# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001800
**Filing Date:** 2026-1
**Character Count:** 550866
**Document Hash:** 1c13ed58633f66eca95a07cbebfc0d64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001800.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001800

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 26571319

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### JPMorgan 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 November 30, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 65.3%** | **Corporate Bonds — 65.3%** | **Corporate Bonds — 65.3%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp; BAE Systems Holdings, Inc. (United Kingdom) 3.85%, 12/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10275000 | &nbsp;&nbsp;&nbsp;&nbsp; 10272854 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 3.85%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2402000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397768 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. 3.55%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2826000 | &nbsp;&nbsp;&nbsp;&nbsp; 2823787 |
| &nbsp;&nbsp;&nbsp; RTX Corp. 5.75%, 11/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85325000 | &nbsp;&nbsp;&nbsp;&nbsp; 86574278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 102068687 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| &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 + 0.55%), 4.63%, 4/2/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 72833000 | &nbsp;&nbsp;&nbsp;&nbsp; 72895049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/11/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20155000 | &nbsp;&nbsp;&nbsp;&nbsp; 19778715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40876000 | &nbsp;&nbsp;&nbsp;&nbsp; 41199957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 375289 |
| &nbsp;&nbsp;&nbsp; General Motors Co. 5.35%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35357000 | &nbsp;&nbsp;&nbsp;&nbsp; 36256158 |
| &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; 5.50%, 3/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7029000 | &nbsp;&nbsp;&nbsp;&nbsp; 7058115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8713000 | &nbsp;&nbsp;&nbsp;&nbsp; 8588194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41417000 | &nbsp;&nbsp;&nbsp;&nbsp; 41691425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 9/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3451000 | &nbsp;&nbsp;&nbsp;&nbsp; 3384127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9327663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43989000 | &nbsp;&nbsp;&nbsp;&nbsp; 44485221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54856000 | &nbsp;&nbsp;&nbsp;&nbsp; 55293043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/23/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 73289000 | &nbsp;&nbsp;&nbsp;&nbsp; 74043643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/24/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 67237000 | &nbsp;&nbsp;&nbsp;&nbsp; 67354249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14512284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32250000 | &nbsp;&nbsp;&nbsp;&nbsp; 32651362 |
| &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; 4.90%, 1/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85449000 | &nbsp;&nbsp;&nbsp;&nbsp; 85503614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 3/2/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7330000 | &nbsp;&nbsp;&nbsp;&nbsp; 7279846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/31/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 112280000 | &nbsp;&nbsp;&nbsp;&nbsp; 112852552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 8/3/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3886000 | &nbsp;&nbsp;&nbsp;&nbsp; 3916981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5042046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/11/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4538921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4537003 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. 5.35%, 3/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14689000 | &nbsp;&nbsp;&nbsp;&nbsp; 14919068 |
| &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; 5.40%, 3/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 8/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40897000 | &nbsp;&nbsp;&nbsp;&nbsp; 41073978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 9/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46273000 | &nbsp;&nbsp;&nbsp;&nbsp; 46812980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4957688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7482301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4928000 | &nbsp;&nbsp;&nbsp;&nbsp; 4988137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27916000 | &nbsp;&nbsp;&nbsp;&nbsp; 28135852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1957000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/11/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22194000 | &nbsp;&nbsp;&nbsp;&nbsp; 22254000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/27/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5330200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 9/11/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43781000 | &nbsp;&nbsp;&nbsp;&nbsp; 44030666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 978522766 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — 27.0%** | **Banks — 27.0%** | **Banks — 27.0%** |
| &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; 153400000 | &nbsp;&nbsp;&nbsp;&nbsp; 155968428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 4.82%, 7/7/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 114262000 | &nbsp;&nbsp;&nbsp;&nbsp; 114614962 |
| &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; 61500000 | &nbsp;&nbsp;&nbsp;&nbsp; 62497637 |
| &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; 3500297 |
| &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; (SOFR + 0.56%), 4.64%, 3/18/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 82670000 | &nbsp;&nbsp;&nbsp;&nbsp; 82755787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/18/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006089 |
| &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; 1.85%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45452000 | &nbsp;&nbsp;&nbsp;&nbsp; 45118058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 8/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24428906 |
| &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; 123801000 | &nbsp;&nbsp;&nbsp;&nbsp; 121430182 |
| &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; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30652107 |
| &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; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 32560325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 69200000 | &nbsp;&nbsp;&nbsp;&nbsp; 69546913 |
| &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 + 1.29%), 5.08%, 1/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 95610000 | &nbsp;&nbsp;&nbsp;&nbsp; 95703478 |
| &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; 15131434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 92673000 | &nbsp;&nbsp;&nbsp;&nbsp; 92459603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8624000 | &nbsp;&nbsp;&nbsp;&nbsp; 8489810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FIX, (SOFR + 0.83%), 4.98%, 1/24/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 79000000 | &nbsp;&nbsp;&nbsp;&nbsp; 80476825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 4.62%, 5/9/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25341126 |
| &nbsp;&nbsp;&nbsp; Bank of America NA 5.53%, 8/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3028301 |
| &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; 5.30%, 6/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 69200000 | &nbsp;&nbsp;&nbsp;&nbsp; 69617746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 9/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1937000 | &nbsp;&nbsp;&nbsp;&nbsp; 1896742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.43%), 4.59%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 135095000 | &nbsp;&nbsp;&nbsp;&nbsp; 135095265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.16%), 5.25%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60331000 | &nbsp;&nbsp;&nbsp;&nbsp; 60823545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506739 |
| &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; 17212867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 103274000 | &nbsp;&nbsp;&nbsp;&nbsp; 103639161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 4.06%, 9/22/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 78334000 | &nbsp;&nbsp;&nbsp;&nbsp; 78351562 |
| &nbsp;&nbsp;&nbsp; Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 62500000 | &nbsp;&nbsp;&nbsp;&nbsp; 63687174 |
| &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; 1.05%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2977197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 6/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8577000 | &nbsp;&nbsp;&nbsp;&nbsp; 8455728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2937782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6696000 | &nbsp;&nbsp;&nbsp;&nbsp; 6785811 |
| &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; 67210118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.76%), 4.04%, 9/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 53078000 | &nbsp;&nbsp;&nbsp;&nbsp; 53008781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (SOFR + 0.76%), 4.85%, 9/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 49504000 | &nbsp;&nbsp;&nbsp;&nbsp; 49538235 |
| &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; 84890000 | &nbsp;&nbsp;&nbsp;&nbsp; 84986622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 7/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111402000 | &nbsp;&nbsp;&nbsp;&nbsp; 112621661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 1/23/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18989000 | &nbsp;&nbsp;&nbsp;&nbsp; 19197043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 2/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3806000 | &nbsp;&nbsp;&nbsp;&nbsp; 3890199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%), 5.06%, 10/16/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 142680000 | &nbsp;&nbsp;&nbsp;&nbsp; 143289102 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 58295882 |
| &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; 92850864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 6.50%, 9/13/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 67809000 | &nbsp;&nbsp;&nbsp;&nbsp; 68967958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.84%, 9/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 36113000 | &nbsp;&nbsp;&nbsp;&nbsp; 36515627 |
| &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 + 1.00%), 1.32%, 1/13/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65038000 | &nbsp;&nbsp;&nbsp;&nbsp; 64801512 |
| &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; 8473025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 8/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7006000 | &nbsp;&nbsp;&nbsp;&nbsp; 7039709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 4.79%, 5/9/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 145310000 | &nbsp;&nbsp;&nbsp;&nbsp; 146964523 |
| &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; 1.00%, 1/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 1/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 67344000 | &nbsp;&nbsp;&nbsp;&nbsp; 67423543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 1/18/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7177000 | &nbsp;&nbsp;&nbsp;&nbsp; 7265023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5330000 | &nbsp;&nbsp;&nbsp;&nbsp; 5387292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/23/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6809208 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65476000 | &nbsp;&nbsp;&nbsp;&nbsp; 66722579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.63%, 7/3/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 93694000 | &nbsp;&nbsp;&nbsp;&nbsp; 94648458 |
| &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; 1.25%, 6/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2954873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 10/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13413000 | &nbsp;&nbsp;&nbsp;&nbsp; 13625982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.51%, 9/11/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 109032000 | &nbsp;&nbsp;&nbsp;&nbsp; 109334811 |
| &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; 107717133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.89%, 9/8/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 88039000 | &nbsp;&nbsp;&nbsp;&nbsp; 88144788 |
| &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 8/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20508000 | &nbsp;&nbsp;&nbsp;&nbsp; 20617900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 5/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 58400000 | &nbsp;&nbsp;&nbsp;&nbsp; 58958532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.88%, 11/19/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 139950000 | &nbsp;&nbsp;&nbsp;&nbsp; 141065357 |
| &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; 2044114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19919000 | &nbsp;&nbsp;&nbsp;&nbsp; 19771928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 76384000 | &nbsp;&nbsp;&nbsp;&nbsp; 76002091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.46%, 6/9/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27700000 | &nbsp;&nbsp;&nbsp;&nbsp; 27305334 |
| &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; 81225661 |
| &nbsp;&nbsp;&nbsp; Citizens Bank NA (SOFR + 2.00%), 4.58%, 8/9/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7553400 |
| &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; 42193441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.84%, 3/13/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2766000 | &nbsp;&nbsp;&nbsp;&nbsp; 2769382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 9/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2970370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 11/27/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45001000 | &nbsp;&nbsp;&nbsp;&nbsp; 45313778 |
| &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; 2006818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026823 |
| &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) | &nbsp;&nbsp;&nbsp;&nbsp; 24586000 | &nbsp;&nbsp;&nbsp;&nbsp; 24408431 |
| &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; 59248027 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 5.59%, 7/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49357000 | &nbsp;&nbsp;&nbsp;&nbsp; 49814674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 4.63%, 9/11/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 39624000 | &nbsp;&nbsp;&nbsp;&nbsp; 39933837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.23%, 1/9/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 76000000 | &nbsp;&nbsp;&nbsp;&nbsp; 77552080 |
| &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 + 0.73%), 1.55%, 9/10/2027 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55432000 | &nbsp;&nbsp;&nbsp;&nbsp; 54364421 |
| &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; 5080196 |
| &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; 16500000 | &nbsp;&nbsp;&nbsp;&nbsp; 16517284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/12/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 690141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.72%), 1.54%, <br> 5/25/2027 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42394000 | &nbsp;&nbsp;&nbsp;&nbsp; 41859973 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 5/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6723000 | &nbsp;&nbsp;&nbsp;&nbsp; 6583429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 1.71%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 22488000 | &nbsp;&nbsp;&nbsp;&nbsp; 21970456 |
| &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 + 1.29%), 1.59%, 5/24/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13538000 | &nbsp;&nbsp;&nbsp;&nbsp; 13365285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.89%, 8/14/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 43929000 | &nbsp;&nbsp;&nbsp;&nbsp; 44443145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.81%), 4.04%, 3/13/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5240447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 5.60%, 5/17/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 246794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 5.13%, 11/19/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 32556000 | &nbsp;&nbsp;&nbsp;&nbsp; 33156768 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc. 4.65%, 6/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 37811000 | &nbsp;&nbsp;&nbsp;&nbsp; 38443243 |
| &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; 52641503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10310000 | &nbsp;&nbsp;&nbsp;&nbsp; 10293643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9455000 | &nbsp;&nbsp;&nbsp;&nbsp; 9377686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 6.08%, 9/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 64164000 | &nbsp;&nbsp;&nbsp;&nbsp; 65078938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 4.86%, 3/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 34479000 | &nbsp;&nbsp;&nbsp;&nbsp; 35012070 |
| &nbsp;&nbsp;&nbsp; KeyBank NA 4.70%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 51383000 | &nbsp;&nbsp;&nbsp;&nbsp; 51395302 |
| &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; 3.75%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5436000 | &nbsp;&nbsp;&nbsp;&nbsp; 5422243 |
| &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; 18884952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 47899000 | &nbsp;&nbsp;&nbsp;&nbsp; 48476319 |
| &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; 77332000 | &nbsp;&nbsp;&nbsp;&nbsp; 78410594 |
| &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; 28470000 | &nbsp;&nbsp;&nbsp;&nbsp; 28982668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 4.82%, 6/13/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45590000 | &nbsp;&nbsp;&nbsp;&nbsp; 46319925 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. (SOFR + 0.93%), 4.83%, 1/16/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35078000 | &nbsp;&nbsp;&nbsp;&nbsp; 35584984 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co.  | &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co.  | &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 1/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 134894000 | &nbsp;&nbsp;&nbsp;&nbsp; 134923082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.95%), 4.76%, 7/6/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 47184000 | &nbsp;&nbsp;&nbsp;&nbsp; 47595982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + <br> 0.75%), 1.54%, 7/20/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116912000 | &nbsp;&nbsp;&nbsp;&nbsp; 114982601 |
| &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; 14181907 |
| &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; 36285000 | &nbsp;&nbsp;&nbsp;&nbsp; 35787513 |
| &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; 35195929 |
| &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; 2003516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8121000 | &nbsp;&nbsp;&nbsp;&nbsp; 8253396 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 + 0.68%), 4.45%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11019000 | &nbsp;&nbsp;&nbsp;&nbsp; 11055153 |
| &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; 22255665 |
| &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; 26338358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 5.02%, 1/12/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 53306000 | &nbsp;&nbsp;&nbsp;&nbsp; 54313390 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA (SOFR + 0.78%), 4.20%, 11/17/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 56310000 | &nbsp;&nbsp;&nbsp;&nbsp; 56405391 |
| &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; (SOFR + 0.65%), 4.74%, 12/10/2025 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 44601000 | &nbsp;&nbsp;&nbsp;&nbsp; 44605692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27294000 | &nbsp;&nbsp;&nbsp;&nbsp; 27295791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.61%, 1/29/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 104000000 | &nbsp;&nbsp;&nbsp;&nbsp; 104079976 |
| &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; 193972000 | &nbsp;&nbsp;&nbsp;&nbsp; 194163322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.90%), 4.98%, 3/25/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 117076000 | &nbsp;&nbsp;&nbsp;&nbsp; 117232285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 5.60%, 7/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 59522000 | &nbsp;&nbsp;&nbsp;&nbsp; 60017539 |
| &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; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 123464000 | &nbsp;&nbsp;&nbsp;&nbsp; 123932425 |
| &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; 77862000 | &nbsp;&nbsp;&nbsp;&nbsp; 76802329 |
| &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; 49782535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 5.15%, 5/23/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 38998000 | &nbsp;&nbsp;&nbsp;&nbsp; 39182890 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 4.17%, 11/6/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75302000 | &nbsp;&nbsp;&nbsp;&nbsp; 75442749 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107423000 | &nbsp;&nbsp;&nbsp;&nbsp; 105260026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15016000 | &nbsp;&nbsp;&nbsp;&nbsp; 15375045 |
| &nbsp;&nbsp;&nbsp; PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 142871000 | &nbsp;&nbsp;&nbsp;&nbsp; 142948138 |
| &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; (SOFRINDX + 1.09%), 4.76%, 1/26/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 109563000 | &nbsp;&nbsp;&nbsp;&nbsp; 109617617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 5.10%, 7/23/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18650000 | &nbsp;&nbsp;&nbsp;&nbsp; 18752917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.73%), 6.62%, 10/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 41310000 | &nbsp;&nbsp;&nbsp;&nbsp; 42178181 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24788000 | &nbsp;&nbsp;&nbsp;&nbsp; 24513213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 7/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.46%), 4.52%, 8/3/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 182918000 | &nbsp;&nbsp;&nbsp;&nbsp; 183199196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17063000 | &nbsp;&nbsp;&nbsp;&nbsp; 17244645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 5.07%, 7/23/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 88296000 | &nbsp;&nbsp;&nbsp;&nbsp; 88862008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.72%), 4.51%, 10/18/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 54230000 | &nbsp;&nbsp;&nbsp;&nbsp; 54447452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.83%), 4.97%, 1/24/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 92000000 | &nbsp;&nbsp;&nbsp;&nbsp; 93681881 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. 3.24%, 10/5/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 29789960 |
| &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; (SOFR + 0.99%), 1.67%, 6/14/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 12127504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.47%, 1/11/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6328000 | &nbsp;&nbsp;&nbsp;&nbsp; 6203479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.07%), 4.32%, 9/22/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 34751000 | &nbsp;&nbsp;&nbsp;&nbsp; 34789288 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) 1.20%, 9/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2937199 |
| &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; 163104000 | &nbsp;&nbsp;&nbsp;&nbsp; 162886003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 701440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 5.15%, 2/19/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31038000 | &nbsp;&nbsp;&nbsp;&nbsp; 31135858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 96088000 | &nbsp;&nbsp;&nbsp;&nbsp; 97146952 |
| &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; 27976000 | &nbsp;&nbsp;&nbsp;&nbsp; 27592905 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 106985000 | &nbsp;&nbsp;&nbsp;&nbsp; 108298965 |
| &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%), 4.72%, 10/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3906767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 68066000 | &nbsp;&nbsp;&nbsp;&nbsp; 69432765 |
| &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; 8827182 |
| &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; 28420000 | &nbsp;&nbsp;&nbsp;&nbsp; 28468882 |
| &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; 20761244 |
| &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; 59627000 | &nbsp;&nbsp;&nbsp;&nbsp; 60300189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30709000 | &nbsp;&nbsp;&nbsp;&nbsp; 31321337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31336000 | &nbsp;&nbsp;&nbsp;&nbsp; 33436794 |
| &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; 35583000 | &nbsp;&nbsp;&nbsp;&nbsp; 36482538 |
| &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; 0.95%, 1/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24389000 | &nbsp;&nbsp;&nbsp;&nbsp; 24293404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52209000 | &nbsp;&nbsp;&nbsp;&nbsp; 52262495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20680000 | &nbsp;&nbsp;&nbsp;&nbsp; 20499888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 9/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 92062000 | &nbsp;&nbsp;&nbsp;&nbsp; 90178569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13610000 | &nbsp;&nbsp;&nbsp;&nbsp; 13494058 |
| &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; 5.65%, 3/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38071000 | &nbsp;&nbsp;&nbsp;&nbsp; 38237341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 9/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14107000 | &nbsp;&nbsp;&nbsp;&nbsp; 14313209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43800000 | &nbsp;&nbsp;&nbsp;&nbsp; 44176166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.72%, 9/11/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30397000 | &nbsp;&nbsp;&nbsp;&nbsp; 30452379 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) | &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) | &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107095000 | &nbsp;&nbsp;&nbsp;&nbsp; 107754762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.63%), 1.42%, 6/11/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110355000 | &nbsp;&nbsp;&nbsp;&nbsp; 108823321 |
| &nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) 6.14%, 9/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28850000 | &nbsp;&nbsp;&nbsp;&nbsp; 29314494 |
| &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; 0.75%, 1/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2516463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5295000 | &nbsp;&nbsp;&nbsp;&nbsp; 5299856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 6/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9406000 | &nbsp;&nbsp;&nbsp;&nbsp; 9271324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53%, 7/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33683000 | &nbsp;&nbsp;&nbsp;&nbsp; 34003044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41342000 | &nbsp;&nbsp;&nbsp;&nbsp; 41605861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 10/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 68194000 | &nbsp;&nbsp;&nbsp;&nbsp; 68350987 |
| &nbsp;&nbsp;&nbsp; Truist Bank  | &nbsp;&nbsp;&nbsp; Truist Bank  | &nbsp;&nbsp;&nbsp; Truist Bank  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.59%), 4.67%, 5/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 121622000 | &nbsp;&nbsp;&nbsp;&nbsp; 121887661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.42%, 7/24/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 83106000 | &nbsp;&nbsp;&nbsp;&nbsp; 83506873 |
| &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; (SOFR + 0.61%), 1.27%, 3/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 23597000 | &nbsp;&nbsp;&nbsp;&nbsp; 23415588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 6.05%, 6/8/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 109791000 | &nbsp;&nbsp;&nbsp;&nbsp; 110788491 |
| &nbsp;&nbsp;&nbsp; US Bancorp Series V, 2.38%, 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981437 |
| &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; 93867298 |
| &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; 54418182 |
| &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; 3.00%, 10/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4888000 | &nbsp;&nbsp;&nbsp;&nbsp; 4841821 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 61445000 | &nbsp;&nbsp;&nbsp;&nbsp; 61970833 |
| &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; 71602477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.16%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13194000 | &nbsp;&nbsp;&nbsp;&nbsp; 13293620 |
| &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%), 4.61%, 1/29/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 103539000 | &nbsp;&nbsp;&nbsp;&nbsp; 103603819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/16/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 5/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13463000 | &nbsp;&nbsp;&nbsp;&nbsp; 13393963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 6/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5976000 | &nbsp;&nbsp;&nbsp;&nbsp; 5891972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40646000 | &nbsp;&nbsp;&nbsp;&nbsp; 40898172 |
| &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; 22822990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29500000 | &nbsp;&nbsp;&nbsp;&nbsp; 30057644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9543013674 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. 3.70%, 12/6/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3441000 | &nbsp;&nbsp;&nbsp;&nbsp; 3431245 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. 3.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 148769000 | &nbsp;&nbsp;&nbsp;&nbsp; 147817304 |
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) 3.25%, 6/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 76594000 | &nbsp;&nbsp;&nbsp;&nbsp; 76185892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 227434441 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  | &nbsp;&nbsp;&nbsp; AbbVie, Inc.  | &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 5/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84349000 | &nbsp;&nbsp;&nbsp;&nbsp; 84090689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 178637000 | &nbsp;&nbsp;&nbsp;&nbsp; 176967741 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 2.60%, 8/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14631000 | &nbsp;&nbsp;&nbsp;&nbsp; 14496996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 275555426 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; eBay, Inc. 4.25%, 3/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 41846000 | &nbsp;&nbsp;&nbsp;&nbsp; 42026069 |
| **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; 29548727 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc 3.90%, 2/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4077000 | &nbsp;&nbsp;&nbsp;&nbsp; 4072734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33621461 |
| **Capital Markets — 4.8%** | **Capital Markets — 4.8%** | **Capital Markets — 4.8%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. 2.88%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2723000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700455 |
| &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; 2003873 |
| &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; 24641123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 4.95%, 4/26/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 44897000 | &nbsp;&nbsp;&nbsp;&nbsp; 45066750 |
| &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; 4709830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3035747 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%), 7.15%, 7/13/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10034000 | &nbsp;&nbsp;&nbsp;&nbsp; 10206432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.31%, 11/16/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 181568000 | &nbsp;&nbsp;&nbsp;&nbsp; 178232908 |
| &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%), 4.85%, 3/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75019000 | &nbsp;&nbsp;&nbsp;&nbsp; 75115024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%), 5.28%, 3/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40688000 | &nbsp;&nbsp;&nbsp;&nbsp; 40817461 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 + 0.75%), 5.41%, 5/21/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35596000 | &nbsp;&nbsp;&nbsp;&nbsp; 35811168 |
| &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; (SOFR + 0.79%), 1.09%, 12/9/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11106000 | &nbsp;&nbsp;&nbsp;&nbsp; 11097643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 1/26/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 39500000 | &nbsp;&nbsp;&nbsp;&nbsp; 39423119 |
| &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; 105820156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 1.54%, 9/10/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 41672000 | &nbsp;&nbsp;&nbsp;&nbsp; 40839966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6213000 | &nbsp;&nbsp;&nbsp;&nbsp; 6090893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.94%, 4/23/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65350000 | &nbsp;&nbsp;&nbsp;&nbsp; 66066724 |
| &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; 4.75%, 8/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23205000 | &nbsp;&nbsp;&nbsp;&nbsp; 23228904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26080000 | &nbsp;&nbsp;&nbsp;&nbsp; 26096688 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 12/7/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17507000 | &nbsp;&nbsp;&nbsp;&nbsp; 17771601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 6/12/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 37964000 | &nbsp;&nbsp;&nbsp;&nbsp; 38396331 |
| &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 + 1.07%), 1.34%, 1/12/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 111994000 | &nbsp;&nbsp;&nbsp;&nbsp; 111604077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.10%, 6/21/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4160000 | &nbsp;&nbsp;&nbsp;&nbsp; 4153137 |
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP (Japan) (SOFR + 0.52%), 4.60%, 10/9/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 109561000 | &nbsp;&nbsp;&nbsp;&nbsp; 109632467 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &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; 80154954 |
| &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; 70809043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35580000 | &nbsp;&nbsp;&nbsp;&nbsp; 35191337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 47311000 | &nbsp;&nbsp;&nbsp;&nbsp; 46525415 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. 3.85%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11791000 | &nbsp;&nbsp;&nbsp;&nbsp; 11778488 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) 5.71%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002558 |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. 4.59%, 11/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 62407000 | &nbsp;&nbsp;&nbsp;&nbsp; 62840446 |
| &nbsp;&nbsp;&nbsp; State Street Corp. 5.27%, 8/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023511 |
| &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; 1.25%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1973565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 8/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%), 4.56%, 5/17/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 84643000 | &nbsp;&nbsp;&nbsp;&nbsp; 84670236 |
| &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%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32378000 | &nbsp;&nbsp;&nbsp;&nbsp; 32380621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3199000 | &nbsp;&nbsp;&nbsp;&nbsp; 3204820 |
| &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; 44870000 | &nbsp;&nbsp;&nbsp;&nbsp; 44931989 |
| &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; 35643687 |
| &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; 39899043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13616000 | &nbsp;&nbsp;&nbsp;&nbsp; 13659166 |
| &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; 32149000 | &nbsp;&nbsp;&nbsp;&nbsp; 31549094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2611915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/23/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11360000 | &nbsp;&nbsp;&nbsp;&nbsp; 11366862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.84%), 4.15%, 12/23/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60161000 | &nbsp;&nbsp;&nbsp;&nbsp; 60153115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1699507529 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp; Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8320000 | &nbsp;&nbsp;&nbsp;&nbsp; 8255999 |
