130.85   | 0.11%             | 2027-12-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAK3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    3886000 | PA      | $3909569.02    | 0.01%             | 2026-08-03      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   66987000 | PA      | $66118206.74   | 0.21%             | 2027-09-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LUZ2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |  109709000 | PA      | $110614067.43  | 0.36%             | 2026-04-10      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| BAT International Finance plc                      | BAT International Finance plc                                                | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |  118437000 | PA      | $115631132.72  | 0.37%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX Corp.                                    | TD SYNNEX Corp.                                                              | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    2859000 | PA      | $2751318.74    | 0.01%             | 2026-08-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                 | Discover Card Execution Note Trust, Series 2022-A3, Class A3                 | CUSIP: 254683CW3<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |   56837000 | PA      | $56765970.80   | 0.18%             | 2027-07-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   45273000 | PA      | $45313271.24   | 0.15%             | 2026-08-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    8530000 | PA      | $8384136.49    | 0.03%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   18011000 | PA      | $17378152.36   | 0.06%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   55211000 | PA      | $55722957.80   | 0.18%             | 2027-07-02      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                      | Cencora, Inc.                                                                | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   12004000 | PA      | $12069754.55   | 0.04%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55607KYL4<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   82707000 | PA      | $80939303.29   | 0.26%             | 2025-11-20      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   17311000 | PA      | $17314487.47   | 0.06%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YBP3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   11717000 | PA      | $11340067.63   | 0.04%             | 2027-05-22      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                               | PPG Industries, Inc.                                                         | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |     770000 | PA      | $749694.67     | 0.00%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBN7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   58400000 | PA      | $58483152.26   | 0.19%             | 2027-05-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   21421000 | PA      | $20851133.07   | 0.07%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60689FYJ1<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |  106676000 | PA      | $104465363.92  | 0.34%             | 2025-11-18      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACQ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   10641000 | PA      | $10694884.32   | 0.03%             | 2025-11-03      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   52209000 | PA      | $52450184.17   | 0.17%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271AAK3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   42188000 | PA      | $42280635.99   | 0.14%             | 2025-12-09      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   72500000 | PA      | $73264194.23   | 0.24%             | 2029-01-09      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   27022000 | PA      | $27209068.71   | 0.09%             | 2025-10-14      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   41188000 | PA      | $41363181.21   | 0.13%             | 2027-03-18      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   76884000 | PA      | $75056529.60   | 0.24%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AP5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   11998000 | PA      | $12022844.50   | 0.04%             | 2026-01-16      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2023-B, Class A3                        | CUSIP: 344930AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   14890560 | PA      | $14963431.91   | 0.05%             | 2028-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                   | Brixmor Operating Partnership LP                                             | CUSIP: 11120VAC7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   32405000 | PA      | $32222778.26   | 0.10%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-B, Class A2A                     | CUSIP: 44934QAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   60366795 | PA      | $60506103.34   | 0.19%             | 2027-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                      | Honeywell International, Inc.                                                | CUSIP: 438516BL9<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1947884.30    | 0.01%             | 2026-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967KG5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    2045000 | PA      | $2034253.89    | 0.01%             | 2026-01-12      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2023-B, Class A3                      | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   28124829 | PA      | $28300479.61   | 0.09%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2024-A, Class A2                                 | CUSIP: 18978FAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8791592 | PA      | $8800959.03    | 0.03%             | 2027-07-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.         | Australia & New Zealand Banking Group Ltd.                                   | CUSIP: 05253JB26<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $2009660.26    | 0.01%             | 2026-03-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                                | CUSIP: 22536HVZ9<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |   93938000 | PA      | $93886644.10   | 0.30%             | 2025-10-07      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2025-B, Class A2A                  | CUSIP: 98164TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   25215000 | PA      | $25187813.19   | 0.08%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   60578000 | PA      | $58130236.87   | 0.19%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 902674ZV5<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    4183000 | PA      | $4196660.59    | 0.01%             | 2025-09-11      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust, Series 2022-3, Class A         | CUSIP: 02582JJV3<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   63195000 | PA      | $63093382.44   | 0.20%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                | Realty Income Corp.                                                          | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    5562000 | PA      | $5574526.01    | 0.02%             | 2026-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                      | Stryker Corp.                                                                | CUSIP: 863667AH4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    4676000 | PA      | $4651891.53    | 0.01%             | 2025-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Landesbank Baden-Wuerttemberg                      | Landesbank Baden-Wurttemberg                                                 | CUSIP: 51501YLV2<br>LEI: B81CK4ESI35472RHJ606 | Long             | STIV             | CORP              | DE        |     500000 | PA      | $500349.95     | 0.00%             | 2025-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   56807000 | PA      | $57367080.66   | 0.18%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2947145.34    | 0.01%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                    | Southwestern Electric Power Co., Series N                                    | CUSIP: 845437BS0<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    1562000 | PA      | $1524508.10    | 0.00%             | 2026-03-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    8603000 | PA      | $8325950.54    | 0.03%             | 2027-06-30      | Variable      | 1.68%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1625000 | PA      | $1571858.24    | 0.01%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                   | Pernod Ricard SA                                                             | CUSIP: 714264AM0<br>LEI: 52990097YFPX9J0H5D87 | Long             | DBT              | CORP              | FR        |   69144000 | PA      | $68146504.46   | 0.22%             | 2026-06-08      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PHT4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   72048000 | PA      | $71935477.60   | 0.23%             | 2027-09-11      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                           | Darden Restaurants, Inc.                                                     | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   31860000 | PA      | $31758187.87   | 0.10%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Astrazeneca Finance LLC                            | Astrazeneca Finance LLC                                                      | CUSIP: 04636NAA1<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1941739.04    | 0.01%             | 2026-05-28      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd.                                  | Symphony CLO Ltd., Series 2020-24A, Class AR                                 | CUSIP: 87167QAL2<br>LEI: 5493007X3UVVYJ005O73 | Long             | ABS-CBDO         | CORP              | KY        |   44843066 | PA      | $44883469.15   | 0.14%             | 2032-01-23      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 2332K1BC3<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |    3000000 | PA      | $2908495.50    | 0.01%             | 2026-02-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 21688ABF8<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    2000000 | PA      | $1998793.38    | 0.01%             | 2026-08-28      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   54500000 | PA      | $55476106.99   | 0.18%             | 2027-09-11      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |  113402000 | PA      | $114967685.85  | 0.37%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                          | CUSIP: 63906YAD0<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    7131000 | PA      | $6860176.96    | 0.02%             | 2026-09-29      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-3, Class A2A | CUSIP: 38013KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     465234 | PA      | $466210.77     | 0.00%             | 2027-06-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Shinhan Bank                                       | Shinhan Bank                                                                 | CUSIP: 82460ARV2<br>LEI: 5493003P813VL21KG928 | Long             | STIV             | CORP              | KR        |   24679000 | PA      | $24682131.77   | 0.08%             | 2025-06-09      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                 | Essex Portfolio LP                                                           | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    4489000 | PA      | $4439389.55    | 0.01%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   33893000 | PA      | $34130988.85   | 0.11%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477CN1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    7909000 | PA      | $7932754.44    | 0.03%             | 2029-02-20      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VNW6<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   68590000 | PA      | $68557200.26   | 0.22%             | 2025-10-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Magna International, Inc.                          | Magna International, Inc.                                                    | CUSIP: 559222AR5<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |    8252000 | PA      | $8230929.92    | 0.03%             | 2025-10-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                       | Fiserv, Inc.                                                                 | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   24446000 | PA      | $24091088.08   | 0.08%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                        | Raytheon Technologies Corp.                                                  | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     778000 | PA      | $776403.41     | 0.00%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                              | Global Payments, Inc.                                                        | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   48783000 | PA      | $47478065.48   | 0.15%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3             | CUSIP: 44935VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   32505337 | PA      | $32618468.93   | 0.10%             | 2026-12-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2022-2, Class A3                         | CUSIP: 02008MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7967067 | PA      | $7968556.60    | 0.03%             | 2027-05-17      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                         | CUSIP: 14913UAN0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   36349000 | PA      | $36447520.69   | 0.12%             | 2026-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust                         | Bank of America Auto Trust, Series 2023-2A, Class A2                         | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6246749 | PA      | $6251044.96    | 0.02%             | 2026-08-17      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   35175000 | PA      | $34570766.66   | 0.11%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TZU8<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   54447000 | PA      | $54477620.99   | 0.18%             | 2026-02-04      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   41284000 | PA      | $41379063.02   | 0.13%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    4355000 | PA      | $4376802.09    | 0.01%             | 2026-10-16      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.               | Mitsubishi UFJ Financial Group, Inc.                                         | CUSIP: 606822BS2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   38127000 | PA      | $37974323.48   | 0.12%             | 2025-07-17      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECU7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   40876000 | PA      | $40969133.10   | 0.13%             | 2027-03-19      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | Dryden Senior Loan Fund, Series 2013-26A, Class AR                           | CUSIP: 26250UAQ8<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |    2417914 | PA      | $2418440.69    | 0.01%             | 2029-04-15      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank                              | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115D6G6<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |   65108000 | PA      | $65181422.29   | 0.21%             | 2026-04-27      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                              | Parker-Hannifin Corp.                                                        | CUSIP: 70109LTD8<br>LEI: 5493002CONDB4N2HKI23 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $9982067.00    | 0.03%             | 2025-06-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                            | CUSIP: 62954WAC9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    1776000 | PA      | $1727131.97    | 0.01%             | 2026-04-03      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 064159VL7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   22760000 | PA      | $22740398.63   | 0.07%             | 2025-06-11      | Fixed         | 1.30%                 | No            |                  2 | On Loan: —       |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 21688AAY8<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    2000000 | PA      | $2029843.60    | 0.01%             | 2026-10-05      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   38087000 | PA      | $38067505.17   | 0.12%             | 2026-06-09      | Variable      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172BT5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   31466000 | PA      | $31059872.11   | 0.10%             | 2026-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307MED7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | STIV             | CORP              | CA        |   28903000 | PA      | $27736711.92   | 0.09%             | 2026-05-13      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO XXIV                                    | Apidos CLO, Series 2016-24A, Class A1AL                                      | CUSIP: 03759CAS9<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |   24070779 | PA      | $24073860.21   | 0.08%             | 2030-10-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    1004000 | PA      | $1005669.21    | 0.00%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    2747000 | PA      | $2687635.21    | 0.01%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XV Ltd.                           | Marble Point CLO Ltd., Series 2019-1A, Class A1R2                            | CUSIP: 56606YAW5<br>LEI: 549300CO8XB55W8SS394 | Long             | ABS-CBDO         | CORP              | KY        |   20487663 | PA      | $20462811.56   | 0.07%             | 2032-07-23      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                | Bank of New York Mellon Corp. (The)                                          | CUSIP: 06406RBJ5<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   24395000 | PA      | $24377444.14   | 0.08%             | 2026-07-24      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp.                           | CUSIP: 63743HFY3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |  139446000 | PA      | $139507707.64  | 0.45%             | 2026-11-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CGI, Inc.                                          | CGI, Inc.                                                                    | CUSIP: 12532HAC8<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |   19338000 | PA      | $18574322.08   | 0.06%             | 2026-09-14      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3008842.59    | 0.01%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2023-3, Class A3              | CUSIP: 80285XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5740262 | PA      | $5747131.86    | 0.02%             | 2027-10-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   20005000 | PA      | $19815722.09   | 0.06%             | 2026-09-11      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAS4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   24000000 | PA      | $24306818.40   | 0.08%             | 2027-08-18      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Conagra Brands, Inc.                               | Conagra Brands, Inc.                                                         | CUSIP: 205887AF9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3083724.48    | 0.01%             | 2026-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp                                                          | CUSIP: 316773DA5<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    6723000 | PA      | $6470824.98    | 0.02%             | 2027-05-05      | Fixed         | 2.55%                 | 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        |   11540000 | PA      | $11553087.51   | 0.04%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PVP6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  106829000 | PA      | $107283124.74  | 0.34%             | 2028-01-13      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                | Wells Fargo Bank NA                                                          | CUSIP: 94988J6G7<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   13194000 | PA      | $13282739.94   | 0.04%             | 2026-12-11      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| National Grid North America, Inc.                  | National Grid North America, Inc.                                            | CUSIP: 63627AUV8<br>LEI: 5Q3U0WRKWZZGRMPYFT08 | Long             | STIV             | CORP              | US        |    5120000 | PA      | $5080832.00    | 0.02%             | 2025-07-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418JAA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    6696000 | PA      | $6778697.14    | 0.02%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                   | ABN AMRO Bank NV                                                             | CUSIP: 00084DBD1<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   59500000 | PA      | $59905100.99   | 0.19%             | 2028-12-03      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                | Wells Fargo Bank NA                                                          | CUSIP: 94988J6H5<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   71583000 | PA      | $71706709.74   | 0.23%             | 2026-01-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd.                                    | ICG US CLO Ltd., Series 2016-1A, Class XRR                                   | CUSIP: 44931NAS0<br>LEI: 635400A7LQADQPBLJB50 | Long             | ABS-CBDO         | CORP              | KY        |     631584 | PA      | $631528.42     | 0.00%             | 2034-04-29      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    7865000 | PA      | $7906326.80    | 0.03%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust           | AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A3            | CUSIP: 03065WAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     797680 | PA      | $797277.45     | 0.00%             | 2028-04-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Dryden 30 Senior Loan Fund                         | Dryden Senior Loan Fund, Series 2013-30A, Class AR                           | CUSIP: 26249BAQ4<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |     132359 | PA      | $132316.74     | 0.00%             | 2028-11-15      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668BB7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $4885145.35    | 0.02%             | 2026-09-26      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VQQ6<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   28718000 | PA      | $28749291.13   | 0.09%             | 2026-02-12      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust               | Porsche Innovative Lease Owner Trust, Series 2025-1A, Class A2A              | CUSIP: 73329KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   23310000 | PA      | $23332689.95   | 0.08%             | 2027-12-20      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Sonoco Products Co.                                | Sonoco Products Co.                                                          | CUSIP: 835495AQ5<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   37666000 | PA      | $37476535.88   | 0.12%             | 2026-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc.                                                        | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   39033000 | PA      | $38946934.58   | 0.13%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675FAZ0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   85390000 | PA      | $85584579.05   | 0.28%             | 2026-01-26      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                             | WEC Energy Group, Inc.                                                       | CUSIP: 92939UAH9<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   17277000 | PA      | $17281769.14   | 0.06%             | 2025-09-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RAD6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |   55845000 | PA      | $54307648.58   | 0.17%             | 2026-01-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  270000000 | PA      | $270316407.60  | 0.87%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                      | Entergy Corp.                                                                | CUSIP: 29364GAM5<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   23130000 | PA      | $22878279.45   | 0.07%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                        | Volkswagen Auto Lease Trust, Series 2023-A, Class A3                         | CUSIP: 92867UAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   46059123 | PA      | $46266881.45   | 0.15%             | 2026-10-20      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                          | SCF Equipment Leasing LLC, Series 2024-1A, Class A2                          | CUSIP: 783896AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   14814727 | PA      | $14912966.89   | 0.05%             | 2029-11-20      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    9700000 | PA      | $9797346.10    | 0.03%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| Kookmin Bank                                       | Kookmin Bank                                                                 | CUSIP: 48668M5J8<br>LEI: 549300XXMOJSIW8P4769 | Long             | STIV             | CORP              | KR        |   61378000 | PA      | $61384598.14   | 0.20%             | 2025-06-09      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2022-3, Class A3                         | CUSIP: 02008DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2180008 | PA      | $2182367.28    | 0.01%             | 2027-04-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                 | ITC Holdings Corp.                                                           | CUSIP: 465685AK1<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    1165000 | PA      | $1145970.79    | 0.00%             | 2026-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $196488.32     | 0.00%             | 2025-11-15      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3            | CUSIP: 14044CAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     678566 | PA      | $676874.72     | 0.00%             | 2026-09-15      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 6944PL2B4<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1497037.76    | 0.00%             | 2025-06-24      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| Met Tower Global Funding                           | Met Tower Global Funding                                                     | CUSIP: 58989V2G8<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   19592000 | PA      | $19720613.45   | 0.06%             | 2027-01-16      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   27638000 | PA      | $27615122.65   | 0.09%             | 2027-02-19      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418GAL1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   66856000 | PA      | $66620451.60   | 0.21%             | 2028-09-08      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |  111306000 | PA      | $112259027.57  | 0.36%             | 2026-06-24      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Fiserv, Inc.                                       | Fiserv, Inc.                                                                 | CUSIP: 337738AP3<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    5718000 | PA      | $5718000.00    | 0.02%             | 2025-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4J7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   24818000 | PA      | $24872698.87   | 0.08%             | 2026-07-16      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   17454000 | PA      | $16911718.18   | 0.05%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64953BBF4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2027153.76    | 0.01%             | 2026-09-18      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2021-1, Class A                         | CUSIP: 345340AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  113195000 | PA      | $110079137.83  | 0.35%             | 2033-10-17      | Fixed         | 1.37%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   46967000 | PA      | $47751234.30   | 0.15%             | 2027-07-02      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AM2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    1575000 | PA      | $1548016.86    | 0.00%             | 2027-04-07      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                                | CUSIP: 22536HC72<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |   46140000 | PA      | $46158252.98   | 0.15%             | 2025-11-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KKR CLO 21 Ltd.                                    | KKR CLO Ltd., Series 21, Class A                                             | CUSIP: 48252KAA7<br>LEI: 5493008X0MRR4A6VYF15 | Long             | ABS-CBDO         | CORP              | KY        |    4098241 | PA      | $4097445.52    | 0.01%             | 2031-04-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank plc                                  | Barclays Bank plc                                                            | CUSIP: 06745GCC3<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | STIV             | CORP              | GB        |   46265000 | PA      | $46298278.41   | 0.15%             | 2025-12-09      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 90351DAF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   32378000 | PA      | $32258718.48   | 0.10%             | 2026-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  108844000 | PA      | $109765660.52  | 0.35%             | 2026-05-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Eversource Energy                                  | Eversource Energy                                                            | CUSIP: 30040WAY4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   12766000 | PA      | $12829142.68   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                             | Dell International LLC                                                       | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12057000 | PA      | $12168661.56   | 0.04%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   64606000 | PA      | $65422886.66   | 0.21%             | 2026-07-02      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                  | American Electric Power Co., Inc., Series N                                  | CUSIP: 025537AR2<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    3241000 | PA      | $3190260.07    | 0.01%             | 2025-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                           | Svenska Handelsbanken AB                                                     | CUSIP: 86959LAM5<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |  109095000 | PA      | $110124506.61  | 0.35%             | 2026-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: —       |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2024-A, Class A2A                  | CUSIP: 98164RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   22299524 | PA      | $22312149.63   | 0.07%             | 2027-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271RAR1<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $2014001.22    | 0.01%             | 2026-03-13      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| ANZ New Zealand Int'l Ltd.                         | ANZ New Zealand Int'l Ltd.                                                   | CUSIP: 00182EBN8<br>LEI: 213800VD256NU2D97H12 | Long             | DBT              | CORP              | NZ        |    3555000 | PA      | $3442015.45    | 0.01%             | 2026-06-22      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBE7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   76962000 | PA      | $76800596.06   | 0.25%             | 2025-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Corporate Treasury Ltd.                 | Brookfield Corporate Treasury Ltd.                                           | CUSIP: 11271ETW8<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |   22855000 | PA      | $22762087.57   | 0.07%             | 2025-06-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| US Bank NA                                         | US Bank NA                                                                   | CUSIP: 90331HPP2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   93509000 | PA      | $93398652.83   | 0.30%             | 2027-10-22      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAP2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   85449000 | PA      | $85631660.05   | 0.28%             | 2026-01-09      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016EZQ3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   24788000 | PA      | $24097851.02   | 0.08%             | 2026-04-27      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280EM7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   30556000 | PA      | $30781208.11   | 0.10%             | 2028-11-19      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CBB3<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   97494000 | PA      | $97725352.29   | 0.31%             | 2027-08-20      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| US Bancorp                                         | US Bancorp, Series V                                                         | CUSIP: 91159HHN3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1959724.08    | 0.01%             | 2026-07-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565EAH8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1970060.20    | 0.01%             | 2026-04-11      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO Ltd.                                       | KKR CLO Ltd., Series 15, Class A1R2                                          | CUSIP: 48251MBA3<br>LEI: 549300K434Q30JZAS486 | Long             | ABS-CBDO         | CORP              | KY        |   65256455 | PA      | $65215277.79   | 0.21%             | 2032-01-18      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 6944PL2T5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    7205000 | PA      | $7207109.34    | 0.02%             | 2025-06-16      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.         | Australia & New Zealand Banking Group Ltd.                                   | CUSIP: 05253AYR5<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | STIV             | CORP              | AU        |  189166000 | PA      | $185092991.19  | 0.60%             | 2025-11-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BAE Systems Holdings, Inc.                         | BAE Systems Holdings, Inc.                                                   | CUSIP: 05523UAP5<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |   10275000 | PA      | $10224788.95   | 0.03%             | 2025-12-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    5542000 | PA      | $5223612.10    | 0.02%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  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        |     982500 | PA      | $982315.02     | 0.00%             | 2030-10-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 902674ZX1<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   70430000 | PA      | $70556236.62   | 0.23%             | 2025-09-11      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DP1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   12100000 | PA      | $12210558.18   | 0.04%             | 2028-02-16      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                          | PPL Capital Funding, Inc.                                                    | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    2308000 | PA      | $2275035.99    | 0.01%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                     | Mercedes-Benz Auto Lease Trust, Series 2025-A, Class A2A                     | CUSIP: 58768YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   40000000 | PA      | $40077192.00   | 0.13%             | 2028-04-17      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 74256LEE5<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    3500000 | PA      | $3493400.58    | 0.01%             | 2025-06-23      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849MBT7<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |  112560000 | PA      | $108890059.99  | 0.35%             | 2026-02-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co., Series F                                                     | CUSIP: 233331BG1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   17297000 | PA      | $17297000.00   | 0.06%             | 2025-06-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 23329PAF7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    9184000 | PA      | $9085320.40    | 0.03%             | 2026-09-16      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  107556000 | PA      | $107541754.21  | 0.35%             | 2026-12-11      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.         | Australia & New Zealand Banking Group Ltd.                                   | CUSIP: 05253JAX9<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   72769000 | PA      | $72818125.62   | 0.23%             | 2025-07-03      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                   | BP Capital Markets America, Inc.                                             | CUSIP: 10373QAB6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     792000 | PA      | $790668.20     | 0.00%             | 2025-09-21      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Deutsche Telekom International Finance BV          | Deutsche Telekom International Finance BV                                    | CUSIP: 25156PBA0<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |    1638000 | PA      | $1613434.93    | 0.01%             | 2027-01-19      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Elevance Health, Inc.                              | Elevance Health, Inc.                                                        | CUSIP: 036752AR4<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    8955000 | PA      | $8742412.96    | 0.03%             | 2026-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                         | Aviation Capital Group LLC                                                   | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   29135000 | PA      | $29021145.37   | 0.09%             | 2027-04-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| F&G Global Funding                                 | F&G Global Funding                                                           | CUSIP: 30321L2E1<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    1250000 | PA      | $1249980.25    | 0.00%             | 2025-07-07      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RB60<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |  144677000 | PA      | $140301967.52  | 0.45%             | 2026-02-06      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| US Bancorp                                         | US Bancorp                                                                   | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   67136000 | PA      | $67388609.94   | 0.22%             | 2026-10-21      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XXX                                     | Apidos CLO, Series XXXA, Class A1AR                                          | CUSIP: 03768CAN9<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |   11587004 | PA      | $11578464.44   | 0.04%             | 2031-10-18      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                             | WEC Energy Group, Inc.                                                       | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   35196000 | PA      | $35220240.54   | 0.11%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    6024000 | PA      | $6024783.12    | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Phillips 66 Co.                                    | Phillips 66 Co.                                                              | CUSIP: 718547AF9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    5290000 | PA      | $5223048.17    | 0.02%             | 2026-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 0641594A1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    8577000 | PA      | $8308668.81    | 0.03%             | 2026-06-24      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp.                               | Dollar General Corp.                                                         | CUSIP: 256677AE5<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |      19000 | PA      | $18722.42      | 0.00%             | 2027-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 8085A2UN5<br>LEI: 549300VSGCJ7E698NM85 | Long             | STIV             | CORP              | US        |  284236000 | PA      | $282406088.63  | 0.91%             | 2025-07-22      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Rad CLO 7 Ltd.                                     | Rad CLO Ltd., Series 2020-7A, Class A1R                                      | CUSIP: 74936GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   22750000 | PA      | $22774934.00   | 0.07%             | 2036-04-17      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 2332K0YR7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |   61581000 | PA      | $60262981.86   | 0.19%             | 2025-11-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Southern Power Co.                                 | Southern Power Co.                                                           | CUSIP: 843646AM2<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |   11912000 | PA      | $11886318.68   | 0.04%             | 2025-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                     | NNN REIT, Inc.                                                               | CUSIP: 637417AH9<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    5943000 | PA      | $5923330.10    | 0.02%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   28220000 | PA      | $28474013.30   | 0.09%             | 2028-11-26      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   50000000 | PA      | $49988146.00   | 0.16%             | 2029-05-09      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                    | Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1AR                  | CUSIP: 69690CAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   16900074 | PA      | $16895088.95   | 0.05%             | 2031-04-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAA0<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    6524000 | PA      | $6484898.99    | 0.02%             | 2025-08-05      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   46257000 | PA      | $46837092.85   | 0.15%             | 2026-07-05      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   39320000 | PA      | $39255510.87   | 0.13%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                                     | AutoZone, Inc.                                                               | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    9700000 | PA      | $9752911.95    | 0.03%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Dewolf Park CLO Ltd.                               | Dewolf Park CLO Ltd., Series 2017-1A, Class AR                               | CUSIP: 25211AAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   26636323 | PA      | $26655048.41   | 0.09%             | 2030-10-15      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565EBW4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   20155000 | PA      | $19398282.74   | 0.06%             | 2026-08-12      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   20123000 | PA      | $20120020.39   | 0.06%             | 2026-06-04      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                | Fifth Third Bank NA                                                          | CUSIP: 31677QBM0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    9589000 | PA      | $9579491.84    | 0.03%             | 2025-07-28      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBT5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   43800000 | PA      | $43790791.49   | 0.14%             | 2027-09-10      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   28410000 | PA      | $28371619.51   | 0.09%             | 2027-03-25      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Nationwide Building Society                        | Nationwide Building Society                                                  | CUSIP: 63859UBH5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    1958000 | PA      | $1880801.86    | 0.01%             | 2026-10-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64952WFL2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  169001000 | PA      | $169222526.51  | 0.54%             | 2027-12-13      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Roche Holdings, Inc.                               | Roche Holdings, Inc.                                                         | CUSIP: 771196CE0<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |     500000 | PA      | $507038.99     | 0.00%             | 2026-11-13      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Stryker Corp.                                      | Stryker Corp.                                                                | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   57958000 | PA      | $58155512.75   | 0.19%             | 2027-02-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                | Bank of Nova Scotia (The)                                                    | CUSIP: 06418NBX9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | STIV             | CORP              | CA        |  226610000 | PA      | $226616639.67  | 0.73%             | 2025-06-04      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DC0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2003758.14    | 0.01%             | 2026-02-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                | Take-Two Interactive Software, Inc.                                          | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |   11117000 | PA      | $11141097.99   | 0.04%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnetite XXV Ltd.                                 | Magnetite Ltd., Series 2020-25A, Class A                                     | CUSIP: 55955GAA1<br>LEI: 549300WFCL37N4TDUR08 | Long             | ABS-CBDO         | CORP              | KY        |   16765315 | PA      | $16780739.09   | 0.05%             | 2032-01-25      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RHT2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    2145000 | PA      | $2132633.56    | 0.01%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd.                                  | Symphony CLO Ltd., Series 2019-21A, Class AR2                                | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |   29617249 | PA      | $29518475.61   | 0.09%             | 2032-07-15      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   33926000 | PA      | $34056397.97   | 0.11%             | 2026-08-07      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Microchip Technology, Inc.                         | Microchip Technology, Inc.                                                   | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   26547000 | PA      | $26506621.48   | 0.09%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   27420000 | PA      | $27630037.20   | 0.09%             | 2027-01-09      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: —       |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   14293000 | PA      | $14017646.36   | 0.05%             | 2026-11-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-A, Class A2A                     | CUSIP: 448973AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11929008 | PA      | $11951414.45   | 0.04%             | 2027-04-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                          | Madison Park Funding Ltd., Series 2014-14A, Class AR4                        | CUSIP: 55818RBL9<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-CBDO         | CORP              | KY        |  108354285 | PA      | $108138227.03  | 0.35%             | 2030-10-22      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   17063000 | PA      | $17203164.53   | 0.06%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAX3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    1600000 | PA      | $1640402.10    | 0.01%             | 2027-11-07      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                             | Dell International LLC                                                       | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6911000 | PA      | $6929700.20    | 0.02%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAP9<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   25570000 | PA      | $25654561.78   | 0.08%             | 2025-10-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                       | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KBB1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   11857000 | PA      | $11857000.00   | 0.04%             | 2025-06-02      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849HYD8<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |  287098000 | PA      | $281268216.72  | 0.90%             | 2025-11-13      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bayer US Finance II LLC                            | Bayer US Finance II LLC                                                      | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    6140000 | PA      | $6117169.39    | 0.02%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  120464000 | PA      | $121439018.75  | 0.39%             | 2027-03-02      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 05593DEN9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | STIV             | CORP              | FR        |  163452000 | PA      | $163558292.84  | 0.53%             | 2026-02-12      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |  112605000 | PA      | $109969184.95  | 0.35%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                 | Energy Transfer LP                                                           | CUSIP: 29277ET20<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | STIV             | CORP              | US        |  102000000 | PA      | $101961168.60  | 0.33%             | 2025-06-02      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   44071000 | PA      | $43985327.74   | 0.14%             | 2026-06-19      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note Trust               | Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A                | CUSIP: 89237MAA7<br>LEI: 54930055QDKD6LCRW256 | Long             | ABS-O            | CORP              | US        |   65371000 | PA      | $63734469.70   | 0.20%             | 2034-02-27      | Fixed         | 1.07%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172CU1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    1176000 | PA      | $1178035.59    | 0.00%             | 2025-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                | Expedia Group, Inc.                                                          | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8135000 | PA      | $8144144.47    | 0.03%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAD5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    5436000 | PA      | $5369487.60    | 0.02%             | 2027-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 21684X3J3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | NL        |  102171000 | PA      | $102190749.65  | 0.33%             | 2026-05-13      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   42180000 | PA      | $42341277.34   | 0.14%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 90351DAB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    2936000 | PA      | $2929235.57    | 0.01%             | 2025-09-24      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAA6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   97000000 | PA      | $97965437.12   | 0.31%             | 2029-01-24      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                 | Discover Card Execution Note Trust, Series 2023-A1, Class A                  | CUSIP: 254683CY9<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |  107878000 | PA      | $107753670.61  | 0.35%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust, Series 2023-3, Class A3               | CUSIP: 379929AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7906489 | PA      | $7922337.58    | 0.03%             | 2026-11-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                          | HCA, Inc.                                                                    | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   19379000 | PA      | $19583270.74   | 0.06%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mutual of Omaha Cos. Global Funding                | Mutual of Omaha Cos. Global Funding                                          | CUSIP: 62829D2D1<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |   13008000 | PA      | $13163492.43   | 0.04%             | 2027-04-09      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 2027A0HY8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    3000000 | PA      | $2940211.53    | 0.01%             | 2026-09-06      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   15483000 | PA      | $15589009.16   | 0.05%             | 2026-10-30      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                        | AvalonBay Communities, Inc.                                                  | CUSIP: 05348EAX7<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    2991000 | PA      | $2949952.56    | 0.01%             | 2026-05-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| THL Credit Wind River CLO Ltd.                     | THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR                     | CUSIP: 88390AAT7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     406757 | PA      | $406829.78     | 0.00%             | 2031-01-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)           | PNC Financial Services Group, Inc. (The)                                     | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  111563000 | PA      | $111626595.37  | 0.36%             | 2027-01-26      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                              | CCG Receivables Trust, Series 2024-1, Class A2                               | CUSIP: 12515PAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   43723119 | PA      | $43893512.49   | 0.14%             | 2032-03-15      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Elevance Health, Inc.                              | Elevance Health, Inc.                                                        | CUSIP: 036752AV5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   14682000 | PA      | $14704761.50   | 0.05%             | 2025-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   35818000 | PA      | $35020793.04   | 0.11%             | 2027-01-30      | Variable      | 1.36%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                              | Global Payments, Inc.                                                        | CUSIP: 891906AC3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   25199000 | PA      | $25188739.22   | 0.08%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2024-1, Class A2                        | CUSIP: 24702GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   20762248 | PA      | $20810646.62   | 0.07%             | 2030-03-22      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                       | Sabine Pass Liquefaction LLC                                                 | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |   18821000 | PA      | $18934892.83   | 0.06%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   69845000 | PA      | $68861020.15   | 0.22%             | 2026-10-24      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05973RDA7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | STIV             | CORP              | ES        |   33712000 | PA      | $33727281.65   | 0.11%             | 2025-11-21      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                 | CNO Global Funding                                                           | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   17367000 | PA      | $17350333.76   | 0.06%             | 2029-09-09      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                     | Hewlett Packard Enterprise Co.                                               | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   58198000 | PA      | $58112938.97   | 0.19%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Guardian Life Global Funding                       | Guardian Life Global Funding                                                 | CUSIP: 40139LAG8<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |    1871000 | PA      | $1867268.72    | 0.01%             | 2025-06-23      | Fixed         | 1.10%                 | Yes           |                  2 | On Loan: —       |
| AutoZone, Inc.                                     | AutoZone, Inc.                                                               | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    5970000 | PA      | $5905473.61    | 0.02%             | 2026-04-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661EK9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   13747000 | PA      | $13740853.30   | 0.04%             | 2025-09-08      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                       | AbbVie, Inc.                                                                 | CUSIP: 00287BWG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | STIV             | CORP              | US        |  279606000 | PA      | $275719756.21  | 0.89%             | 2025-09-16      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                | Georgia-Pacific LLC                                                          | CUSIP: 37331NAJ0<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    1949000 | PA      | $1928523.18    | 0.01%             | 2025-09-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O'Reilly Automotive, Inc.                                                    | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   17092000 | PA      | $16963169.73   | 0.05%             | 2026-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2023-A, Class A3                      | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   30449847 | PA      | $30446199.34   | 0.10%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 05593D4K6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | STIV             | CORP              | FR        |   38432000 | PA      | $38461722.92   | 0.12%             | 2025-08-08      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                    | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   70341000 | PA      | $70340552.63   | 0.23%             | 2026-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368FAC3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    1937000 | PA      | $1860512.38    | 0.01%             | 2026-09-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                        | Sysco Corp.                                                                  | CUSIP: 871829AZ0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   61866000 | PA      | $61667049.46   | 0.20%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co.                                                            | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    3500000 | PA      | $3498583.06    | 0.01%             | 2026-08-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    5005000 | PA      | $4837968.29    | 0.02%             | 2026-07-12      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   59831000 | PA      | $60696409.35   | 0.20%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc., Series A                                              | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   12036000 | PA      | $11711426.39   | 0.04%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                         | Apidos CLO, Series 2015-23A, Class ARR                                       | CUSIP: 03765YBG8<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |   58800000 | PA      | $58782654.00   | 0.19%             | 2033-04-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Kroger Co. (The)                                   | Kroger Co. (The)                                                             | CUSIP: 501044DE8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    7172000 | PA      | $7003776.44    | 0.02%             | 2026-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Diageo Capital plc                                 | Diageo Capital plc                                                           | CUSIP: 25243YBF5<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    5570000 | PA      | $5582811.56    | 0.02%             | 2025-10-24      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668AT9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    5708000 | PA      | $5698650.92    | 0.02%             | 2025-11-13      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                     | Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A3                      | CUSIP: 58769GAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   35070000 | PA      | $34959248.94   | 0.11%             | 2028-02-15      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                 | General Motors Co.                                                           | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   54422000 | PA      | $54584835.52   | 0.18%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3029588.49    | 0.01%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   54064000 | PA      | $54324026.76   | 0.17%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                              | CUSIP: 22536WJM9<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |   45394000 | PA      | $45413732.77   | 0.15%             | 2025-11-21      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO XV                            | Neuberger Berman CLO, Series 2013-15A, Class A1R2                            | CUSIP: 64129KBE6<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   31066553 | PA      | $31077923.52   | 0.10%             | 2029-10-15      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   27511000 | PA      | $26732799.92   | 0.09%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XDD5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   50515000 | PA      | $49391547.41   | 0.16%             | 2026-01-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   14083000 | PA      | $14244742.27   | 0.05%             | 2026-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TWK3<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   38749000 | PA      | $38758842.25   | 0.12%             | 2025-11-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                            | DuPont de Nemours, Inc.                                                      | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    4043000 | PA      | $4040035.59    | 0.01%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| AEGON Funding Co. LLC                              | AEGON Funding Co. LLC                                                        | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |   73400000 | PA      | $74108533.14   | 0.24%             | 2027-04-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214CX9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   13463000 | PA      | $13281032.34   | 0.04%             | 2026-05-13      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607H6M9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    1637000 | PA      | $1634730.79    | 0.01%             | 2025-08-04      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| AES Corp. (The)                                    | AES Corp. (The)                                                              | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    4661000 | PA      | $4555146.27    | 0.01%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.              | Alexandria Real Estate Equities, Inc.                                        | CUSIP: 015271AH2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    6706000 | PA      | $6688630.39    | 0.02%             | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust, Series 2022-6, Class A                                 | CUSIP: 92348KAZ6<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   40745000 | PA      | $40696749.77   | 0.13%             | 2029-01-22      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2024-1, Class A2A                            | CUSIP: 05611UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11219425 | PA      | $11228522.69   | 0.04%             | 2026-07-27      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2022-C, Class A3                   | CUSIP: 98163TAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5148067 | PA      | $5129715.88    | 0.02%             | 2027-10-15      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| KKR CLO Ltd.                                       | KKR CLO Ltd., Series 24, Class A1R                                           | CUSIP: 48252RAL8<br>LEI: 549300LGO0WGOG6NE245 | Long             | ABS-CBDO         | CORP              | KY        |   10585666 | PA      | $10596601.40   | 0.03%             | 2032-04-20      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                | Georgia-Pacific LLC                                                          | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |   14544000 | PA      | $14558693.22   | 0.05%             | 2028-06-30      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   65038000 | PA      | $63683530.97   | 0.20%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| Interstate Power and Light Co.                     | Interstate Power and Light Co.                                               | CUSIP: 461070AM6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |     564000 | PA      | $562269.55     | 0.00%             | 2025-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Landesbank Baden-Wuerttemberg                      | Landesbank Baden-Wuerttemberg                                                | CUSIP: 51501YWC2<br>LEI: B81CK4ESI35472RHJ606 | Long             | STIV             | CORP              | DE        |   60104000 | PA      | $60175265.31   | 0.19%             | 2025-11-28      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Dllad LLC                                          | Dllad LLC, Series 2024-1A, Class A2                                          | CUSIP: 23346MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19367967 | PA      | $19449137.75   | 0.06%             | 2027-08-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   24586000 | PA      | $23932723.92   | 0.08%             | 2027-02-24      | Variable      | 1.11%                 | Yes           |                  2 | On Loan: —       |
| Brambles USA, Inc.                                 | Brambles USA, Inc.                                                           | CUSIP: 10510KAC1<br>LEI: 549300ELM3HO6HFZSW59 | Long             | DBT              | CORP              | US        |     400000 | PA      | $398727.81     | 0.00%             | 2025-10-23      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2023-C, Class A2A                       | CUSIP: 344940AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4092191 | PA      | $4095961.85    | 0.01%             | 2026-09-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    9455000 | PA      | $9228511.15    | 0.03%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   24226000 | PA      | $23466033.53   | 0.08%             | 2027-06-09      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                          | Williams Cos., Inc. (The)                                                    | CUSIP: 96949LAB1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   17339000 | PA      | $17301139.08   | 0.06%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2023-2, Class A3              | CUSIP: 80287JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     356489 | PA      | $356574.10     | 0.00%             | 2027-07-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 69448TAC5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   49504000 | PA      | $49573921.43   | 0.16%             | 2028-05-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   43173000 | PA      | $42730748.31   | 0.14%             | 2027-04-23      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series FIX                                            | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   97000000 | PA      | $97950090.75   | 0.31%             | 2029-01-24      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    7177000 | PA      | $7252302.66    | 0.02%             | 2027-01-18      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: —       |
| Jabil, Inc.                                        | Jabil, Inc.                                                                  | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     300000 | PA      | $291889.89     | 0.00%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   23940000 | PA      | $23746683.54   | 0.08%             | 2025-09-01      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| VMware LLC                                         | VMware LLC                                                                   | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    3688000 | PA      | $3550965.68    | 0.01%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                               | ERAC USA Finance LLC                                                         | CUSIP: 26884TAP7<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    1047000 | PA      | $1043134.98    | 0.00%             | 2025-11-01      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Marriott International, Inc.                       | Marriott International, Inc.                                                 | CUSIP: 571903AP8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    3909000 | PA      | $3895644.20    | 0.01%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254BZ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   20835000 | PA      | $20401840.35   | 0.07%             | 2027-01-14      | Variable      | 1.46%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |  119076000 | PA      | $119141828.79  | 0.38%             | 2027-03-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172CR8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    6632000 | PA      | $6420236.19    | 0.02%             | 2026-05-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XVIII Ltd.                    | Madison Park Funding Ltd., Series 2015-18A, Class ARR                        | CUSIP: 55819BAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   33458418 | PA      | $33481270.56   | 0.11%             | 2030-10-21      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| BofA Auto Trust                                    | BofA Auto Trust, Series 2025-1A, Class A2A                                   | CUSIP: 05594BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   21255000 | PA      | $21240312.80   | 0.07%             | 2027-11-22      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254AZ3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    8840000 | PA      | $8786076.00    | 0.03%             | 2026-04-12      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LC53<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     500000 | PA      | $505788.45     | 0.00%             | 2026-12-11      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBL1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |  116750000 | PA      | $117175320.25  | 0.38%             | 2027-11-19      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.          | Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class AR3         | CUSIP: 14311DBN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3811970 | PA      | $3813357.07    | 0.01%             | 2031-07-20      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CT5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   53627000 | PA      | $54333487.46   | 0.17%             | 2027-07-06      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECD5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    9237000 | PA      | $9242255.85    | 0.03%             | 2025-08-11      | Floating      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner Trust                | Nissan Auto Receivables Owner Trust, Series 2022-B, Class A3                 | CUSIP: 65480JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4527353 | PA      | $4524788.08    | 0.01%             | 2027-05-17      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2022-A, Class A3                                 | CUSIP: 12660DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2599218 | PA      | $2576920.03    | 0.01%             | 2027-07-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                       | Zimmer Biomet Holdings, Inc.                                                 | CUSIP: 98956PAS1<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   35107000 | PA      | $34781749.79   | 0.11%             | 2026-01-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                     | Alphabet, Inc.                                                               | CUSIP: 02079NTP6<br>LEI: 5493006MHB84DD0ZWV18 | Long             | STIV             | CORP              | US        |  164800000 | PA      | $164325656.16  | 0.53%             | 2025-06-23      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   17392000 | PA      | $17496422.26   | 0.06%             | 2027-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                | Bank of New York Mellon Corp. (The)                                          | CUSIP: 06406RBQ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   25937000 | PA      | $26056417.58   | 0.08%             | 2027-04-26      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3  | CUSIP: 36267KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8078966 | PA      | $8129062.03    | 0.03%             | 2028-06-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   21542000 | PA      | $21654244.38   | 0.07%             | 2027-01-12      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                      | State Street Bank & Trust Co.                                                | CUSIP: 857449AC6<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   62407000 | PA      | $62684514.57   | 0.20%             | 2026-11-25      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3               | CUSIP: 36269FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11255000 | PA      | $11291681.17   | 0.04%             | 2027-03-22      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-C, Class A2                               | CUSIP: 78398DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19564796 | PA      | $19568938.25   | 0.06%             | 2026-11-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  101500000 | PA      | $102259641.23  | 0.33%             | 2028-01-19      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund         | JPMorgan U.S. Government Money Market Fund, Class IM                         | CUSIP: 4812C2270<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | STIV             | RF                | US        | 1985279115 | NS      | $1985279115.41 | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   14456000 | PA      | $14381676.07   | 0.05%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                         | Constellation Brands, Inc.                                                   | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     188000 | PA      | $187637.39     | 0.00%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.              | Alexandria Real Estate Equities, Inc.                                        | CUSIP: 015271AP4<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |   26405000 | PA      | $26201568.75   | 0.08%             | 2026-04-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Chevron Phillips Chemical Co. LLC                  | Chevron Phillips Chemical Co. LLC                                            | CUSIP: 166754AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8320000 | PA      | $8188211.78    | 0.03%             | 2026-12-01      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| LCM XXIV Ltd.                                      | LCM Ltd., Series 24A, Class AR                                               | CUSIP: 50188YAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1444198 | PA      | $1444248.05    | 0.00%             | 2030-03-20      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Extra Space Storage LP                             | Extra Space Storage LP                                                       | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    6852000 | PA      | $6776821.91    | 0.02%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607LWT6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   13413000 | PA      | $13658431.07   | 0.04%             | 2026-10-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A2U4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     535000 | PA      | $524575.96     | 0.00%             | 2026-01-08      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: —       |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     134000 | PA      | $134117.81     | 0.00%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ING US Funding LLC                                 | ING US Funding LLC                                                           | CUSIP: 45685QX79<br>LEI: 254900QX5Y2ZDZ6XBT08 | Long             | STIV             | CORP              | US        |  190242000 | PA      | $187216980.98  | 0.60%             | 2025-10-07      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Truist Bank                                        | Truist Bank                                                                  | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  123622000 | PA      | $123707281.87  | 0.40%             | 2027-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                                | CUSIP: 22532XWY0<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |   30536000 | PA      | $30561862.16   | 0.10%             | 2025-08-01      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAZ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   67732000 | PA      | $68502647.92   | 0.22%             | 2028-01-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   62765000 | PA      | $62643647.64   | 0.20%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967MB4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   23987000 | PA      | $24014949.41   | 0.08%             | 2026-07-01      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| NXP BV                                             | NXP BV                                                                       | CUSIP: 62947QBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7377000 | PA      | $7400053.13    | 0.02%             | 2026-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Danone SA                                          | Danone SA                                                                    | CUSIP: 23636TAE0<br>LEI: 969500KMUQ2B6CBAF162 | Long             | DBT              | CORP              | FR        |   10041000 | PA      | $9827158.53    | 0.03%             | 2026-11-02      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   63100000 | PA      | $63421375.24   | 0.20%             | 2028-04-23      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                    | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   15547000 | PA      | $15609940.79   | 0.05%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Co.                         | Arizona Public Service Co.                                                   | CUSIP: 040555CV4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    5170000 | PA      | $5031725.14    | 0.02%             | 2026-09-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3W9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   12860000 | PA      | $12889222.81   | 0.04%             | 2026-05-08      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  106626000 | PA      | $103942272.63  | 0.33%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                | Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A3                 | CUSIP: 92867WAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13056000 | PA      | $13096807.83   | 0.04%             | 2028-06-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| LCM 26 Ltd.                                        | LCM Ltd., Series 26A, Class A1                                               | CUSIP: 50200FAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1349837 | PA      | $1349980.02    | 0.00%             | 2031-01-20      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Newark BSL CLO 1 Ltd.                              | Newark BSL CLO Ltd., Series 2016-1A, Class A1R                               | CUSIP: 65023TAJ1<br>LEI: 549300R0C043JWD1XY94 | Long             | ABS-CBDO         | CORP              | KY        |    3558113 | PA      | $3558657.72    | 0.01%             | 2029-12-21      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2A9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    2019000 | PA      | $2018797.05    | 0.01%             | 2025-06-06      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                      | Pioneer Natural Resources Co.                                                | CUSIP: 723787AV9<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   29294000 | PA      | $29433996.90   | 0.09%             | 2026-03-29      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U4T4<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2004602.52    | 0.01%             | 2026-04-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CarVal CLO I Ltd.                                  | CarVal CLO Ltd., Series 2018-1A, Class AR                                    | CUSIP: 146865AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   32580443 | PA      | $32628075.80   | 0.10%             | 2031-07-16      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                                  | CUSIP: 14040HCU7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   31861000 | PA      | $31860750.53   | 0.10%             | 2026-07-24      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Biogen, Inc.                                       | Biogen, Inc.                                                                 | CUSIP: 09062XAF0<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    1970000 | PA      | $1968883.80    | 0.01%             | 2025-09-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAH5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   21947000 | PA      | $21921893.29   | 0.07%             | 2026-07-28      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   15428000 | PA      | $15266006.00   | 0.05%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                    | Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N                   | CUSIP: 69703RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   17174839 | PA      | $17141159.58   | 0.06%             | 2033-01-15      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   36124000 | PA      | $35972765.43   | 0.12%             | 2028-09-11      | Variable      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO                                         | Apidos CLO, Series 2019-31A, Class A1R                                       | CUSIP: 03767VAG3<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |   19804145 | PA      | $19823394.61   | 0.06%             | 2031-04-15      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAJ0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   56000000 | PA      | $55414620.80   | 0.18%             | 2025-09-18      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LWT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    1435000 | PA      | $1441063.08    | 0.00%             | 2025-09-25      | Fixed         | 5.92%                 | No            |                  2 | On Loan: —       |
| CIFC Funding Ltd.                                  | CIFC Funding Ltd., Series 2013-3RA, Class A1R                                | CUSIP: 12552MAL2<br>LEI: 549300JZARV9CBLL1S14 | Long             | ABS-CBDO         | CORP              | KY        |   64552562 | PA      | $64504083.30   | 0.21%             | 2031-04-24      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                   | ABN AMRO Bank NV                                                             | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  130000000 | PA      | $132456767.30  | 0.43%             | 2027-09-18      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |  195972000 | PA      | $195732091.08  | 0.63%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271RAU4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   45001000 | PA      | $45254075.72   | 0.15%             | 2026-11-27      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   48997000 | PA      | $48677608.65   | 0.16%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YAD1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   14215000 | PA      | $14082967.67   | 0.05%             | 2026-04-12      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: —       |
| Southern Co. (The)                                 | Southern Co. (The)                                                           | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   15200000 | PA      | $15018248.43   | 0.05%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Greenwood Park CLO Ltd.                            | Greenwood Park CLO Ltd., Series 2018-1A, Class A2                            | CUSIP: 39729RAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     889391 | PA      | $889804.94     | 0.00%             | 2031-04-15      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Ecolab, Inc.                                       | Ecolab, Inc.                                                                 | CUSIP: 278865AV2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    2172000 | PA      | $2124099.86    | 0.01%             | 2026-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACS4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $7016868.81    | 0.02%             | 2025-11-03      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89114QCP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    2525000 | PA      | $2468520.85    | 0.01%             | 2026-01-06      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LC61<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   60331000 | PA      | $60874159.99   | 0.20%             | 2026-12-11      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBJ6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   37784000 | PA      | $37040516.30   | 0.12%             | 2027-06-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                    | Palmer Square Loan Funding Ltd., Series 2024-3A, Class A1                    | CUSIP: 69690EAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   64838152 | PA      | $64798989.28   | 0.21%             | 2032-08-08      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368MFW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  137095000 | PA      | $136993952.76  | 0.44%             | 2026-12-11      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                  | Cigna Group (The)                                                            | CUSIP: 125523BZ2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    4047000 | PA      | $4045732.60    | 0.01%             | 2026-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co.                                                               | CUSIP: 233331AY3<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    5215000 | PA      | $5099647.17    | 0.02%             | 2026-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 632525BM2<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   44601000 | PA      | $44689425.50   | 0.14%             | 2025-12-10      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAB3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    1970000 | PA      | $1976517.17    | 0.01%             | 2025-11-26      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCD0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   24389000 | PA      | $23854067.77   | 0.08%             | 2026-01-12      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   82151000 | PA      | $82328722.19   | 0.26%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   43739000 | PA      | $43949418.27   | 0.14%             | 2027-01-08      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                    | Oncor Electric Delivery Co. LLC                                              | CUSIP: 68233JCY8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   30731000 | PA      | $30789361.86   | 0.10%             | 2027-03-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Roper Technologies, Inc.                           | Roper Technologies, Inc.                                                     | CUSIP: 776743AB2<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    6436000 | PA      | $6410551.67    | 0.02%             | 2025-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2021-2, Class A                         | CUSIP: 345285AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   92543000 | PA      | $88694913.99   | 0.29%             | 2034-05-15      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| MassMutual Global Funding II                       | MassMutual Global Funding II                                                 | CUSIP: 57629W6F2<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2001952.14    | 0.01%             | 2026-04-10      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Altria Group, Inc.                                 | Altria Group, Inc.                                                           | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    7006000 | PA      | $6995532.34    | 0.02%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HAR0<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   35574000 | PA      | $35445077.33   | 0.11%             | 2025-07-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   20419000 | PA      | $20050686.77   | 0.06%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    7299000 | PA      | $7278229.89    | 0.02%             | 2026-07-01      | Variable      | 1.40%                 | Yes           |                  2 | On Loan: No      |