| &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; 2148949 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1571000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586766 |
| &nbsp;&nbsp;&nbsp; EIDP, Inc. 4.50%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999891 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. (The) 4.35%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 29035000 | &nbsp;&nbsp;&nbsp;&nbsp; 29123734 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. 1.20%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 763449 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) 3.45%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 33073000 | &nbsp;&nbsp;&nbsp;&nbsp; 32777617 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. 3.60%, 8/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 77307000 | &nbsp;&nbsp;&nbsp;&nbsp; 76896048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 153552453 |
| **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; 95885000 | &nbsp;&nbsp;&nbsp;&nbsp; 96772870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 3/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70923000 | &nbsp;&nbsp;&nbsp;&nbsp; 72171320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 168944190 |
| **Consumer Finance — 4.9%** | **Consumer Finance — 4.9%** | **Consumer Finance — 4.9%** |
| &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; 1.75%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30544000 | &nbsp;&nbsp;&nbsp;&nbsp; 30421343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 108577000 | &nbsp;&nbsp;&nbsp;&nbsp; 106942830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15296000 | &nbsp;&nbsp;&nbsp;&nbsp; 15589210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 7/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20917000 | &nbsp;&nbsp;&nbsp;&nbsp; 20749777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3447000 | &nbsp;&nbsp;&nbsp;&nbsp; 3428340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 66211000 | &nbsp;&nbsp;&nbsp;&nbsp; 67289433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4862000 | &nbsp;&nbsp;&nbsp;&nbsp; 5040692 |
| &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; 4.90%, 2/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 5/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2976000 | &nbsp;&nbsp;&nbsp;&nbsp; 2963876 |
| &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; 86157906 |
| &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; 12254830 |
| &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; 27044879 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  | &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  | &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 4.67%, 12/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 112725000 | &nbsp;&nbsp;&nbsp;&nbsp; 112958339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.78%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 111290000 | &nbsp;&nbsp;&nbsp;&nbsp; 111612938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 4.94%, 7/9/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 42312000 | &nbsp;&nbsp;&nbsp;&nbsp; 42500374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%), 4.79%, 8/13/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 71499000 | &nbsp;&nbsp;&nbsp;&nbsp; 71661423 |
| &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; 6028337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 33111000 | &nbsp;&nbsp;&nbsp;&nbsp; 32860350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50710000 | &nbsp;&nbsp;&nbsp;&nbsp; 50696308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15428000 | &nbsp;&nbsp;&nbsp;&nbsp; 15397915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | &nbsp;&nbsp;&nbsp;&nbsp; 8990496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48876000 | &nbsp;&nbsp;&nbsp;&nbsp; 49424877 |
| &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 + 0.86%), 1.88%, 11/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 87897000 | &nbsp;&nbsp;&nbsp;&nbsp; 86013630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 4.93%, 5/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5305159 |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36349000 | &nbsp;&nbsp;&nbsp;&nbsp; 36554770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.64%), 4.70%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 160000000 | &nbsp;&nbsp;&nbsp;&nbsp; 160877154 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 1.25%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50515000 | &nbsp;&nbsp;&nbsp;&nbsp; 50353213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3263613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 4/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1042000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 32019256 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp. (SOFR + 0.58%), 4.55%, 9/11/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 86580000 | &nbsp;&nbsp;&nbsp;&nbsp; 86899777 |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Services US Corp. 4.95%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22813000 | &nbsp;&nbsp;&nbsp;&nbsp; 22978126 |
| &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%), 4.83%, 8/7/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 33926000 | &nbsp;&nbsp;&nbsp;&nbsp; 34046460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 41451000 | &nbsp;&nbsp;&nbsp;&nbsp; 41855413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.75%, 7/21/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 48647000 | &nbsp;&nbsp;&nbsp;&nbsp; 48762308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%), 4.50%, 8/25/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 93716000 | &nbsp;&nbsp;&nbsp;&nbsp; 93705617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/5/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 37617000 | &nbsp;&nbsp;&nbsp;&nbsp; 37757744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.81%, 9/5/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 101021160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1729526484 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada) 4.15%, 9/29/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 73008000 | &nbsp;&nbsp;&nbsp;&nbsp; 73220270 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) 2.65%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7172000 | &nbsp;&nbsp;&nbsp;&nbsp; 7086714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80306984 |
| **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 | &nbsp;&nbsp;&nbsp;&nbsp; 29463000 | &nbsp;&nbsp;&nbsp;&nbsp; 29867563 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. 4.45%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37666000 | &nbsp;&nbsp;&nbsp;&nbsp; 37693489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67561052 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP 3.30%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8726000 | &nbsp;&nbsp;&nbsp;&nbsp; 8718474 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. 4.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10032000 | &nbsp;&nbsp;&nbsp;&nbsp; 10043057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18761531 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &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; 2143551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9695000 | &nbsp;&nbsp;&nbsp;&nbsp; 9765158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110605000 | &nbsp;&nbsp;&nbsp;&nbsp; 109772417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2978602 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1638000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630768 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13656000 | &nbsp;&nbsp;&nbsp;&nbsp; 13621709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 139912205 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co. 2.55%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5713000 | &nbsp;&nbsp;&nbsp;&nbsp; 5647321 |
| &nbsp;&nbsp;&nbsp; Cleveland Electric Illuminating Co. (The) 3.50%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2961645 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co. 4.25%, 5/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6399000 | &nbsp;&nbsp;&nbsp;&nbsp; 6443411 |
| &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; 5.00%, 12/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1004000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18740000 | &nbsp;&nbsp;&nbsp;&nbsp; 18543023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 1/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 76842000 | &nbsp;&nbsp;&nbsp;&nbsp; 77459145 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 1.63%, 7/12/2026 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 26609000 | &nbsp;&nbsp;&nbsp;&nbsp; 26199421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11225000 | &nbsp;&nbsp;&nbsp;&nbsp; 11145435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 7/12/2028 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4748863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 39015000 | &nbsp;&nbsp;&nbsp;&nbsp; 39043243 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. 2.95%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6294000 | &nbsp;&nbsp;&nbsp;&nbsp; 6238528 |
| &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; 1993134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12766000 | &nbsp;&nbsp;&nbsp;&nbsp; 12876187 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. 3.40%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6956000 | &nbsp;&nbsp;&nbsp;&nbsp; 6936100 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co. 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 42226000 | &nbsp;&nbsp;&nbsp;&nbsp; 42319775 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 3.25%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158522 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.15%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20010377 |
| &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; 4.95%, 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 101615000 | &nbsp;&nbsp;&nbsp;&nbsp; 101709382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp;&nbsp; 8003692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25107000 | &nbsp;&nbsp;&nbsp;&nbsp; 25372735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 2/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 46322000 | &nbsp;&nbsp;&nbsp;&nbsp; 47171831 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35870000 | &nbsp;&nbsp;&nbsp;&nbsp; 36140373 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc. 3.10%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2308000 | &nbsp;&nbsp;&nbsp;&nbsp; 2296983 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) 3.25%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80438000 | &nbsp;&nbsp;&nbsp;&nbsp; 80064524 |
| &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; 1550746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, 2.75%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2435742 |
| &nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 21910016 | &nbsp;&nbsp;&nbsp;&nbsp; 22064699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 611538933 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. 3.80%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 44117000 | &nbsp;&nbsp;&nbsp;&nbsp; 44063754 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. 1.70%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 297259 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. 1.75%, 8/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2859000 | &nbsp;&nbsp;&nbsp;&nbsp; 2810148 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. 1.60%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21077000 | &nbsp;&nbsp;&nbsp;&nbsp; 20883257 |
| &nbsp;&nbsp;&nbsp; Tyco Electronics Group SA (Switzerland) 4.50%, 2/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70055251 |
| **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; 5934795 |
| **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; 11141079 |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp. 1.85%, 7/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2960898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14101977 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Equitable America Global Funding 4.65%, 6/9/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17655000 | &nbsp;&nbsp;&nbsp;&nbsp; 17847861 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. 1.15%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26081000 | &nbsp;&nbsp;&nbsp;&nbsp; 25885601 |
| &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; 50798000 | &nbsp;&nbsp;&nbsp;&nbsp; 50399619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25199000 | &nbsp;&nbsp;&nbsp;&nbsp; 25210551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4135000 | &nbsp;&nbsp;&nbsp;&nbsp; 4143352 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| &nbsp;&nbsp;&nbsp; LSEGA Financing plc (United Kingdom) 1.38%, 4/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9889000 | &nbsp;&nbsp;&nbsp;&nbsp; 9796100 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1651000 | &nbsp;&nbsp;&nbsp;&nbsp; 1624205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.58%), 4.63%, 11/22/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 137446000 | &nbsp;&nbsp;&nbsp;&nbsp; 137854425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.15%, 8/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 69986000 | &nbsp;&nbsp;&nbsp;&nbsp; 70383842 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) 1.50%, 10/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427756 |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) | &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) | &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 4/3/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85647000 | &nbsp;&nbsp;&nbsp;&nbsp; 84778623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 7/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27026000 | &nbsp;&nbsp;&nbsp;&nbsp; 27229776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 7/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36760000 | &nbsp;&nbsp;&nbsp;&nbsp; 37272872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/16/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10657000 | &nbsp;&nbsp;&nbsp;&nbsp; 10887369 |
| &nbsp;&nbsp;&nbsp; Shell International Finance BV 2.88%, 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989968 |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd. (Australia) 3.70%, 9/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7070000 | &nbsp;&nbsp;&nbsp;&nbsp; 7039137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 513771057 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. 2.50%, 8/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10150000 | &nbsp;&nbsp;&nbsp;&nbsp; 10050550 |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.  | &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.  | &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39335000 | &nbsp;&nbsp;&nbsp;&nbsp; 38997875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 41068000 | &nbsp;&nbsp;&nbsp;&nbsp; 41514913 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. 7.13%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3067386 |
| &nbsp;&nbsp;&nbsp; Danone SA (France) 2.95%, 11/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10041000 | &nbsp;&nbsp;&nbsp;&nbsp; 9943733 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. 4.70%, 1/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7335000 | &nbsp;&nbsp;&nbsp;&nbsp; 7389034 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 4.45%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18021000 | &nbsp;&nbsp;&nbsp;&nbsp; 18143138 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc. 0.90%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11916672 |
| &nbsp;&nbsp;&nbsp; Mondelez International Holdings Netherlands BV 1.25%, 9/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13305000 | &nbsp;&nbsp;&nbsp;&nbsp; 13007145 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4004000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 158031396 |
| **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; 1993537 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) 1.75%, 12/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2229002 |
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC 3.30%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 58891000 | &nbsp;&nbsp;&nbsp;&nbsp; 58529310 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. 3.88%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8050000 | &nbsp;&nbsp;&nbsp;&nbsp; 8040570 |
| &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; 5.75%, 5/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 106844000 | &nbsp;&nbsp;&nbsp;&nbsp; 107483403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8153000 | &nbsp;&nbsp;&nbsp;&nbsp; 8045113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14293000 | &nbsp;&nbsp;&nbsp;&nbsp; 14183612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 1/12/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32079000 | &nbsp;&nbsp;&nbsp;&nbsp; 32445490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 402020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 233352057 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Stryker Corp. 4.55%, 2/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 57958000 | &nbsp;&nbsp;&nbsp;&nbsp; 58378847 |
| &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; 35048329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 81123000 | &nbsp;&nbsp;&nbsp;&nbsp; 81669081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 175096257 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — 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; 4.70%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33465000 | &nbsp;&nbsp;&nbsp;&nbsp; 33701028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 37784000 | &nbsp;&nbsp;&nbsp;&nbsp; 37429600 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 4.63%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10254000 | &nbsp;&nbsp;&nbsp;&nbsp; 10382488 |
| &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; 4046895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2663000 | &nbsp;&nbsp;&nbsp;&nbsp; 2640966 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. 1.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8955000 | &nbsp;&nbsp;&nbsp;&nbsp; 8887541 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 98861000 | &nbsp;&nbsp;&nbsp;&nbsp; 98936926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19629000 | &nbsp;&nbsp;&nbsp;&nbsp; 20006130 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings 1.55%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1809000 | &nbsp;&nbsp;&nbsp;&nbsp; 1785384 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. 3.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18007000 | &nbsp;&nbsp;&nbsp;&nbsp; 17947450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 235764408 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| &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; 6703169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26405000 | &nbsp;&nbsp;&nbsp;&nbsp; 26353861 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC 3.25%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34197000 | &nbsp;&nbsp;&nbsp;&nbsp; 34038495 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP 3.25%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21758000 | &nbsp;&nbsp;&nbsp;&nbsp; 21607997 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC 4.25%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30224000 | &nbsp;&nbsp;&nbsp;&nbsp; 30218399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 118921921 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &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; 10250000 | &nbsp;&nbsp;&nbsp;&nbsp; 10208648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 31860000 | &nbsp;&nbsp;&nbsp;&nbsp; 31997769 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8385000 | &nbsp;&nbsp;&nbsp;&nbsp; 8386622 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. 5.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44438000 | &nbsp;&nbsp;&nbsp;&nbsp; 44844916 |
| &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; 21269470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4064302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 120771727 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) 1.38%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4661000 | &nbsp;&nbsp;&nbsp;&nbsp; 4636636 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. 2.50%, 11/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975183 |
| **Insurance — 7.5%** | **Insurance — 7.5%** | **Insurance — 7.5%** |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC (Netherlands) 5.50%, 4/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 73400000 | &nbsp;&nbsp;&nbsp;&nbsp; 74578669 |
| &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) | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 533407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 2/23/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4210000 | &nbsp;&nbsp;&nbsp;&nbsp; 4222952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.85%), 4.91%, 5/8/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12860000 | &nbsp;&nbsp;&nbsp;&nbsp; 12884173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.68%), 4.74%, 8/10/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28252000 | &nbsp;&nbsp;&nbsp;&nbsp; 28293680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 8/27/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 223572000 | &nbsp;&nbsp;&nbsp;&nbsp; 224535282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1878299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108158000 | &nbsp;&nbsp;&nbsp;&nbsp; 109014413 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 3/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6896000 | &nbsp;&nbsp;&nbsp;&nbsp; 6782278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5325812 |
| &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; 3358043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 4/9/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63367000 | &nbsp;&nbsp;&nbsp;&nbsp; 64275411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/28/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1478000 | &nbsp;&nbsp;&nbsp;&nbsp; 1383755 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp. 4.50%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 |
| &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; 5.88%, 6/4/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10333000 | &nbsp;&nbsp;&nbsp;&nbsp; 10582963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 33847000 | &nbsp;&nbsp;&nbsp;&nbsp; 34248491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 9/8/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37199000 | &nbsp;&nbsp;&nbsp;&nbsp; 37299601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/9/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17617000 | &nbsp;&nbsp;&nbsp;&nbsp; 17958699 |
| &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; 109306000 | &nbsp;&nbsp;&nbsp;&nbsp; 110096121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64606000 | &nbsp;&nbsp;&nbsp;&nbsp; 65253614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97494000 | &nbsp;&nbsp;&nbsp;&nbsp; 98446003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/21/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21973000 | &nbsp;&nbsp;&nbsp;&nbsp; 22026933 |
| &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) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1471000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 4/1/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 152660000 | &nbsp;&nbsp;&nbsp;&nbsp; 153551751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70402000 | &nbsp;&nbsp;&nbsp;&nbsp; 71545130 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding  | &nbsp;&nbsp;&nbsp; F&G Global Funding  | &nbsp;&nbsp;&nbsp; F&G Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 4/11/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18101000 | &nbsp;&nbsp;&nbsp;&nbsp; 17637294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 9/8/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22862000 | &nbsp;&nbsp;&nbsp;&nbsp; 22934105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 5.41%, 9/8/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65911000 | &nbsp;&nbsp;&nbsp;&nbsp; 66373845 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. 4.50%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10230000 | &nbsp;&nbsp;&nbsp;&nbsp; 10280763 |
| &nbsp;&nbsp;&nbsp; Guardian Life Global Funding 4.07%, 9/5/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 71279000 | &nbsp;&nbsp;&nbsp;&nbsp; 71384253 |
| &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; 18676000 | &nbsp;&nbsp;&nbsp;&nbsp; 18784273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 4/29/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7346000 | &nbsp;&nbsp;&nbsp;&nbsp; 7312096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23610000 | &nbsp;&nbsp;&nbsp;&nbsp; 23793411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 4.98%, 6/9/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 92896000 | &nbsp;&nbsp;&nbsp;&nbsp; 93380807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/2/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46967000 | &nbsp;&nbsp;&nbsp;&nbsp; 47947150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.95%), 5.04%, 9/12/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 87710000 | &nbsp;&nbsp;&nbsp;&nbsp; 88218898 |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II  | &nbsp;&nbsp;&nbsp; MassMutual Global Funding II  | &nbsp;&nbsp;&nbsp; MassMutual Global Funding II  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.68%), 4.74%, 8/1/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 104772000 | &nbsp;&nbsp;&nbsp;&nbsp; 104801560 |
| &nbsp;&nbsp;&nbsp; Met Tower Global Funding 4.85%, 1/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21292000 | &nbsp;&nbsp;&nbsp;&nbsp; 21482479 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I  | &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I  | &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 6/11/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6823000 | &nbsp;&nbsp;&nbsp;&nbsp; 6928922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17493000 | &nbsp;&nbsp;&nbsp;&nbsp; 17555195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.70%), 4.75%, 8/25/2028 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63788000 | &nbsp;&nbsp;&nbsp;&nbsp; 64005517 |
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding 5.35%, 4/9/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13008000 | &nbsp;&nbsp;&nbsp;&nbsp; 13209055 |
| &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; 2023755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%), 4.75%, 4/2/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9017000 | &nbsp;&nbsp;&nbsp;&nbsp; 9053699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.64%, 6/11/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 86073000 | &nbsp;&nbsp;&nbsp;&nbsp; 86330022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115001000 | &nbsp;&nbsp;&nbsp;&nbsp; 116130776 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.66%), 4.73%, 7/25/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85696000 | &nbsp;&nbsp;&nbsp;&nbsp; 85870281 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding (SOFR + 0.66%), 4.71%, 8/25/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 66133000 | &nbsp;&nbsp;&nbsp;&nbsp; 66256317 |
| &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; (SOFR + 0.48%), 4.54%, 2/4/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14274000 | &nbsp;&nbsp;&nbsp;&nbsp; 14292721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27004000 | &nbsp;&nbsp;&nbsp;&nbsp; 27324151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.82%, 7/10/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 146618000 | &nbsp;&nbsp;&nbsp;&nbsp; 147346860 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I 5.55%, 8/28/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3033168 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. 3.10%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495555 |
| &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; 1.50%, 11/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2052000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8349000 | &nbsp;&nbsp;&nbsp;&nbsp; 8438260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%), 4.87%, 8/18/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 53224000 | &nbsp;&nbsp;&nbsp;&nbsp; 53311830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 1/25/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 66821000 | &nbsp;&nbsp;&nbsp;&nbsp; 68568776 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding  | &nbsp;&nbsp;&nbsp; Protective Life Global Funding  | &nbsp;&nbsp;&nbsp; Protective Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 9/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4003000 | &nbsp;&nbsp;&nbsp;&nbsp; 3917912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 1/12/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18117000 | &nbsp;&nbsp;&nbsp;&nbsp; 18291330 |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II 5.24%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21309000 | &nbsp;&nbsp;&nbsp;&nbsp; 21327512 |
| &nbsp;&nbsp;&nbsp; Western-Southern Global Funding 4.50%, 7/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53528000 | &nbsp;&nbsp;&nbsp;&nbsp; 53964504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2652286853 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) 1.45%, 9/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73085000 | &nbsp;&nbsp;&nbsp;&nbsp; 71621908 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| &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; 1.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8530000 | &nbsp;&nbsp;&nbsp;&nbsp; 8500287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11650000 | &nbsp;&nbsp;&nbsp;&nbsp; 11453364 |
| &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; 5.15%, 1/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11998000 | &nbsp;&nbsp;&nbsp;&nbsp; 12008843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17100000 | &nbsp;&nbsp;&nbsp;&nbsp; 16756372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17392000 | &nbsp;&nbsp;&nbsp;&nbsp; 17557305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 4/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1814094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19373000 | &nbsp;&nbsp;&nbsp;&nbsp; 19661704 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. 3.40%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12458000 | &nbsp;&nbsp;&nbsp;&nbsp; 12426686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 100178655 |
| **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; 2717086 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. 3.60%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16335000 | &nbsp;&nbsp;&nbsp;&nbsp; 16298373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19015459 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) | &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) | &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8121000 | &nbsp;&nbsp;&nbsp;&nbsp; 8180365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7504000 | &nbsp;&nbsp;&nbsp;&nbsp; 7549399 |
| &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%, 4/27/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 4.83%, 10/1/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6842000 | &nbsp;&nbsp;&nbsp;&nbsp; 6848832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 4/4/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1278000 | &nbsp;&nbsp;&nbsp;&nbsp; 1298368 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp; 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; 7201856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3547000 | &nbsp;&nbsp;&nbsp;&nbsp; 3589326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36152568 |
| **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. 3.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11796000 | &nbsp;&nbsp;&nbsp;&nbsp; 11731763 |
| &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; Series A, 1.45%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12036000 | &nbsp;&nbsp;&nbsp;&nbsp; 11914820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.85%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31436000 | &nbsp;&nbsp;&nbsp;&nbsp; 31164215 |
| &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; 2.85%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 121995000 | &nbsp;&nbsp;&nbsp;&nbsp; 120778087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 23644000 | &nbsp;&nbsp;&nbsp;&nbsp; 24073311 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 4.75%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35196000 | &nbsp;&nbsp;&nbsp;&nbsp; 35206955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 234869151 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Boston Properties LP  | &nbsp;&nbsp;&nbsp; Boston Properties LP  | &nbsp;&nbsp;&nbsp; Boston Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9914000 | &nbsp;&nbsp;&nbsp;&nbsp; 9900250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 99251000 | &nbsp;&nbsp;&nbsp;&nbsp; 98040855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5234586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 113175691 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30860000 | &nbsp;&nbsp;&nbsp;&nbsp; 30238217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 114909000 | &nbsp;&nbsp;&nbsp;&nbsp; 116719231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14123000 | &nbsp;&nbsp;&nbsp;&nbsp; 14278928 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 4.75%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 59866000 | &nbsp;&nbsp;&nbsp;&nbsp; 59872527 |
| &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; 2001479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 54064000 | &nbsp;&nbsp;&nbsp;&nbsp; 54439513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11778000 | &nbsp;&nbsp;&nbsp;&nbsp; 11875060 |
| &nbsp;&nbsp;&nbsp; MPLX LP 1.75%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21387000 | &nbsp;&nbsp;&nbsp;&nbsp; 21250012 |
| &nbsp;&nbsp;&nbsp; Northwest Pipeline LLC 4.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8833000 | &nbsp;&nbsp;&nbsp;&nbsp; 8819460 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc.  | &nbsp;&nbsp;&nbsp; ONEOK, Inc.  | &nbsp;&nbsp;&nbsp; ONEOK, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16899000 | &nbsp;&nbsp;&nbsp;&nbsp; 16899000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 71029000 | &nbsp;&nbsp;&nbsp;&nbsp; 71196084 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. 3.55%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7656000 | &nbsp;&nbsp;&nbsp;&nbsp; 7635515 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.88%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17756000 | &nbsp;&nbsp;&nbsp;&nbsp; 17776866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 433001892 |
| **Paper & Forest Products — 0.0% ^** | **Paper & Forest Products — 0.0% ^** | **Paper & Forest Products — 0.0% ^** |
| &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; 0.95%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6897000 | &nbsp;&nbsp;&nbsp;&nbsp; 6802374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2544000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9374207 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC (United Kingdom) 1.20%, 5/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1974258 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp; Roche Holdings, Inc. 5.27%, 11/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506125 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. 4.15%, 8/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 73930000 | &nbsp;&nbsp;&nbsp;&nbsp; 74384833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 76865216 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.  | &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.  | &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 5/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7112000 | &nbsp;&nbsp;&nbsp;&nbsp; 7076792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/1/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 44000000 | &nbsp;&nbsp;&nbsp;&nbsp; 44211529 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP 3.38%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4489000 | &nbsp;&nbsp;&nbsp;&nbsp; 4472635 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP 1.10%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7072000 | &nbsp;&nbsp;&nbsp;&nbsp; 6914209 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. 2.95%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11118000 | &nbsp;&nbsp;&nbsp;&nbsp; 11028093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73703258 |
| **Retail REITs — 0.7%** | **Retail REITs — 0.7%** | **Retail REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  | &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  | &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 93710000 | &nbsp;&nbsp;&nbsp;&nbsp; 93645373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8192000 | &nbsp;&nbsp;&nbsp;&nbsp; 8168706 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP 1.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38788000 | &nbsp;&nbsp;&nbsp;&nbsp; 38529653 |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC  | &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC  | &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2626377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27823000 | &nbsp;&nbsp;&nbsp;&nbsp; 27561304 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp.  | &nbsp;&nbsp;&nbsp; Realty Income Corp.  | &nbsp;&nbsp;&nbsp; Realty Income Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5562000 | &nbsp;&nbsp;&nbsp;&nbsp; 5573899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24513000 | &nbsp;&nbsp;&nbsp;&nbsp; 24524167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 38837000 | &nbsp;&nbsp;&nbsp;&nbsp; 38707434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 239336913 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. 4.21%, 9/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17233000 | &nbsp;&nbsp;&nbsp;&nbsp; 17283896 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 3.50%, 12/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993023 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40286000 | &nbsp;&nbsp;&nbsp;&nbsp; 40155721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 48284000 | &nbsp;&nbsp;&nbsp;&nbsp; 49208994 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. 4.90%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071222 |
| &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; 7377443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23643000 | &nbsp;&nbsp;&nbsp;&nbsp; 23604462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 8/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 29250000 | &nbsp;&nbsp;&nbsp;&nbsp; 29335310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 174030071 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8137000 | &nbsp;&nbsp;&nbsp;&nbsp; 8071871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 76200000 | &nbsp;&nbsp;&nbsp;&nbsp; 75498107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 56807000 | &nbsp;&nbsp;&nbsp;&nbsp; 57363867 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 3.85%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6436000 | &nbsp;&nbsp;&nbsp;&nbsp; 6434205 |
| &nbsp;&nbsp;&nbsp; VMware LLC 1.40%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17163000 | &nbsp;&nbsp;&nbsp;&nbsp; 16860952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 164229002 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| &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; 4.40%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9307000 | &nbsp;&nbsp;&nbsp;&nbsp; 9307033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21421000 | &nbsp;&nbsp;&nbsp;&nbsp; 21223743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39421000 | &nbsp;&nbsp;&nbsp;&nbsp; 38615971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18308000 | &nbsp;&nbsp;&nbsp;&nbsp; 18199367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6725000 | &nbsp;&nbsp;&nbsp;&nbsp; 6654293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 27000000 | &nbsp;&nbsp;&nbsp;&nbsp; 26816367 |
| &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; 36740211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3118000 | &nbsp;&nbsp;&nbsp;&nbsp; 3107723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6233000 | &nbsp;&nbsp;&nbsp;&nbsp; 6112059 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc.  | &nbsp;&nbsp;&nbsp; Equinix, Inc.  | &nbsp;&nbsp;&nbsp; Equinix, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6685000 | &nbsp;&nbsp;&nbsp;&nbsp; 6602148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22772000 | &nbsp;&nbsp;&nbsp;&nbsp; 22527737 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP 3.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19643000 | &nbsp;&nbsp;&nbsp;&nbsp; 19557810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 215464462 |
| **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; 5945969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28370000 | &nbsp;&nbsp;&nbsp;&nbsp; 28539777 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) 5.10%, 12/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 34774000 | &nbsp;&nbsp;&nbsp;&nbsp; 34795045 |
| &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; 4.80%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 57424000 | &nbsp;&nbsp;&nbsp;&nbsp; 57523139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20982000 | &nbsp;&nbsp;&nbsp;&nbsp; 20861892 |
| &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; 17057875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11532000 | &nbsp;&nbsp;&nbsp;&nbsp; 11709823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 176433520 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| &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; 2409000 | &nbsp;&nbsp;&nbsp;&nbsp; 2423543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 104188000 | &nbsp;&nbsp;&nbsp;&nbsp; 104746342 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.  | &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.  | &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 61828000 | &nbsp;&nbsp;&nbsp;&nbsp; 62017364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 53473000 | &nbsp;&nbsp;&nbsp;&nbsp; 53423995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 222611244 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 4.40%, 2/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7006000 | &nbsp;&nbsp;&nbsp;&nbsp; 7004934 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11919804 |
| &nbsp;&nbsp;&nbsp; BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 126592000 | &nbsp;&nbsp;&nbsp;&nbsp; 125584989 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance plc (United Kingdom) 4.50%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 39829000 | &nbsp;&nbsp;&nbsp;&nbsp; 40205042 |
| &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; 4.88%, 2/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26859000 | &nbsp;&nbsp;&nbsp;&nbsp; 26882592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31466000 | &nbsp;&nbsp;&nbsp;&nbsp; 31366275 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Tobacco — continued** | **Tobacco — continued** | **Tobacco — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11899000 | &nbsp;&nbsp;&nbsp;&nbsp; 11744283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60544000 | &nbsp;&nbsp;&nbsp;&nbsp; 60383743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 315091662 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  | &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  | &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 1/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90308000 | &nbsp;&nbsp;&nbsp;&nbsp; 89949252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/14/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29135000 | &nbsp;&nbsp;&nbsp;&nbsp; 29271946 |
| &nbsp;&nbsp;&nbsp; TTX Co. 5.50%, 9/25/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5705000 | &nbsp;&nbsp;&nbsp;&nbsp; 5761568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124982766 |
| **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; 7947732 |
| **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; 13798275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35175000 | &nbsp;&nbsp;&nbsp;&nbsp; 35019684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6757000 | &nbsp;&nbsp;&nbsp;&nbsp; 6722114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55540073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $22,924,203,593)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 23040178853 |
| **Asset-Backed Securities — 13.0%** | **Asset-Backed Securities — 13.0%** | **Asset-Backed Securities — 13.0%** |
| &nbsp;&nbsp;&nbsp; Allegany Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class ARR, 4.98%, 1/20/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 26500000 | &nbsp;&nbsp;&nbsp;&nbsp; 26485584 |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 5.07%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 612085 | &nbsp;&nbsp;&nbsp;&nbsp; 612675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 4.76%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2513170 | &nbsp;&nbsp;&nbsp;&nbsp; 2515027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 4.03%, 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12812000 | &nbsp;&nbsp;&nbsp;&nbsp; 12816106 |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust Series 2023-1, Class A, 4.87%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40022000 | &nbsp;&nbsp;&nbsp;&nbsp; 40177782 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC Series 2024-2A, Class A2, 5.19%, 7/21/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4148431 | &nbsp;&nbsp;&nbsp;&nbsp; 4201239 |
| &nbsp;&nbsp;&nbsp; Apidos CLO (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-24A, Class A1AL, 5.10%, 10/20/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 13477510 | &nbsp;&nbsp;&nbsp;&nbsp; 13474477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-31A, Class A1R, 5.27%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 13534540 | &nbsp;&nbsp;&nbsp;&nbsp; 13539101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XXXA, Class A1AR, 4.96%, 10/18/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5773188 | &nbsp;&nbsp;&nbsp;&nbsp; 5771514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-23A, Class ARR, 4.95%, 4/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 52761551 | &nbsp;&nbsp;&nbsp;&nbsp; 52724354 |
| &nbsp;&nbsp;&nbsp; ARI Fleet Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 5.33%, 2/17/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4562000 | &nbsp;&nbsp;&nbsp;&nbsp; 4590220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 5.41%, 2/17/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 652525 | &nbsp;&nbsp;&nbsp;&nbsp; 653155 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust Series 2023-A1, Class A1, 4.79%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 28175000 | &nbsp;&nbsp;&nbsp;&nbsp; 28277117 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR3, 4.80%, 10/17/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 92415508 | &nbsp;&nbsp;&nbsp;&nbsp; 92243615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class X, 4.98%, 4/19/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 599948 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R, 5.16%, 10/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10707097 | &nbsp;&nbsp;&nbsp;&nbsp; 10708339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, 5.20%, 7/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 41133752 | &nbsp;&nbsp;&nbsp;&nbsp; 41137166 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1R, 4.97%, 7/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 99971000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class AR, 5.01%, 1/18/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 99921500 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; BMW Vehicle Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.98%, 3/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4428349 | &nbsp;&nbsp;&nbsp;&nbsp; 4440661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 4.18%, 10/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15616000 | &nbsp;&nbsp;&nbsp;&nbsp; 15649848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 3.94%, 11/26/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 33733000 | &nbsp;&nbsp;&nbsp;&nbsp; 33730112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.43%, 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30646000 | &nbsp;&nbsp;&nbsp;&nbsp; 30869863 |
| &nbsp;&nbsp;&nbsp; BofA Auto Trust Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15823725 | &nbsp;&nbsp;&nbsp;&nbsp; 15851323 |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd. (Cayman Islands) Series 2018-1A, Class A1R, 4.98%, 10/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 19141901 | &nbsp;&nbsp;&nbsp;&nbsp; 19131851 |
| &nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust Series 2023-A1, Class A, 4.42%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6147000 | &nbsp;&nbsp;&nbsp;&nbsp; 6158667 |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.66%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 798278 | &nbsp;&nbsp;&nbsp;&nbsp; 797659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A4, 3.32%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35683000 | &nbsp;&nbsp;&nbsp;&nbsp; 35580436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 4.61%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4003265 | &nbsp;&nbsp;&nbsp;&nbsp; 4008483 |
| &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; 5701090 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR3, 5.13%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1871720 | &nbsp;&nbsp;&nbsp;&nbsp; 1872070 |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands) Series 2021-9A, Class AR, 4.99%, 10/20/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49973550 |
| &nbsp;&nbsp;&nbsp; CARLYLE US CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1A2, 4.83%, 4/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 40686387 | &nbsp;&nbsp;&nbsp;&nbsp; 40679104 |
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class AR, 5.12%, 7/16/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 23816838 | &nbsp;&nbsp;&nbsp;&nbsp; 23833081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class AR2, 4.90%, 4/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 126701031 | &nbsp;&nbsp;&nbsp;&nbsp; 126647817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, 4.87%, 7/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 27858872 | &nbsp;&nbsp;&nbsp;&nbsp; 27842937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.38%, 4/21/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11007590 |
| &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; 32484350 | &nbsp;&nbsp;&nbsp;&nbsp; 32758076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 6.28%, 4/14/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4375175 | &nbsp;&nbsp;&nbsp;&nbsp; 4424419 |
| &nbsp;&nbsp;&nbsp; Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5227738 | &nbsp;&nbsp;&nbsp;&nbsp; 5295888 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) Series 2016-1A, Class AR3, 4.87%, 10/21/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 109180340 | &nbsp;&nbsp;&nbsp;&nbsp; 109133720 |
| &nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 4.69%, 12/8/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 65328000 | &nbsp;&nbsp;&nbsp;&nbsp; 65326635 |
| &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; 1598021 | &nbsp;&nbsp;&nbsp;&nbsp; 1594995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.60%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 31564267 | &nbsp;&nbsp;&nbsp;&nbsp; 32068588 |
| &nbsp;&nbsp;&nbsp; Crossroads Asset Trust Series 2025-A, Class A2, 4.91%, 2/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15020000 | &nbsp;&nbsp;&nbsp;&nbsp; 15109815 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, 4.10%, 2/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24600000 | &nbsp;&nbsp;&nbsp;&nbsp; 24613176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.65%, 1/22/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1592855 | &nbsp;&nbsp;&nbsp;&nbsp; 1597375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 4.69%, 8/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29092987 | &nbsp;&nbsp;&nbsp;&nbsp; 29145980 |
| &nbsp;&nbsp;&nbsp; Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 5.09%, 10/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12917889 | &nbsp;&nbsp;&nbsp;&nbsp; 12913755 |
| &nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust |  |  |
| &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; 107965025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A2, Class A, 4.93%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 28425000 | &nbsp;&nbsp;&nbsp;&nbsp; 28576198 |
| &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; 114663516 |
| &nbsp;&nbsp;&nbsp; Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10835137 | &nbsp;&nbsp;&nbsp;&nbsp; 10885333 |
| &nbsp;&nbsp;&nbsp; DLLAD LLC Series 2025-1A, Class A2, 4.46%, 11/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10553361 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-72A, Class ARR, 4.95%, 5/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 29835028 | &nbsp;&nbsp;&nbsp;&nbsp; 29823094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-86A, Class A1R2, 5.01%, 7/17/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 84050000 | &nbsp;&nbsp;&nbsp;&nbsp; 84116231 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-26A, Class AR, 5.07%, 4/15/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1713656 | &nbsp;&nbsp;&nbsp;&nbsp; 1713181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class AR, 5.10%, 7/18/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 227466 | &nbsp;&nbsp;&nbsp;&nbsp; 227400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A, Class AR, 5.14%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 450170 | &nbsp;&nbsp;&nbsp;&nbsp; 450196 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 12660527 | &nbsp;&nbsp;&nbsp;&nbsp; 12699166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 4.50%, 4/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54930000 | &nbsp;&nbsp;&nbsp;&nbsp; 55182173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A2, 4.05%, 8/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22364000 | &nbsp;&nbsp;&nbsp;&nbsp; 22392749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A2, 5.76%, 10/22/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4045692 | &nbsp;&nbsp;&nbsp;&nbsp; 4062963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2, 6.40%, 3/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27012477 | &nbsp;&nbsp;&nbsp;&nbsp; 27372886 |
| &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; 10658814 | &nbsp;&nbsp;&nbsp;&nbsp; 10678937 |
| &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; 1608411 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 37633543 | &nbsp;&nbsp;&nbsp;&nbsp; 37660014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A2A, 4.59%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 47025721 | &nbsp;&nbsp;&nbsp;&nbsp; 47119034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.23%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9322339 | &nbsp;&nbsp;&nbsp;&nbsp; 9381778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.37%, 10/17/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63195000 | &nbsp;&nbsp;&nbsp;&nbsp; 62537033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.53%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42543000 | &nbsp;&nbsp;&nbsp;&nbsp; 41546494 |
| &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; 16981519 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands) Series 2016-22A, Class XRR, 5.06%, 4/16/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 421053 | &nbsp;&nbsp;&nbsp;&nbsp; 421016 |
| &nbsp;&nbsp;&nbsp; Gm Financial Automobile Leasing Trust Series 2025-2, Class A2A, 4.55%, 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35495505 | &nbsp;&nbsp;&nbsp;&nbsp; 35591403 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust Series 2024-1, Class A3, 5.09%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6593058 | &nbsp;&nbsp;&nbsp;&nbsp; 6610414 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 5.35%, 6/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 103922 | &nbsp;&nbsp;&nbsp;&nbsp; 104053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2B, 4.54%, 10/18/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12785078 | &nbsp;&nbsp;&nbsp;&nbsp; 12788353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.44%, 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17976551 | &nbsp;&nbsp;&nbsp;&nbsp; 17998058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.45%, 6/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5160107 | &nbsp;&nbsp;&nbsp;&nbsp; 5197244 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust Series 2025-1A, Class A2, 4.49%, 9/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49735000 | &nbsp;&nbsp;&nbsp;&nbsp; 49917905 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, 5.80%, 12/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7572086 | &nbsp;&nbsp;&nbsp;&nbsp; 7582229 |
| &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; 69149251 |
| &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; 15113081 |
| &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; 11547147 | &nbsp;&nbsp;&nbsp;&nbsp; 11557042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.29%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1434401 | &nbsp;&nbsp;&nbsp;&nbsp; 1435249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.15%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 23195647 | &nbsp;&nbsp;&nbsp;&nbsp; 23234432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.53%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15036585 | &nbsp;&nbsp;&nbsp;&nbsp; 15059160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.48%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17351100 | &nbsp;&nbsp;&nbsp;&nbsp; 17477048 |
| &nbsp;&nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class XRR, 5.00%, 4/29/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 158103 | &nbsp;&nbsp;&nbsp;&nbsp; 158090 |
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd. (Cayman Islands) Series 2021-17A, Class AR, 5.06%, 1/25/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 99000000 | &nbsp;&nbsp;&nbsp;&nbsp; 98971488 |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust Series 2023-B, Class A3, 5.18%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9099115 | &nbsp;&nbsp;&nbsp;&nbsp; 9151469 |
| &nbsp;&nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, Class A, 5.17%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2649123 | &nbsp;&nbsp;&nbsp;&nbsp; 2648739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15, Class A1R2, 4.98%, 1/18/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 45584114 | &nbsp;&nbsp;&nbsp;&nbsp; 45567430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24, Class A1R, 5.23%, 4/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 8173974 | &nbsp;&nbsp;&nbsp;&nbsp; 8172462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 38A, Class A1, 5.22%, 4/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 17476952 | &nbsp;&nbsp;&nbsp;&nbsp; 17501245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class AR, 5.00%, 7/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49953300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Class A1R2, 5.01%, 1/15/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49958800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR2, 4.99%, 2/9/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49973600 |
| &nbsp;&nbsp;&nbsp; KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR2, 4.86%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 19585764 | &nbsp;&nbsp;&nbsp;&nbsp; 19578146 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) Series 29A, Class AR, 5.24%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3153502 | &nbsp;&nbsp;&nbsp;&nbsp; 3154681 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Madison Park Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-14A, Class AR4, 4.82%, 10/22/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 96824577 | &nbsp;&nbsp;&nbsp;&nbsp; 96726881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class AR2, 4.78%, 11/21/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 42120157 | &nbsp;&nbsp;&nbsp;&nbsp; 42108111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-35A, Class A1R, 5.14%, 4/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 34498934 | &nbsp;&nbsp;&nbsp;&nbsp; 34489447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class ARR, 4.98%, 7/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21988890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A, Class AR, 4.96%, 1/22/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49960150 |
| &nbsp;&nbsp;&nbsp; Magnetite Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.32%, 1/25/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 11141598 | &nbsp;&nbsp;&nbsp;&nbsp; 11145910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1, 5.27%, 7/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14011522 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R2, 4.90%, 7/23/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 18052862 | &nbsp;&nbsp;&nbsp;&nbsp; 18037986 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust |  |  |
| &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; 35128690 |
| &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; 40213548 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust Series 2021-1, Class A4, 0.73%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1977150 | &nbsp;&nbsp;&nbsp;&nbsp; 1973822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-45A, Class AR, 4.97%, 10/14/2036 (a) <br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 69948410 |
| &nbsp;&nbsp;&nbsp; Newark BSL CLO Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 5.09%, 7/25/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 15180044 | &nbsp;&nbsp;&nbsp;&nbsp; 15189380 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust Series 2022-B, Class A3, 4.46%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2197465 | &nbsp;&nbsp;&nbsp;&nbsp; 2199565 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands) Series 2015-1A, Class A1A5, 4.92%, 5/21/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 67688000 | &nbsp;&nbsp;&nbsp;&nbsp; 67630871 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1AR, 5.00%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 602581 | &nbsp;&nbsp;&nbsp;&nbsp; 602406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, 4.94%, 8/8/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 49505114 | &nbsp;&nbsp;&nbsp;&nbsp; 49505263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 4.95%, 10/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 34752589 | &nbsp;&nbsp;&nbsp;&nbsp; 34742511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1N, 4.90%, 1/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 13971527 | &nbsp;&nbsp;&nbsp;&nbsp; 13961119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, 4.65%, 2/15/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 128338011 | &nbsp;&nbsp;&nbsp;&nbsp; 127815162 |
| &nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1264369 | &nbsp;&nbsp;&nbsp;&nbsp; 1268332 |
| &nbsp;&nbsp;&nbsp; Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21140053 | &nbsp;&nbsp;&nbsp;&nbsp; 21195689 |
| &nbsp;&nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands) Series 2020-7A, Class A1R, 5.23%, 4/17/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 24250000 | &nbsp;&nbsp;&nbsp;&nbsp; 24214256 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A2, 4.28%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 43115000 | &nbsp;&nbsp;&nbsp;&nbsp; 43128301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3, 5.63%, 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9491069 | &nbsp;&nbsp;&nbsp;&nbsp; 9531461 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.39%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13160095 | &nbsp;&nbsp;&nbsp;&nbsp; 13198343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2, 4.68%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25383794 | &nbsp;&nbsp;&nbsp;&nbsp; 25411864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 6.51%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8652166 | &nbsp;&nbsp;&nbsp;&nbsp; 8674848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.56%, 11/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26469916 | &nbsp;&nbsp;&nbsp;&nbsp; 26615151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 2/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17558546 | &nbsp;&nbsp;&nbsp;&nbsp; 17595921 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7282860 | &nbsp;&nbsp;&nbsp;&nbsp; 7324854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6643456 | &nbsp;&nbsp;&nbsp;&nbsp; 6663848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 4.26%, 12/22/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24910000 | &nbsp;&nbsp;&nbsp;&nbsp; 24924597 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 5.19%, 1/26/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 173102 | &nbsp;&nbsp;&nbsp;&nbsp; 173083 |
| &nbsp;&nbsp;&nbsp; Southwick Park CLO LLC (Cayman Islands) Series 2019-4A, Class A1RR, 4.88%, 7/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 38950255 | &nbsp;&nbsp;&nbsp;&nbsp; 38923145 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 5.12%, 4/16/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10121264 | &nbsp;&nbsp;&nbsp;&nbsp; 10121224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class AR2, 4.99%, 1/16/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 18818302 | &nbsp;&nbsp;&nbsp;&nbsp; 18829517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-21A, Class AR2, 4.80%, 7/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 23134908 | &nbsp;&nbsp;&nbsp;&nbsp; 23121976 |
| &nbsp;&nbsp;&nbsp; TCI-Flatiron CLO Ltd. (Cayman Islands) Series 2018-1A, Class AR2, 4.79%, 7/29/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 75818038 | &nbsp;&nbsp;&nbsp;&nbsp; 75785663 |
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 5.10%, 7/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3834401 | &nbsp;&nbsp;&nbsp;&nbsp; 3833845 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Thompson Park CLO Ltd. (Cayman Islands) Series 2021-1A, Class A1R, 4.95%, 4/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 55000000 | &nbsp;&nbsp;&nbsp;&nbsp; 54973380 |
| &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; 208991 | &nbsp;&nbsp;&nbsp;&nbsp; 209301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 4.71%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5675249 | &nbsp;&nbsp;&nbsp;&nbsp; 5694669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.46%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4034386 | &nbsp;&nbsp;&nbsp;&nbsp; 4041978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, 5.16%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 26742246 | &nbsp;&nbsp;&nbsp;&nbsp; 26898530 |
| &nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 42788710 | &nbsp;&nbsp;&nbsp;&nbsp; 42955505 |
| &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; 19489088 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust Series 2024-1, Class A1A, 5.00%, 12/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 78273000 | &nbsp;&nbsp;&nbsp;&nbsp; 78315095 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 5.81%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14053006 | &nbsp;&nbsp;&nbsp;&nbsp; 14073532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.21%, 6/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 39096000 | &nbsp;&nbsp;&nbsp;&nbsp; 39355703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.43%, 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75010000 | &nbsp;&nbsp;&nbsp;&nbsp; 75250797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 3.97%, 4/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 42300000 | &nbsp;&nbsp;&nbsp;&nbsp; 42302162 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 4.65%, 11/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 24123998 | &nbsp;&nbsp;&nbsp;&nbsp; 24180093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.02%, 6/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8465657 | &nbsp;&nbsp;&nbsp;&nbsp; 8505877 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, 5.08%, 7/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 21961747 | &nbsp;&nbsp;&nbsp;&nbsp; 21968577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class XR, 5.00%, 4/20/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 380953 | &nbsp;&nbsp;&nbsp;&nbsp; 380920 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 6.46%, 8/18/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17615686 | &nbsp;&nbsp;&nbsp;&nbsp; 17832215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.79%, 2/18/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14174248 | &nbsp;&nbsp;&nbsp;&nbsp; 14209953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17284515 | &nbsp;&nbsp;&nbsp;&nbsp; 17425081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, 4.57%, 1/18/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59190000 | &nbsp;&nbsp;&nbsp;&nbsp; 59591154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, 4.08%, 9/18/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49620000 | &nbsp;&nbsp;&nbsp;&nbsp; 49679643 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.66%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2213209 | &nbsp;&nbsp;&nbsp;&nbsp; 2211305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.49%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 64499363 | &nbsp;&nbsp;&nbsp;&nbsp; 64591526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.38%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 24848290 | &nbsp;&nbsp;&nbsp;&nbsp; 24884891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $4,570,428,832)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 4577337100 |
| **U.S. Treasury Obligations — 1.9%** | **U.S. Treasury Obligations — 1.9%** | **U.S. Treasury Obligations — 1.9%** |
| &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; 135991406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 9/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000000 | &nbsp;&nbsp;&nbsp;&nbsp; 263845372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000000 | &nbsp;&nbsp;&nbsp;&nbsp; 166753125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100636719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $665,328,245)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 667226622 |
| **Short-Term Investments — 19.0%** | **Short-Term Investments — 19.0%** | **Short-Term Investments — 19.0%** |
| **Certificates of Deposits — 3.9%** | **Certificates of Deposits — 3.9%** | **Certificates of Deposits — 3.9%** |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) , 4.00%, 6/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 99000000 | &nbsp;&nbsp;&nbsp;&nbsp; 99032997 |
| &nbsp;&nbsp;&nbsp; Barclays Bank plc (United Kingdom) (SOFR + 0.40%), 4.41%, 12/9/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 46265000 | &nbsp;&nbsp;&nbsp;&nbsp; 46268909 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) , 4.56%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 163452000 | &nbsp;&nbsp;&nbsp;&nbsp; 163622399 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) , 4.37%, 5/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 102171000 | &nbsp;&nbsp;&nbsp;&nbsp; 102332798 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 7/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 96478000 | &nbsp;&nbsp;&nbsp;&nbsp; 96709605 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 7/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 102898000 | &nbsp;&nbsp;&nbsp;&nbsp; 103148618 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44117000 | &nbsp;&nbsp;&nbsp;&nbsp; 44144842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 5/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60884000 | &nbsp;&nbsp;&nbsp;&nbsp; 60890143 |
| &nbsp;&nbsp;&nbsp; Lloyds Bank plc (United Kingdom) , 3.95%, 10/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 152253000 | &nbsp;&nbsp;&nbsp;&nbsp; 152354416 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Trust & Banking Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.33%), 4.38%, 3/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 182017000 | &nbsp;&nbsp;&nbsp;&nbsp; 182102821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.40%), 4.45%, 8/11/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 38743000 | &nbsp;&nbsp;&nbsp;&nbsp; 38771937 |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35490000 | &nbsp;&nbsp;&nbsp;&nbsp; 35514300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.35%), 4.36%, 2/4/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 54447000 | &nbsp;&nbsp;&nbsp;&nbsp; 54468904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.32%), 4.33%, 3/6/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 72807000 | &nbsp;&nbsp;&nbsp;&nbsp; 72835977 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) (SOFR + 0.38%), 4.43%, 2/5/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14549000 | &nbsp;&nbsp;&nbsp;&nbsp; 14550315 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28718000 | &nbsp;&nbsp;&nbsp;&nbsp; 28750015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.44%), 4.49%, 8/12/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 23367000 | &nbsp;&nbsp;&nbsp;&nbsp; 23395541 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) (SOFR + 0.45%), 4.46%, 4/27/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 61597000 | &nbsp;&nbsp;&nbsp;&nbsp; 61669309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit <br>(Cost $1,379,252,966)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1380563846 |
| **Commercial Paper — 7.3%** | **Commercial Paper — 7.3%** | **Commercial Paper — 7.3%** |
| &nbsp;&nbsp;&nbsp; BNG Bank NV (Netherlands) 3.94%, 12/5/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 43000000 | &nbsp;&nbsp;&nbsp;&nbsp; 42967058 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) 4.57%, 2/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 93412000 | &nbsp;&nbsp;&nbsp;&nbsp; 92653999 |
| &nbsp;&nbsp;&nbsp; Brookfield Corporate Treasury Ltd. (Canada) 4.40%, 12/22/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18945567 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) 4.10%, 6/5/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 143889000 | &nbsp;&nbsp;&nbsp;&nbsp; 140995004 |
| &nbsp;&nbsp;&nbsp; Credit Industriel et Commercial (France) 4.57%, 2/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 29691000 | &nbsp;&nbsp;&nbsp;&nbsp; 29448983 |
| &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; 55563469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 2/6/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 144677000 | &nbsp;&nbsp;&nbsp;&nbsp; 143570496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 152791000 | &nbsp;&nbsp;&nbsp;&nbsp; 147476990 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 8/3/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 148720000 | &nbsp;&nbsp;&nbsp;&nbsp; 144858054 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 4.03%, 12/1/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 86000000 | &nbsp;&nbsp;&nbsp;&nbsp; 85970941 |
| &nbsp;&nbsp;&nbsp; European Investment Bank (Luxembourg) 4.37%, 12/9/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 70422000 | &nbsp;&nbsp;&nbsp;&nbsp; 70338289 |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 2/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 75034000 | &nbsp;&nbsp;&nbsp;&nbsp; 74410092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 2/27/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 112560000 | &nbsp;&nbsp;&nbsp;&nbsp; 111444564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 11/10/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 226479000 | &nbsp;&nbsp;&nbsp;&nbsp; 218409508 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 4.10%, 6/30/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 121644000 | &nbsp;&nbsp;&nbsp;&nbsp; 118740808 |