| McCormick & Co., Inc.                              | McCormick & Co., Inc.                                                        | CUSIP: 579780AK3<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    3282000 | PA      | $3252649.14    | 0.01%             | 2025-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1506953.22    | 0.00%             | 2026-11-04      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                           | Svenska Handelsbanken AB                                                     | CUSIP: 86960JYJ8<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |  121604000 | PA      | $119100027.72  | 0.38%             | 2025-11-18      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   40126000 | PA      | $40079965.85   | 0.13%             | 2026-06-16      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| CNA Financial Corp.                                | CNA Financial Corp.                                                          | CUSIP: 126117AT7<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    6750000 | PA      | $6739456.10    | 0.02%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325X2B1<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |   70066000 | PA      | $70655255.06   | 0.23%             | 2027-12-03      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2022-1, Class A                         | CUSIP: 34528EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   17000000 | PA      | $16811041.60   | 0.05%             | 2034-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Amcor Flexibles North America, Inc.                | Amcor Flexibles North America, Inc.                                          | CUSIP: 02344AAC2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   29463000 | PA      | $29538781.19   | 0.09%             | 2028-03-17      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO                            | Bain Capital Credit CLO, Series 2019-1A, Class X                             | CUSIP: 05683VAQ7<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-CBDO         | CORP              | KY        |    1200000 | PA      | $1199895.60    | 0.00%             | 2034-04-19      | Floating      | 5.36%                 | Yes           |                  2 | 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        |   47984747 | PA      | $48013729.52   | 0.15%             | 2032-07-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2023-2, Class A3                             | CUSIP: 055979AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8238073 | PA      | $8270222.10    | 0.03%             | 2026-09-25      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| NXP BV                                             | NXP BV                                                                       | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12773000 | PA      | $12660214.41   | 0.04%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Co.                      | Canadian National Railway Co.                                                | CUSIP: 136375CJ9<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $1974391.06    | 0.01%             | 2026-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                 | Bank of America NA                                                           | CUSIP: 06428CAA2<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3038353.95    | 0.01%             | 2026-08-18      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Tyco Electronics Group SA                          | Tyco Electronics Group SA                                                    | CUSIP: 902133AZ0<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    2000000 | PA      | $1999542.94    | 0.01%             | 2026-02-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POSCO                                              | POSCO                                                                        | CUSIP: 73730EAA1<br>LEI: 9884000N94NH7G6LQ816 | Long             | DBT              | CORP              | KR        |   10479000 | PA      | $10470092.85   | 0.03%             | 2025-08-04      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Barings CLO Ltd.                                   | Barings CLO Ltd., Series 2018-4A, Class A1R                                  | CUSIP: 06760XAL8<br>LEI: 549300JWUNSCHZHF6H67 | Long             | ABS-CBDO         | CORP              | KY        |   64257618 | PA      | $64258645.73   | 0.21%             | 2030-10-15      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Bank of New Zealand                                | Bank of New Zealand                                                          | CUSIP: 06407EAG0<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |   64500000 | PA      | $65149842.66   | 0.21%             | 2028-02-07      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   48876000 | PA      | $48664122.54   | 0.16%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2023-1, Class A3                        | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3812806 | PA      | $3821581.07    | 0.01%             | 2028-09-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 233851EC4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    7330000 | PA      | $7164629.85    | 0.02%             | 2026-03-02      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: —       |
| Brookfield Corporate Treasury Ltd.                 | Brookfield Corporate Treasury Ltd.                                           | CUSIP: 11271ET40<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |   92000000 | PA      | $91939979.20   | 0.30%             | 2025-06-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CCB9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   76842000 | PA      | $77356786.07   | 0.25%             | 2027-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                       | Verizon Communications, Inc.                                                 | CUSIP: 92343VFS8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    2347000 | PA      | $2307003.39    | 0.01%             | 2025-11-20      | Fixed         | 0.85%                 | No            |                  2 | On Loan: —       |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   20483000 | PA      | $20709439.57   | 0.07%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A4             | CUSIP: 44935VAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15053000 | PA      | $15181179.31   | 0.05%             | 2027-09-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   66211000 | PA      | $66548258.31   | 0.21%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                         | Wells Fargo Securities LLC                                                   | CUSIP: N/A<br>LEI: VYVVCKR63DVZZN70PB21       | Long             | RA               | CORP              | US        |  240000000 | PA      | $240000000.00  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2V3<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    1845000 | PA      | $1865695.62    | 0.01%             | 2026-12-11      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   26600000 | PA      | $26913114.72   | 0.09%             | 2028-07-26      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Gm Financial Automobile Leasing Trust              | Gm Financial Automobile Leasing Trust, Series 2025-2, Class A2A              | CUSIP: 362962AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   36260000 | PA      | $36253186.75   | 0.12%             | 2027-07-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                  | Cigna Group (The)                                                            | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    2663000 | PA      | $2593965.88    | 0.01%             | 2026-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNG6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   41451000 | PA      | $41581818.94   | 0.13%             | 2027-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust, Series 2024-A, Class A4                        | CUSIP: 345290AE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1601000 | PA      | $1609818.15    | 0.01%             | 2027-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |  136894000 | PA      | $136775541.51  | 0.44%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                         | Constellation Brands, Inc.                                                   | CUSIP: 21036PAQ1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    3441000 | PA      | $3400627.37    | 0.01%             | 2026-12-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Treasury Services plc            | Reckitt Benckiser Treasury Services plc                                      | CUSIP: 7562E0TP1<br>LEI: 213800LAXWIUOOBZ3908 | Long             | STIV             | CORP              | GB        |    5000000 | PA      | $4985050.50    | 0.02%             | 2025-06-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571AAN5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |  113486000 | PA      | $113655983.87  | 0.37%             | 2025-09-25      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |     500000 | PA      | $483179.23     | 0.00%             | 2026-07-14      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   49133000 | PA      | $49093871.46   | 0.16%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   20508000 | PA      | $20623491.62   | 0.07%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 808513BR5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    4770000 | PA      | $4626059.91    | 0.01%             | 2026-05-13      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A3A8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   41342000 | PA      | $41393517.51   | 0.13%             | 2026-12-17      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AS9<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   17943000 | PA      | $17965659.68   | 0.06%             | 2025-08-08      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    1278000 | PA      | $1292223.73    | 0.00%             | 2027-04-04      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   33465000 | PA      | $33527455.39   | 0.11%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets plc                  | Lloyds Bank Corporate Markets plc                                            | CUSIP: 53947BW71<br>LEI: 213800MBWEIJDM5CU638 | Long             | STIV             | CORP              | GB        |   11750000 | PA      | $11769045.11   | 0.04%             | 2025-10-30      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KCS7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  101615000 | PA      | $101873166.12  | 0.33%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Xcel Energy, Inc.                                  | Xcel Energy, Inc.                                                            | CUSIP: 98389BAR1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   14518000 | PA      | $14518000.00   | 0.05%             | 2025-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                | Intesa Sanpaolo SpA                                                          | CUSIP: 46115K5M8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | STIV             | CORP              | IT        |   49529000 | PA      | $49517964.94   | 0.16%             | 2025-11-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Diageo Capital plc                                 | Diageo Capital plc                                                           | CUSIP: 25243YBC2<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |     687000 | PA      | $679960.10     | 0.00%             | 2025-09-29      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2023-3, Class A2                      | CUSIP: 29374LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   32515491 | PA      | $32991264.12   | 0.11%             | 2030-03-20      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle, Inc.                                 | Crown Castle, Inc.                                                           | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    6233000 | PA      | $5978436.36    | 0.02%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A2A                | CUSIP: 89237QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     621726 | PA      | $622871.41     | 0.00%             | 2027-05-17      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Sydney Airport Finance Co. Pty. Ltd.               | Sydney Airport Finance Co. Pty. Ltd.                                         | CUSIP: 87124VAF6<br>LEI: 549300MJAANHLHOVTO40 | Long             | DBT              | CORP              | AU        |    7970000 | PA      | $7888651.96    | 0.03%             | 2026-04-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Reynolds American, Inc.                            | Reynolds American, Inc.                                                      | CUSIP: 761713BG0<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    8220000 | PA      | $8219383.34    | 0.03%             | 2025-06-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VPJ3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   23180000 | PA      | $23189513.07   | 0.07%             | 2025-11-12      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                 | Crown Castle, Inc.                                                           | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    3118000 | PA      | $3084929.59    | 0.01%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4A6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  225572000 | PA      | $226093777.36  | 0.73%             | 2026-08-27      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8153000 | PA      | $7900248.36    | 0.03%             | 2026-06-15      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172CY3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   26859000 | PA      | $26923888.93   | 0.09%             | 2026-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                  | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  144871000 | PA      | $144963108.98  | 0.47%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-2, Class A2A | CUSIP: 379931AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10370272 | PA      | $10385476.80   | 0.03%             | 2027-03-16      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCH1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   13000000 | PA      | $12492031.63   | 0.04%             | 2026-09-17      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   52629000 | PA      | $52595082.71   | 0.17%             | 2026-01-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VAT6<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $1980226.32    | 0.01%             | 2025-09-12      | Fixed         | 1.05%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05578AAP3<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     500000 | PA      | $488761.28     | 0.00%             | 2026-01-20      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    3451000 | PA      | $3312819.41    | 0.01%             | 2026-09-17      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XAJ9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    9307000 | PA      | $9288749.53    | 0.03%             | 2026-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Westpac New Zealand Ltd.                           | Westpac New Zealand Ltd.                                                     | CUSIP: 96122FAA5<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |   29500000 | PA      | $29776514.12   | 0.10%             | 2028-02-15      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| KKR Static CLO Ltd.                                | KKR Static CLO Ltd., Series 2022-1A, Class AR2                               | CUSIP: 48255QAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   28331867 | PA      | $28276789.86   | 0.09%             | 2031-07-20      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05611C2A0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   67344000 | PA      | $67460953.63   | 0.22%             | 2026-01-26      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| RTX Corp.                                          | RTX Corp.                                                                    | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   60648000 | PA      | $61689578.46   | 0.20%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665JUG3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   52704000 | PA      | $52385646.76   | 0.17%             | 2025-07-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   40110000 | PA      | $39182095.26   | 0.13%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    3199000 | PA      | $3197874.11    | 0.01%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.         | Australia & New Zealand Banking Group Ltd.                                   | CUSIP: 05252ADK4<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   82670000 | PA      | $82826652.21   | 0.27%             | 2026-03-18      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   11106000 | PA      | $10895413.47   | 0.04%             | 2026-12-09      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   56306000 | PA      | $56871677.10   | 0.18%             | 2029-01-12      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449WAU1<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |  167980000 | PA      | $167914177.04  | 0.54%             | 2027-04-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 40 Ltd.         | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-40A, Class A            | CUSIP: 64134JAA1<br>LEI: 549300Y2YE54ON4DJE28 | Long             | ABS-CBDO         | CORP              | KY        |    5615882 | PA      | $5622469.08    | 0.02%             | 2033-04-16      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                     | Wheels Fleet Lease Funding LLC, Series 2024-1A, Class A2                     | CUSIP: 96328GBN6<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   18961552 | PA      | $18983668.61   | 0.06%             | 2039-02-18      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   14500000 | PA      | $14391892.93   | 0.05%             | 2028-04-01      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449W7M3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    2471000 | PA      | $2386326.89    | 0.01%             | 2026-07-12      | Fixed         | 1.30%                 | Yes           |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                       | Stanley Black & Decker, Inc.                                                 | CUSIP: 854502AK7<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |   12458000 | PA      | $12333159.75   | 0.04%             | 2026-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BA Credit Card Trust                               | BA Credit Card Trust, Series 2022-A2, Class A2                               | CUSIP: 05522RDF2<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   45812000 | PA      | $45899097.77   | 0.15%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   23597000 | PA      | $22961381.06   | 0.07%             | 2027-03-02      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   40286000 | PA      | $39783393.48   | 0.13%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: —       |
| BAT Capital Corp.                                  | BAT Capital Corp.                                                            | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   12000000 | PA      | $11796454.92   | 0.04%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668BU5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    1790000 | PA      | $1792861.57    | 0.01%             | 2025-09-12      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05578AE46<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    5330000 | PA      | $5356568.34    | 0.02%             | 2027-07-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US Bank NA                                         | US Bank NA                                                                   | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   53930000 | PA      | $53981504.77   | 0.17%             | 2028-05-15      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust, Series 2024-A, Class A3                        | CUSIP: 345290AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   23633000 | PA      | $23676442.18   | 0.08%             | 2027-05-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2A           | CUSIP: 14043NAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8784554 | PA      | $8784901.48    | 0.03%             | 2027-10-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U7W4<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    8121000 | PA      | $8282030.66    | 0.03%             | 2026-10-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HAZ2<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    1386000 | PA      | $1332485.36    | 0.00%             | 2027-01-22      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  144310000 | PA      | $144066411.94  | 0.46%             | 2029-05-09      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)           | PNC Financial Services Group, Inc. (The)                                     | CUSIP: 693475BQ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   31425000 | PA      | $31431281.23   | 0.10%             | 2026-06-12      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding               | Brighthouse Financial Global Funding                                         | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |   61662000 | PA      | $62452464.29   | 0.20%             | 2027-04-09      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434RB43<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   17000000 | PA      | $16479111.50   | 0.05%             | 2026-02-04      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding LII Ltd.                      | Madison Park Funding Ltd., Series 2021-52A, Class X                          | CUSIP: 55822BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     789474 | PA      | $789407.33     | 0.00%             | 2035-01-22      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                        | Swedbank AB                                                                  | CUSIP: 87019WZN8<br>LEI: M312WZV08Y7LYUC71685 | Long             | STIV             | CORP              | SE        |   57933000 | PA      | $57925329.67   | 0.19%             | 2025-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   86783000 | PA      | $87008025.72   | 0.28%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                  | Tyson Foods, Inc.                                                            | CUSIP: 902494BJ1<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    4004000 | PA      | $3987127.54    | 0.01%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                    | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WJG5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |  116788000 | PA      | $116931288.37  | 0.38%             | 2026-03-16      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2024-2, Class A2                        | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   46470000 | PA      | $46497700.77   | 0.15%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   24918000 | PA      | $25239695.12   | 0.08%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2024-3, Class A2              | CUSIP: 80287LAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6126193 | PA      | $6131958.63    | 0.02%             | 2027-06-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                          | RTX Corp.                                                                    | CUSIP: 78109FTR3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | STIV             | CORP              | US        |   31000000 | PA      | $30895765.60   | 0.10%             | 2025-06-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    6842000 | PA      | $6846373.00    | 0.02%             | 2026-10-01      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                       | Bain Capital Credit CLO Ltd., Series 2020-3A, Class X                        | CUSIP: 05684CAJ4<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |     293333 | PA      | $293293.48     | 0.00%             | 2034-10-23      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675FBC0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   18989000 | PA      | $19118414.78   | 0.06%             | 2027-01-23      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Analog Devices, Inc.                               | Analog Devices, Inc.                                                         | CUSIP: 032654AN5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1977243.02    | 0.01%             | 2026-12-05      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449WAR8<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   70152000 | PA      | $70604911.13   | 0.23%             | 2027-11-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 23329PAG5<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   42394000 | PA      | $41120818.73   | 0.13%             | 2027-05-25      | Variable      | 1.53%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TYR6<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   35490000 | PA      | $35512983.32   | 0.11%             | 2026-01-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                | Union Pacific Corp.                                                          | CUSIP: 907818ES3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     738000 | PA      | $737276.40     | 0.00%             | 2025-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Dover Corp.                                        | Dover Corp.                                                                  | CUSIP: 260003AM0<br>LEI: 549300FMC2ALGA7N9E80 | Long             | DBT              | CORP              | US        |     190000 | PA      | $188787.98     | 0.00%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Zoetis, Inc.                                       | Zoetis, Inc.                                                                 | CUSIP: 98978VAK9<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     183000 | PA      | $182879.92     | 0.00%             | 2025-11-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greenwood Park CLO Ltd.                            | Greenwood Park CLO Ltd., Series 2018-1A, Class A1                            | CUSIP: 39729RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     533336 | PA      | $533584.15     | 0.00%             | 2031-04-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 0641598K5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $2885978.04    | 0.01%             | 2026-09-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCA6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    1005000 | PA      | $1001940.95    | 0.00%             | 2025-07-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| TTX Co.                                            | TTX Co.                                                                      | CUSIP: 87305QCQ2<br>LEI: 549300I8CNSYS1OGX775 | Long             | DBT              | CORP              | US        |    5705000 | PA      | $5768503.50    | 0.02%             | 2026-09-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2937144.54    | 0.01%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-A, Class A3                               | CUSIP: 78414SAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   46342994 | PA      | $46437148.78   | 0.15%             | 2026-11-20      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| LCM 29 Ltd.                                        | LCM Ltd., Series 29A, Class AR                                               | CUSIP: 50201MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5524251 | PA      | $5528195.58    | 0.02%             | 2031-04-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| General Mills, Inc.                                | General Mills, Inc.                                                          | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    7335000 | PA      | $7364293.64    | 0.02%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd.                                      | Voya CLO Ltd., Series 2017-3A, Class XR                                      | CUSIP: 92915QAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     761905 | PA      | $761838.06     | 0.00%             | 2034-04-20      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2K7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    5295000 | PA      | $5308610.27    | 0.02%             | 2026-01-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RGH9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    9695000 | PA      | $9860568.79    | 0.03%             | 2026-03-15      | Fixed         | 7.12%                 | 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