| &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; 16986910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 2/4/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16870378 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo Funding LLC (Italy) 4.52%, 2/23/2026 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 114520000 | &nbsp;&nbsp;&nbsp;&nbsp; 113336871 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Short Term Funding LLC 4.15%, 6/3/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 59063000 | &nbsp;&nbsp;&nbsp;&nbsp; 57878072 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 4.05%, 12/1/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5997859 |
| &nbsp;&nbsp;&nbsp; Lloyds Bank plc (United Kingdom) 4.05%, 2/18/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp;&nbsp; 7730959 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 9/17/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 142877000 | &nbsp;&nbsp;&nbsp;&nbsp; 138475031 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 9/24/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 84750000 | &nbsp;&nbsp;&nbsp;&nbsp; 82079638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/19/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 41804000 | &nbsp;&nbsp;&nbsp;&nbsp; 40258627 |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. (Japan) 4.41%, 6/10/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 52996000 | &nbsp;&nbsp;&nbsp;&nbsp; 51901649 |
| &nbsp;&nbsp;&nbsp; MUFG Bank Ltd. (Japan) 4.09%, 3/9/2026 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 83040000 | &nbsp;&nbsp;&nbsp;&nbsp; 82123645 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) 4.40%, 5/13/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 28903000 | &nbsp;&nbsp;&nbsp;&nbsp; 28389980 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP 4.21%, 7/17/2026 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4877000 | &nbsp;&nbsp;&nbsp;&nbsp; 4751010 |
| &nbsp;&nbsp;&nbsp; Prudential International Treasury Ltd. (Hong Kong) 4.23%, 8/21/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 73845000 | &nbsp;&nbsp;&nbsp;&nbsp; 71763959 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp. (Japan) 4.41%, 6/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 84943000 | &nbsp;&nbsp;&nbsp;&nbsp; 83186990 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) 4.14%, 3/6/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 40230000 | &nbsp;&nbsp;&nbsp;&nbsp; 39799390 |
| &nbsp;&nbsp;&nbsp; Tampa Electric Co. 4.05%, 12/1/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 126000000 | &nbsp;&nbsp;&nbsp;&nbsp; 125959000 |
| &nbsp;&nbsp;&nbsp; Westpac Securities NZ Ltd. (New Zealand) 3.94%, 10/29/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 111749000 | &nbsp;&nbsp;&nbsp;&nbsp; 107893615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper <br>(Cost $2,573,467,002)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2574153245 |
|  | **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, 3.95% (h) (i) <br>(Cost $2,243,579,201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2243579201 | &nbsp;&nbsp;&nbsp;&nbsp; 2243579201 |
| **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.05% (h) (i) <br>(Cost $86,900,860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86900860 | &nbsp;&nbsp;&nbsp;&nbsp; 86900860 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, 4.50%, dated 11/28/2025, due 5/11/2026, repurchase price $433,712,500, <br> collateralized by Collateralized Mortgage Obligations, 0.31 - 7.56%, due 9/17/2029 - 8/25/2070, with the <br> value of $469,327,501. <br>(Cost $425,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 425000000 | &nbsp;&nbsp;&nbsp;&nbsp; 425000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $6,708,200,029)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 6710197152 |
| **Total Investments — 99.2%** <br>**(Cost $34,868,160,699)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **34994939727** |
| **Other Assets in Excess of Liabilities — 0.8%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **296898889** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **35291838616** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| 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 November 30, 2025. |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The security or a portion of this security is on loan at November 30, 2025. The total
 value of securities on loan at November 30, 2025 is $84,502,346.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Step bond. Interest rate is a fixed rate for an initial period that either resets
 at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November
 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security is a when-issued security, delayed delivery security,
 or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of
 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of November 30, 2025.

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

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

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; $4577337100 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4577337100 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23040178853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23040178853 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 667226622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 667226622 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1380563846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1380563846 |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2574153245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2574153245 |

---

------

**JPMorgan Ultra-Short Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $2243579201 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2243579201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities <br> Loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86900860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86900860 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425000000 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2330480061 | &nbsp;&nbsp;&nbsp;&nbsp; 4379717091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6710197152 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2330480061 | &nbsp;&nbsp;&nbsp;&nbsp; $32664459666 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $34994939727 |

---

**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 November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security** <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>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan <br> Securities <br> Lending <br> Money <br> Market <br> Fund <br> Agency SL <br> Class Shares, <br> 4.05% <br> (a) (b)<br>| $76209770 | $241844065 | $231152975 | $— | $— | $86900860 | 86900860 | $1014057 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan <br> U.S. Government <br> Money <br> Market <br> Fund <br> Class IM <br> Shares, <br> 3.95% <br> (a) (b)<br>| 3163005924 | 15750503380 | 16669930103 |  |  | 2243579201 | 2243579201 | 59630664 |  |
| **Total** | $3239215694 | $15992347445 | $16901083078 | $— | $— | $2330480061 |  | $60644721 | $— |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan 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:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $35427664240.61

**Total Liabilities:** $135851030.06

**Net Assets:** $35291813210.55

**Cash Not Reported:** $6183883.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 242813.71696000 | **1-Year:** 2857185.79938000 | **5-Year:** 146705.49129000 | **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 | 0.43%                | 0.35%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3011045.02              | $15026919.83                               |
| Month 2  | $3470844.97              | $-12990405.71                              |
| Month 3  | $2061854.18              | $8569831.33                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABN AMRO Bank NV                                   | ABN AMRO Bank NV                                                             | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  153400000 | PA      | $155968428.36  | 0.44%             | 2027-09-18      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                   | ABN AMRO Bank NV                                                             | CUSIP: 00084DBD1<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   61500000 | PA      | $62497637.01   | 0.18%             | 2028-12-03      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                   | ABN AMRO Bank NV                                                             | CUSIP: 00084DBJ8<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  114262000 | PA      | $114614962.17  | 0.32%             | 2028-07-07      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                    | AES Corp. (The)                                                              | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    4661000 | PA      | $4636636.25    | 0.01%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   64606000 | PA      | $65253614.42   | 0.18%             | 2026-07-02      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |  109306000 | PA      | $110096120.61  | 0.31%             | 2026-06-24      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CBB3<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   97494000 | PA      | $98446002.59   | 0.28%             | 2027-08-20      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CBG2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   21973000 | PA      | $22026933.39   | 0.06%             | 2028-08-21      | Fixed         | 4.25%                 | Yes           |                  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      | $3500296.76    | 0.01%             | 2026-06-22      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RGH9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    9695000 | PA      | $9765158.06    | 0.03%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RHT2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    2145000 | PA      | $2143551.31    | 0.01%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2978601.90    | 0.01%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |  110605000 | PA      | $109772416.44  | 0.31%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  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        |     652525 | PA      | $653154.50     | 0.00%             | 2032-02-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                              | ARI Fleet Lease Trust, Series 2023-A, Class A3                               | CUSIP: 00218GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4562000 | PA      | $4590220.08    | 0.01%             | 2032-02-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                       | AbbVie, Inc.                                                                 | CUSIP: 00287YAY5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   84349000 | PA      | $84090688.78   | 0.24%             | 2026-05-14      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                       | AbbVie, Inc.                                                                 | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |  178637000 | PA      | $176967740.84  | 0.50%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   20917000 | PA      | $20749777.16   | 0.06%             | 2027-07-21      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    3447000 | PA      | $3428339.60    | 0.01%             | 2028-01-23      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    5000000 | PA      | $5035694.60    | 0.01%             | 2027-10-15      | Fixed         | 4.62%                 | 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      | $30421342.63   | 0.09%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  108577000 | PA      | $106942830.37  | 0.30%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MBC8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    4862000 | PA      | $5040691.92    | 0.01%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   15296000 | PA      | $15589210.09   | 0.04%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   66211000 | PA      | $67289432.85   | 0.19%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AEGON Funding Co. LLC                              | AEGON Funding Co. LLC                                                        | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |   73400000 | PA      | $74578668.94   | 0.21%             | 2027-04-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.                       | Advanced Micro Devices, Inc.                                                 | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   17233000 | PA      | $17283895.94   | 0.05%             | 2026-09-24      | Fixed         | 4.21%                 | 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      | $6703168.93    | 0.02%             | 2026-01-15      | Fixed         | 4.30%                 | 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      | $26353861.17   | 0.07%             | 2026-04-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                     | Alimentation Couche-Tard, Inc.                                               | CUSIP: 01626PAW6<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |   73008000 | PA      | $73220270.03   | 0.21%             | 2028-09-29      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Allegany Park CLO Ltd.                             | Allegany Park CLO Ltd., Series 2019-1A, Class ARR                            | CUSIP: 017154AU9<br>LEI: 549300D5KL0IVFLIND32 | Long             | ABS-CBDO         | CORP              | KY        |   26500000 | PA      | $26485584.00   | 0.08%             | 2035-01-20      | Floating      | 4.98%                 | Yes           |                  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        |     612085 | PA      | $612674.53     | 0.00%             | 2027-04-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2025-1, Class A2                         | CUSIP: 02008KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12812000 | PA      | $12816106.25   | 0.04%             | 2028-07-17      | Fixed         | 4.03%                 | No            |                  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        |    2513170 | PA      | $2515026.90    | 0.01%             | 2027-05-17      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                 | Altria Group, Inc.                                                           | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    7006000 | PA      | $7004934.32    | 0.02%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America, Inc.                | Amcor Flexibles North America, Inc.                                          | CUSIP: 02344AAF5<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   29463000 | PA      | $29867563.52   | 0.08%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816CF4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2976000 | PA      | $2963875.84    | 0.01%             | 2026-05-20      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DC0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2002092.76    | 0.01%             | 2026-02-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DP1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   12100000 | PA      | $12254830.27   | 0.03%             | 2028-02-16      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   85628000 | PA      | $86157906.31   | 0.24%             | 2027-04-23      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   26600000 | PA      | $27044879.15   | 0.08%             | 2028-07-26      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust, Series 2023-1, Class A         | CUSIP: 02582JJZ4<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   40022000 | PA      | $40177781.63   | 0.11%             | 2028-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  112725000 | PA      | $112958338.50  | 0.32%             | 2026-12-11      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WGE5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   42312000 | PA      | $42500374.29   | 0.12%             | 2027-07-09      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WGG0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  111290000 | PA      | $111612937.98  | 0.32%             | 2027-01-15      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WGH8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   71499000 | PA      | $71661422.85   | 0.20%             | 2027-08-13      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XAJ9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    9307000 | PA      | $9307033.23    | 0.03%             | 2026-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   18308000 | PA      | $18199366.74   | 0.05%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XAM2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    6725000 | PA      | $6654292.74    | 0.02%             | 2027-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   21421000 | PA      | $21223743.22   | 0.06%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   39421000 | PA      | $38615970.75   | 0.11%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                               | American Tower Corp.                                                         | CUSIP: 03027XBV1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   27000000 | PA      | $26816367.06   | 0.08%             | 2027-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                      | Cencora, Inc.                                                                | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   10254000 | PA      | $10382488.26   | 0.03%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                         | Ameriprise Financial, Inc.                                                   | CUSIP: 03076CAH9<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    2723000 | PA      | $2700454.89    | 0.01%             | 2026-09-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                        | Amgen, Inc.                                                                  | CUSIP: 031162CJ7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   14631000 | PA      | $14496995.99   | 0.04%             | 2026-08-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                     | Amphenol Corp.                                                               | CUSIP: 032095AW1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   44117000 | PA      | $44063753.87   | 0.12%             | 2027-11-15      | Fixed         | 3.80%                 | No            |                  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        |    4148431 | PA      | $4201239.28    | 0.01%             | 2031-07-21      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Analog Devices, Inc.                               | Analog Devices, Inc.                                                         | CUSIP: 032654AN5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1993023.48    | 0.01%             | 2026-12-05      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Anglo American Capital plc                         | Anglo American Capital plc                                                   | CUSIP: 034863AR1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    8121000 | PA      | $8180364.51    | 0.02%             | 2027-04-10      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                         | Anglo American Capital plc                                                   | CUSIP: 034863AU4<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    7504000 | PA      | $7549399.20    | 0.02%             | 2028-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Elevance Health, Inc.                              | Elevance Health, Inc.                                                        | CUSIP: 036752AR4<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    8955000 | PA      | $8887540.73    | 0.03%             | 2026-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XXIV                                    | Apidos CLO, Series 2016-24A, Class A1AL                                      | CUSIP: 03759CAS9<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |   13477509 | PA      | $13474477.05   | 0.04%             | 2030-10-20      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO                                         | Apidos CLO, Series 2015-23A, Class ARR                                       | CUSIP: 03765YBG8<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |   52761551 | PA      | $52724353.87   | 0.15%             | 2033-04-15      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO                                         | Apidos CLO, Series 2019-31A, Class A1R                                       | CUSIP: 03767VAG3<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |   13534540 | PA      | $13539100.92   | 0.04%             | 2031-04-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO XXX                                     | Apidos CLO, Series XXXA, Class A1AR                                          | CUSIP: 03768CAN9<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |    5773188 | PA      | $5771514.10    | 0.02%             | 2031-10-18      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co.                         | Archer-Daniels-Midland Co.                                                   | CUSIP: 039483BL5<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |   10150000 | PA      | $10050550.10   | 0.03%             | 2026-08-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Co.                         | Arizona Public Service Co.                                                   | CUSIP: 040555CV4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    5713000 | PA      | $5647320.95    | 0.02%             | 2026-09-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Astrazeneca Finance LLC                            | Astrazeneca Finance LLC                                                      | CUSIP: 04636NAA1<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1974257.94    | 0.01%             | 2026-05-28      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A2K6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1878299.19    | 0.01%             | 2026-11-12      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A2U4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     535000 | PA      | $533407.43     | 0.00%             | 2026-01-08      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3L3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    6896000 | PA      | $6782278.00    | 0.02%             | 2027-03-08      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    4210000 | PA      | $4222952.07    | 0.01%             | 2026-02-23      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3T6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    5250000 | PA      | $5325812.26    | 0.02%             | 2027-03-25      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3W9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   12860000 | PA      | $12884172.94   | 0.04%             | 2026-05-08      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4A6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  223572000 | PA      | $224535282.32  | 0.64%             | 2026-08-27      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  108158000 | PA      | $109014413.43  | 0.31%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4Q1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   28252000 | PA      | $28293679.89   | 0.08%             | 2026-08-10      | Floating      | 4.74%                 | Yes           |                  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      | $82755786.66   | 0.23%             | 2026-03-18      | Floating      | 4.64%                 | Yes           |                  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      | $2006089.36    | 0.01%             | 2026-03-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| AutoZone, Inc.                                     | AutoZone, Inc.                                                               | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    5970000 | PA      | $5945969.62    | 0.02%             | 2026-04-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                                     | AutoZone, Inc.                                                               | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |   28370000 | PA      | $28539776.86   | 0.08%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                        | AvalonBay Communities, Inc.                                                  | CUSIP: 053484AH4<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |   44000000 | PA      | $44211528.68   | 0.13%             | 2030-12-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                        | AvalonBay Communities, Inc.                                                  | CUSIP: 05348EAX7<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    7112000 | PA      | $7076791.97    | 0.02%             | 2026-05-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| Aviation Capital Group LLC                         | Aviation Capital Group LLC                                                   | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   90308000 | PA      | $89949252.37   | 0.25%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                         | Aviation Capital Group LLC                                                   | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   29135000 | PA      | $29271946.45   | 0.08%             | 2027-04-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   15428000 | PA      | $15397915.40   | 0.04%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    6024000 | PA      | $6028337.28    | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   50710000 | PA      | $50696308.30   | 0.14%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   33111000 | PA      | $32860349.73   | 0.09%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    9300000 | PA      | $8990496.00    | 0.03%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   48876000 | PA      | $49424877.48   | 0.14%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| BA Credit Card Trust                               | BA Credit Card Trust, Series 2023-A1, Class A1                               | CUSIP: 05522RDG0<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   28175000 | PA      | $28277117.47   | 0.08%             | 2028-05-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| BAE Systems Holdings, Inc.                         | BAE Systems Holdings, Inc.                                                   | CUSIP: 05523UAP5<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |   10275000 | PA      | $10272854.07   | 0.03%             | 2025-12-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                  | BAT Capital Corp.                                                            | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   12000000 | PA      | $11919804.36   | 0.03%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| BAT International Finance plc                      | BAT International Finance plc                                                | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |  126592000 | PA      | $125584988.49  | 0.36%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: —       |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565EAH8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1990279.96    | 0.01%             | 2026-04-11      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565EBW4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   20155000 | PA      | $19778715.22   | 0.06%             | 2026-08-12      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECA1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     378000 | PA      | $375289.38     | 0.00%             | 2027-04-01      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECL7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   72833000 | PA      | $72895048.62   | 0.21%             | 2026-04-02      | Floating      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECU7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   40876000 | PA      | $41199957.42   | 0.12%             | 2027-03-19      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    7177000 | PA      | $7265022.89    | 0.02%             | 2027-01-18      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: —       |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571CBB6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | STIV             | CORP              | FR        |   93412000 | PA      | $92653998.98   | 0.26%             | 2026-02-11      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05578AAP3<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     500000 | PA      | $497850.32     | 0.00%             | 2026-01-20      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05578AE46<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    5330000 | PA      | $5387291.96    | 0.02%             | 2027-07-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05583JAC6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    6900000 | PA      | $6809207.80    | 0.02%             | 2027-10-23      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 05593DEN9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | STIV             | CORP              | FR        |  163452000 | PA      | $163622398.71  | 0.46%             | 2026-02-12      | Fixed         | 4.56%                 | No            |                  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        |   15823725 | PA      | $15851323.32   | 0.04%             | 2027-11-22      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2025-2, Class A2A                            | CUSIP: 05594HAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   33733000 | PA      | $33730112.46   | 0.10%             | 2027-11-26      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05611C2A0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   67344000 | PA      | $67423543.37   | 0.19%             | 2026-01-26      | Fixed         | 5.10%                 | Yes           |                  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        |    4428349 | PA      | $4440661.48    | 0.01%             | 2027-03-25      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2024-2, Class A3                             | CUSIP: 05613MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15616000 | PA      | $15649847.68   | 0.04%             | 2027-10-25      | Fixed         | 4.18%                 | 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        |   92415508 | PA      | $92243614.68   | 0.26%             | 2032-10-17      | Floating      | 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        |     600000 | PA      | $599948.40     | 0.00%             | 2034-04-19      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                 | Ballyrock CLO Ltd., Series 2020-2A, Class A1R                                | CUSIP: 05875DAJ1<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |   10707097 | PA      | $10708339.34   | 0.03%             | 2031-10-20      | Floating      | 5.16%                 | 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        |   41133752 | PA      | $41137165.84   | 0.12%             | 2032-07-15      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAL9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   45452000 | PA      | $45118057.79   | 0.13%             | 2026-03-25      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  123801000 | PA      | $121430182.38  | 0.34%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAS4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   24000000 | PA      | $24428906.16   | 0.07%             | 2027-08-18      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAX3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   30000000 | PA      | $30652107.00   | 0.09%             | 2027-11-07      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   32000000 | PA      | $32560325.12   | 0.09%             | 2028-03-14      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   69200000 | PA      | $69546912.75   | 0.20%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05973RGK2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | STIV             | CORP              | ES        |   99000000 | PA      | $99032996.70   | 0.28%             | 2026-06-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   92673000 | PA      | $92459602.81   | 0.26%             | 2027-04-23      | Variable      | 3.56%                 | 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      | $15131434.13   | 0.04%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    8624000 | PA      | $8489809.87    | 0.02%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   95610000 | PA      | $95703477.90   | 0.27%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series FIX                                            | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   79000000 | PA      | $80476825.21   | 0.23%             | 2029-01-24      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   25000000 | PA      | $25341125.75   | 0.07%             | 2029-05-09      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368EDC3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   17296000 | PA      | $17212866.95   | 0.05%             | 2027-01-22      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368FAC3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    1937000 | PA      | $1896741.64    | 0.01%             | 2026-09-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: —       |
| Bank of Montreal                                   | Bank of Montreal, Series f2f                                                 | CUSIP: 06368L8K5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  103274000 | PA      | $103639161.37  | 0.29%             | 2027-09-10      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LC53<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     500000 | PA      | $506739.28     | 0.00%             | 2026-12-11      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LC61<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   60331000 | PA      | $60823544.70   | 0.17%             | 2026-12-11      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LNT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   69200000 | PA      | $69617745.87   | 0.20%             | 2026-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368MFW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  135095000 | PA      | $135095264.79  | 0.38%             | 2026-12-11      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368MXU3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   78334000 | PA      | $78351561.70   | 0.22%             | 2028-09-22      | Variable      | 4.06%                 | No            |                  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      | $2003872.78    | 0.01%             | 2027-04-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                | Bank of New York Mellon Corp. (The)                                          | CUSIP: 06406FAC7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   24776000 | PA      | $24641122.92   | 0.07%             | 2026-05-04      | Fixed         | 2.80%                 | No            |                  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        |   44897000 | PA      | $45066750.17   | 0.13%             | 2027-04-26      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of New Zealand                                | Bank of New Zealand                                                          | CUSIP: 06407EAG0<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |   62500000 | PA      | $63687173.75   | 0.18%             | 2028-02-07      | Fixed         | 4.85%                 | Yes           |                  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      | $2977197.24    | 0.01%             | 2026-03-02      | Fixed         | 1.05%                 | 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      | $8455727.48    | 0.02%             | 2026-06-24      | Fixed         | 1.35%                 | No            |                  2 | On Loan: —       |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 0641598K5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $2937781.92    | 0.01%             | 2026-09-15      | Fixed         | 1.30%                 | No            |                  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      | $67210118.18   | 0.19%             | 2028-09-08      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The), Series I                                          | CUSIP: 06418GAT4<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   49504000 | PA      | $49538234.99   | 0.14%             | 2028-09-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418GAU1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   53078000 | PA      | $53008780.98   | 0.15%             | 2028-09-15      | Variable      | 4.04%                 | No            |                  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      | $6785810.64    | 0.02%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                 | Bank of America NA                                                           | CUSIP: 06428CAA2<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3028301.22    | 0.01%             | 2026-08-18      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCM2<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    3806000 | PA      | $3890198.81    | 0.01%             | 2028-02-16      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCQ3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |  142680000 | PA      | $143289102.35  | 0.41%             | 2028-10-16      | Floating      | 5.06%                 | Yes           |                  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        |   84890000 | PA      | $84986621.80   | 0.24%             | 2026-01-26      | Fixed         | 4.93%                 | Yes           |                  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        |  111402000 | PA      | $112621661.40  | 0.32%             | 2026-07-13      | Fixed         | 5.90%                 | 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      | $19197043.10   | 0.05%             | 2027-01-23      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   58294000 | PA      | $58295881.73   | 0.17%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   92223000 | PA      | $92850864.33   | 0.26%             | 2027-05-09      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   67809000 | PA      | $68967958.20   | 0.20%             | 2027-09-13      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECT0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   36113000 | PA      | $36515627.45   | 0.10%             | 2028-09-10      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                  | Barclays Bank plc                                                            | CUSIP: 06745GCC3<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | STIV             | CORP              | GB        |   46265000 | PA      | $46268909.39   | 0.13%             | 2025-12-09      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Barings CLO Ltd.                                   | Barings CLO Ltd., Series 2021-2A, Class A1R                                  | CUSIP: 06762JAL7<br>LEI: 549300ZI2PPUCDLS2Y70 | Long             | ABS-CBDO         | CORP              | KY        |  100000000 | PA      | $99971000.00   | 0.28%             | 2034-07-15      | Floating      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Barings CLO Ltd.                                   | Barings CLO Ltd., Series 2021-3A, Class AR                                   | CUSIP: 06762TAL5<br>LEI: 549300V1VT2NXKFG0H98 | Long             | ABS-CBDO         | CORP              | KY        |  100000000 | PA      | $99921500.00   | 0.28%             | 2035-01-18      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| BNG Bank NV                                        | BNG Bank NV                                                                  | CUSIP: 09657RZ59<br>LEI: 529900GGYMNGRQTDOO93 | Long             | STIV             | CORP              | NL        |   43000000 | PA      | $42967057.70   | 0.12%             | 2025-12-05      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2F0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    7006000 | PA      | $7039709.02    | 0.02%             | 2028-08-14      | 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      | $64801512.08   | 0.18%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    8603000 | PA      | $8473024.76    | 0.02%             | 2027-06-30      | Variable      | 1.68%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  145310000 | PA      | $146964522.91  | 0.42%             | 2029-05-09      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2025-1, Class A3                             | CUSIP: 096912AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   30646000 | PA      | $30869862.90   | 0.09%             | 2028-06-26      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                         | Wells Fargo Securities LLC                                                   | CUSIP: N/A<br>LEI: VYVVCKR63DVZZN70PB21       | Long             | RA               | CORP              | US        |  425000000 | PA      | $425000000.00  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Properties LP                               | Boston Properties LP                                                         | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    9914000 | PA      | $9900249.78    | 0.03%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                               | Boston Properties LP                                                         | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   99251000 | PA      | $98040855.38   | 0.28%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                               | Boston Properties LP                                                         | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5234585.40    | 0.01%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding               | Brighthouse Financial Global Funding                                         | CUSIP: 10921U2C1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    3406000 | PA      | $3358042.60    | 0.01%             | 2026-05-24      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding               | Brighthouse Financial Global Funding                                         | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    1478000 | PA      | $1383754.83    | 0.00%             | 2028-06-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding               | Brighthouse Financial Global Funding                                         | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |   63367000 | PA      | $64275410.94   | 0.18%             | 2027-04-09      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                   | Brixmor Operating Partnership LP                                             | CUSIP: 11120VAC7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   93710000 | PA      | $93645372.90   | 0.27%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                   | Brixmor Operating Partnership LP                                             | CUSIP: 11120VAE3<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    8192000 | PA      | $8168705.88    | 0.02%             | 2027-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   40286000 | PA      | $40155720.72   | 0.11%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   48284000 | PA      | $49208993.97   | 0.14%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Brookfield Corporate Treasury Ltd.                 | Brookfield Corporate Treasury Ltd.                                           | CUSIP: 11271EZN1<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |   19000000 | PA      | $18945566.90   | 0.05%             | 2025-12-22      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                           | Bunge Ltd. Finance Corp.                                                     | CUSIP: 120568BL3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   39335000 | PA      | $38997874.66   | 0.11%             | 2026-04-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                           | Bunge Ltd. Finance Corp.                                                     | CUSIP: 120568BM1<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   41068000 | PA      | $41514913.48   | 0.12%             | 2027-04-21      | Fixed         | 4.90%                 | No            |                  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        |   19141901 | PA      | $19131851.39   | 0.05%             | 2031-10-15      | Floating      | 4.98%                 | Yes           |                  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        |    4375175 | PA      | $4424419.26    | 0.01%             | 2032-04-14      | Fixed         | 6.28%                 | Yes           |                  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        |   32484350 | PA      | $32758076.05   | 0.09%             | 2032-03-15      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| CGI, Inc.                                          | CGI, Inc.                                                                    | CUSIP: 12532HAC8<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |   73085000 | PA      | $71621908.46   | 0.20%             | 2026-09-14      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                  | Cigna Group (The)                                                            | CUSIP: 125523BZ2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    4047000 | PA      | $4046895.06    | 0.01%             | 2026-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                  | Cigna Group (The)                                                            | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    2663000 | PA      | $2640966.31    | 0.01%             | 2026-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp.                                   | CMS Energy Corp.                                                             | CUSIP: 125896BQ2<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   11796000 | PA      | $11731762.99   | 0.03%             | 2026-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    8530000 | PA      | $8500286.60    | 0.02%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAM6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   11650000 | PA      | $11453364.19   | 0.03%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| CNA Financial Corp.                                | CNA Financial Corp.                                                          | CUSIP: 126117AT7<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    6750000 | PA      | $6750000.00    | 0.02%             | 2026-03-01      | Fixed         | 4.50%                 | 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        |    1598021 | PA      | $1594994.86    | 0.00%             | 2027-07-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2023-B, Class A3                                 | CUSIP: 12666DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   30563919 | PA      | $31052257.35   | 0.09%             | 2029-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CRH SMW Finance DAC                                | CRH SMW Finance DAC                                                          | CUSIP: 12704PAB4<br>LEI: 54930044475SH442C864 | Long             | DBT              | CORP              | IE        |   28656000 | PA      | $29548727.25   | 0.08%             | 2030-01-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                       | CaixaBank SA                                                                 | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   65476000 | PA      | $66722579.23   | 0.19%             | 2027-09-13      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                       | CaixaBank SA                                                                 | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   93694000 | PA      | $94648457.97   | 0.27%             | 2029-07-03      | Variable      | 4.63%                 | 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      | $2954872.59    | 0.01%             | 2026-06-22      | Fixed         | 1.25%                 | 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      | $13625981.94   | 0.04%             | 2026-10-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: —       |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PHT4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  109032000 | PA      | $109334811.30  | 0.31%             | 2027-09-11      | Variable      | 4.51%                 | No            |                  2 | On Loan: —       |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PVP6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  106829000 | PA      | $107717132.51  | 0.31%             | 2028-01-13      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607QFC1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   88039000 | PA      | $88144787.66   | 0.25%             | 2028-09-08      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Co.                      | Canadian National Railway Co.                                                | CUSIP: 136375CJ9<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $1993536.72    | 0.01%             | 2026-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                       | Canadian Pacific Railway Co.                                                 | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    2279000 | PA      | $2229001.66    | 0.01%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                                  | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   87897000 | PA      | $86013630.10   | 0.24%             | 2027-11-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                                  | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    5250000 | PA      | $5305158.50    | 0.02%             | 2028-05-10      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust            | Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A             | CUSIP: 14041NGD7<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    6147000 | PA      | $6158667.01    | 0.02%             | 2028-05-15      | Fixed         | 4.42%                 | 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        |     798278 | PA      | $797659.11     | 0.00%             | 2027-05-17      | Fixed         | 3.66%                 | 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      | $5701089.69    | 0.02%             | 2027-12-15      | Fixed         | 3.69%                 | 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        |    4003265 | PA      | $4008483.19    | 0.01%             | 2027-10-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2022-1, Class A4            | CUSIP: 14043QAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   35683000 | PA      | $35580436.35   | 0.10%             | 2027-09-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBJ6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   37784000 | PA      | $37429599.68   | 0.11%             | 2027-06-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   33465000 | PA      | $33701027.64   | 0.10%             | 2026-11-15      | Fixed         | 4.70%                 | 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        |    1871720 | PA      | $1872069.59    | 0.01%             | 2031-07-20      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CARLYLE US CLO Ltd.                                | CARLYLE US CLO Ltd., Series 2019-1A, Class A1A2                              | CUSIP: 14316BBG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   40686387 | PA      | $40679104.10   | 0.12%             | 2031-04-20      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                | Carlyle US CLO Ltd., Series 2021-9A, Class AR                                | CUSIP: 14317KAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   50000000 | PA      | $49973550.00   | 0.14%             | 2034-10-20      | Floating      | 4.99%                 | Yes           |                  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        |   23816838 | PA      | $23833081.47   | 0.07%             | 2031-07-16      | Floating      | 5.12%                 | 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        |  126701031 | PA      | $126647816.82  | 0.36%             | 2032-04-20      | Floating      | 4.90%                 | Yes           |                  2 | On Loan: No      |
| CarVal CLO Ltd.                                    | CarVal CLO Ltd., Series 2022-1A, Class A1                                    | CUSIP: 14686FAA6<br>LEI: 254900QBAWTE1ZDDLS52 | Long             | ABS-CBDO         | CORP              | JE        |   11000000 | PA      | $11007590.00   | 0.03%             | 2034-04-21      | Floating      | 5.38%                 | 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        |   27858872 | PA      | $27842937.02   | 0.08%             | 2032-07-20      | Floating      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                         | CUSIP: 14913UAN0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   36349000 | PA      | $36554769.51   | 0.10%             | 2026-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                         | CUSIP: 14913UBC3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |  160000000 | PA      | $160877153.60  | 0.46%             | 2028-08-15      | Floating      | 4.70%                 | 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        |    5227738 | PA      | $5295888.10    | 0.02%             | 2035-10-15      | Fixed         | 6.16%                 | Yes           |                  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      | $8255999.48    | 0.02%             | 2026-12-01      | Fixed         | 3.40%                 | 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        |  109180340 | PA      | $109133719.92  | 0.31%             | 2031-10-21      | Floating      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967KG5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    2045000 | PA      | $2044113.68    | 0.01%             | 2026-01-12      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   19919000 | PA      | $19771928.46   | 0.06%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   27700000 | PA      | $27305334.28   | 0.08%             | 2027-06-09      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   80652000 | PA      | $81225660.74   | 0.23%             | 2028-05-07      | Variable      | 4.64%                 | 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      | $65326634.64   | 0.19%             | 2027-12-08      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   20508000 | PA      | $20617900.32   | 0.06%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBL1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |  139950000 | PA      | $141065356.72  | 0.40%             | 2027-11-19      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBN7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   58400000 | PA      | $58958532.34   | 0.17%             | 2027-05-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   76384000 | PA      | $76002091.46   | 0.22%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Cleveland Electric Illuminating Co. (The)          | Cleveland Electric Illuminating Co. (The)                                    | CUSIP: 186108CK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2961644.97    | 0.01%             | 2028-04-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                 | CNO Global Funding                                                           | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   10333000 | PA      | $10582963.43   | 0.03%             | 2027-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                 | CNO Global Funding                                                           | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   17617000 | PA      | $17958699.33   | 0.05%             | 2029-09-09      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                 | CNO Global Funding                                                           | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   33847000 | PA      | $34248491.08   | 0.10%             | 2027-12-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                 | CNO Global Funding                                                           | CUSIP: 18977W2H2<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   37199000 | PA      | $37299600.98   | 0.11%             | 2028-09-08      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271AAK3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   42188000 | PA      | $42193440.56   | 0.12%             | 2025-12-09      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271RAR1<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $2007195.70    | 0.01%             | 2026-03-13      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271RAU4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   45001000 | PA      | $45313778.10   | 0.13%             | 2026-11-27      | Fixed         | 4.58%                 | No            |                  2 | On Loan: —       |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 2027A0HY8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    3000000 | PA      | $2970370.44    | 0.01%             | 2026-09-06      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 2027A0KQ1<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    2766000 | PA      | $2769382.32    | 0.01%             | 2026-03-13      | Floating      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| Conagra Brands, Inc.                               | Conagra Brands, Inc.                                                         | CUSIP: 205887AF9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3067385.88    | 0.01%             | 2026-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                         | Constellation Brands, Inc.                                                   | CUSIP: 21036PAQ1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    3441000 | PA      | $3431245.42    | 0.01%             | 2026-12-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: —       |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 21684X3J3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | NL        |  102171000 | PA      | $102332798.00  | 0.29%             | 2026-05-13      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 21688AAY8<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    2000000 | PA      | $2026822.60    | 0.01%             | 2026-10-05      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 21688ABF8<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    2000000 | PA      | $2006817.72    | 0.01%             | 2026-08-28      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Cox Communications, Inc.                           | Cox Communications, Inc.                                                     | CUSIP: 224044CG0<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    2735000 | PA      | $2717086.21    | 0.01%             | 2026-09-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   49357000 | PA      | $49814674.13   | 0.14%             | 2026-07-05      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   39624000 | PA      | $39933837.09   | 0.11%             | 2028-09-11      | Variable      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   76000000 | PA      | $77552080.36   | 0.22%             | 2029-01-09      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                              | CUSIP: 22536MBB3<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |   29691000 | PA      | $29448982.72   | 0.08%             | 2026-02-11      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    2608000 | PA      | $2611914.74    | 0.01%             | 2028-01-09      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   40110000 | PA      | $39899043.06   | 0.11%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   60161000 | PA      | $60153115.30   | 0.17%             | 2029-12-23      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 22550L2G5<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    2620000 | PA      | $2575187.00    | 0.01%             | 2026-08-07      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                             | Crossroads Asset Trust, Series 2025-A, Class A2                              | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15020000 | PA      | $15109815.09   | 0.04%             | 2032-02-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle, Inc.                                 | Crown Castle, Inc.                                                           | CUSIP: 22822VAB7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   36747000 | PA      | $36740210.62   | 0.10%             | 2026-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                 | Crown Castle, Inc.                                                           | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    3118000 | PA      | $3107723.10    | 0.01%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                 | Crown Castle, Inc.                                                           | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    6233000 | PA      | $6112059.17    | 0.02%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 23329PAG5<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   42394000 | PA      | $41859972.53   | 0.12%             | 2027-05-25      | Variable      | 1.53%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 2332K1BC3<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |    3000000 | PA      | $2975840.40    | 0.01%             | 2026-02-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 2332K1H37<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |  148720000 | PA      | $144858053.91  | 0.41%             | 2026-08-03      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co.                                                               | CUSIP: 233331AY3<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |  121995000 | PA      | $120778086.46  | 0.34%             | 2026-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co.                                                               | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   23644000 | PA      | $24073310.96   | 0.07%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                   | DTE Electric Co.                                                             | CUSIP: 23338VAW6<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    6399000 | PA      | $6443411.17    | 0.02%             | 2027-05-14      | Fixed         | 4.25%                 | 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        |   10835137 | PA      | $10885332.87   | 0.03%             | 2027-08-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DLLAD LLC                                          | DLLAD LLC, Series 2025-1A, Class A2                                          | CUSIP: 23347BAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10500000 | PA      | $10553361.00   | 0.03%             | 2028-11-20      | Fixed         | 4.46%                 | 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      | $7279846.01    | 0.02%             | 2026-03-02      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: —       |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AF7<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   17100000 | PA      | $16756372.25   | 0.05%             | 2026-12-14      | Fixed         | 2.00%                 | 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        |    1825000 | PA      | $1814093.95    | 0.01%             | 2027-04-07      | Fixed         | 3.65%                 | Yes           |                  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      | $12008843.19   | 0.03%             | 2026-01-16      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: —       |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   17392000 | PA      | $17557305.39   | 0.05%             | 2027-01-15      | Fixed         | 5.00%                 | 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        |   19373000 | PA      | $19661703.42   | 0.06%             | 2028-01-13      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636AAR2<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |     685000 | PA      | $690140.71     | 0.00%             | 2028-06-12      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABB6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   55432000 | PA      | $54364420.70   | 0.15%             | 2027-09-10      | Variable      | 1.55%                 | Yes           |                  2 | On Loan: —       |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   16500000 | PA      | $16517284.41   | 0.05%             | 2028-04-01      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABG5<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    5000000 | PA      | $5080195.80    | 0.01%             | 2028-03-01      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RAD6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |   55845000 | PA      | $55563468.60   | 0.16%             | 2026-01-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RB60<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |  144677000 | PA      | $143570495.84  | 0.41%             | 2026-02-06      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RKV5<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |  152791000 | PA      | $147476990.14  | 0.42%             | 2026-10-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Danone SA                                          | Danone SA                                                                    | CUSIP: 23636TAE0<br>LEI: 969500KMUQ2B6CBAF162 | Long             | DBT              | CORP              | FR        |   10041000 | PA      | $9943732.63    | 0.03%             | 2026-11-02      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                           | Darden Restaurants, Inc.                                                     | CUSIP: 237194AL9<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   10250000 | PA      | $10208647.61   | 0.03%             | 2027-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                           | Darden Restaurants, Inc.                                                     | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   31860000 | PA      | $31997769.33   | 0.09%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                     | CUSIP: 24422EYG8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   86580000 | PA      | $86899777.17   | 0.25%             | 2028-09-11      | Floating      | 4.55%                 | 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        |    1592855 | PA      | $1597374.58    | 0.00%             | 2029-01-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Dell International LLC                             | Dell International LLC                                                       | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2409000 | PA      | $2423542.51    | 0.01%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                             | Dell International LLC                                                       | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  104188000 | PA      | $104746342.45  | 0.30%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2025-2, Class A2                        | CUSIP: 24703VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   24600000 | PA      | $24613175.76   | 0.07%             | 2028-02-22      | Fixed         | 4.10%                 | Yes           |                  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        |   29092987 | PA      | $29145980.08   | 0.08%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | Deutsche Bank AG                                                             | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  181568000 | PA      | $178232908.14  | 0.51%             | 2027-11-16      | Variable      | 2.31%                 | 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      | $1630768.36    | 0.00%             | 2027-01-19      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | Deutsche Bank AG                                                             | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   10034000 | PA      | $10206431.88   | 0.03%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | Deutsche Bank AG                                                             | CUSIP: 25161DAG8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | STIV             | CORP              | DE        |   96478000 | PA      | $96709605.09   | 0.27%             | 2026-07-08      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | Deutsche Bank AG                                                             | CUSIP: 25161DAK9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | STIV             | CORP              | DE        |  102898000 | PA      | $103148618.37  | 0.29%             | 2026-07-10      | Fixed         | 4.41%                 | 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        |   12917889 | PA      | $12913755.03   | 0.04%             | 2030-10-15      | Floating      | 5.09%                 | Yes           |                  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      | $114663515.66  | 0.32%             | 2028-09-15      | Fixed         | 1.03%                 | 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      | $107965025.18  | 0.31%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                 | Discover Card Execution Note Trust, Series 2023-A2, Class A                  | CUSIP: 254683CZ6<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |   28425000 | PA      | $28576198.26   | 0.08%             | 2028-06-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp.                          | TWDC Enterprises 18 Corp.                                                    | CUSIP: 25468PDM5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2960897.97    | 0.01%             | 2026-07-30      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc., Series D                                              | CUSIP: 25746UCK3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   31436000 | PA      | $31164215.35   | 0.09%             | 2026-08-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc., Series A                                              | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   12036000 | PA      | $11914820.23   | 0.03%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  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        |     450170 | PA      | $450196.18     | 0.00%             | 2031-04-15      | Floating      | 5.14%                 | 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        |     227466 | PA      | $227400.30     | 0.00%             | 2030-07-18      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Dryden CLO Ltd.                                    | Dryden CLO Ltd., Series 2020-86A, Class A1R2                                 | CUSIP: 26245XAY3<br>LEI: 25490017VKY7XEFZL303 | Long             | ABS-CBDO         | CORP              | KY        |   84050000 | PA      | $84116231.40   | 0.24%             | 2034-07-17      | Floating      | 5.01%                 | 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        |    1713656 | PA      | $1713181.25    | 0.00%             | 2029-04-15      | Floating      | 5.07%                 | 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        |   29835028 | PA      | $29823093.91   | 0.08%             | 2032-05-15      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| EIDP, Inc.                                         | EIDP, Inc.                                                                   | CUSIP: 263534CQ0<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1999890.92    | 0.01%             | 2026-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   18740000 | PA      | $18543022.55   | 0.05%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    1004000 | PA      | $1004095.81    | 0.00%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                  | Duke Energy Corp.                                                            | CUSIP: 26441CCB9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   76842000 | PA      | $77459145.00   | 0.22%             | 2027-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                               | ERAC USA Finance LLC                                                         | CUSIP: 26884TAR3<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |   58891000 | PA      | $58529310.32   | 0.17%             | 2026-12-01      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| eBay, Inc.                                         | eBay, Inc.                                                                   | CUSIP: 278642BD4<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   41846000 | PA      | $42026069.20   | 0.12%             | 2029-03-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ecolab, Inc.                                       | Ecolab, Inc.                                                                 | CUSIP: 278865AV2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    2172000 | PA      | $2148948.50    | 0.01%             | 2026-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Ecolab, Inc.                                       | Ecolab, Inc.                                                                 | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    1571000 | PA      | $1586766.07    | 0.00%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   95885000 | PA      | $96772870.17   | 0.27%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   70923000 | PA      | $72171319.98   | 0.20%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                     | Enbridge, Inc.                                                               | CUSIP: 29250NBH7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   30860000 | PA      | $30238217.29   | 0.09%             | 2026-10-04      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                     | Enbridge, Inc.                                                               | CUSIP: 29250NBW4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  114909000 | PA      | $116719230.42  | 0.33%             | 2026-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                     | Enbridge, Inc.                                                               | CUSIP: 29250NCH6<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   14123000 | PA      | $14278928.37   | 0.04%             | 2028-06-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                 | Energy Transfer LP                                                           | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   59866000 | PA      | $59872527.19   | 0.17%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                 | Energy Transfer LP                                                           | CUSIP: 29277EZ15<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | STIV             | CORP              | US        |   86000000 | PA      | $85970940.60   | 0.24%             | 2025-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAA6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   11225000 | PA      | $11145435.07   | 0.03%             | 2027-05-25      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   26609000 | PA      | $26199420.44   | 0.07%             | 2026-07-12      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    5000000 | PA      | $4748862.85    | 0.01%             | 2028-07-12      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GBF4<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   39015000 | PA      | $39043243.35   | 0.11%             | 2028-09-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                      | Entergy Corp.                                                                | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    6294000 | PA      | $6238527.96    | 0.02%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2025-4, Class A2                      | CUSIP: 29373NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   22364000 | PA      | $22392748.92   | 0.06%             | 2028-08-20      | Fixed         | 4.05%                 | 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        |    4045692 | PA      | $4062963.44    | 0.01%             | 2029-10-22      | Fixed         | 5.76%                 | Yes           |                  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        |   27012477 | PA      | $27372885.84   | 0.08%             | 2030-03-20      | Fixed         | 6.40%                 | 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        |   12660527 | PA      | $12699165.56   | 0.04%             | 2027-07-20      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2025-3, Class A2                      | CUSIP: 29375UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   54930000 | PA      | $55182172.64   | 0.16%             | 2028-04-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCC5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2001479.14    | 0.01%             | 2026-01-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   54064000 | PA      | $54439513.41   | 0.15%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCJ0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   11778000 | PA      | $11875059.91   | 0.03%             | 2028-06-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                      | Equinix, Inc.                                                                | CUSIP: 29444UBD7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   22772000 | PA      | $22527736.83   | 0.06%             | 2026-11-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                      | Equinix, Inc.                                                                | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    6685000 | PA      | $6602148.38    | 0.02%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Equitable America Global Funding                   | Equitable America Global Funding                                             | CUSIP: 29446Q2A0<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |   17655000 | PA      | $17847860.75   | 0.05%             | 2028-06-09      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449W7M3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    1471000 | PA      | $1446387.83    | 0.00%             | 2026-07-12      | Fixed         | 1.30%                 | Yes           |                  2 | On Loan: —       |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449WAR8<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   70402000 | PA      | $71545129.95   | 0.20%             | 2027-11-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449WAU1<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |  152660000 | PA      | $153551751.18  | 0.44%             | 2027-04-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: —       |
| Essex Portfolio LP                                 | Essex Portfolio LP                                                           | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    4489000 | PA      | $4472635.04    | 0.01%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                           | European Investment Bank                                                     | CUSIP: 29878RZ92<br>LEI: 5493006YXS1U5GIHE750 | Long             | STIV             | NUSS              | LU        |   70422000 | PA      | $70338289.37   | 0.20%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                  | Eversource Energy                                                            | CUSIP: 30040WAB4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1993133.52    | 0.01%             | 2026-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                  | Eversource Energy                                                            | CUSIP: 30040WAY4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   12766000 | PA      | $12876187.05   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                       | Exelon Corp.                                                                 | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    6956000 | PA      | $6936100.00    | 0.02%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                | Expedia Group, Inc.                                                          | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8385000 | PA      | $8386621.58    | 0.02%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                             | Extra Space Storage LP                                                       | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   19643000 | PA      | $19557809.88   | 0.06%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| F&G Global Funding                                 | F&G Global Funding                                                           | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   18101000 | PA      | $17637294.01   | 0.05%             | 2027-04-11      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: —       |
| F&G Global Funding                                 | F&G Global Funding                                                           | CUSIP: 30321L2K7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   22862000 | PA      | $22934104.92   | 0.06%             | 2028-09-08      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| F&G Global Funding                                 | F&G Global Funding                                                           | CUSIP: 30321L2L5<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   65911000 | PA      | $66373845.50   | 0.19%             | 2028-09-08      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Federal Realty OP LP                               | Federal Realty OP LP                                                         | CUSIP: 313747BB2<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |   38788000 | PA      | $38529653.30   | 0.11%             | 2026-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services, Inc.       | Fidelity National Information Services, Inc.                                 | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   26081000 | PA      | $25885601.41   | 0.07%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Fidelity National Financial, Inc.                  | Fidelity National Financial, Inc.                                            | CUSIP: 31620RAH8<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |   10230000 | PA      | $10280763.10   | 0.03%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp                                                          | CUSIP: 316773DA5<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    6723000 | PA      | $6583429.44    | 0.02%             | 2027-05-05      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp                                                          | CUSIP: 316773DD9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   22488000 | PA      | $21970455.55   | 0.06%             | 2027-11-01      | Variable      | 1.71%                 | No            |                  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      | $74410092.29   | 0.21%             | 2026-02-12      | None          | 0.00%                 | 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      | $111444564.17  | 0.32%             | 2026-02-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849MLA7<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |  226479000 | PA      | $218409507.93  | 0.62%             | 2026-11-10      | Fixed         | 0.00%                 | 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        |    9322339 | PA      | $9381777.74    | 0.03%             | 2028-05-15      | Fixed         | 5.23%                 | 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        |   42543000 | PA      | $41546494.04   | 0.12%             | 2034-05-15      | Fixed         | 1.53%                 | Yes           |                  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      | $16981519.30   | 0.05%             | 2034-11-15      | Fixed         | 3.88%                 | Yes           |                  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        |   10658814 | PA      | $10678937.37   | 0.03%             | 2027-05-15      | Fixed         | 5.06%                 | 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      | $1608411.35    | 0.00%             | 2027-06-15      | Fixed         | 5.05%                 | 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        |   37633543 | PA      | $37660014.29   | 0.11%             | 2027-08-15      | Fixed         | 4.32%                 | No            |                  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        |   63195000 | PA      | $62537032.62   | 0.18%             | 2033-10-17      | Fixed         | 1.37%                 | Yes           |                  2 | On Loan: No      |
| 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        |   47025721 | PA      | $47119033.92   | 0.13%             | 2027-10-15      | Fixed         | 4.59%                 | 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        |    5160107 | PA      | $5197244.18    | 0.01%             | 2028-06-16      | Fixed         | 5.45%                 | 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        |    6593058 | PA      | $6610414.20    | 0.02%             | 2027-03-22      | Fixed         | 5.09%                 | No            |                  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        |   17976551 | PA      | $17998057.99   | 0.05%             | 2028-01-18      | Fixed         | 4.44%                 | 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        |   35495505 | PA      | $35591402.80   | 0.10%             | 2027-07-20      | Fixed         | 4.55%                 | 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        |     421053 | PA      | $421016.37     | 0.00%             | 2034-04-16      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| General Mills, Inc.                                | General Mills, Inc.                                                          | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    7335000 | PA      | $7389033.86    | 0.02%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                 | General Motors Co.                                                           | CUSIP: 37045VBC3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   35357000 | PA      | $36256158.21   | 0.10%             | 2028-04-15      | Fixed         | 5.35%                 | 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      | $50353213.08   | 0.14%             | 2026-01-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    3250000 | PA      | $3263613.02    | 0.01%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XFE1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    1042000 | PA      | $1060823.23    | 0.00%             | 2028-04-04      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   32000000 | PA      | $32019256.00   | 0.09%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                | Georgia-Pacific LLC                                                          | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    6897000 | PA      | $6802374.26    | 0.02%             | 2026-05-15      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                | Georgia-Pacific LLC                                                          | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    2544000 | PA      | $2571832.33    | 0.01%             | 2028-06-30      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Georgia Power Co.                                  | Georgia Power Co.                                                            | CUSIP: 373334LC3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   42226000 | PA      | $42319775.08   | 0.12%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 37790BFW6<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |  121644000 | PA      | $118740807.80  | 0.34%             | 2026-06-30      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1484422.04    | 0.00%             | 2026-04-27      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    1278000 | PA      | $1298367.66    | 0.00%             | 2027-04-04      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    6842000 | PA      | $6848831.74    | 0.02%             | 2026-10-01      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                              | Global Payments, Inc.                                                        | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   50798000 | PA      | $50399618.72   | 0.14%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  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        |     103922 | PA      | $104053.40     | 0.00%             | 2027-06-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-4, Class A2B | CUSIP: 38014AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12785078 | PA      | $12788353.06   | 0.04%             | 2027-10-18      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   65350000 | PA      | $66066724.16   | 0.19%             | 2028-04-23      | Variable      | 4.94%                 | No            |                  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      | $39423119.18   | 0.11%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  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      | $11097643.29   | 0.03%             | 2026-12-09      | Variable      | 1.09%                 | No            |                  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      | $105820155.88  | 0.30%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   41672000 | PA      | $40839966.43   | 0.12%             | 2027-09-10      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    6213000 | PA      | $6090892.87    | 0.02%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   75019000 | PA      | $75115024.32   | 0.21%             | 2027-03-18      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   40688000 | PA      | $40817461.08   | 0.12%             | 2027-03-18      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   35596000 | PA      | $35811168.21   | 0.10%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Guardian Life Global Funding                       | Guardian Life Global Funding                                                 | CUSIP: 40139LBM4<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |   71279000 | PA      | $71384253.42   | 0.20%             | 2028-09-05      | Fixed         | 4.07%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                          | HCA, Inc.                                                                    | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   98861000 | PA      | $98936926.24   | 0.28%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                          | HCA, Inc.                                                                    | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   19629000 | PA      | $20006129.62   | 0.06%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Healthpeak OP LLC                                  | Healthpeak OP LLC                                                            | CUSIP: 40414LAQ2<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |   34197000 | PA      | $34038494.85   | 0.10%             | 2026-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280BK4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    5250000 | PA      | $5240447.31    | 0.01%             | 2028-03-13      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280CM9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   13538000 | PA      | $13365285.04   | 0.04%             | 2027-05-24      | Variable      | 1.59%                 | No            |                  2 | On Loan: —       |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   43929000 | PA      | $44443145.46   | 0.13%             | 2027-08-14      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     242000 | PA      | $246793.92     | 0.00%             | 2028-05-17      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280EM7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   32556000 | PA      | $33156767.91   | 0.09%             | 2028-11-19      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40428HR95<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   37811000 | PA      | $38443243.02   | 0.11%             | 2028-06-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434PZ58<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   17000000 | PA      | $16986910.00   | 0.05%             | 2025-12-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434RB43<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   17000000 | PA      | $16870378.40   | 0.05%             | 2026-02-04      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust, Series 2025-1A, Class A2                              | CUSIP: 40446EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   49735000 | PA      | $49917905.44   | 0.14%             | 2032-09-20      | Fixed         | 4.49%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                     | Hewlett Packard Enterprise Co.                                               | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   61828000 | PA      | $62017364.33   | 0.18%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                     | Hewlett Packard Enterprise Co.                                               | CUSIP: 42824CCB3<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   53473000 | PA      | $53423995.20   | 0.15%             | 2027-09-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                             | Home Depot, Inc. (The)                                                       | CUSIP: 437076CX8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   34774000 | PA      | $34795044.88   | 0.10%             | 2025-12-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                      | Honeywell International, Inc.                                                | CUSIP: 438516BL9<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1975183.22    | 0.01%             | 2026-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| JB Hunt Transport Services, Inc.                   | JB Hunt Transport Services, Inc.                                             | CUSIP: 445658CF2<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |    8050000 | PA      | $8040570.15    | 0.02%             | 2026-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABP1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   15000000 | PA      | $14512284.45   | 0.04%             | 2027-10-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABW6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    8713000 | PA      | $8588194.03    | 0.02%             | 2026-06-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    3451000 | PA      | $3384127.18    | 0.01%             | 2026-09-17      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    7029000 | PA      | $7058115.45    | 0.02%             | 2026-03-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9327662.51    | 0.03%             | 2026-09-21      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   43989000 | PA      | $44485220.55   | 0.13%             | 2027-01-08      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   41417000 | PA      | $41691424.49   | 0.12%             | 2026-06-24      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   67237000 | PA      | $67354248.55   | 0.19%             | 2027-09-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADK0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   32250000 | PA      | $32651362.22   | 0.09%             | 2027-11-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   54856000 | PA      | $55293043.24   | 0.16%             | 2027-03-25      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   73289000 | PA      | $74043642.91   | 0.21%             | 2027-06-23      | Fixed         | 4.88%                 | 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        |    1434401 | PA      | $1435248.53    | 0.00%             | 2027-04-15      | Fixed         | 5.29%                 | No            |                  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        |   15036585 | PA      | $15059159.75   | 0.04%             | 2027-09-15      | Fixed         | 4.53%                 | 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        |   11547147 | PA      | $11557042.47   | 0.03%             | 2027-04-15      | Fixed         | 4.58%                 | 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        |     158103 | PA      | $158089.86     | 0.00%             | 2034-04-29      | Floating      | 5.00%                 | Yes           |                  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        |   17351100 | PA      | $17477048.24   | 0.05%             | 2028-04-17      | Fixed         | 5.48%                 | 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      | $69149251.43   | 0.20%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  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        |   23195647 | PA      | $23234432.25   | 0.07%             | 2027-06-15      | Fixed         | 5.15%                 | 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        |    7572086 | PA      | $7582228.54    | 0.02%             | 2026-12-15      | Fixed         | 5.80%                 | Yes           |                  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      | $15113081.04   | 0.04%             | 2027-09-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Imperial Brands Finance plc                        | Imperial Brands Finance plc                                                  | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   39829000 | PA      | $40205041.92   | 0.11%             | 2028-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AH6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   10310000 | PA      | $10293642.57   | 0.03%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    9455000 | PA      | $9377686.47    | 0.03%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: —       |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   64164000 | PA      | $65078938.22   | 0.18%             | 2027-09-11      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837BQ5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   34479000 | PA      | $35012070.16   | 0.10%             | 2029-03-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   52629000 | PA      | $52641502.55   | 0.15%             | 2026-01-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                | Intesa Sanpaolo SpA                                                          | CUSIP: 46115K5V8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | STIV             | CORP              | IT        |   44117000 | PA      | $44144842.24   | 0.13%             | 2026-01-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                | Intesa Sanpaolo SpA                                                          | CUSIP: 46115K6H8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | STIV             | CORP              | IT        |   60884000 | PA      | $60890143.20   | 0.17%             | 2026-05-07      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo Funding LLC                        | Intesa Sanpaolo Funding LLC                                                  | CUSIP: 4611K1BP9<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  114520000 | PA      | $113336870.98  | 0.32%             | 2026-02-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                 | ITC Holdings Corp.                                                           | CUSIP: 465685AK1<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    1165000 | PA      | $1158522.25    | 0.00%             | 2026-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Jabil, Inc.                                        | Jabil, Inc.                                                                  | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     300000 | PA      | $297259.45     | 0.00%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  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        |   86900860 | NS      | $86900860.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849CJR3<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   92896000 | PA      | $93380806.57   | 0.26%             | 2027-06-09      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849CJS1<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   87710000 | PA      | $88218897.81   | 0.25%             | 2028-09-12      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LSQ5<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    7346000 | PA      | $7312095.79    | 0.02%             | 2026-04-29      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LUZ2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   18676000 | PA      | $18784273.36   | 0.05%             | 2026-04-10      | Fixed         | 5.60%                 | 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      | $47947150.10   | 0.14%             | 2027-07-02      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LVC2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   23610000 | PA      | $23793410.98   | 0.07%             | 2027-01-13      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Short Term Funding LLC       | Jackson National Life Short Term Funding LLC                                 | CUSIP: 46850CF36<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   59063000 | PA      | $57878072.19   | 0.16%             | 2026-06-03      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Jamestown CLO XVII Ltd.                            | Jamestown CLO Ltd., Series 2021-17A, Class AR                                | CUSIP: 47048UAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   99000000 | PA      | $98971488.00   | 0.28%             | 2035-01-25      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                    | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   23205000 | PA      | $23228903.70   | 0.07%             | 2026-08-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Jefferies Financial Group, Inc.                    | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WKS7<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   26080000 | PA      | $26096688.07   | 0.07%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Jersey Central Power & Light Co.                   | Jersey Central Power & Light Co.                                             | CUSIP: 476556DJ1<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |   20000000 | PA      | $20010377.00   | 0.06%             | 2029-01-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust, Series 2023-B, Class A3                              | CUSIP: 477920AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9099115 | PA      | $9151469.03    | 0.03%             | 2028-03-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                 | Johnson Controls International plc                                           | CUSIP: 478375AR9<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |    4077000 | PA      | $4072733.99    | 0.01%             | 2026-02-14      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund         | JPMorgan U.S. Government Money Market Fund, Class IM                         | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        | 2243579201 | NS      | $2243579201.39 | 6.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR CLO Ltd.                                       | KKR CLO Ltd., Series 15, Class A1R2                                          | CUSIP: 48251MBA3<br>LEI: 549300K434Q30JZAS486 | Long             | ABS-CBDO         | CORP              | KY        |   45584114 | PA      | $45567430.44   | 0.13%             | 2032-01-18      | Floating      | 4.98%                 | Yes           |                  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        |    2649123 | PA      | $2648739.14    | 0.01%             | 2031-04-15      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO Ltd.                                       | KKR CLO Ltd., Series 24, Class A1R                                           | CUSIP: 48252RAL8<br>LEI: 549300LGO0WGOG6NE245 | Long             | ABS-CBDO         | CORP              | KY        |    8173974 | PA      | $8172461.57    | 0.02%             | 2032-04-20      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 34 Ltd.                                    | KKR CLO Ltd., Series 34A, Class AR                                           | CUSIP: 48253UAJ5<br>LEI: 254900DSRKUNUNRNUG13 | Long             | ABS-CBDO         | CORP              | KY        |   50000000 | PA      | $49953300.00   | 0.14%             | 2034-07-15      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 28 Ltd.                                    | KKR CLO Ltd., Series 28A, Class AR2                                          | CUSIP: 48253WAW2<br>LEI: 549300OP87QBZ6KR1406 | Long             | ABS-CBDO         | CORP              | KY        |   50000000 | PA      | $49973600.00   | 0.14%             | 2035-02-09      | Floating      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 27 Ltd.                                    | KKR CLO Ltd., Series 27A, Class A1R2                                         | CUSIP: 48253YBL1<br>LEI: 5493007WGG1LNIZXEI24 | Long             | ABS-CBDO         | CORP              | KY        |   50000000 | PA      | $49958800.00   | 0.14%             | 2035-01-15      | Floating      | 5.01%                 | 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        |   19585764 | PA      | $19578145.50   | 0.06%             | 2031-07-20      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO Ltd.                                       | KKR CLO Ltd., Series 38A, Class A1                                           | CUSIP: 48259BAA0<br>LEI: 254900OAJ15MUAFDVE64 | Long             | ABS-CBDO         | CORP              | KY        |   17476952 | PA      | $17501245.06   | 0.05%             | 2033-04-15      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   51383000 | PA      | $51395302.12   | 0.15%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                                | Kimco Realty OP LLC                                                          | CUSIP: 49446RAP4<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   27823000 | PA      | $27561304.10   | 0.08%             | 2026-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                | Kinder Morgan, Inc.                                                          | CUSIP: 49455LZ11<br>LEI: 549300WR7IX8XE0TBO16 | Long             | STIV             | CORP              | US        |    6000000 | PA      | $5997859.20    | 0.02%             | 2025-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kroger Co. (The)                                   | Kroger Co. (The)                                                             | CUSIP: 501044DE8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    7172000 | PA      | $7086713.52    | 0.02%             | 2026-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| LCM 29 Ltd.                                        | LCM Ltd., Series 29A, Class AR                                               | CUSIP: 50201MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3153502 | PA      | $3154680.98    | 0.01%             | 2031-04-15      | Floating      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| LSEGA Financing plc                                | LSEGA Financing plc                                                          | CUSIP: 50220PAB9<br>LEI: 2138009YFYTGEHZNNZ09 | Long             | DBT              | CORP              | GB        |    9889000 | PA      | $9796100.16    | 0.03%             | 2026-04-06      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                        | L3Harris Technologies, Inc.                                                  | CUSIP: 502431AL3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    2402000 | PA      | $2397768.23    | 0.01%             | 2026-12-15      | Fixed         | 3.85%                 | 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      | $1785384.28    | 0.01%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   47899000 | PA      | $48476319.46   | 0.14%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 539439BD0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   45590000 | PA      | $46319924.62   | 0.13%             | 2029-06-13      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                    | Lloyds Bank plc                                                              | CUSIP: 53943HBJ9<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | STIV             | CORP              | GB        |    7800000 | PA      | $7730959.08    | 0.02%             | 2026-02-18      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAD5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    5436000 | PA      | $5422242.63    | 0.02%             | 2027-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   19103000 | PA      | $18884951.48   | 0.05%             | 2027-05-11      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAZ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   77332000 | PA      | $78410594.26   | 0.22%             | 2028-01-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   28470000 | PA      | $28982668.40   | 0.08%             | 2028-11-26      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets plc                  | Lloyds Bank plc                                                              | CUSIP: 53947B4U1<br>LEI: 213800MBWEIJDM5CU638 | Long             | STIV             | CORP              | GB        |  152253000 | PA      | $152354415.72  | 0.43%             | 2026-10-26      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                              | Lockheed Martin Corp.                                                        | CUSIP: 539830BH1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    2826000 | PA      | $2823786.62    | 0.01%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661DM6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   20982000 | PA      | $20861891.69   | 0.06%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   57424000 | PA      | $57523139.09   | 0.16%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                     | M&T Bank Corp.                                                               | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   35078000 | PA      | $35584984.09   | 0.10%             | 2029-01-16      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |  134894000 | PA      | $134923081.80  | 0.38%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                            | MPLX LP                                                                      | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   21387000 | PA      | $21250012.42   | 0.06%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55607LJH8<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |  142877000 | PA      | $138475031.07  | 0.39%             | 2026-09-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55607LJQ8<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   84750000 | PA      | $82079637.68   | 0.23%             | 2026-09-24      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55607LLK8<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   41804000 | PA      | $40258627.35   | 0.11%             | 2026-11-19      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                               | Macquarie Group Ltd.                                                         | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |  111994000 | PA      | $111604077.21  | 0.32%             | 2027-01-12      | Variable      | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                               | Macquarie Group Ltd.                                                         | CUSIP: 55608JBC1<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    4160000 | PA      | $4153137.04    | 0.01%             | 2028-06-21      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   17507000 | PA      | $17771600.62   | 0.05%             | 2026-12-07      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55608PBX1<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   37964000 | PA      | $38396330.99   | 0.11%             | 2028-06-12      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: —       |
| Madison Park Funding Ltd.                          | Madison Park Funding Ltd., Series 2014-14A, Class AR4                        | CUSIP: 55818RBL9<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-CBDO         | CORP              | KY        |   96824577 | PA      | $96726880.93   | 0.27%             | 2030-10-22      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XXXV Ltd.                     | Madison Park Funding Ltd., Series 2019-35A, Class A1R                        | CUSIP: 55819MAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   34498934 | PA      | $34489447.02   | 0.10%             | 2032-04-20      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLV Ltd.                      | Madison Park Funding Ltd., Series 2020-45A, Class ARR                        | CUSIP: 55820BAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   22000000 | PA      | $21988890.00   | 0.06%             | 2034-07-15      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding LII Ltd.                      | Madison Park Funding Ltd., Series 2021-52A, Class AR                         | CUSIP: 55822BAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   50000000 | PA      | $49960150.00   | 0.14%             | 2035-01-22      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| MADISON PARK FUNDING XLII, LTD.                    | Madison Park Funding Ltd., Series 13A, Class AR2                             | CUSIP: 55822RAB6<br>LEI: 549300YWZ8HFDYP0MR16 | Long             | ABS-CBDO         | CORP              | KY        |   42120157 | PA      | $42108110.62   | 0.12%             | 2030-11-21      | Floating      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| Magnetite Ltd.                                     | Magnetite Ltd., Series 2021-31A, Class A1                                    | CUSIP: 55952FAA6<br>LEI: 549300J3BCFSIZAJJW77 | Long             | ABS-CBDO         | CORP              | KY        |   14000000 | PA      | $14011522.00   | 0.04%             | 2034-07-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXV Ltd.                                 | Magnetite Ltd., Series 2020-25A, Class A                                     | CUSIP: 55955GAA1<br>LEI: 549300WFCL37N4TDUR08 | Long             | ABS-CBDO         | CORP              | KY        |   11141598 | PA      | $11145909.92   | 0.03%             | 2032-01-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 564760CC8<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   47184000 | PA      | $47595981.91   | 0.13%             | 2028-07-06      | Variable      | 4.76%                 | 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        |   18052862 | PA      | $18037986.24   | 0.05%             | 2032-07-23      | Floating      | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                         | Mars, Inc.                                                                   | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   18021000 | PA      | $18143137.87   | 0.05%             | 2027-03-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Marriott International, Inc.                       | Marriott International, Inc.                                                 | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   44438000 | PA      | $44844915.66   | 0.13%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MassMutual Global Funding II                       | MassMutual Global Funding II                                                 | CUSIP: 57629TBY2<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |  104772000 | PA      | $104801560.37  | 0.30%             | 2028-08-01      | Floating      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| MassMutual Global Funding II                       | MassMutual Global Funding II                                                 | CUSIP: 57629W6F2<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2003076.68    | 0.01%             | 2026-04-10      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| McCormick & Co., Inc.                              | McCormick & Co., Inc.                                                        | CUSIP: 579780AR8<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   12000000 | PA      | $11916672.12   | 0.03%             | 2026-02-15      | Fixed         | 0.90%                 | 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      | $40213548.00   | 0.11%             | 2028-04-17      | Fixed         | 4.57%                 | No            |                  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      | $35128689.65   | 0.10%             | 2028-02-15      | Fixed         | 4.23%                 | No            |                  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      | $3916980.71    | 0.01%             | 2026-08-03      | Fixed         | 5.20%                 | Yes           |                  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      | $85503613.87   | 0.24%             | 2026-01-09      | Fixed         | 4.90%                 | Yes           |                  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        |    4500000 | PA      | $4538920.91    | 0.01%             | 2027-01-11      | Fixed         | 4.80%                 | 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        |  112280000 | PA      | $112852551.65  | 0.32%             | 2026-07-31      | Fixed         | 4.88%                 | Yes           |                  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      | $5042045.50    | 0.01%             | 2026-11-13      | Fixed         | 4.80%                 | 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      | $4537003.32    | 0.01%             | 2027-04-01      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Auto Receivables Trust               | Mercedes-Benz Auto Receivables Trust, Series 2021-1, Class A4                | CUSIP: 58772WAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1977150 | PA      | $1973821.58    | 0.01%             | 2027-12-15      | Fixed         | 0.73%                 | No            |                  2 | On Loan: No      |
| Met Tower Global Funding                           | Met Tower Global Funding                                                     | CUSIP: 58989V2G8<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   21292000 | PA      | $21482478.87   | 0.06%             | 2027-01-16      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                 | Metropolitan Life Global Funding I                                           | CUSIP: 592179KL8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    6823000 | PA      | $6928922.50    | 0.02%             | 2027-06-11      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                 | Metropolitan Life Global Funding I                                           | CUSIP: 592179KR5<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   17493000 | PA      | $17555194.96   | 0.05%             | 2028-08-25      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                 | Metropolitan Life Global Funding I                                           | CUSIP: 592179KS3<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   63788000 | PA      | $64005517.08   | 0.18%             | 2028-08-25      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: —       |
| Microchip Technology, Inc.                         | Microchip Technology, Inc.                                                   | CUSIP: 595017BK9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5071222.35    | 0.01%             | 2028-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                          | Mid-America Apartments LP                                                    | CUSIP: 59523UAT4<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    7072000 | PA      | $6914209.18    | 0.02%             | 2026-09-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.               | Mitsubishi UFJ Financial Group, Inc.                                         | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  116912000 | PA      | $114982601.26  | 0.33%             | 2027-07-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp.               | Mitsubishi UFJ Trust & Banking Corp.                                         | CUSIP: 60683D6P9<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |   38743000 | PA      | $38771937.15   | 0.11%             | 2026-08-11      | Floating      | 4.45%                 | 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      | $182102821.02  | 0.52%             | 2026-03-11      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YAD1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   14215000 | PA      | $14181907.05   | 0.04%             | 2026-04-12      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: —       |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YBP3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   36285000 | PA      | $35787513.42   | 0.10%             | 2027-05-22      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YBS7<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   35751000 | PA      | $35195928.54   | 0.10%             | 2027-07-09      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60689GFA9<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   52996000 | PA      | $51901648.50   | 0.15%             | 2026-06-10      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP                           | Mizuho Markets Cayman LP                                                     | CUSIP: 60700JFT7<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |  109561000 | PA      | $109632466.64  | 0.31%             | 2026-10-09      | Floating      | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TF97<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   72807000 | PA      | $72835977.19   | 0.21%             | 2026-03-06      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TYR6<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   35490000 | PA      | $35514300.00   | 0.10%             | 2026-01-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TZU8<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   54447000 | PA      | $54468904.03   | 0.15%             | 2026-02-04      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co.                          | Molson Coors Beverage Co.                                                    | CUSIP: 60871RAG5<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |  148769000 | PA      | $147817303.88  | 0.42%             | 2026-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mondelez International Holdings Netherlands BV     | Mondelez International Holdings Netherlands BV                               | CUSIP: 60920LAR5<br>LEI: 549300CW356R8I7N8D33 | Long             | DBT              | CORP              | NL        |   13305000 | PA      | $13007145.09   | 0.04%             | 2026-09-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   53306000 | PA      | $54313390.11   | 0.15%             | 2029-01-12      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U4T4<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2003515.54    | 0.01%             | 2026-04-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U7W4<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    8121000 | PA      | $8253396.42    | 0.02%             | 2026-10-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U8A1<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   22062000 | PA      | $22255664.65   | 0.06%             | 2028-01-14      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   25973000 | PA      | $26338357.52   | 0.07%             | 2028-07-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U8G8<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   11019000 | PA      | $11055152.57   | 0.03%             | 2027-10-15      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   80224000 | PA      | $80154953.61   | 0.23%             | 2026-12-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   47311000 | PA      | $46525415.51   | 0.13%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YEZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   70736000 | PA      | $70809042.70   | 0.20%             | 2027-01-28      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   35580000 | PA      | $35191336.89   | 0.10%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank NA                     | Morgan Stanley Private Bank NA                                               | CUSIP: 61776NZU0<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |   56310000 | PA      | $56405390.83   | 0.16%             | 2028-11-17      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Mosaic Co. (The)                                   | Mosaic Co. (The)                                                             | CUSIP: 61945CAJ2<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |   29035000 | PA      | $29123733.86   | 0.08%             | 2029-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MUFG Bank Ltd.                                     | MUFG Bank Ltd.                                                               | CUSIP: 62479MC92<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |   83040000 | PA      | $82123645.30   | 0.23%             | 2026-03-09      | None          | 0.00%                 | 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      | $13209054.64   | 0.04%             | 2027-04-09      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| NBN Co. Ltd.                                       | NBN Co. Ltd.                                                                 | CUSIP: 62878U2H4<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |   13656000 | PA      | $13621708.69   | 0.04%             | 2027-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NXP BV                                             | NXP BV                                                                       | CUSIP: 62947QBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7377000 | PA      | $7377442.62    | 0.02%             | 2026-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NXP BV                                             | NXP BV                                                                       | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   23643000 | PA      | $23604461.91   | 0.07%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NXP BV                                             | NXP BV                                                                       | CUSIP: 62954HBF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   29250000 | PA      | $29335309.97   | 0.08%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                            | CUSIP: 62954WAC9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   85647000 | PA      | $84778623.35   | 0.24%             | 2026-04-03      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                            | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   27026000 | PA      | $27229775.50   | 0.08%             | 2027-07-16      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                            | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   36760000 | PA      | $37272871.84   | 0.11%             | 2028-07-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                            | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   10657000 | PA      | $10887369.28   | 0.03%             | 2030-07-16      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Nasdaq, Inc.                                       | Nasdaq, Inc.                                                                 | CUSIP: 631103AG3<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |   11791000 | PA      | $11778488.22   | 0.03%             | 2026-06-30      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 632525BM2<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   44601000 | PA      | $44605692.47   | 0.13%             | 2025-12-10      | Floating      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 632525BP5<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |  104000000 | PA      | $104079976.00  | 0.29%             | 2026-01-29      | Floating      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 63253QAF1<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   27294000 | PA      | $27295790.76   | 0.08%             | 2025-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 63254AAP3<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $1998088.96    | 0.01%             | 2026-01-14      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |  117076000 | PA      | $117232284.75  | 0.33%             | 2027-03-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   59522000 | PA      | $60017538.51   | 0.17%             | 2027-07-02      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |  193972000 | PA      | $194163322.34  | 0.55%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307MED7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | STIV             | CORP              | CA        |   28903000 | PA      | $28389980.42   | 0.08%             | 2026-05-13      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp.                           | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    1651000 | PA      | $1624205.33    | 0.00%             | 2026-06-15      | Fixed         | 1.00%                 | 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        |  137446000 | PA      | $137854424.91  | 0.39%             | 2026-11-22      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp., Series D                 | CUSIP: 63743HFZ0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   69986000 | PA      | $70383841.72   | 0.20%             | 2028-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                        | Nationwide Building Society                                                  | CUSIP: 63859UBH5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    1458000 | PA      | $1427756.15    | 0.00%             | 2026-10-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   77862000 | PA      | $76802329.32   | 0.22%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  123464000 | PA      | $123932424.89  | 0.35%             | 2027-03-02      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   48926000 | PA      | $49782534.76   | 0.14%             | 2028-03-01      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AU2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   38998000 | PA      | $39182890.30   | 0.11%             | 2029-05-23      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                          | CUSIP: 63906YAT5<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   75302000 | PA      | $75442748.47   | 0.21%             | 2028-11-06      | Fixed         | 4.17%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 45 Ltd.         | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-45A, Class AR           | CUSIP: 64134MAJ5<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |   70000000 | PA      | $69948410.00   | 0.20%             | 2036-10-14      | Floating      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64952WFL2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  115001000 | PA      | $116130775.57  | 0.33%             | 2027-12-13      | Fixed         | 4.40%                 | Yes           |                  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      | $2023755.40    | 0.01%             | 2026-09-18      | Fixed         | 5.45%                 | 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      | $9053698.83    | 0.03%             | 2027-04-02      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64953BBY3<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   86073000 | PA      | $86330021.72   | 0.24%             | 2027-06-11      | Floating      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64953BCA4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   85696000 | PA      | $85870280.81   | 0.24%             | 2028-07-25      | Floating      | 4.73%                 | 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        |   15180044 | PA      | $15189379.87   | 0.04%             | 2030-07-25      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    8200000 | PA      | $8003692.08    | 0.02%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   25107000 | PA      | $25372735.00   | 0.07%             | 2027-09-01      | Fixed         | 4.68%                 | 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      | $101709382.04  | 0.29%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   46322000 | PA      | $47171831.29   | 0.13%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  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        |    2197465 | PA      | $2199564.54    | 0.01%             | 2027-05-17      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HBG3<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2002557.70    | 0.01%             | 2026-01-09      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                              | CUSIP: 65558RAD1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   15016000 | PA      | $15375045.02   | 0.04%             | 2027-09-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                              | CUSIP: 65558WPW2<br>LEI: 529900ODI3047E2LIV03 | Long             | STIV             | CORP              | FI        |   14549000 | PA      | $14550314.79   | 0.04%             | 2027-02-05      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                              | CUSIP: 65559CAE1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |  107423000 | PA      | $105260026.08  | 0.30%             | 2026-09-30      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Northwest Pipeline LLC                             | Northwest Pipeline LLC                                                       | CUSIP: 66775VAB1<br>LEI: 549300FFKMN9OW536A14 | Long             | DBT              | CORP              | US        |    8833000 | PA      | $8819460.16    | 0.02%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                 | Northwestern Mutual Global Funding                                           | CUSIP: 66815L2Y4<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |   66133000 | PA      | $66256316.88   | 0.19%             | 2028-08-25      | Floating      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O'Reilly Automotive, Inc.                                                    | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   17092000 | PA      | $17057874.97   | 0.05%             | 2026-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O'Reilly Automotive, Inc.                                                    | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   11532000 | PA      | $11709822.63   | 0.03%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Omnicom Group, Inc.                                | Omnicom Group, Inc.                                                          | CUSIP: 68217FAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   16335000 | PA      | $16298373.17   | 0.05%             | 2026-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                    | Oncor Electric Delivery Co. LLC                                              | CUSIP: 68233JCY8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   35870000 | PA      | $36140372.99   | 0.10%             | 2027-03-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, Inc.                                        | ONEOK, Inc.                                                                  | CUSIP: 682680BR3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   16899000 | PA      | $16899000.00   | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                        | ONEOK, Inc.                                                                  | CUSIP: 682680CB7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   71029000 | PA      | $71196083.65   | 0.20%             | 2027-09-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   76200000 | PA      | $75498106.56   | 0.21%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    8137000 | PA      | $8071871.53    | 0.02%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   56807000 | PA      | $57363867.09   | 0.16%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  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        |  109563000 | PA      | $109617617.16  | 0.31%             | 2027-01-26      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)           | PNC Financial Services Group, Inc. (The)                                     | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   41310000 | PA      | $42178181.29   | 0.12%             | 2027-10-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)           | PNC Financial Services Group, Inc. (The)                                     | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   18650000 | PA      | $18752917.04   | 0.05%             | 2027-07-23      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                               | PPG Industries, Inc.                                                         | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |     770000 | PA      | $763448.75     | 0.00%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                          | PPL Capital Funding, Inc.                                                    | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    2308000 | PA      | $2296983.09    | 0.01%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                  | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  142871000 | PA      | $142948137.48  | 0.41%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 69448TAC5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   27004000 | PA      | $27324150.78   | 0.08%             | 2028-05-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 6944PL3G2<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   14274000 | PA      | $14292720.64   | 0.04%             | 2027-02-04      | Floating      | 4.54%                 | Yes           |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 6944PL3K3<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  146618000 | PA      | $147346860.07  | 0.42%             | 2028-07-10      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                             | Palmer Square CLO Ltd., Series 2015-1A, Class A1A5                           | CUSIP: 69689ABU3<br>LEI: 5493006ZPBFJJGSXB826 | Long             | ABS-CBDO         | CORP              | KY        |   67688000 | PA      | $67630871.33   | 0.19%             | 2034-05-21      | Floating      | 4.92%                 | Yes           |                  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        |     602581 | PA      | $602405.94     | 0.00%             | 2031-04-15      | Floating      | 5.00%                 | Yes           |                  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        |   49505114 | PA      | $49505262.83   | 0.14%             | 2032-08-08      | Floating      | 4.94%                 | 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        |   34752589 | PA      | $34742510.81   | 0.10%             | 2032-10-15      | Floating      | 4.95%                 | 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        |   13971527 | PA      | $13961118.61   | 0.04%             | 2033-01-15      | Floating      | 4.90%                 | Yes           |                  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        |  128338011 | PA      | $127815161.67  | 0.36%             | 2033-02-15      | Floating      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   14293000 | PA      | $14183611.67   | 0.04%             | 2026-11-15      | Fixed         | 3.40%                 | 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      | $8045113.14    | 0.02%             | 2026-06-15      | Fixed         | 1.70%                 | 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        |  106844000 | PA      | $107483403.64  | 0.30%             | 2026-05-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BW3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     385000 | PA      | $402019.67     | 0.00%             | 2028-08-01      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   32079000 | PA      | $32445490.06   | 0.09%             | 2027-01-12      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 70962BGH1<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |    4877000 | PA      | $4751010.02    | 0.01%             | 2026-07-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                   | Pernod Ricard SA                                                             | CUSIP: 714264AM0<br>LEI: 52990097YFPX9J0H5D87 | Long             | DBT              | CORP              | FR        |   76594000 | PA      | $76185891.85   | 0.22%             | 2026-06-08      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172BT5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   31466000 | PA      | $31366274.49   | 0.09%             | 2026-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172CR8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   11899000 | PA      | $11744283.25   | 0.03%             | 2026-05-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172CY3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   26859000 | PA      | $26882592.41   | 0.08%             | 2026-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                  | Philip Morris International, Inc.                                            | CUSIP: 718172DX4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   60544000 | PA      | $60383742.45   | 0.17%             | 2028-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                    | Phillips 66 Co.                                                              | CUSIP: 718547AF9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    7656000 | PA      | $7635514.99    | 0.02%             | 2026-10-01      | Fixed         | 3.55%                 | 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        |    1264369 | PA      | $1268332.00    | 0.00%             | 2028-09-22      | Fixed         | 4.81%                 | Yes           |                  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        |   21140053 | PA      | $21195689.27   | 0.06%             | 2027-12-20      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Pricoa Global Funding I                            | Pricoa Global Funding I                                                      | CUSIP: 74153WCT4<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3033168.27    | 0.01%             | 2026-08-28      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                    | Principal Financial Group, Inc.                                              | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     500000 | PA      | $495555.44     | 0.00%             | 2026-11-15      | Fixed         | 3.10%                 | 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      | $2004856.02    | 0.01%             | 2026-11-17      | Fixed         | 1.50%                 | Yes           |                  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      | $8438259.66    | 0.02%             | 2027-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 74256LEY1<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   66821000 | PA      | $68568776.09   | 0.19%             | 2029-01-25      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 7425APAC9<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   53224000 | PA      | $53311829.71   | 0.15%             | 2028-08-18      | Floating      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Protective Life Global Funding                     | Protective Life Global Funding                                               | CUSIP: 74368CBH6<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    4003000 | PA      | $3917911.83    | 0.01%             | 2026-09-20      | Fixed         | 1.30%                 | Yes           |                  2 | On Loan: No      |
| Protective Life Global Funding                     | Protective Life Global Funding                                               | CUSIP: 74368CBX1<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   18117000 | PA      | $18291329.75   | 0.05%             | 2027-01-12      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Prudential International Treasury Ltd.             | Prudential International Treasury Ltd.                                       | CUSIP: 74457CHM1<br>LEI: 213800N4LVNTKOBW9E68 | Long             | STIV             | CORP              | HK        |   73845000 | PA      | $71763959.29   | 0.20%             | 2026-08-21      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.                            | Quest Diagnostics, Inc.                                                      | CUSIP: 74834LAZ3<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |   18007000 | PA      | $17947450.31   | 0.05%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  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        |   24250000 | PA      | $24214255.50   | 0.07%             | 2036-04-17      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   24586000 | PA      | $24408431.06   | 0.07%             | 2027-02-24      | Variable      | 1.11%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   60578000 | PA      | $59248026.97   | 0.17%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| RTX Corp.                                          | RTX Corp.                                                                    | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   85325000 | PA      | $86574278.31   | 0.25%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citizens Bank NA                                   | Citizens Bank NA                                                             | CUSIP: 75524KPG3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    7500000 | PA      | $7553400.45    | 0.02%             | 2028-08-09      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                | Realty Income Corp.                                                          | CUSIP: 756109AR5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   24513000 | PA      | $24524166.41   | 0.07%             | 2026-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                | Realty Income Corp.                                                          | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    5562000 | PA      | $5573898.68    | 0.02%             | 2026-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                | Realty Income Corp.                                                          | CUSIP: 756109CW2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   38837000 | PA      | $38707434.33   | 0.11%             | 2029-02-01      | Fixed         | 3.95%                 | No            |                  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      | $21327511.77   | 0.06%             | 2026-02-02      | Fixed         | 5.24%                 | 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      | $7201856.21    | 0.02%             | 2027-03-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                    | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    3547000 | PA      | $3589326.14    | 0.01%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Roche Holdings, Inc.                               | Roche Holdings, Inc.                                                         | CUSIP: 771196CE0<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |     500000 | PA      | $506124.85     | 0.00%             | 2026-11-13      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Roper Technologies, Inc.                           | Roper Technologies, Inc.                                                     | CUSIP: 776743AB2<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    6436000 | PA      | $6434204.68    | 0.02%             | 2025-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016EZQ3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   24788000 | PA      | $24513212.87   | 0.07%             | 2026-04-27      | Fixed         | 1.20%                 | No            |                  2 | On Loan: —       |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016FZZ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2015494.20    | 0.01%             | 2026-07-20      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   17063000 | PA      | $17244644.51   | 0.05%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016HZX1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   88296000 | PA      | $88862008.26   | 0.25%             | 2027-07-23      | Variable      | 5.07%                 | No            |                  2 | On Loan: —       |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAA6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   92000000 | PA      | $93681880.52   | 0.27%             | 2029-01-24      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  182918000 | PA      | $183199196.18  | 0.52%             | 2026-08-03      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017FZQ9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   54230000 | PA      | $54447452.00   | 0.15%             | 2027-10-18      | Variable      | 4.51%                 | No            |                  2 | On Loan: —       |
| SCF Equipment Leasing LLC                          | SCF Equipment Leasing LLC, Series 2024-1A, Class A2                          | CUSIP: 783896AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7282860 | PA      | $7324854.04    | 0.02%             | 2029-11-20      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-C, Class A3                               | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   17558546 | PA      | $17595921.00   | 0.05%             | 2028-02-22      | Fixed         | 4.56%                 | Yes           |                  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        |   13160095 | PA      | $13198343.03   | 0.04%             | 2026-11-20      | Fixed         | 5.39%                 | Yes           |                  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        |    8652166 | PA      | $8674847.79    | 0.02%             | 2027-04-20      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                          | SCF Equipment Leasing LLC, Series 2025-1A, Class A2                          | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6643456 | PA      | $6663847.88    | 0.02%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  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        |   25383794 | PA      | $25411863.79   | 0.07%             | 2027-04-20      | Fixed         | 4.68%                 | Yes           |                  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        |   26469916 | PA      | $26615150.75   | 0.08%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                          | SCF Equipment Leasing LLC, Series 2025-2A, Class A2                          | CUSIP: 78439XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   24910000 | PA      | $24924597.26   | 0.07%             | 2031-12-22      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                       | Sabine Pass Liquefaction LLC                                                 | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |   17756000 | PA      | $17776865.43   | 0.05%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                    | Santander UK Group Holdings plc                                              | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   12300000 | PA      | $12127503.94   | 0.03%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                    | Santander UK Group Holdings plc                                              | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    6328000 | PA      | $6203478.57    | 0.02%             | 2028-01-11      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                    | Santander UK Group Holdings plc                                              | CUSIP: 80281LAX3<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   34751000 | PA      | $34789287.61   | 0.10%             | 2029-09-22      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                       | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KAZ9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   30000000 | PA      | $29789960.40   | 0.08%             | 2026-10-05      | Fixed         | 3.24%                 | No            |                  2 | On Loan: —       |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2024-3, Class A3              | CUSIP: 80287LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9491069 | PA      | $9531460.61    | 0.03%             | 2029-01-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2025-4, Class A2              | CUSIP: 802923AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   43115000 | PA      | $43128300.98   | 0.12%             | 2029-01-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Schlumberger Holdings Corp.                        | Schlumberger Holdings Corp.                                                  | CUSIP: 806851AG6<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    5937000 | PA      | $5934795.18    | 0.02%             | 2025-12-21      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 808513BR5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    4770000 | PA      | $4709829.93    | 0.01%             | 2026-05-13      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3035747.28    | 0.01%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 8085A3F59<br>LEI: 549300VSGCJ7E698NM85 | Long             | STIV             | CORP              | US        |  143889000 | PA      | $140995003.71  | 0.40%             | 2026-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Shell International Finance BV                     | Shell International Finance BV                                               | CUSIP: 822582BT8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    2000000 | PA      | $1989967.62    | 0.01%             | 2026-05-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                         | Sherwin-Williams Co. (The)                                                   | CUSIP: 824348AW6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   33073000 | PA      | $32777617.43   | 0.09%             | 2027-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                            | Simon Property Group LP                                                      | CUSIP: 828807CW5<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    8726000 | PA      | $8718474.17    | 0.02%             | 2026-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                   | Skandinaviska Enskilda Banken AB                                             | CUSIP: 83051GAT5<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    3000000 | PA      | $2937199.35    | 0.01%             | 2026-09-09      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: —       |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  163104000 | PA      | $162886003.35  | 0.46%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   27976000 | PA      | $27592905.05   | 0.08%             | 2027-06-09      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBQ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     700000 | PA      | $701439.80     | 0.00%             | 2027-01-12      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  106985000 | PA      | $108298965.16  | 0.31%             | 2028-01-19      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   96088000 | PA      | $97146952.22   | 0.28%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   31038000 | PA      | $31135858.16   | 0.09%             | 2027-02-19      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Sonoco Products Co.                                | Sonoco Products Co.                                                          | CUSIP: 835495AQ5<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   37666000 | PA      | $37693488.65   | 0.11%             | 2026-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO II Ltd.                            | Sound Point CLO Ltd., Series 2013-1A, Class A1R                              | CUSIP: 83608GAN6<br>LEI: 549300Q00FJ0WHHYC788 | Long             | ABS-CBDO         | CORP              | KY        |     173102 | PA      | $173082.66     | 0.00%             | 2031-01-26      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Southern Co. (The)                                 | Southern Co. (The)                                                           | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   80438000 | PA      | $80064523.95   | 0.23%             | 2026-07-01      | Fixed         | 3.25%                 | 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      | $2435742.41    | 0.01%             | 2026-10-01      | Fixed         | 2.75%                 | 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      | $1550745.48    | 0.00%             | 2026-03-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO LLC                             | Southwick Park CLO LLC, Series 2019-4A, Class A1RR                           | CUSIP: 846031AU6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   38950255 | PA      | $38923145.26   | 0.11%             | 2032-07-20      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254AZ3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    8840000 | PA      | $8827182.00    | 0.03%             | 2026-04-12      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254BZ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   20835000 | PA      | $20761244.10   | 0.06%             | 2027-01-14      | Variable      | 1.46%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CN8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   31336000 | PA      | $33436793.64   | 0.09%             | 2028-11-16      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   28420000 | PA      | $28468882.40   | 0.08%             | 2027-01-09      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: —       |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CT5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   59627000 | PA      | $60300188.83   | 0.17%             | 2027-07-06      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254DB3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   30709000 | PA      | $31321337.46   | 0.09%             | 2028-05-14      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 85325C2D3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   35583000 | PA      | $36482538.24   | 0.10%             | 2029-01-21      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VQQ6<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   28718000 | PA      | $28750014.83   | 0.08%             | 2026-02-12      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VSB7<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   23367000 | PA      | $23395540.45   | 0.07%             | 2026-08-12      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325X2A3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |    3900000 | PA      | $3906767.44    | 0.01%             | 2026-10-08      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325X2B1<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |   68066000 | PA      | $69432765.28   | 0.20%             | 2027-12-03      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                       | Stanley Black & Decker, Inc.                                                 | CUSIP: 854502AK7<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |   12458000 | PA      | $12426685.82   | 0.04%             | 2026-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                    | Starbucks Corp.                                                              | CUSIP: 855244AK5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    4100000 | PA      | $4064302.57    | 0.01%             | 2026-06-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                    | Starbucks Corp.                                                              | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   21251000 | PA      | $21269469.88   | 0.06%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  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      | $62840445.95   | 0.18%             | 2026-11-25      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3023511.06    | 0.01%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                        | Stellantis Finance US, Inc.                                                  | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   14689000 | PA      | $14919068.23   | 0.04%             | 2028-03-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Services US Corp.             | Stellantis Financial Services US Corp.                                       | CUSIP: 85855FAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   22813000 | PA      | $22978125.51   | 0.07%             | 2028-09-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Stryker Corp.                                      | Stryker Corp.                                                                | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   57958000 | PA      | $58378846.37   | 0.17%             | 2027-02-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Banking Corp.                      | Sumitomo Mitsui Banking Corp.                                                | CUSIP: 86562LFB3<br>LEI: 5U0XI89JRFVHWIBS4F54 | Long             | STIV             | CORP              | JP        |   84943000 | PA      | $83186990.35   | 0.24%             | 2026-06-11      | Fixed         | 0.00%                 | 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      | $20499887.95   | 0.06%             | 2026-07-14      | Fixed         | 2.63%                 | 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      | $13494058.32   | 0.04%             | 2026-10-19      | Fixed         | 3.01%                 | No            |                  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      | $24293404.14   | 0.07%             | 2026-01-12      | Fixed         | 0.95%                 | No            |                  2 | On Loan: —       |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCH1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   92062000 | PA      | $90178568.91   | 0.26%             | 2026-09-17      | Fixed         | 1.40%                 | No            |                  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      | $52262495.43   | 0.15%             | 2026-01-13      | Fixed         | 5.46%                 | 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      | $38237341.34   | 0.11%             | 2026-03-09      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBK4<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    5000000 | PA      | $5063513.75    | 0.01%             | 2026-09-14      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBP3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   14107000 | PA      | $14313208.51   | 0.04%             | 2027-03-07      | Fixed         | 5.20%                 | Yes           |                  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      | $44176166.23   | 0.13%             | 2027-09-10      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VCC1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   30397000 | PA      | $30452379.38   | 0.09%             | 2028-09-11      | Floating      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86564XC69<br>LEI: 5493006GGLR4BTEL8O61 | Long             | STIV             | CORP              | SG        |   40230000 | PA      | $39799390.15   | 0.11%             | 2026-03-06      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                           | Svenska Handelsbanken AB                                                     | CUSIP: 86959LAH6<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |  110355000 | PA      | $108823321.16  | 0.31%             | 2027-06-11      | Variable      | 1.42%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                           | Svenska Handelsbanken AB                                                     | CUSIP: 86959LAM5<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |  107095000 | PA      | $107754761.96  | 0.31%             | 2026-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                        | Swedbank AB                                                                  | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   28850000 | PA      | $29314493.94   | 0.08%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  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      | $7947732.46    | 0.02%             | 2026-04-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| TD SYNNEX Corp.                                    | TD SYNNEX Corp.                                                              | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    2859000 | PA      | $2810147.90    | 0.01%             | 2026-08-09      | Fixed         | 1.75%                 | 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        |   10121264 | PA      | $10121223.72   | 0.03%             | 2031-04-16      | Floating      | 5.12%                 | Yes           |                  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        |   23134908 | PA      | $23121975.99   | 0.07%             | 2032-07-15      | Floating      | 4.80%                 | Yes           |                  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        |   18818302 | PA      | $18829517.22   | 0.05%             | 2032-01-16      | Floating      | 4.99%                 | Yes           |                  2 | 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        |    3834401 | PA      | $3833845.16    | 0.01%             | 2030-07-15      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| TCI-Flatiron CLO Ltd.                              | TCI-Flatiron CLO Ltd., Series 2018-1A, Class AR2                             | CUSIP: 87232CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   75818038 | PA      | $75785663.36   | 0.21%             | 2035-07-29      | Floating      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   35175000 | PA      | $35019684.08   | 0.10%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    6757000 | PA      | $6722114.08    | 0.02%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   13875000 | PA      | $13798275.14   | 0.04%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TTX Co.                                            | TTX Co.                                                                      | CUSIP: 87305QCQ2<br>LEI: 549300I8CNSYS1OGX775 | Long             | DBT              | CORP              | US        |    5705000 | PA      | $5761567.53    | 0.02%             | 2026-09-25      | Fixed         | 5.50%                 | Yes           |                  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      | $11141078.53   | 0.03%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Electric Co.                                 | Tampa Electric Co.                                                           | CUSIP: 87513LZ11<br>LEI: WS423EPRKJIIJUITXD73 | Long             | STIV             | CORP              | US        |  126000000 | PA      | $125958999.60  | 0.36%             | 2025-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Teledyne Technologies, Inc.                        | Teledyne Technologies, Inc.                                                  | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   21077000 | PA      | $20883256.84   | 0.06%             | 2026-04-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Thompson Park CLO Ltd.                             | Thompson Park CLO Ltd., Series 2021-1A, Class A1R                            | CUSIP: 884887AN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   55000000 | PA      | $54973380.00   | 0.16%             | 2034-04-15      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89114QCP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    2525000 | PA      | $2516463.20    | 0.01%             | 2026-01-06      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89114TZD7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    9406000 | PA      | $9271323.48    | 0.03%             | 2026-06-03      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2K7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    5295000 | PA      | $5299855.52    | 0.02%             | 2026-01-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   33683000 | PA      | $34003043.74   | 0.10%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2V3<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    1845000 | PA      | $1868980.72    | 0.01%             | 2026-12-11      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A3A8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   41342000 | PA      | $41605861.18   | 0.12%             | 2026-12-17      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                              | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115D6G6<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |   61597000 | PA      | $61669308.72   | 0.17%             | 2026-04-27      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115KAE0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   68194000 | PA      | $68350987.36   | 0.19%             | 2028-10-13      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                              | Global Payments, Inc.                                                        | CUSIP: 891906AC3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   25199000 | PA      | $25210551.47   | 0.07%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                              | Global Payments, Inc.                                                        | CUSIP: 891906AF6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    4135000 | PA      | $4143351.87    | 0.01%             | 2028-06-01      | Fixed         | 4.45%                 | No            |                  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        |    5675249 | PA      | $5694668.48    | 0.02%             | 2028-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3                 | CUSIP: 89231FAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   26742246 | PA      | $26898529.98   | 0.08%             | 2028-04-17      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2025-B, Class A2A                | CUSIP: 89231HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4034386 | PA      | $4041978.35    | 0.01%             | 2028-03-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   33926000 | PA      | $34046460.03   | 0.10%             | 2026-08-07      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNG6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   41451000 | PA      | $41855412.95   | 0.12%             | 2027-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNM3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   48647000 | PA      | $48762308.47   | 0.14%             | 2027-07-21      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNP6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   93716000 | PA      | $93705617.20   | 0.27%             | 2027-08-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNR2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   37617000 | PA      | $37757744.01   | 0.11%             | 2028-09-05      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNS0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  100000000 | PA      | $101021160.00  | 0.29%             | 2028-09-05      | Floating      | 4.81%                 | 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        |     208991 | PA      | $209300.68     | 0.00%             | 2027-05-17      | Fixed         | 5.16%                 | 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        |   42788710 | PA      | $42955505.12   | 0.12%             | 2027-04-20      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Truist Bank                                        | Truist Bank                                                                  | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  121622000 | PA      | $121887661.37  | 0.35%             | 2027-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                        | Truist Bank                                                                  | CUSIP: 89788JAF6<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   83106000 | PA      | $83506873.43   | 0.24%             | 2028-07-24      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   23597000 | PA      | $23415587.92   | 0.07%             | 2027-03-02      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  109791000 | PA      | $110788490.76  | 0.31%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Tyco Electronics Group SA                          | Tyco Electronics Group SA                                                    | CUSIP: 902133AZ0<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    2000000 | PA      | $2000833.38    | 0.01%             | 2026-02-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                  | Tyson Foods, Inc.                                                            | CUSIP: 902494BJ1<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    4004000 | PA      | $4000950.43    | 0.01%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   35818000 | PA      | $35643687.05   | 0.10%             | 2027-01-30      | Variable      | 1.36%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   32149000 | PA      | $31549094.52   | 0.09%             | 2027-08-10      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   13616000 | PA      | $13659165.72   | 0.04%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   44870000 | PA      | $44931988.80   | 0.13%             | 2027-01-12      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    3199000 | PA      | $3204820.29    | 0.01%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 90261AAE2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |   84643000 | PA      | $84670235.58   | 0.24%             | 2027-05-17      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                          | UDR, Inc.                                                                    | CUSIP: 90265EAL4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |   11118000 | PA      | $11028092.85   | 0.03%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                       | CUSIP: 902674ZZ6<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    2000000 | PA      | $1973564.82    | 0.01%             | 2026-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                         | US Bank NA                                                                   | CUSIP: 90331HPP2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   93509000 | PA      | $93867297.50   | 0.27%             | 2027-10-22      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                         | US Bank NA                                                                   | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   53930000 | PA      | $54418181.91   | 0.15%             | 2028-05-15      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 90351DAF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   32378000 | PA      | $32380621.00   | 0.09%             | 2026-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 90352JAC7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   11360000 | PA      | $11366861.89   | 0.03%             | 2028-03-23      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| US Bancorp                                         | US Bancorp, Series V                                                         | CUSIP: 91159HHN3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1981437.10    | 0.01%             | 2026-07-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  270000000 | PA      | $263845371.60  | 0.75%             | 2026-09-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  165000000 | PA      | $166753125.00  | 0.47%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CHY0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  135000000 | PA      | $135991406.25  | 0.39%             | 2026-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $100636719.00  | 0.29%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                   | Ventas Realty LP                                                             | CUSIP: 92277GAJ6<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   21758000 | PA      | $21607997.30   | 0.06%             | 2026-10-15      | Fixed         | 3.25%                 | No            |                  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      | $19489087.99   | 0.06%             | 2028-03-13      | Fixed         | 4.85%                 | Yes           |                  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      | $78315095.22   | 0.22%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  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        |   21910016 | PA      | $22064699.14   | 0.06%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                         | VMware LLC                                                                   | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   17163000 | PA      | $16860952.48   | 0.05%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  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      | $4957688.25    | 0.01%             | 2026-09-26      | Fixed         | 3.20%                 | Yes           |                  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        |   46273000 | PA      | $46812979.53   | 0.13%             | 2026-09-12      | Fixed         | 5.70%                 | Yes           |                  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      | $7482301.12    | 0.02%             | 2026-11-16      | Fixed         | 6.00%                 | 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      | $2007117.10    | 0.01%             | 2026-03-20      | Fixed         | 5.40%                 | 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        |    4928000 | PA      | $4988136.93    | 0.01%             | 2027-03-22      | Fixed         | 5.30%                 | 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        |   40897000 | PA      | $41073977.68   | 0.12%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CL4<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    1957000 | PA      | $1975042.29    | 0.01%             | 2027-08-15      | Fixed         | 4.85%                 | 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        |   27916000 | PA      | $28135851.62   | 0.08%             | 2027-03-25      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CP5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    5250000 | PA      | $5330200.16    | 0.02%             | 2028-03-27      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   22194000 | PA      | $22254000.15   | 0.06%             | 2027-09-11      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CW0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   43781000 | PA      | $44030666.41   | 0.12%             | 2028-09-11      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                        | Volkswagen Auto Lease Trust, Series 2024-A, Class A3                         | CUSIP: 92866EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   39096000 | PA      | $39355703.00   | 0.11%             | 2027-06-21      | Fixed         | 5.21%                 | 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        |   14053006 | PA      | $14073532.27   | 0.04%             | 2026-10-20      | Fixed         | 5.81%                 | 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        |    8465657 | PA      | $8505876.94    | 0.02%             | 2028-06-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                        | Volkswagen Auto Lease Trust, Series 2025-B, Class A2A                        | CUSIP: 92868BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   42300000 | PA      | $42302161.53   | 0.12%             | 2028-04-20      | Fixed         | 3.97%                 | 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        |   24123998 | PA      | $24180093.13   | 0.07%             | 2027-11-22      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                        | Volkswagen Auto Lease Trust, Series 2025-A, Class A2A                        | CUSIP: 92868WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   75010000 | PA      | $75250797.10   | 0.21%             | 2027-12-20      | Fixed         | 4.43%                 | 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        |     380953 | PA      | $380919.95     | 0.00%             | 2034-04-20      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd.                                      | Voya CLO Ltd., Series 2019-2A, Class AR                                      | CUSIP: 92917RAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   21961747 | PA      | $21968577.07   | 0.06%             | 2032-07-20      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| WP Carey, Inc.                                     | WP Carey, Inc.                                                               | CUSIP: 92936UAE9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   10032000 | PA      | $10043056.77   | 0.03%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                             | WEC Energy Group, Inc.                                                       | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   35196000 | PA      | $35206955.46   | 0.10%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                                | Kimco Realty OP LLC                                                          | CUSIP: 948741AM5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |    2645000 | PA      | $2626377.14    | 0.01%             | 2026-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co.                                                            | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    4888000 | PA      | $4841820.72    | 0.01%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                | Wells Fargo Bank NA                                                          | CUSIP: 94988J6G7<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   13194000 | PA      | $13293619.71   | 0.04%             | 2026-12-11      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                | Wells Fargo Bank NA                                                          | CUSIP: 94988J6H5<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   71583000 | PA      | $71602477.02   | 0.20%             | 2026-01-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co., Series W                                                  | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   61445000 | PA      | $61970832.79   | 0.18%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                   | Welltower OP LLC                                                             | CUSIP: 95040QAC8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   30224000 | PA      | $30218398.89   | 0.09%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Western-Southern Global Funding                    | Western-Southern Global Funding                                              | CUSIP: 95954A2B8<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |   53528000 | PA      | $53964503.71   | 0.15%             | 2028-07-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Westlake Corp.                                     | Westlake Corp.                                                               | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |   77307000 | PA      | $76896048.36   | 0.22%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: —       |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214CX9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   13463000 | PA      | $13393963.22   | 0.04%             | 2026-05-13      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214ER0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    5976000 | PA      | $5891972.24    | 0.02%             | 2026-06-03      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214FR9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $2008577.20    | 0.01%             | 2026-04-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214FV0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   40646000 | PA      | $40898171.85   | 0.12%             | 2026-10-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Westpac New Zealand Ltd.                           | Westpac New Zealand Ltd.                                                     | CUSIP: 96122FAA5<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |   29500000 | PA      | $30057644.11   | 0.09%             | 2028-02-15      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Westpac New Zealand Ltd.                           | Westpac New Zealand Ltd.                                                     | CUSIP: 96122FAB3<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |   22513000 | PA      | $22822989.60   | 0.06%             | 2027-02-26      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Westpac Securities NZ Ltd.                         | Westpac Securities NZ Ltd.                                                   | CUSIP: 96122HKV4<br>LEI: 549300W0N3O6Q4RCKE25 | Long             | STIV             | CORP              | NZ        |  111749000 | PA      | $107893614.80  | 0.31%             | 2026-10-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 9612E0DK0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |  103539000 | PA      | $103603818.52  | 0.29%             | 2026-01-29      | Floating      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                     | Wheels Fleet Lease Funding LLC, Series 2023-2A, Class A                      | CUSIP: 96328GBG1<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   17615686 | PA      | $17832214.70   | 0.05%             | 2038-08-18      | Fixed         | 6.46%                 | 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        |   14174248 | PA      | $14209953.10   | 0.04%             | 2039-02-18      | Floating      | 4.79%                 | Yes           |                  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        |   17284515 | PA      | $17425081.24   | 0.05%             | 2039-09-19      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                     | Wheels Fleet Lease Funding LLC, Series 2025-1A, Class A1                     | CUSIP: 96328GCE5<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   59190000 | PA      | $59591154.31   | 0.17%             | 2040-01-18      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                     | Wheels Fleet Lease Funding LLC, Series 2025-3A, Class A1                     | CUSIP: 96328GCP0<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   49620000 | PA      | $49679643.24   | 0.14%             | 2040-09-18      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| Woodside Finance Ltd.                              | Woodside Finance Ltd.                                                        | CUSIP: 980236AN3<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    7070000 | PA      | $7039136.62    | 0.02%             | 2026-09-15      | Fixed         | 3.70%                 | Yes           |                  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        |    2213209 | PA      | $2211304.77    | 0.01%             | 2027-10-15      | Fixed         | 3.66%                 | 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        |   24848289 | PA      | $24884891.00   | 0.07%             | 2028-08-15      | Fixed         | 4.38%                 | 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        |   64499363 | PA      | $64591526.00   | 0.18%             | 2028-04-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                       | Zimmer Biomet Holdings, Inc.                                                 | CUSIP: 98956PAS1<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   35107000 | PA      | $35048329.18   | 0.10%             | 2026-01-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                       | Zimmer Biomet Holdings, Inc.                                                 | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   81123000 | PA      | $81669081.10   | 0.23%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Zoetis, Inc.                                       | Zoetis, Inc.                                                                 | CUSIP: 98978VAW3<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   73930000 | PA      | $74384832.89   | 0.21%             | 2028-08-17      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer